Boyd Gaming opened 2025 with a modest rise in total revenue during the first quarter, reporting $991.6 million—up 3.2% from the same period last year. However, despite that top-line growth, net income dropped to $110.9 million, down 18.6% year-over-year.
Good to know
- Boyd Gaming’s online revenue jumped 16% year-over-year in Q1 2025.
- The company repurchased $328 million in shares and still has $312 million left authorized.
- Net income dropped 18.6%, partly due to higher operating costs and weather disruptions.
The company’s adjusted EBITDA came in at $309.4 million, a 2% increase compared to Q1 2024. Operating costs rose by more than $50 million, which may have played a role in the reduced net income.
Keith Smith, President and CEO of Boyd Gaming, credited the company’s margin control despite challenges. “During the first quarter, we achieved revenue and adjusted EBITDAR growth on both a Companywide and property-level basis, maintaining property operating margins of 40% – an impressive performance by our Company, considering the impact of severe weather this year across our Midwest & South segment, as well as difficult comparisons to Leap Year,” he said.
Online Business Drives Growth While Weather Hits Midwest and South
The Midwest & South segment, Boyd’s largest, brought in $504.6 million in revenue—up 0.8%—despite dealing with storms that disrupted operations. Downtown Las Vegas posted stronger gains, with revenue increasing 7% year-over-year to $57.3 million. That growth came with a boost in Hawaiian visitor traffic and higher EBITDAR.
Online gaming continued to climb as a major contributor. The digital segment accounted for $169.6 million of total revenue, a 16% increase from the same quarter last year. Gaming overall remained the top source, with $638.7 million generated—up 0.7%.
In Las Vegas Locals, Boyd Gaming saw $222.8 million in revenue. While this marked a 1.3% drop year-over-year, most properties in the segment reported stable EBITDAR. The Orleans faced more pressure due to increased competition.
Looking ahead, Smith said the company sees steady trends so far in April. “While economic uncertainty has increased in recent weeks, we are encouraged that trends in our business have remained consistent over the first three weeks of April,” he said. “We remain confident in our ability to manage through the current environment, supported by our strong balance sheet and experienced management team.”
Boyd also continued its share repurchase strategy, buying back $328 million in stock during the quarter. As of March 31, $312 million remained available under the current buyback authorization.
Earlier in the year, Boyd Gaming released its full-year 2024 financial results. The company generated $3.9 billion in revenue, up 5.4% compared to 2023. Despite that growth, adjusted EBITDAR dipped slightly by 0.6% to $1.4 billion, while net income declined to $578 million.
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