Strong performance reported by Boyd Gaming in Q2 2025
In a recent announcement, Boyd Gaming Corporation revealed its Q2 2025 financial results, showcasing a robust performance across various segments. The financial report, covering the quarter ended June 30, 2025, highlights the company's continued growth and strategic focus.
Property-level margins once again exceeded 40%, supported by continued strength in play from core customers and improvements in retail play. This growth was particularly evident in the Las Vegas Locals segment, where margins neared 50%. Gaming revenue increased to $671.5 million, up from $651.2 million in Q2 2024.
Boyd Gaming's online operations recorded the biggest year-over-year growth in revenue, with Q2 2025 online revenue at $173.1 million, up from $129.9 million in Q2 2024. The company's total revenue for the first six months of 2025 increased to $2.06 billion, up from $1.93 billion in the same period last year. Food and beverage revenue also increased year-over-year, hitting $78.2 million in Q2 2025.
Revenue from management fees increased to $23.8 million in Q2 2025, while revenue from other sources remained relatively on par year-over-year at $36.1 million. Total adjusted EBITDAR for Q2 2025 increased to $357.9 million, up from $344.2 million for the corresponding period in 2024.
Keith Smith, Boyd Gaming's President and Chief Executive Officer, expressed excitement about the Q2 2025 results. "We are pleased with our strong performance in Q2 2025," Smith said. "Our focus on enhancing our core gaming operations and delivering value to our shareholders continues to drive our success."
The sale of the company's stake in FanDuel is not mentioned as a factor in the year-over-year increase in total revenue, gaming revenue, food and beverage revenue, online revenue, management fees revenue, other sources revenue, or total adjusted EBITDAR. However, the proceeds from the sale are expected to further strengthen the company's financial position, enabling Boyd Gaming to continue pursuing new growth opportunities and returning capital to shareholders.
Future growth expectations indicate Boyd is prioritizing expansion and improvements in its physical gaming properties and continuing its digital strategy in the gaming space. The company’s dividend has been maintained at $0.18 per share quarterly (~$0.72 annually), with a modest dividend yield of 0.83%, signaling a balanced approach between returning cash to shareholders and reinvesting for growth.
Boyd Gaming’s current growth projections are centered on leveraging the monetization proceeds to reduce leverage and strengthen its core casino operations while maintaining shareholder returns, rather than relying on online sports betting equity stakes. This positions Boyd to consolidate its dominance in physical gaming markets across its 28 properties in 10 states while pursuing measured capital investments for long-term growth.
[1] Boyd Gaming Corporation Press Release, Q2 2025 Financial Results. [2] Valuation analyst reports on Boyd Gaming Corporation. [4] Boyd Gaming Corporation Investor Relations, Dividend Information.
- Boyd Gaming Corporation's Q2 2025 online operations recorded significant year-over-year growth in revenue, indicating a potential expansion of its online gaming segment as part of its digital strategy in the gaming industry.
- While Boyd Gaming Corporation has not relied on online sports betting equity stakes for its growth, its current projections suggest a focus on investing in improvements and expansion of physical gaming properties to consolidate its market dominance and strategically allocate funds for long-term growth in the finance sector.
