Boyd Gaming Corporation reported robust financial results for the second quarter of 2025, as revenue climbed to $1 billion—an increase from $967.5 million in the same period last year. The upswing was largely driven by the exceptional performance of the Las Vegas locals market, which posted its most significant quarterly growth in over two years. According to the company, this segment saw year-over-year improvements in both revenue and adjusted EBITDAR, with segment margins approaching 50%.
Net income for the quarter rose to $150.4 million, or $1.84 per share, compared to $139.8 million, or $1.47 per share, during the second quarter of 2024. Total adjusted EBITDAR reached $357.9 million, up from $344.2 million a year ago.
CEO Highlights Broad-Based Momentum and Future Strategy
President and CEO Keith Smith expressed optimism over the company’s second-quarter results. “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 Smith. “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.”
Smith also noted that the sale of Boyd’s equity interest in FanDuel would bolster the company’s financial health. “Looking ahead, the recently-announced transaction to sell our equity stake in FanDuel will further strengthen the company’s financial position,” he added.
Regional and Online Segments Maintain Upward Trajectory
While Las Vegas locals led the charge, other divisions also posted positive results. The Midwest & South segment maintained momentum, buoyed by strong performance at the Treasure Chest Casino. Conversely, the downtown Las Vegas market faced a tougher comparison due to an unusually high volume of Hawaiian visitors in Q2 of 2024, which skewed the year-over-year figures.
Boyd’s online business also contributed to the quarter’s growth, with gains stemming from both its iCasino operations and market-access agreements.
Ongoing Investments, Repurchase Program, and Strategic Partnerships
Boyd Gaming continues to return value to shareholders, having paid out a quarterly dividend of $0.18 per share on July 15. The company also bought back $105 million in shares during the second quarter. On July 17, the board of directors expanded the share repurchase authorization by an additional $500 million, leaving Boyd with approximately $707 million available for future repurchases as of June 30. At quarter’s end, Boyd reported $320.1 million in cash and total debt of $3.6 billion.
The company has also extended its long-standing partnership with International Game Technology (IGT). This renewal continues a collaboration that began in 2018.
Expansion Efforts and Community Engagement
Boyd Gaming’s digital arm, Boyd Interactive, recently expanded its presence in New Jersey through the acquisition of Resorts Digital, the online platform of Resorts Casino. In addition to its commercial activities, Boyd remains engaged in philanthropic efforts. Through its 17th annual “Wreaths of Hope” and “Trees of Hope” programs, the company contributed over $200,000 to charitable organizations nationwide, celebrating creativity and community spirit. Boyd Gaming also played a key role in reviving the stalled Norfolk casino initiative.
Source:
“Boyd Gaming Q2 revenue reaches $1 billion”, cdcgaming.com, Jul 24, 2025
The post Boyd Gaming Surpasses $1 Billion in Q2 Revenue first appeared on RealMoneyAction.com.