Coming off growth in Louisiana by switching the Treasure Chest Casino to a land-based property, Boyd Gaming waxed enthusiastic over its plan to replace its 30-year-old PAR-A-DICE riverboat in Central Illinois with a new entertainment destination.
“While it’s still early in the design process, we could begin construction as early as the first half of 2026, pending regulatory approvals,” said Boyd Gaming President and CEO Keith Smith during a fourth-quarter conference call on Thursday. “We’re confident that this project will deliver a solid return on our investment by driving incremental growth and visitation and business volumes at PAR-A-DICE following its completion.”
The city of Peoria has been encouraging Boyd to build a land-based casino since the company announced plans to expand at the Illinois Gaming Control Board. In addition, East Peoria is moving to create a tax-increment finance district along its riverfront to lure the project.
The Illinois Gaming Act and a 1991 intergovernmental agreement between the two cities both require the casino to be located in Peoria if the gaming operator decides to abandon its riverboat in favor of a land-based operation. East Peoria and Peoria split gaming revenues 50-50.
Smith called out the investments at Treasure Chest Casino in Louisiana that opened its land-based casino in June, exceeding expectations.
Boyd executives cited a strong 2024 thanks to a diversified business model, operating efficiency, and property investments. Its $3.9 billion in revenue set a full-year record. The company recorded adjusted earnings of nearly $1.4 billion, while maintaining property margins of more than 40%. During the fourth quarter, Smith said quarterly revenues surpassed the $1 billion mark for the first time, while EBITDAR increased nearly $380 million.
In Las Vegas during the fourth quarter, Boyd delivered its best year-over-year performance of 2024, despite ongoing competitive pressures in the market. Excluding the Orleans and Gold Coast, the Las Vegas properties continued to perform better than the same-store market, while operating margins continued to exceed 50%. Play from core customers continued to grow across the segment and play from retail customers improved.
“Our ongoing project to enhance the Suncoast is beginning to show its potential,” Smith said. “This property posted a solid performance, despite the addition of a new competitor in the market (Durango Casino & Resort opened in late 2023).”
Boyd opened a new sportsbook, steakhouse, and high-limit room in 2024 at the Suncoast. A renovation of the casino floor and a new food hall are next on the docket, along with an expansion of meeting space. Those will be completed by early 2026.
In downtown Las Vegas, enhancements at properties have provided a solid foundation for long-term growth, Smith said. Visitation from Hawaiian customers remains healthy, while pedestrian traffic in downtown has been steady.
“Looking at the southern Nevada market more broadly, fundamentals of the local economy remain strong, with recent gains in employment, personal income, population, and tourism-related activity,” Smith said.
The online segment generated $76 million in EBITDAR during the full year. It reflects growth from market-access agreement primarily with FanDuel, as well as contributions from its nascent online gaming business, Smith said.
One-third of Boyd’s hotel rooms across the country are under renovation. When combined with other recently completed renovations, the company will have refreshed and updated nearly 60% of its hotel rooms by 2026.
Margins have been consistent and Smith told analysts to expect the same during 2025, with the Orleans and Gold Coast exceeding 50%. Most expenses are moderating.
“We think overall it will be a better year,” Smith said.
Josh Hirsberg, chief financial officer, said property-level margins have been consistently above 40% since COVID.
“People were skeptical we could maintain that, but after four years, hopefully it can build some confidence that we can manage and deliver this level of performance consistently,” Hirsberg said.
As for online gaming, Smith said it’s too early in legislation sessions to predict the outlook for bills across the country.
