Posted on: June 3, 2026, 10:36h.
Last updated on: June 3, 2026, 10:36h.
Boyd Gaming positioned to scoop up some casinos Caesars may sell Boyd has ample “dry powder,” says analyst Management is “disciplined” and growth pipeline is “underappreciated”Boyd Gaming’s (NYSE: BYD) financial prudence could position the regional casino operator to acquire assets that come up for sale as a result of Tilman Fertitta’s proposed $17.6 billion takeover of Caesars Entertainment (NASDAQ: CZR).
Boyd Gaming’s Fremont Hotel & Casino in downtown Las Vegas. The operator could make a run at some casinos Caesars might put on the market, says an analyst. I(mage: Shutterstock)In initiating coverage of the stock, Texas Capital analyst David Bain said Boyd is one of a scant number of operators “with both the ability and track-record to be highly opportunistic to the benefit of shareholders in this regard” (potential post-deal asset sales by Caesars).
Acquisitions made in 2018 were executed well-below market averages and recent OpCo M&A. BYD traditional net leverage is ~1.8x (2.4x lease adjusted), offering billions of dollars in potential dry powder as CZRs potentially sheds strong assets as part of its larger proposed merger transaction,” observes the analyst.
He started coverage of Las Vegas-based Boyd Gaming with a “buy” rating and a $106 price target, implying upside of 24.7% from the June 2 close.
If it Goes Shopping, Boyd Likely to Be Picky
Fertitta announced the $17.6 billion offer to take Caesars private last week and by some estimates, it could take up to a year for the deal to close, implying asset sales won’t be announced over the near-term. Still, it’s widely believed that given the geographic overlap between Caesars and Fertitta’s Golden Nugget, the combined portfolio will eventually be pared, voluntarily and potentially forced by some state regulators.
There are eight states and six specific markets in which Caesars and Golden Nugget both operate casinos with those cities being Atlantic City, NJ, Biloxi, Miss., Lake Charles, La. and Lake Tahoe, Las Vegas and Laughlin in Nevada. Bain didn’t get into specifics regarding which Caesars assets Boyd could make a run at, but all of the operator’s Nevada venues are in Las Vegas and are located downtown or positioned as Las Vegas locals properties. Boyd also runs regional casinos in Louisiana and Mississippi.
Boyd hasn’t declared intent to buy any Caesars or Golden Nugget casinos, but there is some clarity around the operator’s mergers and acquisitions strategy. It has $372.7 million in cash, meaning it can make moves, and it’s unlikely to acquire regional casinos where the current operator doesn’t own the real estate. Still, the current climate could be hospitable to Boyd expanding its portfolio.
“We believe BYD management’s track-record of consistent results, strong investment returns and disciplined M&A is key in both the current equity environment (valuation) and casino landscape,” adds Bain.
Boyd More Than an M&A Story
These days, casino industry mergers and acquisitions are garnering plenty of attention, but Bain says there’s much more to the Boyd story. Renovations at several of the operator’s regional properties are complete and its Cadence Crossing Casino in Henderson, Nevada recently opened, but Wall Street’s 2027 estimates on Boyd appear to be discounting contributions from the new and spruced up properties, says Bain.
The analyst says 2028 forecasts are “even more benign.” That while Boyd is repurchasing $150 million worth of its shares per quarter, putting it on pace to reduce its shares outstanding count by 16% this year. Add it all up and there’s a value case for the stock.
“BYD trades for 7.2x/6.7x traditional enterprise value/earnings before interest, taxes, depreciation and amortization (EV/EBITDA), well below its peers, its ~10x pre-COVID average, and our valuation view for ~8.5x for wholly owned regional assets (and higher for LV Locals operations). Given BYD’s attributes and the catalysts above, we view shares as undervalued,” concludes Bain.
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