Regional Dynamics | Boyd Gaming's Midwest and South segments drive strong performance, while Nevada properties face headwinds from softer destination travel patterns |
Growth Blueprint | A $750 million Norfolk casino development anchors expansion through 2027, alongside property renovations at Orleans and Suncoast locations |
Analyst Outlook | Price targets include Barclays' $87 with Equal Weight rating. EPS projections show growth from $5.94 in FY1 to $6.74 in FY2 |
Valuation Position | The company trades at a discount to regional gaming peers on EBITDA basis yet commands premium on free cash flow, reflecting strong balance sheet strength |
Metrics to compare | BYD | Sector Sector - Average of metrics from a broad group of related Consumer Cyclicals sector companies | Relationship RelationshipBYDPeersSector | |
|---|---|---|---|---|
P/E Ratio | 10.9x | 17.6x | 9.5x | |
PEG Ratio | −0.16 | 0.33 | 0.02 | |
Price/Book | 2.2x | 0.6x | 1.4x | |
Price / LTM Sales | 1.3x | 1.2x | 0.8x | |
Upside (Analyst Target) | 13.3% | 17.1% | 28.5% | |
Fair Value Upside | Unlock | 8.6% | 12.7% | Unlock |
Boyd Gaming Corporation operates as a multi-jurisdictional gaming and hospitality company in the United States. The company operates through four segments: Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online. The company's Las Vegas Locals segment operates gaming entertainment properties in the Las Vegas metropolitan area. The company's Downtown Las Vegas segment operates California Hotel and Casino, Fremont Hotel & Casino, and Main Street Station Hotel and Casino, and also operates a travel agency in Hawaii that supports guest bookings. The company's Midwest & South segment operates land-based, riverboat, barge-based casinos, and racinos across Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania, and Virginia. The company offers slot machines, video poker, table games, sportsbooks, hotel accommodations, restaurants and bars, entertainment venues, bowling centers, spas and fitness centers, meeting, conference, and banquet facilities, retail outlets, recreational vehicle parks, live horse racing and pari-mutuel wagering, and off-track betting. The company's Online segment offers business-to-consumer online casino gaming under the Stardust, Resorts Casino, and Mohegan Sun brands, online social gaming including Stardust Social Casino, online sports wagering through market access agreements, and licenses a proprietary online casino platform to other operators. Additionally, the company operates distributed gaming units across locations in Illinois, manages a tribal gaming entertainment complex in California, and offers the Boyd Rewards loyalty program, the BoydPay cashless digital wallet, the Boyd Rewards and Boyd Sports mobile apps, and Boyd Gift Cards. Boyd Gaming Corporation was founded in 1975 and is based in Las Vegas, Nevada.