BYD
Boyd Gaming Corporation
Is BYD Halal?
Operator of casinos and gaming entertainment properties — gambling is an explicit business-activity disqualifier, compounded by alcohol revenue and heavy leverage.
What You Should Know
Boyd Gaming operates casino and gaming-entertainment properties across the United States. Its March 31, 2026 Form 10-Q reports $6,612.911 million of assets, $2,271.887 million of interest-bearing debt, $372.716 million of cash, $78.748 million of receivables and $997.355 million of first-quarter revenue. Debt/assets is 34.36%, while liquidity/assets is 5.64%, receivables-plus-cash/assets is 6.83% and disclosed investment income is 0.19%. Casino gaming revenue is $650.501 million; gambling (maisir) is the core business-activity disqualifier, independent of the financial ratios.
⚠️ Concerns
- •Boyd Gaming's core business is casino gambling (maisir), which is explicitly prohibited and cannot be cured by financial ratios or purification
- •The filing reports $650.501 million of casino gaming revenue out of $997.355 million total revenue; online wagering and ancillary alcohol revenue add further concerns
- •Debt/assets is 34.36%, above the examined asset-based limits
- •The filing discloses $1.865 million of investment income (0.19% of first-quarter revenue); purification treatment remains scholar-dependent
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
2,271.887 / 6,612.911
372.716 / 6,612.911
451.464 / 6,612.911
1.865 / 997.355
- Financial
- Fails
- Overall
- Fails
Debt/assets is 34.36%, above the 33.33% limit; liquidity/assets is 5.64%, receivables-plus-cash/assets is 6.83% and disclosed investment income is 0.19%. The business-activity screen independently fails on gambling.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 34.36%, above the examined MSCI total-assets limit; the core gambling activity also fails. This is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 34.36%, above the examined Malaysia limit, and the core gambling activity fails; this is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the business-activity screen already fails.
Business-activity disclosure
Boyd Gaming operates casino and gaming-entertainment properties, including casino gaming, online wagering, hotel and food-and-beverage operations. Casino gambling and wagering are gambling (maisir), an explicit business-activity disqualifier; the core activity fails independently of financial ratios.
Limitation: The filing reports casino, food-and-beverage, occupancy, online and other revenue categories, but does not isolate every ancillary alcohol component; casino revenue is used as a conservative prohibited-revenue proxy.
Purification
Purification is not a remedy for a core gambling business; Boyd also discloses investment income without prescribing a scholar-approved percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Boyd Gaming's March 31, 2026 Form 10-Q.
- Interest-bearing debt is noncurrent debt of $2,271.887 million; operating lease liabilities are excluded.
- Cash and cash equivalents are $372.716 million. Restricted cash of $5.576 million is excluded and no separate interest-bearing-securities balance was identified.
- Accounts receivable, net is $78.748 million and first-quarter revenue is $997.355 million.
- The filing discloses $1.865 million of investment income; no fixed purification percentage is prescribed.
- Casino gaming revenue is $650.501 million of the $997.355 million total; casino gambling is an explicit prohibited activity, with additional online wagering, hotel and food-and-beverage exposure.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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