Key points:
- Total revenue for Q1 2025 rose 3.2% to $991.6m
- Net income declined 18.4% year-on-year to $111.4m
- Adjusted EBITDAR increased 2.1% to $337.5m
Boyd Gaming Corporation has reported revenue of $991.6m for the first quarter of 2025, a 3.2% increase year-on-year. Adjusted EBITDAR rose 2.1% to $337.5m, while adjusted earnings fell to $137.7m, down from $147.3m
Net income declined 18.4% to $111.4m. Earnings per share dropped to $1.31 from $1.40. Company leadership cited the impact of severe winter weather across its Midwest & South segment and a calendar shift resulting from the absence of leap year, which affected year-on-year comparability.
Despite operational challenges, the Midwest & South segment reported revenue and EBITDAR growth for the quarter. The company’s Downtown Las Vegas properties also performed well, supported by sustained Hawaiian tourism – a trend that has contributed to gains in prior periods.
Performance in these two regions aligns with Boyd’s broader geographic strategy, which has seen consistent growth in regional operations. In particular, the Midwest & South segment benefited in 2024 from the opening of the new land-based Treasure Chest Casino in Louisiana.
In the Las Vegas Locals segment, most properties posted modest revenue growth, though The Orleans continued to experience competitive pressure. Segment EBITDAR was in line with the prior-year period, reflecting the cautious market outlook and sustained promotional activity across the region.
Good to know: This follows similar commentary in Q4 2024, when Boyd identified Las Vegas competition as a headwind impacting both The Orleans and Gold Coast properties
Boyd’s Online segment delivered strong revenue and EBITDAR growth, driven by gains in its online casino business. The division benefitted from expanded market access and increased digital engagement – a continuation of performance seen in Q4 2024, when online operations also posted sequential gains.
The latest results follow a strong Q4 2024, during which Boyd reported $1.04bn in revenue and 84% year-on-year growth in net income. Full-year 2024 revenue rose 5.4% to $3.93bn, with significant contributions from the same segments that helped sustain growth in Q1 2025 – Midwest & South and Online.
