<p>博伊德娱乐公司（Boyd Gaming Corp ((BYD)）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 30% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
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<p>博伊德娱乐公司的最新财报电话会议传达了自信的语气，强调了其投资组合的广泛实力、创纪录的利润率和活跃的增长管道。管理层承认拉斯维加斯的局部逆风和短期现金流出，但坚持认为这些都是暂时性问题，被强劲的现金生成和积极的股东回报所掩盖。</p>
<h2>强劲的收入规模和盈利能力</h2>
<p>博伊德第一季度的收入接近 10 亿美元，突显了公司在美国地区博彩市场的增长规模。EBITDAR 达到了 3.17 亿美元，进一步证明强劲的收入表现转化为业务的稳健运营盈利能力。</p>
<h2>物业级利润率超过 39%</h2>
<p>公司整体物业级利润率超过 39%，反映出在各物业的成本控制和效率提升方面的严格管理。管理层强调，这一盈利水平使博伊德在资金增长和股东回报方面具有显著的韧性和灵活性。</p>
<h2>中西部和南部推动增长</h2>
<p>中西部和南部板块实现了 4% 的同比收入增长和 5% 的 EBITDAR 增长，利润率改善至近 37%。管理层强调，在客户群体和平均每日理论细分市场中，市场份额的广泛增长进一步巩固了这些核心地区市场的实力。</p>
<h2>拉斯维加斯本地市场在外兰斯和阳光海岸之外表现稳健</h2>
<p>排除受影响的外兰斯和阳光海岸物业，拉斯维加斯本地市场的收入和 EBITDAR 与去年持平。这些剩余物业的利润率超过 50%，显示出在剔除临时干扰后本地业务的潜在实力。</p>
<h2>在线和管理板块支持增长</h2>
<p>博伊德互动继续增长，公司重申 2026 年在线板块 EBITDAR 指导为 3000 万至 3500 万美元。管理和其他板块预计今年将产生 1.1 亿至 1.14 亿美元的 EBITDAR，为实体资产提供稳定的收益贡献。</p>
<h2>对长期项目的重投资</h2>
<p>博伊德概述了一条强劲的资本投资管道，以 7.5 亿美元的弗吉尼亚度假村为基础，计划于 2027 年底开业，设有大型赌场和 200 间客房的酒店。公司还获得批准，在 2028 年底之前对天堂赌场进行现代化改造，并继续推出物业改造和开业，包括新的 Cadence Crossing 开发项目和多个酒店升级。</p>
<h2>积极的股东回报</h2>
<p>股东回报是公司的核心支柱，仅在第一季度就回报了近 1.7 亿美元，其中约 1.55 亿美元用于回购，1400 万美元用于分红。博伊德以平均 83.94 美元的价格回购了 180 万股，剩余约 7480 万股流通股和约 7 亿美元的回购授权。</p>
<h2>强化的资产负债表和低杠杆</h2>
<p>公司在本季度结束时的传统杠杆为 1.8 倍，租赁调整后的杠杆为 2.4 倍，管理层将这些水平描述为博伊德历史上最强的资产负债表。信用额度下的充足容量为集团提供了灵活性，以资助增长项目、处理一次性现金需求，并维持其资本回报计划。</p>
<h2>资本支出增加支撑未来收益</h2>
<p>博伊德在第一季度投资了 1.55 亿美元用于资本支出，反映出正在进行的大规模增长和维护项目。全年的资本支出指导为 6.5 亿至 7 亿美元，其中约 2.5 亿美元用于维护，约 3 亿美元分配给弗吉尼亚度假村，标志着持续的多年度投资周期。</p>
<h2>运营胜利和新物业开业</h2>
<p>Cadence Crossing 赌场于 3 月 25 日开业，得到了热烈的客人反馈，尽管在本季度仅贡献了几天的运营。其他物业，包括 Treasure Chest，继续实现同比增长，而 Sky River 扩建项目正在推进，计划在 2028 年初进行进一步的酒店和餐饮提升。</p>
<h2>目的地疲软对拉斯维加斯造成压力</h2>
<p>管理层承认目的地旅行的持续疲软，已对拉斯维加斯的业绩产生了重大影响，尤其是在拥有大型酒店基础的外兰斯。公司估计目的地疲软每季度减少 EBITDAR 约 500 万至 600 万美元，预计这种压力将持续到第二季度，并在今年晚些时候和明年逐渐改善。</p>
<h2>阳光海岸的施工干扰</h2>
<p>阳光海岸的现代化工作在第一季度进入了赌场楼层的高流量区域，造成了明显的运营拖累。博伊德估计本季度的影响约为 150 万美元，预计第二季度的全面干扰将导致 250 万至 300 万美元的损失，第三季度为 200 万至 250 万美元，预计在第三季度末完成。</p>
<h2>拉斯维加斯本地市场面临压力</h2>
<p>拉斯维加斯本地市场在第一季度同比下降约 650 万美元，主要由于目的地疲软和阳光海岸项目。管理层认为这两个因素都是暂时的，并相信该板块的潜在健康状况依然稳健，未受影响物业的强劲利润率就是证明。</p>
<h2>市中心人流仍然疲软</h2>
<p>弗里蒙特街体验区的行人流量在本季度同比下降 11%，显示出市中心和目的地访问的持续疲软。这种较低的人流继续对该走廊的业绩施加压力，尽管博伊德在区域市场的多元化有助于缓解影响。</p>
<h2>短期内大额税收抵免现金流出</h2>
<p>博伊德指出，仍有大约 2.9 亿美元的支付与之前交易相关的税收抵免，预计将在第二季度发生。尽管金额可观，但管理层认为在强劲的自由现金流和当前杠杆水平的背景下，这笔支付是可控的。</p>
<h2>一次性企业费用拖累</h2>
<p>第一季度的企业费用比正常水平高出约 600 万美元，部分原因是慈善捐款和其他一次性项目的时机。这些高企的费用对报告结果产生了影响，但预计未来不会以相同水平重复出现。</p>
<h2>临时弗吉尼亚赌场的短期收益有限</h2>
<p>位于弗吉尼亚州诺福克的临时赌场基本上处于盈亏平衡状态，主要作为战略性占位。管理层预计在 2027 年底全面开放弗吉尼亚度假村之前，该物业不会产生显著的盈利，从而限制了其短期收益贡献。</p>
<h2>高额资本支出带来的执行风险</h2>
<p>2026 年高达 6.5 亿至 7 亿美元的激进资本支出计划增加了多个大型项目的短期现金投入和执行风险。然而，管理层认为这些投资，特别是在弗吉尼亚和天堂地区，旨在推动多年的增长，一旦投入运营。</p>
<h2>Cadence Crossing 仍处于早期 ramp 阶段</h2>
<p>尽管客户对 Cadence Crossing 的初步反应强烈，但该物业仍处于早期 ramp 阶段，需要时间来优化费用和运营。第一季度仅有少数运营天数，因此其收益贡献尚未反映正常化的盈利能力。</p>
<h2>指引亮点：增长、资本支出和股票回购</h2>
<p>展望未来，博伊德重申 2026 年 EBITDAR 指引为 3000 万至 3500 万美元，预计管理及其他业务的 EBITDAR 为 1.1 亿至 1.14 亿美元。全年资本支出预计在 6.5 亿至 7 亿美元之间，公司计划继续每季度回购约 1.5 亿美元的股票，同时保持杠杆接近当前水平，并吸收剩余的税收抵免支付。</p>
<p>博伊德游戏的财报电话会议描绘了一幅公司在增长和资本回报方面积极进取的图景，即使在拉斯维加斯面临一些疲软和高额投资支出的情况下。凭借强劲的利润率、稳固的资产负债表以及大规模的发展和回购计划，管理层传达了对短期挑战将让位于更强长期盈利能力的信心。</p>

博伊德赌场

博彩 ETF - VanEck Vectors

体育博彩游戏指数 ETF

BEDZ

休闲娱乐 ETF - PowerShares

<p>博伊德游戏公司第一季度的财报电话会议强调了接近 10 亿美元的强劲收入增长和 3.17 亿美元的稳健 EBITDAR，尽管拉斯维加斯面临局部挑战。该公司报告的物业级利润率超过 39%，并向股东回馈近 1.7 亿美元。博伊德正在大力投资长期项目，包括在弗吉尼亚州建设一座 7.5 亿美元的度假村。尽管拉斯维加斯本地市场面临压力，管理层对未来的增长和盈利能力仍持乐观态度，指出暂时的干扰和强劲的资本投资管道</p>

<p>Boyd Gaming Corp ((BYD)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>博伊德娱乐公司（Boyd Gaming Corp ((BYD)）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 30% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 30% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
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</div><p>Boyd Gaming Corp’s latest earnings call struck a confident tone, underscoring broad-based strength across its portfolio, record margins, and an active growth pipeline. Management acknowledged localized headwinds in Las Vegas and near-term cash outflows but maintained that these are temporary issues, outweighed by robust cash generation and aggressive shareholder returns.</p>
<div class="lb-trans"><p>博伊德娱乐公司的最新财报电话会议传达了自信的语气，强调了其投资组合的广泛实力、创纪录的利润率和活跃的增长管道。管理层承认拉斯维加斯的局部逆风和短期现金流出，但坚持认为这些都是暂时性问题，被强劲的现金生成和积极的股东回报所掩盖。</p>
</div><h2>Robust Revenue Scale and Profitability</h2>
<div class="lb-trans"><h2>强劲的收入规模和盈利能力</h2>
</div><p>Boyd’s first quarter revenues approached $1.0 billion, highlighting the company’s growing scale in U.S. regional gaming. EBITDAR reached $317 million, reinforcing that strong top-line performance is translating into solid operating profitability across the business.</p>
<div class="lb-trans"><p>博伊德第一季度的收入接近 10 亿美元，突显了公司在美国地区博彩市场的增长规模。EBITDAR 达到了 3.17 亿美元，进一步证明强劲的收入表现转化为业务的稳健运营盈利能力。</p>
</div><h2>Property-Level Margins Above 39%</h2>
<div class="lb-trans"><h2>物业级利润率超过 39%</h2>
</div><p>Company-wide property-level margins exceeded 39%, reflecting disciplined cost control and efficiency gains across properties. Management emphasized that this level of profitability gives Boyd significant resilience and flexibility to fund growth and shareholder returns.</p>
<div class="lb-trans"><p>公司整体物业级利润率超过 39%，反映出在各物业的成本控制和效率提升方面的严格管理。管理层强调，这一盈利水平使博伊德在资金增长和股东回报方面具有显著的韧性和灵活性。</p>
</div><h2>Midwest &amp; South Drive Growth</h2>
<div class="lb-trans"><h2>中西部和南部推动增长</h2>
</div><p>The Midwest &amp; South segment delivered 4% year-over-year revenue growth and 5% EBITDAR growth, with margins improving to nearly 37%. Management highlighted broad-based market share gains across customer demographics and average daily theoretical segments, reinforcing the strength of these core regional markets.</p>
<div class="lb-trans"><p>中西部和南部板块实现了 4% 的同比收入增长和 5% 的 EBITDAR 增长，利润率改善至近 37%。管理层强调，在客户群体和平均每日理论细分市场中，市场份额的广泛增长进一步巩固了这些核心地区市场的实力。</p>
</div><h2>Las Vegas Locals Resilient Ex‑Orleans and Suncoast</h2>
<div class="lb-trans"><h2>拉斯维加斯本地市场在外兰斯和阳光海岸之外表现稳健</h2>
</div><p>Excluding the impacted Orleans and Suncoast properties, the Las Vegas Locals portfolio produced revenues and EBITDAR in line with last year. Margins at these remaining properties exceeded 50%, demonstrating the underlying strength of the locals business once temporary disruptions are stripped out.</p>
<div class="lb-trans"><p>排除受影响的外兰斯和阳光海岸物业，拉斯维加斯本地市场的收入和 EBITDAR 与去年持平。这些剩余物业的利润率超过 50%，显示出在剔除临时干扰后本地业务的潜在实力。</p>
</div><h2>Online and Managed Segments Support Growth</h2>
<div class="lb-trans"><h2>在线和管理板块支持增长</h2>
</div><p>Boyd Interactive continued to grow, and the company reiterated full-year 2026 EBITDAR guidance of $30 million to $35 million for the online segment. The Managed &amp; Other segment is expected to generate $110 million to $114 million in EBITDAR this year, providing a steady earnings contribution alongside brick-and-mortar assets.</p>
<div class="lb-trans"><p>博伊德互动继续增长，公司重申 2026 年在线板块 EBITDAR 指导为 3000 万至 3500 万美元。管理和其他板块预计今年将产生 1.1 亿至 1.14 亿美元的 EBITDAR，为实体资产提供稳定的收益贡献。</p>
</div><h2>Heavy Investment in Long-Term Projects</h2>
<div class="lb-trans"><h2>对长期项目的重投资</h2>
</div><p>Boyd outlined a robust capital investment pipeline anchored by a $750 million resort in Virginia, targeted to open in late 2027 with a sizable casino and 200-room hotel. The company also secured approval to modernize Paradise Casino by late 2028 and continues to roll out property remodels and openings, including the new Cadence Crossing development and multiple hotel upgrades.</p>
<div class="lb-trans"><p>博伊德概述了一条强劲的资本投资管道，以 7.5 亿美元的弗吉尼亚度假村为基础，计划于 2027 年底开业，设有大型赌场和 200 间客房的酒店。公司还获得批准，在 2028 年底之前对天堂赌场进行现代化改造，并继续推出物业改造和开业，包括新的 Cadence Crossing 开发项目和多个酒店升级。</p>
</div><h2>Aggressive Capital Returns to Shareholders</h2>
<div class="lb-trans"><h2>积极的股东回报</h2>
</div><p>Shareholder returns are a central pillar, with nearly $170 million returned in the first quarter alone, including roughly $155 million in buybacks and $14 million in dividends. Boyd repurchased 1.8 million shares at an average price of $83.94, leaving about 74.8 million shares outstanding and roughly $700 million in remaining repurchase authorization.</p>
<div class="lb-trans"><p>股东回报是公司的核心支柱，仅在第一季度就回报了近 1.7 亿美元，其中约 1.55 亿美元用于回购，1400 万美元用于分红。博伊德以平均 83.94 美元的价格回购了 180 万股，剩余约 7480 万股流通股和约 7 亿美元的回购授权。</p>
</div><h2>Strengthened Balance Sheet and Low Leverage</h2>
<div class="lb-trans"><h2>强化的资产负债表和低杠杆</h2>
</div><p>The company closed the quarter with traditional leverage of 1.8x and lease-adjusted leverage of 2.4x, levels management described as the strongest balance sheet in Boyd’s history. Ample capacity under its credit facility gives the group flexibility to fund growth projects, handle one-off cash needs, and maintain its capital return program.</p>
<div class="lb-trans"><p>公司在本季度结束时的传统杠杆为 1.8 倍，租赁调整后的杠杆为 2.4 倍，管理层将这些水平描述为博伊德历史上最强的资产负债表。信用额度下的充足容量为集团提供了灵活性，以资助增长项目、处理一次性现金需求，并维持其资本回报计划。</p>
</div><h2>Capex Ramp Underpins Future Earnings</h2>
<div class="lb-trans"><h2>资本支出增加支撑未来收益</h2>
</div><p>Boyd invested $155 million in capital expenditures in the first quarter, reflecting sizable growth and maintenance projects underway. Full-year capex is guided to $650 million to $700 million, including about $250 million of maintenance and roughly $300 million allocated to the Virginia resort, signaling a sustained multi-year investment cycle.</p>
<div class="lb-trans"><p>博伊德在第一季度投资了 1.55 亿美元用于资本支出，反映出正在进行的大规模增长和维护项目。全年的资本支出指导为 6.5 亿至 7 亿美元，其中约 2.5 亿美元用于维护，约 3 亿美元分配给弗吉尼亚度假村，标志着持续的多年度投资周期。</p>
</div><h2>Operational Wins and New Property Openings</h2>
<div class="lb-trans"><h2>运营胜利和新物业开业</h2>
</div><p>Cadence Crossing Casino opened on March 25 and has seen enthusiastic guest response, though it only contributed a few days of operations in the quarter. Other properties, including Treasure Chest, continue to post year-over-year growth, while the Sky River expansion is progressing with further hotel and food-and-beverage enhancements planned through early 2028.</p>
<div class="lb-trans"><p>Cadence Crossing 赌场于 3 月 25 日开业，得到了热烈的客人反馈，尽管在本季度仅贡献了几天的运营。其他物业，包括 Treasure Chest，继续实现同比增长，而 Sky River 扩建项目正在推进，计划在 2028 年初进行进一步的酒店和餐饮提升。</p>
</div><h2>Destination Softness Weighs on Las Vegas</h2>
<div class="lb-trans"><h2>目的地疲软对拉斯维加斯造成压力</h2>
</div><p>Management acknowledged continued softness in destination travel, which has materially affected Las Vegas results, particularly at the Orleans with its large hotel base. The company estimates destination weakness is reducing EBITDAR by about $5 million to $6 million per quarter, with pressures expected into the second quarter and gradual improvement later this year and into next year.</p>
<div class="lb-trans"><p>管理层承认目的地旅行的持续疲软，已对拉斯维加斯的业绩产生了重大影响，尤其是在拥有大型酒店基础的外兰斯。公司估计目的地疲软每季度减少 EBITDAR 约 500 万至 600 万美元，预计这种压力将持续到第二季度，并在今年晚些时候和明年逐渐改善。</p>
</div><h2>Construction Disruption at Suncoast</h2>
<div class="lb-trans"><h2>阳光海岸的施工干扰</h2>
</div><p>Modernization work at Suncoast moved into a high-traffic section of the casino floor in the first quarter, creating a noticeable operational drag. Boyd estimates the impact at roughly $1.5 million in the quarter, with full-quarter disruption expected to cost $2.5 million to $3 million in the second quarter and $2 million to $2.5 million in the third quarter before completion late in the third quarter.</p>
<div class="lb-trans"><p>阳光海岸的现代化工作在第一季度进入了赌场楼层的高流量区域，造成了明显的运营拖累。博伊德估计本季度的影响约为 150 万美元，预计第二季度的全面干扰将导致 250 万至 300 万美元的损失，第三季度为 200 万至 250 万美元，预计在第三季度末完成。</p>
</div><h2>Las Vegas Locals Segment Under Pressure</h2>
<div class="lb-trans"><h2>拉斯维加斯本地市场面临压力</h2>
</div><p>The Las Vegas Locals segment was down about $6.5 million year-over-year in the first quarter, mainly due to destination weakness and the Suncoast project. Management views both factors as temporary and believes the segment’s underlying health remains solid, as evidenced by the strong margins at unaffected properties.</p>
<div class="lb-trans"><p>拉斯维加斯本地市场在第一季度同比下降约 650 万美元，主要由于目的地疲软和阳光海岸项目。管理层认为这两个因素都是暂时的，并相信该板块的潜在健康状况依然稳健，未受影响物业的强劲利润率就是证明。</p>
</div><h2>Downtown Foot Traffic Still Soft</h2>
<div class="lb-trans"><h2>市中心人流仍然疲软</h2>
</div><p>Pedestrian traffic on the Fremont Street Experience fell 11% year-over-year in the quarter, illustrating ongoing weakness in downtown and destination visitation. This softer footfall continues to pressure results in that corridor, though Boyd’s diversification into regional markets helps cushion the impact.</p>
<div class="lb-trans"><p>弗里蒙特街体验区的行人流量在本季度同比下降 11%，显示出市中心和目的地访问的持续疲软。这种较低的人流继续对该走廊的业绩施加压力，尽管博伊德在区域市场的多元化有助于缓解影响。</p>
</div><h2>Large Near-Term Tax-Credit Cash Outflow</h2>
<div class="lb-trans"><h2>短期内大额税收抵免现金流出</h2>
</div><p>Boyd flagged a remaining payment of roughly $290 million related to tax credits stemming from a prior transaction, which is expected to occur in the second quarter. While significant, management framed the payment as manageable against the backdrop of strong free cash flow and current leverage levels.</p>
<div class="lb-trans"><p>博伊德指出，仍有大约 2.9 亿美元的支付与之前交易相关的税收抵免，预计将在第二季度发生。尽管金额可观，但管理层认为在强劲的自由现金流和当前杠杆水平的背景下，这笔支付是可控的。</p>
</div><h2>One-Time Corporate Expense Drag</h2>
<div class="lb-trans"><h2>一次性企业费用拖累</h2>
</div><p>Corporate expense in the first quarter was higher than normal by about $6 million, driven in part by the timing of charitable contributions and other one-time items. These elevated expenses weighed on reported results but are not expected to recur at the same level going forward.</p>
<div class="lb-trans"><p>第一季度的企业费用比正常水平高出约 600 万美元，部分原因是慈善捐款和其他一次性项目的时机。这些高企的费用对报告结果产生了影响，但预计未来不会以相同水平重复出现。</p>
</div><h2>Limited Near-Term Earnings from Temporary Virginia Casino</h2>
<div class="lb-trans"><h2>临时弗吉尼亚赌场的短期收益有限</h2>
</div><p>The temporary casino in Norfolk, Virginia is operating essentially at breakeven and serves primarily as a strategic placeholder. Management does not expect meaningful profitability from this property until the full-scale Virginia resort opens in late 2027, limiting its near-term earnings contribution.</p>
<div class="lb-trans"><p>位于弗吉尼亚州诺福克的临时赌场基本上处于盈亏平衡状态，主要作为战略性占位。管理层预计在 2027 年底全面开放弗吉尼亚度假村之前，该物业不会产生显著的盈利，从而限制了其短期收益贡献。</p>
</div><h2>Execution Risk from Elevated Capital Spending</h2>
<div class="lb-trans"><h2>高额资本支出带来的执行风险</h2>
</div><p>The aggressive capital expenditure plan of $650 million to $700 million for 2026 increases near-term cash deployment and execution risk across multiple large projects. However, management argues that the investments, particularly in Virginia and Paradise, are designed to drive multi-year growth once they come online.</p>
<div class="lb-trans"><p>2026 年高达 6.5 亿至 7 亿美元的激进资本支出计划增加了多个大型项目的短期现金投入和执行风险。然而，管理层认为这些投资，特别是在弗吉尼亚和天堂地区，旨在推动多年的增长，一旦投入运营。</p>
</div><h2>Cadence Crossing Still Early in Its Ramp</h2>
<div class="lb-trans"><h2>Cadence Crossing 仍处于早期 ramp 阶段</h2>
</div><p>While initial customer response to Cadence Crossing has been strong, the property is still in its early ramp phase and requires time to optimize expenses and operations. The first quarter included only a handful of operating days, so its earnings contribution has yet to reflect normalized profitability.</p>
<div class="lb-trans"><p>尽管客户对 Cadence Crossing 的初步反应强烈，但该物业仍处于早期 ramp 阶段，需要时间来优化费用和运营。第一季度仅有少数运营天数，因此其收益贡献尚未反映正常化的盈利能力。</p>
</div><h2>Guidance Highlights: Growth, Capex, and Buybacks</h2>
<div class="lb-trans"><h2>指引亮点：增长、资本支出和股票回购</h2>
</div><p>Looking ahead, Boyd reaffirmed 2026 EBITDAR guidance of $30 million to $35 million for Boyd Interactive and expects $110 million to $114 million in EBITDAR from Managed &amp; Other. Full-year capex is projected at $650 million to $700 million, and the company plans to continue repurchasing about $150 million of stock per quarter while maintaining leverage near current levels and absorbing the remaining tax-credit payment.</p>
<div class="lb-trans"><p>展望未来，博伊德重申 2026 年 EBITDAR 指引为 3000 万至 3500 万美元，预计管理及其他业务的 EBITDAR 为 1.1 亿至 1.14 亿美元。全年资本支出预计在 6.5 亿至 7 亿美元之间，公司计划继续每季度回购约 1.5 亿美元的股票，同时保持杠杆接近当前水平，并吸收剩余的税收抵免支付。</p>
</div><p>Boyd Gaming’s earnings call painted a picture of a company leaning into growth and capital returns, even as it navigates pockets of weakness in Las Vegas and elevated investment spending. With strong margins, a fortified balance sheet, and a sizable development and buyback agenda, management is signaling confidence that near-term challenges will give way to stronger long-term earnings power.</p>
<div class="lb-trans"><p>博伊德游戏的财报电话会议描绘了一幅公司在增长和资本回报方面积极进取的图景，即使在拉斯维加斯面临一些疲软和高额投资支出的情况下。凭借强劲的利润率、稳固的资产负债表以及大规模的发展和回购计划，管理层传达了对短期挑战将让位于更强长期盈利能力的信心。</p>
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博伊德赌场的财报电话会议显示出一条充满信心的增长路径