Boyd Gaming Posts $1B in Q2 Revenue, Boosted by Strong Las Vegas Locals Segment
Boyd Gaming reported total revenues of $1.0 billion for the second quarter of 2025, a solid increase from $967.5 million in the same period last year. The company’s strong performance was driven by broad-based growth across its operating segments, particularly a record-setting quarter for its Las Vegas Locals business.
A Record-Setting Quarter Across the Board
The casino operator delivered its strongest property-level revenue and Adjusted EBITDAR growth in over three years, with property-level margins exceeding 40%. Net income for the quarter reached $150.4 million, or $1.84 per share, up from $139.8 million, or $1.47 per share, in Q2 2024.
“Our Company delivered a strong performance in the second quarter, with broad-based growth across our operating segments,” said Keith Smith, President and CEO of Boyd Gaming. “This growth was supported by continued strength in play from our core customers, as well as improvements in retail play.”
The Las Vegas Locals segment was a standout performer, achieving its best quarterly revenue and Adjusted EBITDAR growth in over two years. Segment margins hit nearly 50%, demonstrating the strength of Boyd’s core customer base in its home market.
Strategic Moves Strengthen Financial Position
Boyd Gaming’s strong financial results are being further bolstered by strategic capital management moves. The company recently announced a deal to sell its equity stake in FanDuel, a move that Smith says will “further strengthen the Company’s financial position.”
The proceeds from the FanDuel sale will support continued investment in Boyd’s properties, new growth opportunities, and shareholder returns. The company has been actively returning capital to shareholders, repurchasing $105 million of its common stock in Q2 and paying a quarterly cash dividend of $0.18 per share in July.
On July 17, Boyd’s Board of Directors authorized an additional $500 million for its share repurchase program. This brings the total remaining authorization to approximately $707 million, signaling a continued commitment to creating shareholder value.
Growth in Online and Managed Segments
While the Las Vegas Locals segment led the way, other areas of the business also contributed to the strong results. The Midwest & South segment saw continued growth, driven by a strong performance at Treasure Chest Casino.
The Online segment grew thanks to its online casino operations and a moderate increase from its market access agreements.
Boyd’s Managed & Other segment also performed well, fueled by continued growth in management fees from the Sky River Casino. This broad-based success across different business lines highlights the company’s diversified and resilient operating model.
A Stable Balance Sheet and a Clear Path Forward
As of June 30, 2025, Boyd Gaming held $320.1 million in cash against $3.6 billion in total debt. The strong quarterly performance and the cash infusion from the FanDuel sale put the company in a solid financial position to execute its long-term strategy.
“Looking ahead, the recently announced transaction to sell our equity stake in FanDuel will further strengthen the Company’s financial position,” Smith reiterated.
“A strategy that continues to drive long-term shareholder value.” With strong operational momentum and a clear plan for capital allocation, Boyd Gaming is well-positioned for continued growth in the second half of the year.
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