Boyd Gaming Closes 2025 With Strong Regional Performance

Boyd Gaming finished 2025 on a strong note, supported by steady customer demand in its regional markets and consistent results from digital partnerships. Company leadership framed the year as one defined by discipline rather than volatility, with performance holding up across both brick-and-mortar and online channels.

Good to Know

• Regional casinos delivered record revenue in Q4 and full year
• Digital gaming results remained stable despite competition
• Boyd continued debt reduction and shareholder returns

Boyd Gaming Corporation reported financial results for the fourth quarter and full year ended December 31, 2025, pointing to record revenue across its regional casino portfolio and solid execution across managed and digital operations.

Executives said resilient visitation from core customers, careful expense management, and reliable contributions from online gaming partnerships combined to drive the results.

Strong Finish Caps Consistent Year

The final quarter of 2025 delivered Boyd highest quarterly revenue on record. Management said results came despite a competitive promotional environment, particularly in regional gaming markets.

Performance during the quarter reflected continued strength at Las Vegas Locals properties, alongside healthy results from regional casinos across the Midwest and South. Boyd also noted that online gaming and sports betting partnerships produced steady contributions without introducing volatility to earnings.

Company leadership said visitation trends stayed consistent throughout the quarter, with core customers continuing to prioritize gaming spend even as broader consumer conditions remained uneven.

Regional Gaming Remains Core Engine

Regional casinos once again anchored Boyd performance in 2025. The company said its focus on drive-to markets helped shield results from swings often seen in destination gaming hubs.

Management highlighted stable local visitation, strong slot play, and dependable table game demand across many properties. Loyalty programs and targeted marketing efforts also continued to support repeat play and margin stability.

For the full year, Boyd reported record annual revenue, with regional gaming revenue exceeding levels seen before the pandemic. Executives credited operational consistency and expense discipline for supporting margins while maintaining service levels.

Digital Operations and Capital Strategy

Boyd digital exposure, which includes online casino partnerships, sports betting market access arrangements, and equity interests in digital platforms, delivered steady results throughout the year. Management acknowledged ongoing competition and pressure on online sports betting margins but said the strategy remains focused on long-term value rather than aggressive promotions.

The company ended 2025 with a strong balance sheet and continued its capital return strategy. During the year, Boyd prioritized share repurchases, reduced debt, and invested in property maintenance and upgrades across its portfolio.

Leadership said capital deployment will remain measured, balancing reinvestment needs with shareholder returns.

Outlook for 2026

Looking ahead, Boyd executives said they expect regional gaming demand to remain stable in 2026. The company plans to keep its focus on margin preservation, operational efficiency, and selective growth opportunities, including within digital channels.

While no formal guidance was issued, management said confidence remains high in Boyd ability to operate through a competitive and evolving gaming landscape.

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