Boyd Gaming records $991.6m of revenue during Q1 2025, but net income falls 18.6%

Boyd Gaming has released the company’s financial results throughout the first quarter of 2025, including an increase in total revenue of 3.2% year-over-year for a total of $991.6m, while net income fell by 18.6% during Q1 2025 to report $110.9m. 

“During the first quarter, we achieved revenue and adjusted EBITDAR growth on both a Companywide and property-level basis, maintaining property operating margins of 40% – an impressive performance by our Company, considering the impact of severe weather this year across our Midwest & South segment, as well as difficult comparisons to Leap Year,” Boyd Gaming President and CEO Keith Smith said. 

“While economic uncertainty has increased in recent weeks, we are encouraged that trends in our business have remained consistent over the first three weeks of April. In all, we are pleased with the overall performance of our business and remain confident in our ability to manage through the current environment, supported by our strong balance sheet and experienced management team.”

For the Las Vegas Local segment of Boyd Gaming, revenue was able to reach $222.8m throughout the first quarter of 2025, but the figure represents a decrease of 1.3% year-over-year. The company’s remaining segments were all able to report increases in revenue from the prior year period, however, including the Midwest & South segment, which grew by 0.8% to account for the highest revenue total of any segment at $504.6m. 

The Downtown Las Vegas segment grew by 7% year-over-year to generate $57.3m of revenue, while Online operations accounted for $169.6m of the company’s total revenue, representing an increase of 16% from the prior year period. 

According to Boyd Gaming, in the Las Vegas Locals segment, the Orleans continued to be impacted by competitive pressures, while the remainder of the properties in the segment posted modest revenue growth with adjusted EBITDAR in line with prior year. The Downtown Las Vegas segment reported gains in both revenues and adjusted EBITDAR, with year-over-year growth in Hawaiian visitation.

Good to know: Net revenue for Las Vegas Sands was reported to be just under $2.9bn during the first quarter of 2025, representing a decrease of 3.3% from the prior year period, while net income was reported to be $408m, falling by 30% year-over-year for Q1 2025

The Midwest & South segment was reportedly impacted by severe weather throughout the quarter, but the segment achieved growth in both revenues and adjusted EBITDAR, along with online which was primarily due to increased contributions from the company’s online casino gaming business.

Boyd Gaming’s adjusted EBITDA throughout the first quarter of 2025 was reported to be $309.4m, increasing by 2% from the prior year period despite the reported fall in net income. Operating costs grew by over $50m when compared to the total generated during Q1 2024, perhaps playing a role in the company witnessing a slight decrease in net income. 

Gaming was the biggest driver of revenue for Boyd Gaming during Q1 2025, accounting for $638.7m and increasing 0.7% year-over-year, while online remained as the second-highest driver of revenue for the company throughout the period. 

As part of its ongoing share repurchase program, Boyd Gaming repurchased $328m in shares of its common stock during the first quarter of 2025, and as of March 31, 2025, the company had approximately $312m remaining under the current share repurchase authorization.

Kirk Geller

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