Boyd Gaming results came in strong for the second quarter of 2025. The company posted revenue of $1.0 billion, and the Boyd Gaming results included net income of $150.4 million. Its diverse segments drove that growth.

  • The Las Vegas Locals segment delivered the best quarter in over two years, with both revenue and Adjusted EBITDAR rising year‑on‑year and margins hovering near 50%. The Boyd Gaming results here highlight consistent strength in core markets. Downtown Las Vegas faced tough comps due to unusually high Hawaiian guest visitation in Q2 2024, holding back growth in that segment.

  • In the Midwest & South segment, revenue and Adjusted EBITDAR also rose, led by Treasure Chest Casino performance. The Boyd Gaming results underscore continued momentum in non‑Las Vegas markets. Growth reflects effective regional strategy execution.

  • The Online segment saw rising online casino gaming revenues and modest contributions from market‑access agreements. The Boyd Gaming results show digital channels contributing to overall gains. Meanwhile, the Managed & Other segment benefited from higher management fees tied to Sky River Casino.

  • Adjusted EBITDAR reached $357.9 million versus $344.2 million a year ago, while Adjusted earnings came in at $154.2 million (or $1.87 per share) up from $150.0 million ($1.58), further solidifying the Boyd Gaming results.

  • Shareholder returns remained a focus: Boyd paid a $0.18 per share dividend on July 15. It repurchased $105 million of stock in Q2, and the board approved an additional $500 million buyback on July 17, leaving about $707 million remaining as of June 30 under current authorization, which is a key part of the Boyd Gaming results story.

  • As of June 30, Boyd held $320.1 million in cash and $3.6 billion in total debt. The Boyd Gaming results show a solid balance sheet ahead of planned capital allocation moves.

  • CEO Keith Smith stated: “Our Company delivered a strong performance in the second quarter, with broad‑based growth across our operating segments… property‑level margins once again exceeding 40%.” That statement is central to understanding Boyd Gaming results and strategic direction.

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