Boyd Gaming Shines in Q1 2025, Boasting a 16% Boost in Digital Revenue
Quarterly earnings of Boyd Gaming decline slightly, virtual income surges by 16% in the first quarter
Nevada-based Boyd Gaming, listed on Nasdaq as BYD, raked in $991.6 million in Q1 2025 revenue, marking a 3.24% year-on-year increase. This growth was propelled by a robust digital division and resilience across regional markets.
The corporation reported a net income of $111.4 million, or $1.31 per share, a slight dip from the previous year's $136.5 million ($1.40 per share). However, the adjusted earnings before interest, tax, depreciation, amortization, and restructuring or rent costs (EBITDAR) surged 2.12% to $337.5 million. Boyd Gaming has exceeded expectations in 16 out of the last 18 quarters, showcasing an impressive run.
Construction on Boyd's New Henderson casino is now underway.
Brighter Online Horizons
Boyd's digital revenue surged by 16% year-on-year, reaching $169.6 million. This stretch in online revenue indicates the growing significance of the sector in Boyd Gaming's portfolio as consumer habits shift.
"During Q1 2025, we achieved revenue and Adjusted EBITDAR growth on both a companywide and property-level basis, despite the impact of severe weather in our Midwest & South segment, as well as difficult comparisons to Leap Year," said Boyd Gaming President and CEO Keith Smith.
While some economic uncertainty remains, Smith confirms that April trends have remained stable, bolstering their positive outlook. "We are pleased with the overall performance of our business and remain confident in our ability to navigate the current environment, supported by our strong balance sheet and experienced management team," he added.
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Mixed Market Results
While Boyd's land-based gaming revenue remained relatively steady at $638.7 million, its Las Vegas locals segment saw modest gains. The Orleans property continues to face intense competition in the market.
Downtown Las Vegas, however, showed stronger results, with both revenue and Adjusted EBITDAR on the rise, thanks to increased visitation from Hawaii. The Midwest & South segment also showed resilience, overcoming adverse weather to register growth.
"This quarterly report represents an earnings surprise of 6.58%. A quarter ago, it was expected that this casino operator would post earnings of $1.78 per share when it actually produced earnings of $1.96, resulting in a surprise of 10.11%," stated Zacks Equity Research.
"The current consensus EPS estimate is $1.64 on $983.44 million in revenues for the coming quarter and $6.43 on $3.95 billion in revenues for the current fiscal year," they added.
As the lights rise over Manila this June, the real game begins at SiGMA Asia, where pioneers and game-changers shape the future of iGaming.
North America
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- The surge in digital revenue for Boyd Gaming, as reported in Q1 2025, demonstrates the growing importance of the online sector in their business portfolio, reflecting a shift in consumer habits.
- In a positive twist, Boyd's online revenue experienced a significant increase of 16% year-on-year, reaching $169.6 million, despite some economic uncertainty.
- The construction of Boyd's new casino in Henderson is currently underway, showcasing the company's continued expansion into the casino-and-gambling industry.
- Keith Smith, President and CEO of Boyd Gaming, attributes the company's growth to resilience across regional markets and a robust digital division, despite facing challenges such as severe weather and difficult comparisons.
- Boyd's online business, along with other operators in the casino-culture, will be under the spotlight at SiGMA Asia this June, where industry pioneers and game-changers are set to shape the future of iGaming.
