Updated
The most significant concentration Boyd Gaming discloses is gaming revenues at 64%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: Boyd Gaming’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'we derive the majority of our revenues from gaming at our gaming entertainment properties and Lattner, which generated approximately 64% ... of our revenues in 2025 and 2024, respectively'”
“10-K Item 1A: 'The California, Fremont and Main Street Station draw a substantial portion of their customers from the Hawaiian market ... approximately half of the room nights sold at each property'”
The company's concentration profile centers on a high-share product dependency: gaming revenues generated approximately 64% of total revenues in 2025, reflecting the structural centrality of casino operations to the business model. This is a structural exposure — it describes what the company is, not a temporary skew — and it means financial results are durably tied to gaming demand, regulatory conditions for gaming, and competitive dynamics in the gaming entertainment segment. A sustained shift in consumer discretionary spending away from gaming, or regulatory headwinds in core markets, would directly affect the majority of the revenue base. Layered on this is a more targeted customer dependency: several of the company's downtown Las Vegas properties draw a substantial portion of their customers from the Hawaiian market, with approximately half of room nights sold at each property attributable to that visitor segment. By disclosed size this is a medium-share exposure. The character is dependency — it reflects reliance on the preferences and travel patterns of a specific visitor demographic, which can be disrupted by changes in airlift capacity, Hawaiian consumer sentiment, or competitive alternatives. A disruption to Hawaiian inbound travel to Las Vegas could meaningfully affect occupancy and ancillary spend at the affected properties. Together, the two exposures describe a business where the core product is gaming and a meaningful subset of customers for certain properties is geographically concentrated. The gaming product concentration is the larger structural reality; the Hawaiian customer dependency adds a targeted, property-specific dimension worth monitoring separately.
For the engine’s reasoning on BYD’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BYD● | Boyd Gaming Corporation | 1 | 1 | 0 | 2 |
| HGV | Hilton Grand Vacations Inc. | 1 | 1 | 0 | 2 |
| MCRI | Monarch Casino & Resort, Inc. | 1 | 1 | 0 | 2 |
| CZR | Caesars Entertainment, Inc. | 1 | 0 | 0 | 1 |
| LVS | Las Vegas Sands Corp. | 1 | 0 | 0 | 1 |
| MGM | MGM Resorts International | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.