Boyd Gaming Outlines Expansion, Upgrade Plans in Q3 Earnings Report

The Orleans, just off the Strip, will be one of three Boyd casino properties getting renovations and upgrades in 2025. (Image: courtesy of Boyd Gaming)

Boyd Gaming reported third-quarter earnings on Thursday and detailed plans to upgrade a few of its Las Vegas casinos.

Overall Boyd’s revenue was up slightly at its casinos in Las Vegas and around the country. Meanwhile, profit was down a tick from 2023.

Boyd Gaming operates 28 casinos around the US. The company has nine Las Vegas casinos in two segments:

Downtown: California, Fremont, Main Street Station
Locals: Aliante, Eastside Cannery, Gold Coast, Orleans, Sam’s Town, Suncoast

The company differentiates the properties because they have different customers. While downtown Las Vegas casinos see mostly tourists, the “locals” casinos are mostly visited by residents.

Boyd is currently upgrading three Las Vegas casinos while it plans to break ground on another casino later this year.

In Focus:

• Revenue up, net income down
• More Suncoast upgrades coming next year
• Room renovations coming to Gold Coast and Orleans
• New Las Vegas casino construction to begin next month

Suncoast Overhaul Continue in 2025

Earlier this year, Boyd Gaming announced a property-wide upgrade at Suncoast. So far the casino has opened a beautiful new sportsbook, high-limit room, and steakhouse.

Upgrades at Suncoast will continue for the next 12 months. The bingo room will move from the second floor to the space vacated by the sportsbook. Construction on the new bingo room is already underway.

The main casino floor will be completely transformed with a new center bar. The new bar will have seating for 70 guests and be visible as guests enter the casino from the porte cochere.

One of the last changes will be installation of a new food hall. This will go into unused space between the new high-limit room and movie theater. Details about restaurants will be revealed closer to opening.

Other changes include updating the meeting space, bowling center, hotel front desk, and check-in area. The entire property will have a new modern look and feel when work is completed.

Gold Coast, Orleans Getting Room Renovations

Boyd continues to upgrade its Las Vegas hotel rooms. The company finished updating the rooms at Main Street Station in downtown Las Vegas earlier this year.

When those renovations were finished, the company started upgrading the hotel rooms at Gold Coast. Some rooms are available and the project should be completed soon.

The Orleans is up next. Room renovations should begin next year with a completion date to be announced after work begins.

There are no other upgrade plans for Las Vegas at this time. During the earnings call, President and CEO Keith Smith said the company always has its eyes open for expansion opportunities.

Cadence Crossing to Break Ground in November

Boyd Gaming plans to break ground on Cadence Crossing next month in the Las Vegas suburb of Henderson. The company expects the casino to open in early 2026.

This will replace Joker’s Wild as Boyd’s primary foothold in Henderson. The small slots-only casino will remain open until Cadence Crossing is ready for the public.

Cadence Crossing will open without a hotel and just 450 slot machines on a 10,000-square-foot gaming floor with a few dining options.

During the call, Smith mentioned there could be more gaming space and a hotel in the future should there be demand.

Boyd Gaming by the Numbers

Boyd Gaming reported third-quarter revenue of $961.2 million. This was up 6% from $903.2 million in Q3 last year.

While revenue was up, net income was slightly down year-on-year. The company reported net income of $131.1 million for the third quarter. This was 3.0% lower than $135.2 million a year ago.

For the quarter, revenue for the Las Vegas locals segment was down from $221,833 million last year to $211,861. The three downtown Las Vegas casinos saw a small increase from $49,545 to $53,300 million.

The addition of a new casino to the market and a competitor near Gold Coast and Orleans have been affecting the locals segment all year. While Smith didn’t mention names, Durango is the new casino in the locals market and Palms is the closest competitor to Gold Coast and the Orleans.

Smith pointed out that renovations at the Fremont have improved revenue. Late last year the company finished a casino floor refresh and expansion that included a food hall.

Looking forward, Smith says the F1 Las Vegas Grand Prix will be better for Boyd Gaming simply because the Raiders are playing a home game at Allegiant Stadium that weekend.