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Boyd Gaming Corporation's Financial Highlights for Q2 2025

Boyd Gaming Corporation (NYSE: BYD) has announced robust financial results for the second quarter of 2025, concluding on June 30. The company has experienced substantial growth, aided by a strong performance across its operational segments, particularly in its online and managed divisions.

Key Financial Metrics

Keith Smith, President and CEO, expressed pride in the company’s achievements during the quarter. Boyd Gaming reported a revenue of $1.0 billion, marking an increase from $967.5 million in Q2 2024. The net income reached $150.4 million, or $1.84 per share, up from $139.8 million, or $1.47 per share, in the previous year.

In terms of Adjusted EBITDAR, Boyd Gaming recorded $357.9 million in the second quarter, an increase from $344.2 million year-over-year. Moreover, adjusted earnings reached $154.2 million, translating to $1.87 per share, affirming a consistent upward trend compared to the figures recorded in the same period last year.

Operational Overview

The Las Vegas Locals segment notably achieved its highest quarterly growth in over two years, with revenue and Adjusted EBITDAR both seeing improvements. The segment margins soared to nearly 50%. However, the Downtown Las Vegas segment faced challenges due to a prior year comparison influenced by elevated visitation levels from Hawaiian guests in Q2 2024. Growth continued in the Midwest and South segments, driven predominantly by strong performance at Treasure Chest Casino.

On the digital front, the online sector benefited from the company’s casino gaming offerings, alongside modest revenue from market-access agreements. Results in the Managed segment showed promising growth attributed to fees accrued from the management services provided to Sky River Casino.

Dividend and Share Repurchase Actions

Boyd Gaming is committed to returning capital to its shareholders. As part of this strategy, the company paid out a quarterly cash dividend of $0.18 per share on July 15, 2025. In addition, the company repurchased an impressive $105 million worth of shares during the second quarter. Following this, the board authorized an additional $500 million for share repurchases, leaving approximately $707 million available under the current authorization as of June 30, 2025.

Financial Position and Prospects

As of the end of June 2025, Boyd Gaming boasted cash reserves of $320.1 million against a total debt of $3.6 billion. Looking forward, Smith highlighted the strategic decision to sell their equity stake in FanDuel, expected to further enhance the company's financial position while pursuing growth opportunities in various areas.

Conference Call Details

To elaborate on these results, Boyd Gaming will hold a conference call on July 24, 2025, at 5:00 PM Eastern Time. Interested parties are encouraged to join by calling (800) 836-8184, with no passcode required for entry. The call will also have an online streaming option, ensuring accessibility for all stakeholders.

About Boyd Gaming

Founded in 1975, Boyd Gaming has built a diverse portfolio of 28 gaming entertainment properties spread across 10 states, complemented by its management of a tribal casino in Northern California and the Boyd Interactive online gaming platform. Celebrating its 50th anniversary in 2025, Boyd Gaming continues to aim for excellence in customer service and an unforgettable entertainment experience.

For more information, visit Boyd Gaming Investors.