Boyd Gaming’s Q2 Report Outlines Growth in Revenue and EBITDA

Boyd Gaming Corporation has published its financial report for the quarter ended June 30, 2025 (Q2), highlighting a stable increase in revenue and EBITDA. The strong performance was praised by Keith Smith, the company’s president and chief executive officer, who said that Boyd is bullish on creating more shareholder value.

The Quarter Was a Favorable Period for Boyd

Boyd Gaming’s report outlined revenues of $1.0 billion, representing an increase from $967.5 million in the prior year period. At the same time, the company’s net income for Q2 2025 stood at $1.84 per share, for a total of $150.4 million. Net income for Q2 2024, for context, was $139.8 million ($1.47 per share).

Boyd added that its total adjusted EBITDAR for the second quarter of 2025 was $357.9 million, up from $344.2 million in the prior year period. Adjusted earnings, on the other hand, were $154.2 million, or $1.87 per share, exceeding the $150 million ($1.58 per share) reported a year ago.

Boyd paid a quarterly cash dividend of $0.18 per share on July 15, in line with its earlier announcement. In addition to that, the company’s ongoing share buyback program saw it reacquire $105 million in shares of its common stock.

On July 17, Boyd’s board of directors greenlit the repurchase of an additional $500 million of the company’s shares.

As of June 30, 2025, Boyd Gaming’s balance sheet showed $320.1 million in available cash, as well as $3.6 billion in outstanding debts.

Most Segments Performed Strongly

Additional highlights for Q2 included the Las Vegas Locals segment, which reported its strongest quarterly growth in more than two years. The company noted that segment margins for Las Vegas Locals were nearly 50%.

In the meantime, the Downtown Las Vegas segment demonstrated a challenging comparison due to an influx of guests from Hawaii in the prior year period.

The Midwest & South segment, on the other hand, demonstrated stable growth, thanks to the favorable performance of Treasure Chest Casino.

Boyd Gaming’s online segment reflected growth from online casino gaming and modest growth from market-access agreements. Managed & Others results, meanwhile, were boosted by continued growth in management fees from Sky River Casino.

CEO Smith Hailed the Report

CEO Smith commented on the results, praising Q2 as a strong quarter for his company. He was pleased with the growth across many segments and noted that Boyd achieved its strongest property-level revenue and Adjusted EBITDAR growth in more than three years. According to Smith, property-level margins exceeded 40% once again. Smith attributed the performance to strength in play from Boyd’s core customers and the company’s improved retail play.

As for the future, Smith confirmed Boyd’s intention to divest its equity stake in FanDuel. The money will be used for a variety of purposes, including pursuing growth opportunities, returning capital to investors, maintaining a strong balance sheet, and delivering shareholder value as a whole.