Run by the Boyd family, Boyd Gaming is a diversified operator of gaming entertainment properties offering casino games, hotel accommodations, and dining. The company is expanding its digital footprint through online gaming while maintaining strength in regional casino markets across the US.
Cyborg Score Rationale
Boyd Gaming continues to outperform peers, driven by strength in its Locals and Midwest & South segments. The company successfully monetized its FanDuel investment and maintains solid operational performance, though faces Las Vegas Strip headwinds.
Top Insights
Boyd acquired 5% of FanDuel in 2018 for $1b and sold it back to Flutter for $1.76b in 2025, demonstrating successful strategic investment.
Boyd Gaming's Gaming revenue has averaged 62.9% year-on-year growth over the last two years, outperforming total sales.
Portfolio of 28 properties across 10 states provides geographic diversification and operational scale.
Main competitors in the gaming sector include Caesars Entertainment, MGM Resorts, and PENN Entertainment.
Named Competitors
Caesars Entertainment — Large-scale casino operator with integrated resorts
MGM Resorts — Premium integrated resort operator
PENN Entertainment — Regional casino and entertainment operator
Recent Developments
(July 2025) Sold FanDuel stake to Flutter for $1.76 billion
(October 2025) Q3 2025 earnings reported with strong Midwest and South segment performance
(February 2026) Announced fourth-quarter and full-year 2025 results earnings call
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