Quarterly earnings of Boyd Gaming surpass the $1 billion mark
Boyd Gaming Delivers Strong Q2 Performance with Growth Across Operating Segments
Boyd Gaming, the U.S. commercial casino operator, has reported a robust financial performance for the second quarter of 2025, with revenue and earnings growth across its various segments.
In Q2 2025, Boyd Gaming recorded revenues of approximately $1.0 billion, marking a 3-4% increase from the same period last year [1]. The company's net income also improved, reflecting solid operational performance. Adjusted EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent) increased to $337.5 million in Q2 2025, up from $330.5 million in Q2 2024, with maintained property operating margins at around 40% [1].
The Las Vegas locals segment, a crucial component of Boyd's commercial casino portfolio, has contributed positively with gains in both revenues and EBITDAR reported from Downtown Las Vegas. While specific segment-level figures for Las Vegas locals were not detailed, this market has been highlighted as a significant contributor to the company's strong performance during the quarter [1].
Boyd Gaming has also benefited from successful strategic investments and operational efficiencies across its multi-jurisdictional properties in the U.S., including growth in online operations, which complements its brick-and-mortar segments [2][3].
Keith Smith, President and CEO of Boyd Gaming, stated, "We delivered a strong performance in the second quarter, with broad-based growth across operating segments." [1]
As of June 30, Boyd Gaming had approximately $707 million remaining under its current share repurchase authorization, and on July 17, the company's board of directors authorized an additional $500 million under the company's share repurchase program [1][4]. The company also paid a quarterly cash dividend of $0.18 per share on July 15 [5].
Moreover, Boyd Gaming achieved its strongest property-level revenue and adjusted EBITDAR growth in more than three years in the second quarter of 2025, with property-level margins exceeding 40% [1]. As of June 30, Boyd Gaming had cash on hand of $320.1 million, and its total debt was $3.6 billion [6].
The company's strategy includes investing in properties, pursuing growth opportunities, returning capital to shareholders, and maintaining a strong balance sheet, which continues to drive long-term shareholder value [7].
In summary:
- Revenue growth: Around 3-4% increase year-over-year to about $1 billion in Q2 2025.
- Operating margins: Stable at approximately 40% in commercial casinos.
- Las Vegas locals market: Positive revenue and EBITDAR growth, contributing significantly to overall results.
- Overall financial health: Strong, with ongoing share repurchases and increased dividends reflecting confidence in sustained performance [1][2][3].
This strong financial performance underscores Boyd Gaming’s robust commercial casino business in the U.S., with both revenue and earnings growth underscored by strength in the Las Vegas locals sector as of mid-2025.
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- Boyd Gaming Reports Second Quarter 2025 Results
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- Boyd Gaming's casino-culture in Las Vegas, specifically the locals market, demonstrated significant growth in both revenue and EBITDAR.
- The gaming industry's financial sector applauds Boyd Gaming's Q2 2025 performance, with an increase in revenues reaching approximately $1 billion and maintained property operating margins around 40%.
- Boyd Gaming's diverse portfolio has seen growth not only in traditional casino-games but also in online operations, complementing its brick-and-mortar segments.
