BOYD GAMING CORP: insider trades · United States · SEC (Form 4)

About BOYD GAMING CORP

Boyd Gaming Corp. (NYSE: BYD) is a U.S.-listed gaming and leisure company headquartered in Las Vegas, Nevada, United States. The business was founded on January 1, 1975 by Sam and Bill Boyd to develop and operate the California Hotel and Casino in downtown Las Vegas. Over time, Boyd has evolved from a single-property operator into one of the most established regional casino entertainment companies in the United States. Today, the group operates 28 gaming properties across ten states — Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania — and also manages a tribal casino in northern California. This broad regional footprint is strategically important: it diversifies revenue by geography, reduces reliance on any single local market, and gives the company exposure to a wide mix of customer profiles, from local slot and table-game patrons to destination visitors and digital users. Boyd’s business is organized around several reportable segments, including Las Vegas Locals, Downtown Las Vegas, Midwest & South, Online, and Managed & Other. The portfolio mixes mature, cash-generative casino assets with newer growth avenues in digital gaming and third-party management. The Online segment includes Boyd Interactive, a B2B and B2C online casino gaming business that was expanded by the acquisition of Boyd Digital in 2024. Boyd also earns market-access fees and reimbursement-related revenues from online partnerships, which can be high-margin but more variable over time. From a competitive standpoint, Boyd Gaming is well positioned among U.S. regional gaming operators. Its core strengths are operational discipline, a diversified property base, and a strong customer-service culture that the company markets as “Boyd Style.” The company’s scale gives it meaningful purchasing, marketing and operating leverage, while its regional concentration keeps it close to local demand trends. At the same time, the business remains exposed to gaming regulation, consumer spending cycles, labor costs and property-level execution. Recent developments highlight an active capital-allocation and portfolio-management strategy. In 2025, Boyd reported record annual revenues and emphasized ongoing investment in growth projects, including progress on a $750 million resort in Virginia. In early 2026, the company announced the sale of Sam’s Town Shreveport to Bally’s, underscoring a willingness to recycle capital from non-core or opportunistic assets. In the first quarter of 2026, Boyd reported modest revenue growth, continued momentum in its Online segment, and rising management-fee income tied to Sky River Casino in Northern California. For investors, BYD represents a mature U.S. gaming operator with stable cash generation, selective growth investment and a growing digital optionality.