Boyd Gaming has reported financial results for the first quarter of 2025, posting total revenues of $991.6 million, a year-on-year increase from $960.5 million in Q1 2024. The company’s net income for the period stood at $111.4 million, or $1.31 per share, compared to $136.5 million, or $1.40 per share, in the same quarter last year.
Adjusted EBITDAR reached $337.5 million, up from $330.5 million in Q1 2024, while adjusted earnings were reported at $137.7 million, or $1.62 per share, down from $147.3 million, or $1.51 per share, in the previous year.
The Las Vegas Locals segment showed stable performance despite competitive headwinds impacting the Orleans property. Other properties in the segment experienced modest revenue growth, maintaining EBITDAR year-over-year. Downtown Las Vegas reported increases in both revenue and EBITDAR, supported by a rebound in Hawaiian tourism. The Midwest & South segment also achieved revenue and EBITDAR growth, despite operational disruptions from severe weather conditions.
Boyd’s online segment delivered strong growth, reflecting higher contributions from its online casino gaming business. The Managed & Other category benefited from continued growth in management fees, particularly from Sky River Casino.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “During the first quarter, we achieved revenue and Adjusted EBITDAR growth on both a Companywide and property-level basis, maintaining property operating margins of 40% – an impressive performance by our Company, considering the impact of severe weather this year across our Midwest & South segment, as well as difficult comparisons to Leap Year. While economic uncertainty has increased in recent weeks, we are encouraged that trends in our business have remained consistent over the first three weeks of April. In all, we are pleased with the overall performance of our business and remain confident in our ability to manage through the current environment, supported by our strong balance sheet and experienced management team.”
