BYD · Boyd Gaming Q2 FY2026 earnings call record财报电话会记录

“On a company-wide basis, revenues increased 3% and EBITDA grew 2% for the quarter when adjusting for the impact of last year's FanDuel transaction and the tax pass-through amounts related to our market access agreements.”

“Revenues grew 3% in the quarter, led by growth in gaming revenues, while EBITDA grew 4% with property margins expanding to nearly 38%.”

“This was the segment's strongest margin in almost two years, demonstrating our continued ability to drive operating efficiencies throughout our business.”

“Revenues from these properties increased 4% in the quarter, driven by increases in gaming revenue, while EBITDA grew 3% and margins once again exceeded 50%.”

“In all, by early next year, we will have renovated over 70% of our Las Vegas hotel room inventory, introduced 17 new food and beverage concepts, and significantly enhanced our Southern Nevada presence with our new Cadence Crossing property and the investments we are making at the Suncoast.”

“Going forward, we intend to continue repurchases at a $150 million per quarter pace, supplemented by our quarterly dividend.”

“As a result of Boyd Interactive's strong performance, we are raising full-year guidance for our online segment by $5 million to $35 million-$40 million full year 2026.”

“During the quarter, we invested $142 million in capital expenditures, bringing year-to-date CapEx to $297 million.”

“Our full-year capital expenditure estimate includes about $250 million in maintenance capital, $75 million in incremental hotel capital associated with our Orleans hotel remodel, which is on track to be completed by the end of this year, $50 million in growth capital, primarily related to completing Cadence Crossing Casino and the design and pre-construction efforts related to our Par-A-Dice project.”

“In terms of our capital return program, during the Q2, we paid $15 million in dividends and repurchased $156 million to 1.9 million shares at an average price of $83.60 per share.”

“We plan to continue repurchasing approximately $150 million in shares per quarter, putting us on track, inclusive of dividends, to return more than $650 million to shareholders this year, representing approximately $9 per share in value for our shareholders.”

“For right now, outside of benefits, when we look at expenses just more broadly, I think we feel like they're very manageable at this stage, and that's what you're seeing not only in the flow through in the Midwest & South and the margins there, but also outside of Orleans and Suncoast, we're seeing maintaining good margins in the rest of the portfolio, as those were over 50% as well, not only reflecting the strength of the locals customer here in Las Vegas, but also kind of being able to manage our expense structure.”