Financial Data and Key Metrics Changes - For Q2 2025, revenues excluding tax pass-through amounts grew by 4%, while EBITDAR also increased by 4% to $358 million, marking the strongest year-over-year growth in over three years [5][21] - Property level margins exceeded 40%, a level consistently achieved since 2021 [5][21] - Total leverage at the end of Q2 was approximately 2.8 times, expected to reduce to below 2 times post-FanDuel transaction [20][21] Business Line Data and Key Metrics Changes - The Las Vegas Local segment reported its first year-over-year revenue and EBITDAR growth in over two years, maintaining segment margins of nearly 50% [6][9] - The Downtown Las Vegas segment showed stable performance, with revenue and EBITDAR up more than 1% year-to-date [9] - The Midwest and South segment achieved revenue and EBITDAR gains of over 3%, marking its highest quarterly performance in nearly three years [10] - The online segment saw revenue and EBITDA increases driven by Boyd Interactive and modest growth from market access agreements [11] Market Data and Key Metrics Changes - Southern Nevada's employment and local income are on the rise, with average weekly wages up more than 5% year-over-year, contributing to a positive economic outlook [7] - The Las Vegas Valley has nearly $11 billion in construction activity underway, indicating strength in the local economy [7] Company Strategy and Development Direction - The company plans to use proceeds from the FanDuel transaction to pay down debt, invest in properties, pursue growth opportunities, and return capital to shareholders [5][18] - Capital investment programs include ongoing renovations and new developments, with a focus on enhancing long-term growth profiles [12][15] - The company remains committed to a balanced approach to capital allocation, including investments in business growth and shareholder returns [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Southern Nevada economy and the local business prospects, citing positive economic indicators [7][9] - The company noted that the promotional environment has remained stable, with no heightened promotional activities observed [42][43] - Management indicated that while there is flexibility for capital deployment, disciplined capital allocation will continue to guide decision-making [33][39] Other Important Information - The company repurchased $105 million in stock during Q2 and plans to increase its share repurchase program to $150 million per quarter [17][24] - The recent tax bill includes provisions that will benefit the company's operations, such as tax deductions for tips and overtime [8][60] Q&A Session Summary Question: What will Boyd do with the proceeds from the FanDuel transaction? - Management clarified that proceeds will be used to reduce leverage and invest in future growth opportunities, maintaining a balanced capital allocation strategy [28][33] Question: What is the optimal leverage level for Boyd? - Management indicated that while leverage was previously targeted around 2.5 times, the company may operate below that level for the time being as it evaluates capital allocation [36][39] Question: What is the current promotional environment in key markets? - Management stated that the promotional environment has been stable, with no significant changes in promotional activities across their properties [42][43] Question: Can you provide insights on the pickup in retail play? - Management noted a recent improvement in unrated play, attributing it to local customers staying closer to home, but indicated the need for further observation to determine sustainability [50][52] Question: How will the company approach online gaming strategy post-FanDuel? - Management confirmed that there will be no change in strategy, focusing on a regional online casino approach while enhancing their core product [55][66]

Exhibit 99.1 BOYD GAMING REPORTS SECOND-QUARTER 2025 RESULTS LAS VEGAS - JULY 24, 2025 - Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the second quarter ended June 30, 2025. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our Company delivered a strong performance in the second quarter, with broad-based growth across our operating segments, including our Online and Managed segments. We achieved our strongest property-level revenue and Adjusted EBITDAR gr ...

Core Insights - Boyd Gaming Corporation reported strong financial performance for Q2 2025, with revenues reaching $1.0 billion, a 3.4% increase from $967.5 million in Q2 2024 [2][12] - The company achieved net income of $150.4 million, or $1.84 per share, compared to $139.8 million, or $1.47 per share, in the same period last year, reflecting a 7.5% increase in net income [2][13] - Adjusted EBITDAR for Q2 2025 was $357.9 million, up from $344.2 million in Q2 2024, indicating a positive trend in operational efficiency [3][14] Financial Performance - Total revenues for the second quarter of 2025 were $1,033.998 million, compared to $967.512 million in Q2 2024, marking a year-over-year increase [12] - The Las Vegas Locals segment experienced its strongest quarterly growth in over two years, with segment margins nearing 50% [5] - The Online segment showed growth driven by the company's online casino gaming business, with revenues of $173.051 million, up from $129.930 million in Q2 2024 [12][14] Shareholder Returns - Boyd Gaming paid a quarterly cash dividend of $0.18 per share on July 15, 2025, and repurchased $105 million in shares during Q2 2025 [7][8] - The Board of Directors authorized an additional $500 million for the share repurchase program, with approximately $707 million remaining under the current authorization as of June 30, 2025 [8] Balance Sheet - As of June 30, 2025, Boyd Gaming had cash on hand of $320.1 million and total debt of $3.6 billion, indicating a solid liquidity position [9]

Core Viewpoint - Boyd Gaming (BYD) is expected to report quarterly earnings of $1.67 per share, a 5.7% increase year-over-year, with revenues projected at $980.29 million, reflecting a 1.3% increase compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised downward by 2.3% over the past 30 days, indicating a reassessment by analysts [2]. - Prior revisions to earnings projections are crucial for predicting investor behavior and stock price performance [3]. Revenue Projections - Analysts predict 'Revenues- Online' to be $139.48 million, a 7.4% increase from the year-ago quarter [5]. - 'Revenues by Segment- Downtown Las Vegas' is estimated at $56.10 million, a decrease of 2.8% year-over-year [5]. - 'Revenues by Segment- Midwest and South' is expected to reach $531.53 million, indicating a 1.9% increase [5]. - 'Revenues by Segment- Managed & Other' is projected at $34.94 million, a 5.6% increase from the prior year [6]. - 'Revenues by Segment- Las Vegas Locals' is estimated at $221.91 million, reflecting a 1.4% decrease year-over-year [6]. Adjusted EBITDAR Estimates - 'Adjusted EBITDAR- Online' is forecasted to be $18.72 million, up from $17.06 million in the same quarter last year [7]. - 'Adjusted EBITDAR- Managed & Other' is expected to reach $24.01 million, compared to $23.14 million a year ago [7]. - 'Adjusted EBITDAR- Downtown Las Vegas' is projected at $20.91 million, down from $22.02 million in the previous year [8]. - 'Adjusted EBITDAR- Midwest and South' is estimated at $195.56 million, slightly up from $195.46 million year-over-year [8]. - 'Adjusted EBITDAR- Las Vegas Locals' is expected to be $105.06 million, down from $109.25 million in the prior year [9]. Stock Performance - Boyd shares have increased by 7.2% over the past month, outperforming the Zacks S&P 500 composite, which rose by 5.9% [9].

Wall Street expects a year-over-year increase in earnings on higher revenues when Boyd Gaming (BYD) reports results for the quarter ended June 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 24. On the ...

Core Viewpoint - Boyd Gaming (BYD) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system emphasizes the importance of earnings estimate revisions, which have shown a strong correlation with near-term stock price movements [4][6]. - Boyd is projected to earn $6.58 per share for the fiscal year ending December 2025, with no year-over-year change, but the Zacks Consensus Estimate has increased by 2.2% over the past three months [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [7]. - Boyd's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10].

Core Insights - The article compares Boyd Gaming (BYD) and Red Rock Resorts (RRR) to determine which stock is more attractive to value investors [1] Valuation Metrics - Boyd Gaming has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision compared to Red Rock Resorts, which has a Zacks Rank of 3 (Hold) [3] - BYD has a forward P/E ratio of 12.40, significantly lower than RRR's forward P/E of 34.84 [5] - The PEG ratio for BYD is 2.90, while RRR's PEG ratio is 5.75, suggesting BYD is more reasonably priced relative to its expected earnings growth [5] - BYD's P/B ratio is 4.91, compared to RRR's P/B of 15.76, indicating that BYD is valued more attractively in terms of market value versus book value [6] - These metrics contribute to BYD receiving a Value grade of A, while RRR has a Value grade of C [6] Earnings Outlook - Boyd Gaming is noted for its improving earnings outlook, which enhances its attractiveness in the Zacks Rank model [7]

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors rely on traditional forms of analysis on key valuation metrics to ...

Group 1 - Boyd Gaming Corporation has sold a 5% equity stake in FanDuel, generating approximately $1.76 billion in cash to reduce debt [1] - The sale is expected to significantly impact Boyd Gaming's financial position by alleviating debt burdens [1] Group 2 - The article emphasizes the importance of patient investing and the accumulation of high-quality assets for wealth creation [1] - It highlights the balance between steady investment approaches and high-risk, high-reward opportunities [1]

Core Viewpoint - Boyd Gaming Corporation has entered into a definitive agreement to sell its 5% equity interest in FanDuel Group to Flutter Entertainment for cash consideration of $1.755 billion, which is expected to unlock significant unrealized value for Boyd shareholders [1][2][3] Group 1: Transaction Details - The transaction is anticipated to close in the third quarter of 2025, pending regulatory approvals [2] - Boyd plans to utilize the net proceeds from the sale to reduce its debt [2] - The revised market-access agreements with FanDuel will extend through 2038 and will provide Boyd with a fixed fee per state from FanDuel's mobile sports-betting operations in several states [3][4] Group 2: Financial Impact - Boyd's Online segment is projected to generate operating income and Adjusted EBITDAR of $50 million to $55 million for the full year 2025, and approximately $30 million in 2026 [4] - The partnership with FanDuel has been described as a remarkable success, with FanDuel being a leader in online sports betting, allowing Boyd to profitably participate in the sector's growth [5] Group 3: Advisory and Legal Support - Moelis & Company LLC acted as the exclusive financial advisor to Boyd Gaming for the transaction, while Morrison & Foerster LLP provided legal advice [5]