The Top 5 Analyst Questions From Boyd Gaming’s Q1 Earnings Call

Boyd Gaming’s first quarter results were well received by the market, supported by modest revenue growth, stable trends in its core customer base, and strength in its diversified property portfolio. Management highlighted steady play from core customers across regions despite weather disruptions and challenging comparisons from last year’s Super Bowl impacts in Las Vegas. CEO Keith Smith pointed out, “Our team successfully managed a number of issues, including significantly more weather-impacted days in our Midwest & South segment, comparison issues created by Leap Year, and the benefits of last year’s Super Bowl in Las Vegas.”

Is now the time to buy BYD? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions Boyd Gaming’s Q1 Earnings Call

• Carlo Santarelli (Deutsche Bank) pressed for details on plans to upgrade older riverboat casinos, to which CEO Keith Smith noted a prioritization process focusing on assets with the highest return, adding, “We do have a number of three-story riverboats remaining... that over the course of time we'll have the opportunity to upgrade.”
• Shaun Kelley (Bank of America) questioned the large Q1 share buyback and future buyback discipline. Smith responded that maintaining a strong balance sheet is key and that future buybacks above $100 million per quarter would be approached conservatively.
• David Katz (Jefferies) inquired about M&A appetite and underwriting criteria, with Smith stating the company remains interested in strategic, disciplined acquisitions but is not changing its approach due to recent market volatility.
• Steve Wieczynski (Stifel) asked about non-gaming spend and promotional activity. CFO Josh Hirsberg reported that food, beverage, and hotel spend increased on a cash basis, and there was no notable change in the competitive promotional environment.
• Brandt Montour (Barclays) sought clarity on the competitive landscape in the Las Vegas Locals market, especially regarding the Orleans. Smith noted that competitive pressures persist but the gap has narrowed, and broader Locals properties are outperforming the market excluding Orleans.

Catalysts in Upcoming Quarters

In coming quarters, our analysts will focus on (1) the pace and impact of property renovations and new development projects, (2) management’s ability to maintain stable customer trends amid economic uncertainty, and (3) progress in the Online and Managed segments, particularly as Sky River Casino expands. Monitoring how Boyd Gaming navigates cost pressures and executes on its capital allocation strategy will also be critical for tracking sustained performance.

Boyd Gaming currently trades at $76.76, up from $65.94 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free).

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