Boyd Gaming eclipses $1bn in revenue for Q2 2025, net income grows 7.5%

Boyd Gaming reported its financial performance throughout the second quarter of 2025, having surpassed the $1bn mark in revenue for an increase of 6.9% from the prior year period, with the operator also witnessing net income growth of 7.5% year-over-year to $150.4m. 

The company’s gaming business generated a Q2 2025 revenue of nearly $671.5m, representing an increase of 3.2% from the prior year period, while online operations drove $173.1m of revenue for the period and grew 33.2% year-over-year. 

Boyd Gaming’s food & beverage sector reported $78.2m of revenue throughout the second quarter of 2025, equating to an increase of just over $1m compared to Q2 2024. Room operations produced the only decrease in revenue in Q2 2025 for the operator, falling 2.2% year-over-year to $51.5m. 

Las Vegas locals managed to increase its revenue year-over-year by 1.8% for a total of $229.1m in Q2 2025, but Downtown Las Vegas operations reportedly witnessed a decrease in revenue of 4.2% from the prior year period, generating $55.3m. The operator’s Midwest & South operations produced a Q2 2025 revenue of $540.1m, equating to an increase of 3.5% year-over-year. 

Midwest & South along with Las Vegas locals accounted for the highest share of adjusted EBITDAR by segment for Boyd Gaming, generating $201.4m and $112.7m, respectively, leading to a total adjusted EBITDA increase of 4.1% from the prior year period to $329.4m. 

Downtown Las Vegas reported an adjusted EBITDAR decrease of nearly $3m from the amount reported for Q2 2024, still managing to produce $19.4m throughout the second quarter of 2025. 

Good to know: Executives from Boyd Gaming officially began construction on the organization’s new Las Vegas Valley casino development project with ceremonial dirt shovelling on April 4

“Our Company delivered a strong performance in the second quarter, with broad-based growth across our operating segments, including our Online and Managed segments. We achieved our strongest property-level revenue and Adjusted EBITDAR growth in more than three years, with property-level margins once again exceeding 40%,” Boyd Gaming President and CEO Keith Smith said. 

“This growth was supported by continued strength in play from our core customers, as well as improvements in retail play. Looking ahead, the recently announced transaction to sell our equity stake in FanDuel will further strengthen the Company’s financial position as we continue to invest in our properties, pursue growth opportunities, return capital to shareholders and maintain a strong balance sheet – a strategy that continues to drive long-term shareholder value.”

On July 10, 2025, Flutter Entertainment agreed to pay Boyd Gaming approximately $1.8bn ($1.755bn) to secure a 100% ownership stake in FanDuel at an implied valuation of $31bn, as well as extend its strategic partnership with Boyd to 2038. Boyd Gaming agreed to sell its remaining 5% equity stake in FanDuel to Flutter, which has served as the owner and operator of the sportsbook for the past seven years. 

Flutter also announced the pricing of nearly $1.3bn in secured note loans due 2031 on July 24 to help faciliate the transaction with Boyd Gaming, as the offering is expected to close on August 7. 

The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals, as Boyd Gaming intends to use the proceeds to reduce overall debt. The company also provided updated financial projections for full year (FY) 2025, including between $50-55m in operating income and adjusted EBITDAR generated from its online segment in FY2025 and FY2026.

Operating income also increased for Boyd Gaming throughout Q2 2025, rising by 6.7% from the prior year period for a total of $242.4m, as the operator was able to lower its operating expenses year-over-year by approximately $2.2m. 

Kirk Geller

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