#United States #Las Vegas #Q3 2025 #FanDuel #Boyd Gaming

Boyd Gaming Corporation Reports Third-Quarter 2025 Results

On October 23, 2025, Boyd Gaming Corporation (NYSE: BYD) shared its financial outcomes for the third quarter that concluded on September 30, 2025. The company exhibited remarkable performance, reporting revenues of $1 billion, a notable rise from $961.2 million in the same quarter of the previous year. Keith Smith, President and CEO of Boyd Gaming, expressed satisfaction with the results, attributing this success to a combination of factors including a solid growth in play from their core customers, a rebound in retail customer activity, and a continuing commitment to efficient operations and capital investments.

Financial Highlights

Boyd Gaming’s net income surged to $1.4 billion, translating to $17.81 per share—a sharp increase compared to $131.1 million or $1.43 per share, in the year-ago quarter. A significant contributor to this inflated net income was a $1.4 billion after-tax gain from the sale of the Company’s equity interest in FanDuel, coupled with $65.1 million in non-cash pretax long-lived asset impairment charges. The company reported Adjusted Earnings for the quarter at $139.1 million, slightly down from $139.3 million recorded a year prior.

The Adjusted EBITDAR for this quarter was reported at $321.8 million, down from $336.6 million last year as a result of lower market-access fees owing to the FanDuel transaction. This indicates the company's continued focus on optimizing operational efficiencies, while highlighting the ramifications of strategic decisions impacting earnings.

Operational Insights

Boyd Gaming's various segments demonstrated diverse growth trajectories. The Las Vegas Locals segment managed to sustain a growth in gaming revenues, primarily driven by increased activity from existing core customers; however, it also noted a downturn in the destination business.

In Downtown Las Vegas, the company noted gaming revenue growth stemming from customers from the Hawaiian market but faced decreases due to a lack of destination business and reduced pedestrian traffic in the region. On the other hand, the Midwest-South segment recorded its best performance in three years, showcasing a combination of strong core customer play and retail customer engagement, driving notable revenue and Adjusted EBITDAR growth.

In terms of online operations, Boyd Gaming benefitted from its online casino gaming business, although the full impact from the recent FanDuel transaction is still in assessment. The ongoing strong performance from Sky River Casino in Northern California further contributed positively to their overall revenue.

Shareholder Returns and Capital Strategy

Highlighting their commitment to returning value to shareholders, Boyd Gaming declared a quarterly dividend of $0.18 per share on October 15, 2025, reflecting confidence in their financial health. During the third quarter of 2025, the company repurchased approximately $160 million in shares, leaving a remaining authorization of about $547 million.

As of September 30, 2025, Boyd Gaming reported having cash reserves of $319.1 million against a total debt of $1.9 billion, marking a sound financial standing amid previous capital ventures and existing obligations.

Upcoming Conference Call

To provide deeper insights into these results, Boyd Gaming is hosting a conference call on October 23, 2025, at 5:00 p.m. Eastern. Interested parties can join the conference by dialing (800) 836-8184, with no passcode required. A live stream of the discussion will also be accessible through their investor relations website.

Conclusion

Boyd Gaming Corporation’s resilient performance during the third quarter of 2025 signifies not only their operational strengths but also an adaptive strategy that engages core and retail customers efficiently amid fluctuating market conditions. The commitment to shareholder value, combined with a robust financial footing, positions the company favorably for continued growth and success in the gaming and entertainment industry.