Boyd Gaming reported Q2 revenues of $1 billion, up from $967.5 million in the second quarter of 2024. The results exceeded the $981 million that analysts had expected, and also surpassed revenue in Q1 this year of $991 million.
Online casino growth was a large contributor, with revenue increasing by over 33%, up to $173.1 million. President and CEO Keith Smith commented, “Our Company delivered a strong performance in the second quarter, with broad-based growth across our operating segments, including our Online and Managed segments.”
Total Adjusted EBITDAR was $357.9 million, increasing from $344.2 million in the second quarter of 2024. Adjusted Earnings for the quarter were $154.2 million, or $1.87 per share, compared to $150.0 million, or $1.58 per share, for the same period in 2024.
Strongest Figures In More Than Three Years
In a company statement detailing the Q2 results, Smith added, “We achieved our strongest property-level revenue and Adjusted EBITDAR growth in more than three years, with property-level margins once again exceeding 40%.
“This growth was supported by continued strength in play from our core customers, as well as improvements in retail play.”
Operating income across the company reached $242.4 million this quarter, a 6.7% increase, which was boosted by a $2.2 million decrease in expenses.
FanDuel Sale Further Strengthens Boyd Finances
Boyd also sold its remaining 5% stake in FanDuel to Flutter this quarter for $1.75 billion. Smith expects the cash injection to further strengthen the company’s financial position and provide value to shareholders.
“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.”
The company will use part of the funds from the sale on more share buybacks. Having spent $105 million on share buybacks in Q2, it raised its buyback targets for Q3 from $100 million to $150 million.
Despite the sale of its stake in FanDuel, Boyd said it remains committed to online gambling. Flutter and Boyd extended their collaboration partnership until 2038, revising market-access agreements in several states, including Iowa, Indiana, Kansas, Louisiana, and Pennsylvania. For these states, Boyd will receive a fixed fee.
The company updated its full-year 2025 guidance, projecting $50–55m in operating income and adjusted EBITDAR from its online division through FY2025 and FY2026.
