Boyd Gaming Thursday reported a year-over-year gain in revenue and adjusted earnings during the first quarter.
The company reported revenue of $991.6 million, up from $960.5 million in the first quarter of 2024. The company reported net income of $111.4 million, or $1.31 per share for the first quarter compared to $136.5 million or $1.40 per share for the year-ago period.
Total Adjusted EBITDAR was $337.5 million in the first quarter, increasing from $330.5 million in the first quarter of 2024. Adjusted Earnings for the first quarter of 2025 were $137.7 million, or $1.62 per share, compared to $147.3 million or $1.51 per share for the same period in 2024.
“During the first quarter, we achieved revenue and adjusted EBITDAR growth on both a company-wide and property-level basis, maintaining property operating margins of 40% – an impressive performance by our company, considering the impact of severe weather this year across our Midwest and South segment, as well as difficult comparisons to leap year,” said Keith Smith, president and CEO of Boyd Gaming. “While economic uncertainty has increased in recent weeks, we are encouraged that trends in our business have remained consistent over the first three weeks of April. In all, we are pleased with the overall performance of our business and remain confident in our ability to manage through the current environment, supported by our strong balance sheet and experienced management team.”
In the company’s Las Vegas locals segment, the Orleans continued to be impacted by competitive pressures, while the remainder of the properties in the segment posted modest revenue growth with adjusted EBITDAR in line with prior year, the company said.
The downtown Las Vegas segment reported gains in both revenues and adjusted EBITDAR, with year-over-year growth in Hawaiian visitation. While the Midwest and South segment was impacted by severe weather throughout the quarter, the segment achieved growth in both revenues and adjusted EBITDAR, Smith said.
The company’s online segment delivered strong revenue and adjusted EBITDAR growth during the quarter, with increased contributions from the company’s online casino gaming business. Managed and other results reflect continued growth in management fees from Sky River Casino.
Boyd Gaming paid a quarterly cash dividend of $0.18 per share on April 15th, an increase over the company’s prior quarterly dividend of $0.17 per share.
As part of its ongoing share repurchase program, the company repurchased $328 million in shares of its common stock during the first quarter. As of March 31st, the company had approximately $312 million remaining under the current share repurchase authorization.
As of March 31th, Boyd Gaming had cash on hand of $311.5 million, and total debt of $3.5 billion.
