Boyd Gaming announced its second quarter financial report for 2025, achieving a revenue of $1 billion, a year-on-year increase of 6.9%, surpassing the first quarter's $991.6 million, and once again demonstrating its robust growth momentum. Net income increased by 7.5% year-on-year to $150.4 million, and adjusted EBITDAR grew by 4.1% to $329.4 million.
The core gaming business generated revenue of $671.5 million, up 3.2% year-on-year; the online business was particularly impressive, with revenue soaring to $173.1 million, an increase of 33.2%. Management noted that this was due to increased participation in digital channels and ongoing expansion in regulated markets. Food and beverage revenue grew slightly to $78.2 million, while room revenue declined by 2.2% to $51.5 million, the only sector to record a decline during the quarter.
In terms of regional markets, the Midwest and South continued to serve as growth engines, with revenues reaching $540.1 million, up 3.5%, and EBITDAR at $201.4 million. The Las Vegas local market saw revenue growth of 1.8% to $229.1 million, with EBITDAR increasing to $112.7 million. However, the downtown Las Vegas business experienced a decline, with revenue decreasing by 4.2% to $55.3 million and EBITDAR falling to $19.4 million.
Overall, the company's operating profit for the second quarter reached $242.4 million, a year-on-year increase of 6.7%, with operating expenses decreasing by approximately $2.2 million, further enhancing profitability.
One of the highlights for the company was the capital transaction with Flutter Entertainment. On July 10, Flutter announced the acquisition of the remaining 5% stake in FanDuel held by Boyd Gaming for approximately $1.8 billion, bringing its controlling stake in FanDuel to 100%, valued at about $31 billion. This transaction also extends the strategic cooperation agreement between the two parties until 2038. Flutter issued $1.3 billion in secured note loans for this transaction, which is expected to be completed in the third quarter of 2025, pending regulatory approval.
Boyd Gaming stated that the funds would be used to repay debt and optimize the balance sheet, further enhancing financial flexibility. Meanwhile, the company updated its full-year expectations, projecting that online business revenue and EBITDAR for fiscal years 2025 and 2026 will reach between $50 million and $55 million.
Boyd has shown steady performance this year. Despite a net income decline of 18.4% in the first quarter due to weather factors and the leap year effect, the strong performance of online and Midwest businesses effectively offset the weakness in the Las Vegas market. Full-year revenue for 2024 grew by 5.4% to $3.93 billion, laying the foundation for growth in 2025.
Additionally, Boyd's new casino development project in the Las Vegas Valley, the first new property in nearly two decades, began construction in April, showcasing its long-term expansion ambitions.
With the liquidity released from the FanDuel transaction, rapid growth in online business, and continued performance in regional markets, Boyd Gaming stated that it will continue to focus on improving profitability, regional diversification, and capital discipline, consolidating its strategic position in the national gaming industry.
