What’s going on here?
Boyd Gaming smashed second-quarter expectations with standout revenue and earnings, plus made waves by selling off its FanDuel stake to focus on new opportunities.
What does this mean?
Boyd Gaming pulled in $1.03 billion in second-quarter revenue, topping estimates by nearly $54 million, while adjusted earnings per share hit $1.87—well above the expected $1.65. The company’s adjusted net income reached $154 million, buoyed by strength across its Online and Managed operations. Its Las Vegas Locals arm enjoyed its best run in more than two years, notching operating margins near 50%. Meanwhile, steady growth in the Midwest & South region, highlighted by Treasure Chest Casino, added to the upbeat results. By cashing out its FanDuel stake, Boyd now has extra liquidity to reinvest in property upgrades and new ventures—timing that lines up as digital competition and industry shifts heat up.
Why should I care?
For markets: Earnings win keeps investor optimism rolling.
Investors seem upbeat about Boyd Gaming’s momentum, with analyst ratings firmly at ‘buy’ and no ‘sell’ ratings in sight. Shares are trading near $83.50 with a forward price-to-earnings ratio of 12—up from 10 just a quarter ago—and the median analyst target is $86.50. The stock’s resilience reflects confidence in Boyd’s operational efficiency and bold asset moves in a competitive casino sector.
The bigger picture: Adaptability sets the pace for casino operators.
Boyd Gaming’s strong quarter spotlights how casino operators are adapting to emerging trends—expanding into digital, streamlining costs, and redeploying capital from asset sales. As technology and shifting consumer behavior reshape gambling, the firms quickest to evolve are best positioned to steer where the industry heads next.
