Casino stocks trade lower after state gaming revenue reports disappoint
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 11 2025
0mins
Source: SeekingAlpha
Casino Revenue Decline: Casino stocks dropped following disappointing June gaming reports from Indiana and Iowa, with Iowa's gaming win falling to $195.6 million and Indiana's to $136.9 million compared to previous months and last year.
Impact on Casino Stocks: Major casino companies like Bally's, PENN Entertainment, Boyd Gaming, and Caesars Entertainment experienced significant stock declines, reflecting the sensitivity of casino stocks to consumer confidence and discretionary spending trends.
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Analyst Views on BYD
Wall Street analysts forecast BYD stock price to rise
11 Analyst Rating
4 Buy
7 Hold
0 Sell
Moderate Buy
Current: 82.170
Low
84.00
Averages
93.70
High
110.00
Current: 82.170
Low
84.00
Averages
93.70
High
110.00
About BYD
Boyd Gaming Corporation is a gaming company. It operates over 28 gaming entertainment properties in 10 states, manager of a tribal casino in northern California, and owner and operator of Boyd Interactive, a B2B and B2C online casino gaming business. Its segments include Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online. The Las Vegas Locals segment consists of eight casinos in the Las Vegas metropolitan area. The Downtown Las Vegas segment consists of three properties: California Hotel and Casino, Fremont Hotel & Casino, and Main Street Station Hotel and Casino. Its Midwest & South properties consist of five land-based casinos, five dockside riverboat casinos, three racinos and four barge-based casinos that operate in nine states, predominantly in the Midwest and southern United States. The Online segment includes its online gaming operations through collaborative arrangements with third parties throughout the United States and the operations of Boyd Interactive.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Significant Revenue Growth: The company achieved $1.1 billion in revenue for Q4, marking a 10% year-over-year increase and surpassing market expectations by $80 million, demonstrating Boyd Gaming's ongoing recovery in Las Vegas and surrounding areas, thereby solidifying its market position.
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See More
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- Policy Shift: The Canadian government has decided to allow the import of 49,000 Chinese electric vehicles, reducing tariffs from 106% to 6.1%, which will enable these vehicles to represent about 3% of Canada's new car market and approximately 20% of its battery EV and plug-in hybrid market, aiming to reduce reliance on the U.S. and revitalize domestic manufacturing.
- China-Canada Cooperation: In exchange for tariff reductions, China has agreed to lower tariffs on Canadian canola oil, a move that not only enhances Canadian agricultural exports but may also foster joint investments and collaborations in the EV sector, driving manufacturing revival.
- Market Outlook: With expectations for significant growth in the Canadian EV market by 2030, the relatively small import volume of 49,000 vehicles could have a substantial impact if these are primarily affordable models, potentially increasing consumer acceptance of electric vehicles.
- Manufacturing Challenges: Despite having resource advantages, Canada faces challenges in attracting manufacturing investments compared to Mexico and the U.S., where lower manufacturing costs and larger markets prevail, and without further action, Canadian assembly plants may continue to decline.
See More
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- Significant Industry Impact: The rapid advancement of artificial intelligence has severely impacted stocks in real estate, logistics, and finance, particularly in logistics where Algorhythm Holdings' new tool claims to increase freight volumes by 300% to 400%, leading to a sharp decline in related stocks.
- Market Reaction: Elon Musk warned that AI could lead to increased vacancy rates in office buildings, further affecting the leasing market, reflecting concerns about AI replacing white-collar jobs and potentially slowing economic growth.
- Divergent Company Performance: While most sectors are negatively affected by AI, Siemens saw its stock rise in European trading after raising its earnings outlook for fiscal year 2026, indicating the potential of AI applications in industrial manufacturing.
- International Trade Dynamics: The U.S. signed a trade deal with Taiwan that lowers tariffs on Taiwanese exports to 15%, while Taiwan will reduce 99% of tariffs on U.S. goods, highlighting shifts in global trade relationships and their potential market impacts.
See More
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- Strong Financial Performance: Boyd Gaming reported revenues of $1.1 billion and EBITDAR of $337 million for Q4 2025, demonstrating resilience as adjusted EBITDAR remained flat year-over-year despite impacts from online segment changes and severe weather.
- Significant Shareholder Returns: The company returned a total of $836 million to shareholders in 2025, including $58 million in dividends and $778 million in share repurchases, successfully reducing total share count by 11%, which enhances potential earnings per share.
- Future Investment Plans: Boyd Gaming anticipates capital expenditures of $650 million to $700 million in 2026, including $250 million for maintenance and $75 million for growth capital, aimed at enhancing market competitiveness through new facilities and projects.
- Optimistic Market Outlook: Management expects consumer spending to improve in the coming months, particularly in Nevada, driven by the opening of new casinos and the implementation of tax legislation, further boosting the company's growth potential.
See More
Boyd Gaming Reports Decline in Q4 Earnings
- Earnings Decline: Boyd Gaming's Q4 net income fell to $140.40 million, or $1.79 per share, down from $170.50 million and $1.92 per share last year, indicating a weakening profitability that may impact investor confidence.
- Adjusted Earnings: Excluding items, Boyd reported adjusted earnings of $173.54 million, or $2.21 per share, which, while relatively stable, fails to offset the overall decline in profitability, reflecting challenges the company faces.
- Revenue Growth: The company's revenue increased by 1.9% year-over-year to $1.06 billion, up from $1.04 billion last year, demonstrating that Boyd Gaming can achieve modest growth despite a competitive market environment.
- Market Outlook: Despite revenue growth, the decline in profitability may negatively affect the company's future market performance, prompting investors to monitor how Boyd addresses cost pressures and market competition.
See More
Boyd Gaming Reports Strong Q4 Earnings with Significant Share Buybacks
- Strong Earnings Performance: Boyd Gaming reported a non-GAAP EPS of $2.21 for Q4, beating expectations by $0.27, which indicates a robust enhancement in the company's profitability and reflects its strong financial performance in a competitive market.
- Significant Revenue Growth: The company achieved $1.1 billion in revenue for Q4, marking a 10% year-over-year increase and surpassing market expectations by $80 million, demonstrating Boyd Gaming's ongoing recovery in Las Vegas and surrounding areas, thereby solidifying its market position.
- Share Buyback Program: As part of its ongoing share repurchase program, Boyd Gaming repurchased $185 million in common stock during Q4 2025, showcasing the company's confidence in its stock value while also creating additional value for shareholders.
- Remaining Buyback Authorization: As of December 31, 2025, the company had approximately $362 million remaining under its current share repurchase authorizations, indicating that Boyd Gaming has the capacity for further buybacks in the future to support shareholder interests.
See More
Boyd Gaming Set to Release Q4 Earnings on February 5th
- Earnings Announcement Date: Boyd Gaming is set to announce its Q4 earnings on February 5th after market close, with consensus EPS estimate at $1.94, reflecting a 1.0% year-over-year decline, and revenue estimate at $1.02 billion, indicating a 2.0% year-over-year increase, which could significantly impact the company's stock performance.
- Historical Performance: Over the past two years, Boyd Gaming has beaten EPS and revenue estimates 88% of the time, showcasing strong performance in profitability and market expectation management, which may enhance investor confidence and drive stock price appreciation.
- Estimate Revision Dynamics: In the last three months, EPS estimates have seen six upward revisions and three downward adjustments, while revenue estimates experienced nine upward revisions and two downward adjustments, indicating a positive revision trend that reflects market optimism regarding Boyd Gaming's future performance.
- Market Analysis Preview: Analysts note that Boyd Gaming has achieved six consecutive double beats, demonstrating its sustained growth potential, and the market holds an optimistic view on its performance in local Las Vegas casinos, which may further enhance its market share.
See More
