Bull of the Day: Boyd Gaming (BYD)

Boyd Gaming (BYD), a Zacks Rank #1 (Strong Buy), is a diversified gaming company with a long-standing presence in the United States and Canada.

The company owns and operates 28 gaming properties across ten states. Collectively, these properties provide 1.71 million square feet of casino space, nearly 29,000 slot machines, more than 600 table games, and over 10,000 hotel rooms. Boyd also operates Boyd Interactive, its online casino business, and a travel agency.

The stock continues to grind higher as it has been all year. After pulling back on earnings, BYD is trading at all-time highs.

More About the Company

Founded in 1975 and headquartered in Las Vegas, Boyd organizes its operations into four segments:

-The Las Vegas Locals business, which generated 22.8% of 2024 revenues, includes nine casinos catering to residents of the Las Vegas metropolitan area.

-Downtown Las Vegas, contributing 5.9%, operates three casinos that compete with other properties in the city’s historic core.

-The Midwest and South segment is the largest, with 52.5% of revenues. This includes a mix of land-based casinos, riverboat casinos, racinos, and barge-based casinos across nine states.

-The Online segment is responsible for 15.4% of revenue and covers Boyd Interactive and its partnerships for digital gaming, including sports betting, casino gaming, and poker. Boyd expanded its presence in online and mobile gaming, including a 2018 partnership with MGM Resorts International.

BYD is valued at $7 billion and has a Forward PE of 13. The stock has Zacks Style Scores of “B” in Value, but a “F” in Momentum.

Q2 Earnings Beat

Boyd delivered another strong quarter, topping expectations on both the top and bottom line, with a 12% EPS beat for Q2. Revenue was $1.03 billion versus $980 million expected and adjusted EBITDAR came in at $357.9 million, up from $344.3 million a year ago.

The Las Vegas Locals segment stood out with its strongest growth in more than two years, posting year-over-year gains in both revenue and EBITDAR while maintaining margins close to 50%. The Midwest and South segment also showed momentum, with over 3% growth in revenue and EBITDAR, its best performance in nearly three years. Downtown Las Vegas faced a tougher comp, but the Online segment continued to build scale.

Boyd Gaming Corporation Price and EPS Surprise

Boyd Gaming Corporation price-eps-surprise | Boyd Gaming Corporation Quote

The company is also set to receive $1.755 billion in cash from the sale of its FanDuel stake, which will go toward debt repayment. The board recently authorized an additional $500 million for share repurchases, lifting total available authorization to roughly $707 million as of quarter-end.

Capital plans remain active, with $600–650 million in expected 2025 spending, including hotel renovations, recurring growth capital, and new projects such as the Suncoast renovation, Cadence Crossing Casino, the Sky River expansion, and the Ameristar St. Charles convention center.

Estimates Headed Higher

Since the company reported earnings, analysts have been raising estimates across all time frames.

For the current quarter, numbers have been taken from $1.46 to $1.55 over the last 60 days, or 6%.

For the current year, analysts have lifted estimates 6% as well, going from $6.49 to $6.89.

Looking at the big picture, the trend continues next year. Over the 60 days, analysts have lifted their numbers from $6.73 to $7.59, or 13%

The Technical Take

The stock is printing all-time highs after earnings and is up over 20% on the year. There might be some profit taking before the stock takes out that $100 psychological level.

Let us look at some moving averages for possible entry points:

21-day moving average: $84.10

50-day MA: $82.50

200-day MA: $75.00

In Summary

With earnings momentum, a healthier balance sheet post-FanDuel sale, and a robust development pipeline, Boyd Gaming is positioned for continued growth into 2026 and beyond.

The combination of rising analyst estimates, strong shareholder returns, and technical strength at all-time highs makes the stock a compelling name for investors seeking exposure to the gaming sector.

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This article originally published on Zacks Investment Research (zacks.com).

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