Boyd Gaming exhibits robust results in the second quarter of 2025
Boyd Gaming Reports Strong Q2 2025 Financial Results
Boyd Gaming Corporation has announced its unaudited financial results for the second quarter of 2025, revealing a significant boost in its performance. The company's total adjusted EBITDAR for Q2 2025 increased to $357.9 million, while total adjusted earnings reached $154.2 million, or $1.87 per share.
The financial report, which covers the quarter ended June 30, 2025, also showed that Boyd Gaming achieved its strongest property-level revenue and Adjusted EBITDAR growth in over three years. The company's revenue from management fees also saw an increase, reaching $23.8 million.
Keith Smith, President and CEO of Boyd Gaming, expressed his excitement about the Q2 results. "We are pleased with our strong performance in Q2 2025," he said. "We saw broad-based growth across our operating segments, with online gaming being a key driver alongside strong property-level performance."
The growth in Q2 2025 was supported by continued strength in play from core customers and improvements in retail play. Boyd Gaming's online operations saw the biggest year-over-year growth in revenue, with Q2 2025 online revenue at $173.1 million. The main reason for the increase in Boyd Gaming's online revenue was strong growth in online casino gaming and modest improvements in market-access agreements.
In addition to these impressive figures, Boyd Gaming also reported that property-level margins exceeded 40% in Q2 2025. Food and beverage revenue for the quarter increased to $78.2 million, while revenue from other sources remained relatively on par year-over-year at $36.1 million.
The sale of Boyd Gaming's stake in FanDuel is expected to further boost the company's growth. The company plans to sell its stake to Flutter, a move that is expected to strengthen Boyd Gaming's financial position. The strategic divestment is expected to enable the company to continue pursuing new growth opportunities while returning capital to shareholders.
For the first six months of 2025, Boyd Gaming recorded an increase in its revenue, with a total revenue of $2.06 billion compared to $1.93 billion in the same period last year. The total revenue for Q2 2025 was $1.03 billion.
Boyd Gaming's Q2 2025 financial results demonstrate the company's commitment to growth and its ability to adapt to changing market conditions. With the sale of its stake in FanDuel, the company is positioning itself for continued success in the future.
In light of Boyd Gaming's strong Q2 2025 financial results, the company is planning to invest a portion of its proceeds from the sale of its FanDuel stake into expanding its online gaming sector, aiming to capitalize on the growing trend of online gambling and finance. Additionally, Boyd Gaming'sCEO, Keith Smith, highlighted that the growth in online gaming, coupled with strong property-level performance, served as key factors in Q2 2025's impressive financial results.
