Boyd Gaming Corp. has announced a significant profit increase for the third quarter of 2025, propelled mainly by the lucrative sale of its stake in FanDuel.
This Las Vegas-based gaming operator reported a net income of $1.44 billion, translating to $17.81 per share.
This figure marks a notable rise from the $131.1 million, or $1.43 per share, recorded in the same period last year.
The dramatic increase in profits can largely be attributed to a $1.4 billion after-tax gain from selling Boyd’s 5 percent equity stake in FanDuel to Flutter Entertainment.
When excluding this one-time gain and other non-recurring items, the adjusted net income stood at $139.1 million, or $1.72 per share, which is comparable to the same quarter in 2024 and exceeded Wall Street’s expectations.
Boyd Gaming generated revenue of $1 billion for the quarter, up from $961.2 million last year.
Meanwhile, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached $353.5 million.
In the Las Vegas locals market, Boyd’s performance remained stable, with the locals segment generating $211 million in revenue and $92 million in EBITDA.
Executives attributed steady growth in gaming revenue to the strong demand from regular, in-market players, counterbalancing some softer results observed at The Orleans and the downtown casinos.
CEO Keith Smith emphasized that the gaming revenues were largely supported by loyal local customers.
He noted that the challenges at The Orleans were more closely linked to a decline in visitation from out-of-town guests rather than a decrease in interest from local patrons.
Smith highlighted the ongoing strength of the locals market, noting that solid wage growth in the Southern Nevada economy is a significant factor in this resilience.
Further supporting this growth, Boyd Gaming is committed to enhancing its locals properties, evidenced by major renovations underway at locations such as The Orleans, Suncoast, and Sam’s Town.
Moreover, the company is progressing with its plans for Cadence Crossing, a new locals-oriented casino in Henderson scheduled to open in the second quarter of 2026.
In downtown Las Vegas, the segment comprising the California, Fremont, and Main Street Station casinos reported results that remained consistent compared to the prior year.
While core play from Hawaiian customers remained stable, executives expressed concerns about lower hotel occupancy and diminished pedestrian traffic as ongoing challenges.
Smith reiterated that while gaming revenues were on the rise, they were offset by decreases in destination business and lower hotel revenues, alongside fewer visitors to the Fremont Street Experience.
The company has made substantial capital investments, with Chief Financial Officer Josh Hirsberg stating that $146 million was allocated for capital projects in the quarter.
This brings Boyd’s total capital expenditures for the year to $440 million, with full-year estimates expected to reach about $600 million.
Ongoing renovations are in progress for hotel rooms at both The Orleans and IP Casino Resort in Biloxi, alongside casino floor upgrades at Suncoast and an expansion at Ameristar St. Charles in Missouri.
In addition to its Las Vegas operations, Boyd has initiated construction on a new casino resort in Norfolk, Virginia, with completion anticipated in 2027, and continues to plan a new casino in Illinois.
At Sky River Casino in Northern California, which Boyd manages for the Wilton Rancheria tribe, expansion efforts are also underway, including the addition of 400 slot machines and a new 1,600-space parking garage, with a planned completion date in 2027.
Boyd has successfully utilized proceeds from the FanDuel sale to pay down debt, reducing its leverage ratio from 2.8x to 1.5x.
Furthermore, the company returned $175 million to its shareholders during the quarter, which included $160 million in share repurchases and $15 million in dividends.
Since resuming capital returns in 2021, Boyd has repurchased an impressive $2.5 billion worth of shares, achieving an 11 percent reduction in its share count over the past year.
Hirsberg emphasized the strong balance sheet the company has maintained throughout its history while continuing to invest in its operations and return capital to shareholders.
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