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