Boyd Gaming Outlines $650 Million to $700 Million Capex Plan for 2026

Boyd Gaming (BYD) has detailed its strategic financial roadmap for 2026, announcing a planned capital expenditure budget ranging from $650 million to $700 million. The investment plan is part of a broader strategy to maintain competitiveness and enhance property assets. During the Q1 2026 earnings call, CEO Keith Smith attributed the company's recent performance to a combination of business diversification, a disciplined focus on operating efficiencies, and a consistent capital investment program. These strategic pillars have allowed the company to navigate the current economic environment effectively. Financial results for the first quarter show strong momentum, with company-wide revenues reaching nearly $1 billion. The company reported an EBITDAR of $317 million, reflecting the robust performance of its physical property operations. Regarding its digital expansion, Boyd reiterated its online EBITDAR guidance, projecting a range of $30 million to $35 million. This stability in guidance suggests a steady trajectory for the company's online gaming segment as it complements its brick-and-mortar footprint. Analysts view the substantial capex plan as a signal of management's confidence in long-term growth, though the reiterated online guidance indicates a measured approach to digital scaling.