BOYD GAMING REPORTS SECOND-QUARTER 2025 RESULTS
LAS VEGAS, July 24, 2025 /PRNewswire/ -- Boyd Gaming Corporation (NYSE:BYD) today reported financial results for the second quarter ended June 30, 2025.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our Company delivered a strong performance in the second quarter, with broad-based growth across our operating segments, including our Online and Managed segments. We achieved our strongest property-level revenue and Adjusted EBITDAR growth in more than three years, with property-level margins once again exceeding 40%. This growth was supported by continued strength in play from our core customers, as well as improvements in retail play. Looking ahead, the recently announced transaction to sell our equity stake in FanDuel will further strengthen the Company's financial position as we continue to invest in our properties, pursue growth opportunities, return capital to shareholders and maintain a strong balance sheet, a strategy that continues to drive long-term shareholder value."
Boyd Gaming reported second-quarter 2025 revenues of $1.0 billion, up from $967.5 million in the second quarter of 2024. The Company reported net income of $150.4 million, or $1.84 per share, for the second quarter of 2025, compared to $139.8 million, or $1.47 per share, for the year-ago period.
Total Adjusted EBITDAR(1) was $357.9 million in the second quarter of 2025, increasing from $344.2 million in the second quarter of 2024. Adjusted Earnings(1) for the second quarter of 2025 were $154.2 million, or $1.87 per share, compared to $150.0 million, or $1.58 per share, for the same period in 2024.
(1) See footnotes at the end of the release for additional information relative to non-GAAP financial measures.
Operations ReviewThe Las Vegas Locals segment achieved its strongest quarterly growth in more than two years with year-over-year growth in both revenue and Adjusted EBITDAR, while segment margins were nearly 50%. Downtown Las Vegas results reflected a challenging comparison to prior year, as visitation from Hawaiian guests was unusually elevated in the second quarter of 2024. Revenue and Adjusted EBITDAR growth continued in the Midwest & South segment, led by strong results at Treasure Chest Casino.
Results for the Online segment reflect growth from the Company's online casino gaming business and modest growth from market-access agreements, while Managed & Other results were driven by continued growth in management fees from Sky River Casino.
Dividend and Share Repurchase UpdateBoyd Gaming paid a quarterly cash dividend of $0.18 per share on July 15, 2025, as previously announced.
As part of its ongoing share repurchase program, the Company repurchased $105 million in shares of its common stock during the second quarter of 2025.
On July 17, 2025, the Company's Board of Directors authorized an additional $500 million under the Company's share repurchase program. Considering the additional authorization, the Company had approximately $707 million remaining under the current share repurchase authorization as of June 30, 2025.
Balance Sheet StatisticsAs of June 30, 2025, Boyd Gaming had cash on hand of $320.1 million, and total debt of $3.6 billion.
Conference Call InformationBoyd Gaming will host a conference call to discuss its second-quarter 2025 results today, July 24, at 5:00 p.m. Eastern. The conference call number is (800) 836-8184; no passcode is required to join the call. Please join up to 15 minutes in advance to ensure you are connected prior to the start of the call.
The conference call will also be available live on the Internet at https://investors.boydgaming.com, or https://app.webinar.net/VMOAkZWdmaE.
A replay will be available by dialing (888) 660-6345 today, July 24, after the conclusion of the call, and continuing through July 31. The passcode for the replay will be 61311#. The replay will also be available at https://investors.boydgaming.com.
BOYD GAMING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands, except per share data)
2025
2024
2025
2024
Revenues
Gaming
$ 671,455
$ 650,827
$ 1,310,148
$ 1,284,958
Food & beverage
78,167
76,994
152,325
149,633
Room
51,453
52,595
98,841
101,542
Online
173,051
129,930
342,624
276,100
Management fee
23,775
21,252
48,921
43,497
Other
36,097
35,914
72,704
72,303
Total revenues
1,033,998
967,512
2,025,563
1,928,033
Operating costs and expenses
Gaming
259,554
252,067
505,677
497,753
Food & beverage
65,633
63,182
128,970
125,139
Room
19,492
19,342
38,489
38,054
Online
150,095
112,675
296,125
238,150
Other
12,149
13,248
24,940
26,161
Selling, general and administrative
110,065
105,134
217,911
213,318
Master lease rent expense (a)
28,442
27,852
56,602
55,087
Maintenance and utilities
37,322
36,946
74,047
71,690
Depreciation and amortization
69,985
65,677
138,208
128,590
Corporate expense
35,365
31,255
65,316
60,640
Project development, preopening and writedowns
2,764
7,586
1,242
10,607
Impairment of assets
—
—
32,272
10,500
Other operating items, net
762
5,442
3,507
5,853
Total operating costs and expenses
791,628
740,406
1,583,306
1,481,542
Operating income
242,370
227,106
442,257
446,491
Other expense (income)
Interest income
(1,263)
(403)
(2,071)
(849)
Interest expense, net of amounts capitalized
50,569
42,949
99,006
85,258
Other, net
(48)
50
59
100
Total other expense, net
49,258
42,596
96,994
84,509
Income before income taxes
193,112
184,510
345,263
361,982
Income tax provision
(42,758)
(44,665)
(84,027)
(85,664)
Net income
150,354
139,845
261,236
276,318
Net loss attributable to noncontrolling interest
1,104
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