Boyd Gaming Corporation: 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 Review
The 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 Update
Boyd 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 Statistics
As of June 30, 2025, Boyd Gaming had cash on hand of $320.1 million, and total debt of $3.6 billion.

Conference Call Information
Boyd 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 [phone]; 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 [phone] 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		-		1,641		-
Net income attributable to Boyd Gaming		$ 151,458		$ 139,845		$ 262,877		$ 276,318
?
Basic net income per common share		$ 1.84		$ 1.47		$ 3.14		$ 2.87
Weighted average basic shares outstanding		82,289		95,042		83,696		96,238
?
Diluted net income per common share		$ 1.84		$ 1.47		$ 3.14		$ 2.87
Weighted average diluted shares outstanding		82,303		95,080		83,712		96,280
?
(a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA to Net Income Attributable to Boyd Gaming
(Unaudited)
		Three Months Ended				Six Months Ended
		June 30,				June 30,
(In thousands)		2025		2024		2025		2024
Total Revenues by Segment
Las Vegas Locals		$ 229,091		$ 225,054		$ 451,890		$ 450,676
Downtown Las Vegas		55,253		57,701		112,540		111,232
Midwest & South		540,077		521,750		1,044,664		1,022,516
Online		173,051		129,930		342,624		276,100
Managed & Other		36,526		33,077		73,845		67,509
Total revenues		$ 1,033,998		$ 967,512		$ 2,025,563		$ 1,928,033
Adjusted EBITDAR by Segment
Las Vegas Locals		$ 112,714		$ 109,253		$ 219,261		$ 219,691
Downtown Las Vegas		19,405		22,018		40,328		39,833
Midwest & South		201,401		195,455		384,623		376,449
Online		22,244		17,057		45,550		37,533
Managed & Other		25,963		23,140		53,282		47,921
Corporate expense, net of share-based compensation expense (a)		(23,865)		(22,732)		(47,665)		(46,750)
Adjusted EBITDAR		357,862		344,191		695,379		674,677
Master lease rent expense (b)		(28,442)		(27,852)		(56,602)		(55,087)
Adjusted EBITDA		329,420		316,339		638,777		619,590
Other operating costs and expenses
Deferred rent		147		163		294		324
Depreciation and amortization		69,985		65,677		138,208		128,590
Share-based compensation expense		13,392		10,365		20,997		17,225
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 other operating costs and expenses		87,050		89,233		196,520		173,099
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		-		1,641		-
Net income attributable to Boyd Gaming		$ 151,458		$ 139,845		$ 262,877		$ 276,318
?
(a) Reconciliation of corporate expense:
		Three Months Ended				Six Months Ended
		June 30,				June 30,
(In thousands)		2025		2024		2025		2024
Corporate expense as reported on Condensed Consolidated Statements of Operations		$ 35,365		$ 31,255		$ 65,316		$ 60,640
Corporate share-based compensation expense		(11,500)		(8,523)		(17,651)		(13,890)
Corporate expense, net, as reported on the above table		$ 23,865		$ 22,732		$ 47,665		$ 46,750
?
(b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Net Income attributable to Boyd Gaming to Adjusted Earnings
and Net Income Per Share to Adjusted Earnings Per Share
(Unaudited)
		Three Months Ended				Six Months Ended
		June 30,				June 30,
(In thousands, except per share data)		2025		2024		2025		2024
Net income attributable to Boyd Gaming		$ 151,458		$ 139,845		$ 262,877		$ 276,318
Pretax adjustments:
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
Other, net		(48)		50		59		100
Total adjustments		3,478		13,078		37,080		27,060
Income tax effect for above adjustments		(779)		(2,946)		(8,072)		(6,128)
Adjusted earnings		$ 154,157		$ 149,977		$ 291,885		$ 297,250
?
Net income per share, diluted		$ 1.84		$ 1.47		$ 3.14		$ 2.87
Pretax adjustments:
Project development, preopening and writedowns		0.03		0.08		0.02		0.11
Impairment of assets		-		-		0.39		0.11
Other operating items, net		0.01		0.06		0.04		0.06
Other, net		-		-		-		-
Total adjustments		0.04		0.14		0.45		0.28
Income tax effect for above adjustments		(0.01)		(0.03)		(0.10)		(0.06)
Adjusted earnings per share, diluted		$ 1.87		$ 1.58		$ 3.49		$ 3.09
Weighted average diluted shares outstanding		82,303		95,080		83,712		96,280

Non-GAAP Financial Measures
Our financial presentations include the following non-GAAP financial measures:

• EBITDA: earnings before interest, taxes, depreciation and amortization,
• Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest and other items, net, as applicable,
• EBITDAR: EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust,
• Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust,
• Adjusted Earnings: net income before project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest, and other non-recurring adjustments, net, as applicable, and,
• Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted average diluted shares outstanding.

Collectively, we refer to these and other non-GAAP financial measures as the "Non-GAAP Measures."

The Non-GAAP Measures are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (GAAP), provide our investors with a more complete understanding of our operating results and facilitates comparisons between us and our competitors. We provide this information to investors to enable them to perform comparisons of our past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of the Non-GAAP Measures provides consistency in our financial reporting. We also believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making, their evaluation of total company and individual property performance, in the evaluation of incentive compensation and in the annual budget process. Management also uses Non-GAAP Measures in the evaluation of potential acquisitions and dispositions. We believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company.

The use of Non-GAAP Measures has certain limitations. Our presentation of the Non-GAAP Measures may be different from the presentation used by other companies and therefore comparability may be limited. While excluded from certain of the Non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, the Non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.

The Non-GAAP Measures are to be used in addition to and in conjunction with results presented in accordance with GAAP. The Non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.

Forward-looking Statements and Company Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. These forward-looking statements are based on the current beliefs and expectations of management and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Boyd Gaming's ability to control or estimate precisely. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

About Boyd Gaming
Celebrating its 50^th anniversary in 2025, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 28 gaming entertainment properties in 10 states, manager of a tribal casino in northern California, and owner and operator of Boyd Interactive, a B2B and B2C online casino gaming business. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering guests an outstanding entertainment experience and memorable customer service. For additional Company information and press releases, visit https://investors.boydgaming.com.

SOURCE Boyd Gaming Corporation