Boyd Gaming Reports Growth in Revenue and EBITDA for Q2 2025

Strong Financial Results for Q2 2025

Boyd Gaming Corporation has released its financial results for the quarter ending June 30, 2025, showing a solid rise in revenue and EBITDA. The company’s president and CEO, Keith Smith, expressed optimism about continuing to increase shareholder value following these promising outcomes.

Revenue and Profit Growth

The company reported Q2 revenues of $1.0 billion, up from $967.5 million during the same quarter last year. Net income increased to $150.4 million, or $1.84 per share, compared to $139.8 million, or $1.47 per share, for Q2 2024.

Adjusted EBITDAR climbed to $357.9 million, exceeding last year’s $344.2 million. Adjusted earnings also improved to $154.2 million, or $1.87 per share, up from $150 million, or $1.58 per share, in the previous year.

Consistent with prior announcements, Boyd Gaming paid a quarterly cash dividend of $0.18 per share on July 15. The company also repurchased $105 million worth of common stock as part of its ongoing share buyback program.

On July 17, the board approved an additional share repurchase authorization of $500 million. As of June 30, 2025, the company held $320.1 million in cash and had $3.6 billion in outstanding debt.

Segment Performance Highlights

The Las Vegas Locals segment experienced its strongest quarterly growth in over two years, achieving a margin near 50%. In contrast, the Downtown Las Vegas segment faced tougher comparisons due to a higher number of visitors from Hawaii the year before.

Steady growth was seen in the Midwest & South segment, fueled by the solid performance of Treasure Chest Casino.

Growth in the online division was driven by online casino gaming and modest increases from market-access agreements. Additionally, the Managed & Others segment benefited from rising management fees, particularly from Sky River Casino.

CEO’s Positive Outlook

CEO Keith Smith described Q2 as a very strong period for Boyd Gaming, noting it marked the company’s best property-level revenue and adjusted EBITDAR growth in over three years. Property-level margins remained above 40%, supported by strong engagement from core customers and enhanced retail gaming activity.

Looking ahead, Smith confirmed plans to sell Boyd’s equity stake in FanDuel. The proceeds will be allocated toward growth initiatives, capital returns to investors, maintaining a robust balance sheet, and overall enhancement of shareholder value.