Boyd Gaming generated $1.03 billion in revenue during Q2 2025. The Las Vegas-based casino operator saw revenue increase 6.9% compared to the same period last year.
Net income reached $150.4 million, representing a 7.5% year-over-year increase. CEO Keith Smith noted this marked the company’s highest property-level revenue growth in over three years.
Gaming operations produced $671.5 million in Q2 revenue, up 3.2% from 2024. Online operations contributed $173.1 million, a 33.2% increase from the prior year period.
Physical casino performance varied by location. Las Vegas locals properties generated $229.1 million in revenue, up 1.8%. Downtown Las Vegas operations declined 4.2% to $55.3 million.
Midwest and South operations produced $540.1 million in revenue, increasing 3.5% year-over-year. Food and beverage revenue reached $78.2 million, up approximately $1 million from Q2 2024. Room operations decreased 2.2% to $51.5 million.
Online operations drove the majority of Boyd’s revenue growth. The digital segment’s 33.2% increase significantly outpaced traditional gaming’s 3.2% growth.
Adjusted EBITDA totalled $329.4 million, rising 4.1% from the previous year. Property-level margins exceeded 40% during the quarter.
Boyd reduced operating expenses by approximately $2.2 million year-over-year. This contributed to operating income of $242.4 million, a 6.7% increase.
The company attributed performance to continued activity from core customers and improvements in retail play patterns.
Flutter Entertainment agreed to purchase Boyd’s remaining 5% equity stake in FanDuel for $1.8 billion. The transaction implies a $31 billion valuation for FanDuel.
Boyd held minority ownership in FanDuel for seven years while Flutter operated the sportsbook. The sale transfers complete ownership to Flutter.
The deal extends Boyd’s strategic partnership with Flutter through 2038. This maintains their business relationship despite the ownership change.
Flutter announced pricing of $1.3 billion in secured note loans due 2031 to finance the transaction. The offering is expected to close August 7th.
Boyd plans to use the $1.8 billion proceeds primarily for debt reduction. The transaction is subject to regulatory approvals and expected to close in Q3 2025.
The company projects $50–55 million in operating income and adjusted EBITDAR from its online segment for both 2025 and 2026.
Smith stated the sale will strengthen Boyd’s financial position for property investments and shareholder returns. The company intends to maintain its strategy of property investment and capital allocation.
Boyd’s debt levels will decrease substantially following the transaction completion. The reduced debt burden provides additional financial flexibility for future operations and potential expansion opportunities.
The sale represents Boyd’s exit from direct FanDuel ownership while preserving its commercial relationship with Flutter.
In Q1 2025, Boyd Gaming reported $996.1 million in revenue, rising 3.2% year-on-year.
