BOYD GAMING Business Summary

Boyd Gaming Corporation (BYD) is a leading multi-jurisdictional gaming and hospitality operator that generates revenue through a diversified mix of land-based casino operations, digital gaming, and management services. Its revenue model is anchored by gaming (slots and table games), supplemented by food and beverage, hotel room rentals, and management fees from tribal properties like the Sky River Casino. The company’s operations are strategically divided into five primary segments: Las Vegas Locals, Downtown Las Vegas, Midwest & South, Online (including Boyd Interactive), and Managed & Other. Boyd Gaming distinguishes itself as a dominant player in the Las Vegas "locals" market while maintaining a robust regional presence across 11 states. It competes directly with major industry peers such as Penn Entertainment, Caesars Entertainment, MGM Resorts International, and Red Rock Resorts, positioning itself as a high-margin regional specialist with a conservative balance sheet and a growing footprint in the digital and managed services sectors. Founded in 1975 by Sam Boyd and his son, Chairman Emeritus William S. Boyd, the company is currently led by a tenured executive team with deep industry pedigree. Keith E. Smith, an industry veteran of over 30 years, has served as President and CEO since 2008, overseeing the company’s national expansion and digital pivot. He is supported by Josh Hirsberg, Executive Vice President and CFO since 2008, and Theodore Bogich, who serves as Chief Operating Officer. In January 2026, Marianne Boyd Johnson transitioned to the role of Chairman of the Board, continuing the founding family’s oversight alongside other key directors such as William R. Boyd and John Bailey. The company’s technology and innovation strategy is directed by Chief Technology Officer Eric Bowers, who has led the firm’s digital transformation since 2010. Boyd Gaming maintains a strong institutional investor base, with significant holdings by Vanguard Group, BlackRock, and Boston Partners, reflecting its status as a stable, cash-flow-positive leader in the consumer discretionary sector.