Boyd Gaming reported gains in revenue and income and a decline in adjusted earnings for the third quarter.
Revenue was $1 billion compared to $961.2 million in the third quarter of 2024. The company reported net income of $1.4 billion, or $17.81 per share, for the third quarter compared to $131.1 million, or $1.43 per share, for the year-ago period. The company’s net income for the third quarter of 2025 was impacted by a $1.4 billion after-tax gain from the sale of the company’s equity interest in FanDuel and $65.1 million in non-cash, pretax, long-lived asset-impairment charges.
Total adjusted EBITDAR was $321.8 million in the third quarter of 2025, versus $336.6 million in the third quarter of 2024. Results for the third quarter of 2025 reflect lower market-access fees as a result of the FanDuel transaction.
“These results were driven by year-over-year growth in play from our core customers, improving trends in play from our retail customers, our efficient operations, and our ongoing capital-investment program,” said Keith Smith, president and Chief Executive Officer of Boyd Gaming. “As a result, we saw healthy growth in gaming revenue across all three operating segments during the quarter. At the same time, we continued our balanced approach to capital allocation, returning $175 million to shareholders during the quarter, while maintaining the strongest balance sheet in our company’s history. In all, we are encouraged by the strength of our business and remain well-positioned to continue creating long-term value for our shareholders.”
The Las Vegas locals-segment results reflect growth in gaming revenue driven by continued growth in play from core customers and improving retail play trends, offset by declines in destination business, Smith said.
Downtown Las Vegas experienced growth in gaming revenues from its Hawaiian market segments, lower destination business, and reduced pedestrian traffic in the downtown area, Smith said.
The Midwest and South segment delivered its best third-quarter revenue and adjusted EBITDAR performance in three years, as strong play from core customers and improving play from retail customers drove broad-based revenue and adjusted EBITDAR growth across the segment, Smith said.
Results in the online segment reflect growth from the company’s igaming business and impacts of the recent FanDuel transaction. Growth in the managed and other category was driven by the continued strong performance of Sky River Casino in northern California.
As part of its ongoing share repurchase program, the company repurchased $160 million in shares of its common stock during the third quarter of 2025. The company had approximately $547 million remaining under its current share repurchase authorization as of September 30.
As of September 30, Boyd Gaming had cash on hand of $319.1 million and a total debt of $1.9 billion.