Boyd Gaming reported second-quarter revenues of $1 billion, up from $967.5 million in the second quarter of 2024 based on strength of the Las Vegas locals market.
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%, the company announced.
The company reported net income of $150.4 million, or $1.84 per share, for the second quarter compared to $139.8 million, or $1.47 per share, for the year-ago period.
Total adjusted EBITDAR was $357.9 million in the second quarter, increasing from $344.2 million in the second quarter of 2024. Adjusted earnings for the second quarter of 2025 were $154.2 million, or $1.87 per share, compared to $150 million, or $1.58 per share, for the same period in 2024.
“Our company delivered a strong performance in the second quarter, with broad-based growth across our operating segments, including our online and managed segments,” said Keith Smith, president and CEO of Boyd Gaming. “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.”
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, the company said.
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 and other results were driven by continued growth in management fees from Sky River Casino.
Boyd Gaming paid a quarterly cash dividend of $0.18 per share on July 15.
As part of its ongoing share repurchase program, the company 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. Considering the additional authorization, the company had approximately $707 million remaining under the current share repurchase authorization as of June 30.
As of June 30, Boyd Gaming had cash on hand of $320.1 million, and total debt of $3.6 billion.
