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Core Insights - Boyd Gaming (BYD) reported quarterly earnings of $1.72 per share, exceeding the Zacks Consensus Estimate of $1.57 per share, and showing an increase from $1.52 per share a year ago, resulting in an earnings surprise of +9.55% [1] - The company achieved revenues of $1 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 15.23%, compared to $961.25 million in the same quarter last year [2] - Boyd has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Outlook - The future performance of Boyd's stock will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.89 on revenues of $894.21 million, and for the current fiscal year, it is $6.98 on revenues of $3.79 billion [7] Industry Context - The Gaming industry, to which Boyd belongs, is currently ranked in the top 28% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - The performance of Boyd's stock may also be influenced by the overall industry outlook and the results of competitors like Wynn Resorts, which is expected to report earnings soon [9][10]

Financial Data and Key Metrics Changes - The company reported revenues exceeding $1 billion for the third quarter, with EBITDA at $322 million, maintaining margins at 37% [4][17] - Year-to-date capital expenditures reached $440 million, with expectations to total approximately $600 million for the year [20][21] - The total leverage ratio improved from 2.8x to 1.5x following the sale of a stake in FanDuel [23][90] Business Line Data and Key Metrics Changes - The Las Vegas Locals segment generated revenues of $211 million and EBITDA of $92 million, with year-over-year growth of 2% excluding the Orleans property [5][6] - The Midwest and South segment achieved its strongest third-quarter performance in three years, with revenues rising 3% to $539 million and EBITDA growing to $202 million [9][10] - The online segment showed growth from Boyd Interactive, with an increased EBITDA guidance to $60 million for the year [10] Market Data and Key Metrics Changes - The broader Las Vegas Locals market saw gaming revenue growth of over 3% in the last 12 months, supported by solid wage growth of more than 6% [7][9] - The Southern Nevada economy remains resilient and diversified, with significant job growth in sectors beyond hospitality [8] Company Strategy and Development Direction - The company is focused on capital investments to enhance property offerings, with a budget of $100 million per year for growth capital projects [14][21] - Ongoing expansions include the Sky River Casino and the Cadence Crossing project, aimed at enhancing competitive positioning in the market [15][16] - The company maintains a disciplined approach to M&A, looking for the right opportunities in the market [31] Management's Comments on Operating Environment and Future Outlook - Management noted strong play from core customers and improving trends from retail customers, indicating a positive outlook for the fourth quarter [12][18] - The company is optimistic about the impact of recent tax legislation on customer spending, although specific quantification of benefits remains uncertain [8][66] - Management expressed confidence in the long-term growth potential of the Las Vegas Locals business, supported by a diversified economy [9][18] Other Important Information - The company repurchased $160 million in stock during the quarter and paid $15 million in dividends, returning a total of $637 million to shareholders year-to-date [17][22] - The company is managing ongoing construction at properties like Suncoast and Orleans, with expectations of minimal disruption to operations [14][52] Q&A Session Summary Question: What are the main drivers of weakness in the destination business? - Management indicated that the weakness is primarily in the destination business, particularly at the Orleans, while core and locals customers continue to perform well [26][28] Question: Can you share thoughts on the M&A pipeline? - Management noted a disciplined approach to M&A, monitoring opportunities but not seeing a significant increase in pitch books [31] Question: How did the Midwest and South properties perform? - Performance was broad-based across the portfolio, with notable growth at Treasure Chest [36] Question: What is the expected impact of the Orleans renovation? - Management anticipates limited disruption from the renovation, with more clarity on timing and scope to be provided later [51][54] Question: How is the promotional environment across markets? - Management reported a consistent promotional environment, maintaining disciplined marketing spend despite increased competition [55] Question: What are the expectations for the tax bill benefits? - Management expects incremental benefits from the tax bill but has not quantified the overall impact on revenue and EBITDA [66] Question: How is the balance sheet positioned for future leverage? - Management indicated that leverage is expected to gradually increase to around 2.5x due to capital plans, but they are not actively seeking to increase leverage at this time [90][92]

Financial Data and Key Metrics Changes - The company reported revenues exceeding $1 billion for the third quarter, with EBITDA at $322 million, maintaining a margin of 37% [4][17] - The total leverage ratio improved from 2.8 times to 1.5 times following the sale of a stake in FanDuel, with lease-adjusted leverage declining from 3.2 times to 2.0 times [23][22] Business Line Data and Key Metrics Changes - The Las Vegas Locals segment generated revenues of $211 million and EBITDA of $92 million, with year-over-year growth of 2% in both metrics when excluding the Orleans [5][6] - The Midwest and South segment achieved its strongest third-quarter performance in three years, with revenues rising 3% to $539 million and EBITDA growing to $202 million, exceeding 2% over the prior year [9][10] Market Data and Key Metrics Changes - The broader Las Vegas Locals market saw gaming revenue growth of over 3% in the last 12 months, supported by solid wage growth of more than 6% in Southern Nevada [7][8] - The company noted improvements in play from both core and retail customers, indicating a positive trend in customer demand across the country [12][18] Company Strategy and Development Direction - The company is focused on capital investments to enhance property offerings, with a budget of $100 million per year for growth capital projects [14][21] - Significant developments include the $750 million resort in Norfolk, Virginia, scheduled to open in November 2027, and the Cadence Crossing project in Las Vegas, set to replace the Joker's Wild Casino [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the Southern Nevada economy and the ongoing growth potential of the Las Vegas Locals business [9][18] - The company anticipates continued strong performance in the fourth quarter, supported by improving customer trends and ongoing capital investments [12][24] Other Important Information - The company repurchased $160 million in stock during the quarter and paid $15 million in dividends, returning a total of $637 million to shareholders year-to-date [17][22] - The company is maintaining a disciplined approach to marketing spend, despite increased competition in some markets [56] Q&A Session Summary Question: What are the main drivers of weakness in the destination business? - Management noted that the weakness is primarily in the destination business, particularly at the Orleans, while core and locals customers continue to perform well [26][28] Question: Can you share thoughts on the M&A pipeline? - Management indicated a disciplined approach to M&A, monitoring opportunities but not seeing a significant increase in pitch books [31] Question: How did the Midwest and South properties perform? - Performance was generally broad-based, with notable growth at Treasure Chest, indicating strong results across the portfolio [36] Question: What is the expected impact of the tax bill? - Management believes the tax bill will provide incremental benefits but has not quantified its impact on revenue and EBITDA [66] Question: How is the company managing disruption from renovations? - Management stated that while there is disruption, performance at properties like Suncoast remains in line with prior year results, and they are managing through the construction effectively [60][62] Question: What is the outlook for the balance sheet and leverage? - Management plans to maintain leverage around 1.5 to 2 times, gradually increasing as capital plans are executed, while remaining prudent about future opportunities [90][92]

Financial Data and Key Metrics Changes - The company reported revenues exceeding $1,000,000,000 for the third quarter, with EBITDAR at $322,000,000, maintaining a margin of 37% consistent with the prior year [4][17] - The total leverage ratio improved from 2.8 times to 1.5 times following the sale of a stake in FanDuel, with lease adjusted leverage declining from 3.2 times to 2.0 times [24][100] Business Line Data and Key Metrics Changes - The Las Vegas Local segment generated revenues of $211,000,000 and EBITDAR of $92,000,000, with year-over-year growth of 2% in both revenues and EBITDAR when excluding the Orleans [5][6] - The Midwest and South segment achieved a 3% revenue increase to $539,000,000, with EBITDAR growing by over 2% [9][10] - The online segment is projected to achieve $60,000,000 in EBITDAR for the year, with expectations of approximately $30,000,000 for 2026 [10] Market Data and Key Metrics Changes - The broader Las Vegas locals market saw gaming revenue growth of over 3% year-over-year, supported by solid wage growth exceeding 6% [6][7] - The Downtown Las Vegas segment's revenues and EBITDA remained stable, driven by strong play from Hawaiian customers despite lower hotel revenues [9] Company Strategy and Development Direction - The company is focused on capital investments to enhance guest experiences, with a budget of $100,000,000 annually for growth capital projects [13][21] - Ongoing renovations at properties like Suncoast and Orleans are aimed at maintaining competitiveness in the market [12][46] - The company is pursuing significant growth opportunities, including a $750,000,000 resort development in Norfolk, Virginia, scheduled to open in November 2027 [16] Management's Comments on Operating Environment and Future Outlook - Management noted continued strength in play from core customers and improving trends from retail customers, indicating a positive outlook for the fourth quarter [12][25] - The Southern Nevada economy is described as resilient and diversified, positioning the company well for future growth [8] Other Important Information - The company repurchased $160,000,000 in stock during the quarter and paid $15,000,000 in dividends, returning a total of $637,000,000 to shareholders year-to-date [17][22] - The company is maintaining a disciplined approach to capital allocation, with plans for ongoing share repurchases and dividends [23] Q&A Session Summary Question: What are the main drivers of weakness in the destination business? - Management indicated that the weakness is primarily in the destination business, while core and local customers continue to perform well, with improvements in forward bookings noted [27][28] Question: Thoughts on the M&A pipeline? - The company is monitoring M&A opportunities but remains disciplined in its approach, focusing on the right assets at the right price [34][35] Question: Trends in the Midwest and South properties? - Results were broadly strong across the Midwest and South, with Treasure Chest noted for its continued growth [39][41] Question: How are the Vegas locals assets positioned from a CapEx perspective? - The company is confident in its Vegas locals assets, with ongoing renovations at Suncoast and plans for updates at Orleans to remain competitive [43][46] Question: Expectations for the impact of the tax bill? - Management expects incremental benefits from the tax bill but has not quantified the overall impact on revenue and EBITDAR [72][73] Question: How did the quarter play out month to month? - The quarter was steady, with some fluctuations due to holiday timing, but core trends remained consistent [77] Question: Any impact from the cybersecurity incident? - The cybersecurity incident did not impact business operations, and the company has cyber insurance to mitigate risks [90] Question: How is the balance sheet being optimized? - The company is maintaining a leverage target of around 2.5 times, with current leverage at 1.5 times, and is open to adjusting based on future opportunities [99][100]

Financial Data and Key Metrics Changes - The company reported revenues exceeding $1 billion for the third quarter, with EBITDA at $322 million, maintaining a margin of 37% consistent with the prior year [3][16] - The total leverage ratio improved from 2.8 times to 1.5 times following the sale of a 5% stake in FanDuel, while lease-adjusted leverage decreased from 3.2 times to 2.0 times [22][21] Business Line Data and Key Metrics Changes - The Las Vegas Locals segment generated revenues of $211 million and EBITDA of $92 million, with year-over-year growth of 2% in both metrics when excluding the Orleans property [4][8] - The Midwest and South segment achieved its strongest third-quarter performance in three years, with revenues rising 3% to $539 million and EBITDA growing to $202 million, reflecting broad-based growth across the segment [8][9] Market Data and Key Metrics Changes - The broader Las Vegas Locals market saw gaming revenue growth of over 3% in the last 12 months, supported by solid wage growth exceeding 6% in Southern Nevada [5][6] - The Downtown Las Vegas segment's revenues and EBITDA remained stable compared to the prior year, driven by strong play from Hawaiian customers despite softness in destination business [8][9] Company Strategy and Development Direction - The company is focused on capital investments to enhance guest experiences, with a budget of $100 million annually for growth capital projects, including expansions at Sky River Casino and Cadence Crossing [10][19] - The company plans to maintain a balanced approach to capital allocation, with intentions to repurchase approximately $150 million in stock quarterly while paying dividends [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the Las Vegas Locals business, citing ongoing improvements in customer demand and operational efficiencies [3][11] - The company noted that customer trends observed in the third quarter have continued into October, indicating a positive outlook for the fourth quarter [11][23] Other Important Information - The company completed $146 million in capital expenditures during the third quarter, bringing year-to-date expenditures to $440 million, with expectations to reach approximately $600 million for the year [18][19] - The company is undergoing renovations at several properties, including the IP Hotel and Orleans Hotel, to enhance competitiveness [12][19] Q&A Session Summary Question: What are the main drivers of weakness in the destination business? - Management indicated that the weakness is primarily related to the Orleans property, while core and retail customer segments continue to perform well [25][26] Question: Can you provide insights on the M&A pipeline? - Management stated they are monitoring opportunities but have not seen a significant increase in M&A activity recently [28] Question: How did the Midwest and South properties perform? - The performance was broadly strong across the portfolio, with notable growth at Treasure Chest Casino [31][32] Question: What is the expected impact of the Orleans Hotel project? - Management anticipates limited disruption from the renovation project, with more clarity expected as the project scope is defined [45][49] Question: How is the promotional environment across markets? - The company has maintained a disciplined marketing approach despite increased competition, resulting in consistent margins [50] Question: What are the expectations for the tax bill benefits? - Management noted that while there are several elements to the tax bill, they have not quantified the overall benefit to revenue and EBITDA [57] Question: How is the balance sheet positioned regarding leverage? - The company is currently at a leverage ratio of 1.5 times, with plans to gradually increase it to around 2.5 times as capital projects progress [80][81]

The online gambling and casino operator reported a profit of $1.44 billion after the sale of its stake in sports-betting platform FanDuel in July. ...

Financial Performance - Boyd Gaming reported third-quarter 2025 revenues of $1.0 billion, a 4.3% increase from $961.2 million in the same quarter of 2024[2]. - Net income for the third quarter of 2025 was $1.4 billion, or $17.81 per share, compared to $131.1 million, or $1.43 per share, in the prior year[2]. - Adjusted Earnings for the third quarter of 2025 were $139.1 million, or $1.72 per share, slightly down from $139.3 million, or $1.52 per share, in the same period in 2024[2]. - Total Adjusted EBITDAR for the third quarter of 2025 was $321.8 million, compared to $336.6 million in the third quarter of 2024[2]. - Total revenues for Q3 2025 reached $1,004,361,000, a 4.5% increase from $961,246,000 in Q3 2024[13]. - Adjusted EBITDA for Q3 2025 was $293,181,000, compared to $308,472,000 in Q3 2024, reflecting a decrease of 4.9%[13]. - Net income attributable to Boyd Gaming for Q3 2025 was $1,439,993,000, significantly up from $131,128,000 in Q3 2024[17]. - Adjusted earnings per share for Q3 2025 were $1.72, compared to $1.52 in Q3 2024, marking a 13.2% increase[17]. Shareholder Returns - Boyd Gaming returned $175 million to shareholders during the quarter while maintaining a strong balance sheet[2]. - Boyd Gaming repurchased $160 million in shares during the third quarter of 2025, with approximately $547 million remaining under its current share repurchase authorization[6]. - A quarterly cash dividend of $0.18 per share was paid on October 15, 2025[6]. Segment Performance - The Midwest & South segment achieved its best third-quarter revenue and Adjusted EBITDAR performance in three years[4]. - Online segment revenues increased to $165,597,000 in Q3 2025, a 17.1% rise from $141,312,000 in Q3 2024[13]. - The Midwest & South segment reported revenues of $538,852,000 in Q3 2025, up 3.1% from $522,400,000 in Q3 2024[13]. Financial Position - The company had cash on hand of $319.1 million and total debt of $1.9 billion as of September 30, 2025[7]. - Corporate expenses net of share-based compensation for Q3 2025 were $23,777,000, compared to $21,694,000 in Q3 2024[13]. - Impairment of assets for Q3 2025 was $65,123,000, with no impairments reported in Q3 2024[17]. - Total other (income) expense, net for Q3 2025 was $(1,702,272,000), compared to $46,005,000 in Q3 2024[13]. Company Overview - Boyd Gaming operates 28 gaming entertainment properties across 10 states, celebrating its 50th anniversary in 2025[24]. - Financial contact for Boyd Gaming is Josh Hirsberg, reachable at (702) 792-7234[25]. - Media contact for Boyd Gaming is David Strow, reachable at (702) 792-7386[25].

Accessibility StatementSkip Navigation LAS VEGAS, Oct. 23, 2025 /PRNewswire/ --Â Boyd Gaming Corporation (NYSE: BYD)Â today reported financial results for the third quarter ended September 30, 2025. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "During the third quarter, our Company continued to achieve revenue and Adjusted EBITDAR growth after adjusting for our recent FanDuel transaction. These results were driven by year-over-year growth in play from our core customers, improvin ...

Core Viewpoint - Analysts forecast that Boyd Gaming (BYD) will report quarterly earnings of $1.55 per share, reflecting a year-over-year increase of 2%, while revenues are expected to decline by 9.9% to $865.81 million [1] Earnings Projections - Over the last 30 days, the consensus EPS estimate has been revised upward by 1.7%, indicating a collective reassessment by analysts [2] - Changes in earnings projections are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate trends and short-term stock price movements [3] Revenue Estimates - Analysts predict 'Revenues by Segment- Managed & Other' will reach $34.50 million, representing a year-over-year increase of 6.6% [4] - 'Revenues- Online' are expected to be $41.36 million, indicating a significant decline of 70.7% from the previous year [5] - 'Revenues by Segment- Downtown Las Vegas' is forecasted at $52.71 million, showing a slight decrease of 1.1% year-over-year [5] - 'Revenues by Segment- Midwest and South' is estimated at $522.97 million, reflecting a marginal increase of 0.1% [5] - 'Revenues by Segment- Las Vegas Locals' is projected to be $210.41 million, indicating a decrease of 0.7% from the prior year [6] Adjusted EBITDAR Estimates - 'Adjusted EBITDAR- Online' is expected to be $4.72 million, down from $26.01 million in the previous year [6] - 'Adjusted EBITDAR- Managed & Other' is estimated at $23.94 million, compared to $22.53 million in the same quarter last year [7] - The consensus for 'Adjusted EBITDAR- Downtown Las Vegas' stands at $16.02 million, slightly down from $16.51 million year-over-year [7] - 'Adjusted EBITDAR- Midwest and South' is projected at $192.29 million, down from $196.87 million in the same quarter last year [8] - 'Adjusted EBITDAR- Las Vegas Locals' is expected to be $94.73 million, compared to $96.41 million in the previous year [8] Stock Performance - Boyd shares have shown a return of -2% over the past month, contrasting with the Zacks S&P 500 composite's increase of +1.1% [8]