LAS VEGAS – Boyd Gaming Corp. says it has the financial capacity to pursue a large acquisition but will remain highly selective as it evaluates potential deals, executives told analysts during the company’s first‑quarter earnings call.
Chief executive Keith Smith said Boyd has reviewed a range of possible transactions and is not constrained by balance‑sheet limitations. “We’re not afraid because of our strong balance sheet and our strong cash flow profile to do larger transactions,” Smith said. “We look at small, medium and large transactions.”
Smith did not identify any specific targets. Industry speculation has intensified amid reports that Caesars Entertainment may be nearing a sale, raising the prospect of broader consolidation across the casino sector. Smith emphasized that any deal Boyd considers “has to be significant” enough to meaningfully impact the company’s results.
Boyd recently participated in consolidation from the seller’s side, agreeing in February to sell Sam’s Town Shreveport to Bally’s. While not transformative, the move underscored the company’s flexibility. Boyd ended the quarter with $372.7 million in cash and relatively low leverage, giving it room to borrow if needed.
“We are in the best position we’ve ever been in to make an acquisition,” chief financial officer Josh Hirsberg said. “But that doesn’t mean we’ll find one that makes sense.” He added that the company continues to weigh potential returns against alternatives such as share repurchases and internal investments.
Boyd has been an active buyer of its own stock, repurchasing $155 million in shares during the first quarter. Earlier this month, the board authorized an additional $500 million for buybacks.
Smith also outlined parameters for any future deal, saying Boyd would focus on properties in “stable tax and regulatory environments.” Analysts widely believe the company would avoid acquiring a heavily indebted competitor and would prefer transactions in which it could own the underlying real estate.
Those criteria could narrow the field of viable targets, but executives said the company will continue to monitor opportunities.
