Revenue for Boyd Gaming surpasses $1 billion in the second quarter
Boyd Gaming, a leading entertainment and casino company, reported impressive financial results for the second quarter of 2025. The company's total revenue reached $1 billion, marking a 6.9% increase year-over-year from $967.5 million in Q2 2024. Net income rose to approximately $150–151.5 million, representing an 8.3% increase, and earnings per share (EPS) grew to about $1.84, surpassing analyst expectations.
Recovery and Growth in the Las Vegas Locals Market
In the Las Vegas locals market, Boyd Gaming ended a two-year revenue decline with year-over-year gains in this segment. The Las Vegas locals segment contributed notably to the overall growth, despite some challenges in the Downtown Las Vegas area due to a strong prior-year comparison. The segment's margins for the second quarter of 2025 were nearly 50%.
Broad-Based Segment Expansion
Beyond the locals market, Boyd Gaming benefited from broad-based segment expansion. The online gaming segment showed significant growth, with a 33% increase in revenue, reaching $173.1 million in Q2 2025. This online growth supported the company’s strong property-level revenue and adjusted EBITDAR growth, which rose to $357.9 million from $344.2 million a year earlier.
Managed and other results were driven by continued growth in management fees from Sky River Casino. Boyd Gaming continued revenue and adjusted EBITDAR growth in the Midwest & South segment, led by strong results at Treasure Chest Casino.
Dividends and Share Repurchases
Boyd Gaming paid a quarterly cash dividend of $0.18 per share on July 15. The company also repurchased $105 million in shares of its common stock during the second quarter. On July 17, the company's board of directors authorized an additional $500 million under the company’s share repurchase program. As of June 30, Boyd Gaming had approximately $707 million remaining under the current share repurchase authorization.
Financial Position
As of June 30, Boyd Gaming had cash on hand of $320.1 million. The company announced a transaction to sell its equity stake in FanDuel, which is expected to further strengthen the company's financial position. However, it's worth noting that as of June 30, Boyd Gaming had total debt of $3.6 billion.
CEO's Statement
Keith Smith, president and CEO of Boyd Gaming, stated that the company delivered a strong performance in the second quarter, with broad-based growth across operating segments. The company achieved its strongest property-level revenue and adjusted EBITDAR growth in more than three years, with property-level margins exceeding 40%.
In conclusion, Boyd Gaming’s Q2 2025 performance was marked by robust revenue and earnings growth overall, recovery and growth in the Las Vegas locals market after prior declines, strong contributions from online gaming and other market segments, exceeding analyst expectations across key financial metrics, and significant improvements in its Midwest & South segment.
The online gaming segment's significant growth, contributed to Boyd Gaming's overall expansion beyond the locals market, with a 33% increase in revenue, totaling $173.1 million in Q2 2025. The casino-and-gambling industry's financial growth was evident as Boyd Gaming managed to secure profits from their stake in the online gaming industry, which aided in the enhancement of the company's fiscal position.
