Boyd Gaming posted $1 billion in revenue for the second quarter of 2025, a 6.9% increase. This marks its first billion-dollar quarter and builds on the $991.6 million reported in Q1. Net income rose 7.5% to $150.4 million, while adjusted EBITDAR increased 4.1% to $329.4 million.

Online operations boomed, with revenue rising 33.2% to $173.1 million. Gaming operations remained the largest contributor with $671.5 million, a 3.2% increase. Food and beverage revenue rose up to $78.2 million, while room revenue dropped 2.2% to $51.5 million.

Midwest & South Segment Continues to Lead

Boyd’s Midwest & South properties generated $540.1 million in revenue, a 3.5% increase over the prior year. Adjusted EBITDAR for the region reached $201.4 million, showing the strength of its presence outside of Las Vegas.

Las Vegas Locals brought in $229.1 million in revenue, a 1.8% rise, with EBITDAR climbing to $112.7 million. Downtown Las Vegas faced more pressure, posting a 4.2% drop in revenue to $55.3 million. EBITDAR in that segment fell to $19.4 million, down nearly $3 million from last year.

Company-wide operating income totaled $242.4 million for the quarter, a 6.7% increase. Operating expenses were reduced by $2.2 million, helping to support the earnings gain. Boyd also confirmed that construction began in April on a new Las Vegas Valley casino. This is the operator’s first ground-up property in nearly two decades and is seen as a long-term investment in its local footprint.

FanDuel Stake Sale Brings in $1.8bn

On July 10, Boyd Gaming announced it will sell its remaining 5% stake in FanDuel to Flutter Entertainment for $1.8 billion. The transaction values FanDuel at $31 billion and gives Flutter full ownership. As part of the deal, the companies will extend their strategic partnership through 2038.

Flutter is funding the acquisition with $1.3 billion in secured notes. The deal is expected to close in Q3 2025, pending regulatory approvals. Boyd plans to use the proceeds to reduce debt and improve its balance sheet. Furthermore, the company raised its guidance for 2025 and 2026. It now expects $50 to 55 million in operating income and adjusted EBITDAR from its online division across these years.

Growth Resumes After Slow Start to Year

The strong Q2 results follow a mixed Q1, when revenue rose to $991.6 million but net income fell 18.4% to $111.4 million. Winter weather and the timing of the leap year were cited as key factors behind the decline.

2024 revenue climbed 5.4% to $3.93 billion. Midwest & South properties and online operations were the main contributors. With online revenue growing and $1.8 billion in capital from the FanDuel sale, Boyd Gaming is focused on reducing debt, and establishing in key markets.