Boyd Gaming came out of 2025’s third quarter with the “strongest balance sheet” that the company has ever seen and impacts from its FanDuel transaction, but Las Vegas’ visitation decline over the summer was still felt by the casino operator.
Key Takeaways
- Boyd’s revenue grew 5% from the same quarter in 2024.
- Gaming revenue was up 2.6% to $657.4 million.
- Several segments grew, but the Las Vegas destination declines hurt.
The gaming and hospitality company announced on Thursday that Q3 revenue reached $1 billion, a more than 4% increase from the 2024 quarter’s $961.2 million. Boyd enjoyed year-over-year growth across several segments, with gaming revenue of $657.4 million increasing by 2.6%.
The company said net revenue for the three months ending Sept. 30 was impacted by a $1.4 billion tax gain from the 5% equity sale of FanDuel to Flutter Entertainment, which took full control of the U.S. market-share leader in sports betting and iGaming in June.
“During the third quarter, our Company continued to achieve revenue and Adjusted EBITDAR growth after adjusting for our recent FanDuel transaction,” Boyd Gaming CEO and president Keith Smith said.
“These results were driven by year-over-year growth in play from our core customers, improving trends in play from our retail customers, our efficient operations, and our ongoing capital investment program. As a result, we saw healthy growth in gaming revenues across all three property operating segments during the quarter.”
Adjusted EBITDAR dipped from $336.6 million in Q3 2024 to $321.8 million in the latest reported quarter. Boyd added that “results for the third quarter of 2025 reflect lower market-access fees as a result of the FanDuel transaction.”
Destination woes
Boyd’s Las Vegas local segment and Downtown segment both saw gaming growth that was offset by declines in destination business and pedestrian traffic, resulting in slight year-over-year third-quarter revenue dips of less than 1% each.
The Midwest & South segment, which includes properties in nine U.S. states, produced $538.8 million in revenue, a 3% year-over-year increase. It’s the best Q3 revenue and Adjusted EBITDA that the company has seen in three years due to “strong play” from “core customers and improving retail play trends.”
Boyd’s online segment revenue spiked 17.6% from the same quarter in 2024 following business growth and the impact of the FanDuel transaction. The company’s Managed & Other segment grew year-over-year by 10.5% in Q3, “driven by continued strong performance of Sky River Casino in Northern California,” Boyd said.
Other business
Boyd Gaming reported in its Q3 earnings release that the company has $319.1 million in cash on hand and total debt of $1.9 billion. It used proceeds from the FanDuel sale to pay off some of the debt.
Boyd repurchased $160 million in shares of its common stock during Q3, leaving roughly $547 million remaining under the company’s share repurchase authorization.
Boyd announced earlier this month that it paid a quarterly cash dividend of $0.18 per share on Oct. 15.
“We continued our balanced approach to capital allocation, returning $175 million to shareholders during the quarter while maintaining the strongest balance sheet in our Company's history,” Smith said. “In all, we are encouraged by the strength of our business and remain well-positioned to continue creating long-term value for our shareholders.”
