Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in the United States and Canada. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments. It owns and operates casinos; Boyd Interactive, an online casino gaming business; and a travel agency. The company was formerly known as The Boyd Group …
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Competitive advantage assessment
Key strengths
Cost Leadership PositionOperating margin at 76.5th percentile with strong OpEx control demonstrates cost leadership.
ROIC Sustainably Above PeersROIC at 81.2th percentile exceeds peers and WACC, demonstrating superior capital allocation.
Key risks
Liquidity ConcernsLiquidity is concerning (score 0.06), raising questions about short-term obligations.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Boyd Gaming Corporation ranks #4 of 18
scored companies in Resorts & Casinos by moat score — the top 22%.
The widest moat in the group is Monarch Casino & Resort, Inc. (MCRI)
at 83/100.
Moat scores for companies ranked near BYD in Resorts & Casinos
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 85
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 74
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 68
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 63
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 44
· 15% of the moat score
Scale matters only when it converts into economics.
Boyd Gaming Corporation (BYD) scores 65 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #4 of 18 scored companies in Resorts & Casinos, the top 22%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 17 companies in Resorts & Casinos. Its strongest defense is Cost Advantage (85/100) and its weakest is Scale & Market Position (44/100).
How does Boyd Gaming Corporation compare with other Resorts & Casinos companies?
Boyd Gaming Corporation ranks #4 of 18 scored companies in Resorts & Casinos by moat score. The widest moat in Resorts & Casinos is Monarch Casino & Resort, Inc. (MCRI) at 83/100. The companies ranked closest are Las Vegas Sands Corp. (LVS) at 68 just above it and Vail Resorts, Inc. (MTN) at 65 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 17 companies in Resorts & Casinos. The defenses are then weighted to produce the overall score out of 100.
Why is Boyd Gaming Corporation scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for Boyd Gaming Corporation?
The Corporate Default template measures 6 defenses, and BYD scores: Pricing Power (63), Cost Advantage (85), Customer Stickiness (74), Capital Efficiency (68), Resilience (63), Scale & Market Position (44). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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