BOYD GAMING REPORTS THIRD-QUARTER 2025 RESULTS

Core Insights - Boyd Gaming Corporation reported third-quarter 2025 revenues of $1.0 billion, an increase from $961.2 million in the same quarter of 2024, reflecting a year-over-year growth driven by core customer play and improved retail trends [1][3] - The company achieved a net income of $1.4 billion, or $17.81 per share, for the third quarter of 2025, significantly up from $131.1 million, or $1.43 per share, in the prior year, largely due to a $1.4 billion after-tax gain from the sale of its equity interest in FanDuel [1][9] - Adjusted Earnings for the quarter were $139.1 million, or $1.72 per share, slightly down from $139.3 million, or $1.52 per share, in the same period of 2024 [1][10] Financial Performance - Total Adjusted EBITDAR for the third quarter of 2025 was $321.8 million, compared to $336.6 million in the third quarter of 2024, reflecting lower market-access fees due to the FanDuel transaction [1][9] - The Las Vegas Locals segment showed growth in gaming revenues, driven by core customer play, while the Midwest & South segment achieved its best third-quarter revenue and Adjusted EBITDAR performance in three years [3][9] - The Online segment experienced growth from the company's online casino gaming business, influenced by the recent FanDuel transaction [4][9] Capital Allocation and Shareholder Returns - Boyd Gaming returned $175 million to shareholders during the quarter, maintaining a strong balance sheet with cash on hand of $319.1 million and total debt of $1.9 billion as of September 30, 2025 [1][5] - The company paid a quarterly cash dividend of $0.18 per share on October 15, 2025, and repurchased $160 million in shares during the third quarter, with approximately $547 million remaining under its current share repurchase authorization [4][5] Operational Highlights - The company noted a balanced approach to capital allocation, emphasizing efficient operations and ongoing capital investment programs [1][3] - The Downtown Las Vegas segment faced challenges with lower destination business and reduced pedestrian traffic, while the Midwest & South segment benefited from strong core and retail customer play [3][9]