Boyd Gaming is a regional casino operator that runs 27 brick-and-mortar casinos across 11 states, serving primarily local and drive-to customers rather than destination tourists. Gaming — slots and table games — generates roughly 64% of revenue, with food, beverage, and hotel making up most of the rest. Boyd operates through three geographic casino segments: Las Vegas Locals (7 properties serving Southern Nevada residents), Downtown Las Vegas (3 properties with a long-established niche catering to Hawaiian tourists), and Midwest & South (17 properties across nine states, primarily serving customers within a 100-mile radius in restricted-license markets). Boyd also has an Online segment that includes market access fees from sports betting operators using Boyd's gaming licenses, and Boyd Interactive, an online casino platform operating under the Stardust brand in New Jersey, Pennsylvania, and Ontario. Boyd also manages Sky River Casino in California for the Wilton Rancheria tribe. Boyd's profitability depends on customer frequency, loyalty program depth (Boyd Rewards), and marketing discipline. Boyd leases real estate for several Midwest & South properties under a master lease with GLPI. On the growth side, Boyd is developing a new Las Vegas locals casino (Cadence Crossing, opening early 2026), a replacement facility in Illinois, and a large resort in Norfolk, Virginia. Boyd has been an active capital returner, reducing its share count by 32% since 2021, and sold its 5% FanDuel stake in mid-2025 for ~$1.76B.