Boyd Gaming Reports Fourth-Quarter and Full-Year 2025 Financial Results

Boyd Gaming reported strong fourth-quarter and full-year 2025 results, driven by regional casino strength and steady digital performance.

Boyd Gaming Corporation reported its financial results for the fourth quarter and full year ended December 31, 2025, highlighting record revenue performance in its regional casino portfolio and continued stability across its digital and managed properties businesses.

The company said results were driven by resilient consumer demand in its core regional markets, disciplined cost controls, and consistent contributions from its online gaming partnerships.

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Fourth-Quarter 2025 Highlights

Boyd delivered a strong finish to the year, posting record fourth-quarter revenue.

Key Q4 2025 highlights include:

• Record quarterly revenue, led by regional casino operations
• Solid EBITDA generation despite a competitive promotional environment
• Continued strength in Las Vegas Locals properties
• Stable contribution from online gaming and sports betting partnerships

Management noted that visitation trends remained healthy throughout the quarter, with core customers continuing to prioritize gaming spend.

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Full-Year 2025 Performance

For the full year, Boyd reported growth across multiple operating segments, reflecting steady demand and operational consistency.

Full-year highlights include:

• Record annual revenue for the company
• Strong margins supported by disciplined expense management
• Regional gaming revenue exceeding pre-pandemic benchmarks
• Continued cash flow generation supporting balance sheet strength

Executives emphasized that the company’s diversified footprint across regional markets helped insulate results from volatility seen in destination-oriented gaming hubs.

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Regional Casinos Drive Results

Boyd’s regional gaming segment once again served as the backbone of its financial performance.

According to the company, regional properties benefited from:

• Consistent local customer visitation
• Strong slot play
• Stable table game demand
• Effective loyalty and marketing programs

Markets across the Midwest, South, and Las Vegas Locals portfolio posted particularly strong results, underscoring Boyd’s focus on drive-to gaming destinations.

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Digital and Online Gaming Contribution

Boyd also highlighted steady performance from its digital gaming operations, which primarily consist of:

• Online casino gaming partnerships
• Sports betting market access arrangements
• Equity interests in digital platforms

While management acknowledged that online sports betting remains competitive and margin-pressured, the company said its strategy emphasizes long-term value creation rather than short-term promotional spend.

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Capital Allocation and Balance Sheet

Boyd ended 2025 with a strong balance sheet and continued to prioritize shareholder returns.

Capital allocation highlights included:

• Ongoing share repurchases
• Continued debt reduction
• Investment in property maintenance and upgrades

Management reiterated its commitment to disciplined capital deployment, balancing growth investments with returning capital to shareholders.

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Executive Commentary

In its earnings release, Boyd leadership pointed to the durability of regional gaming demand and the company’s operating discipline.

Management said the results reflect:

• A resilient core customer base
• A focus on efficiency rather than volume-driven growth
• A cautious but optimistic outlook for 2026

Executives noted that while macroeconomic uncertainty remains, customer behavior across Boyd’s properties has remained consistent.

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2026 Outlook

Looking ahead, Boyd said it expects:

• Stable demand in regional gaming markets
• Continued focus on margin preservation
• Ongoing evaluation of growth opportunities, including digital

The company did not provide formal financial guidance but expressed confidence in its ability to navigate a competitive and evolving gaming environment.

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Why This Matters

Boyd’s results reinforce a broader industry trend: regional gaming continues to outperform expectations, even as destination markets and digital betting platforms face increased volatility.

For investors, the report underscores the value of:

• Geographic diversification
• Locals-focused gaming models
• Conservative capital management

As gaming companies head into 2026, Boyd’s performance positions it as one of the sector’s steadier operators.

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