Boyd Gaming surpasses $1bn in Q2 revenue as online operations surge 33%

Key points:

– Q2 2025 revenue rose 6.9% year-on-year to $1.00bn

– Net income increased 7.5% to $150.4m; adjusted EBITDAR grew 4.1% to $329.4m

– Online revenue jumped 33.2%, while FanDuel stake sale to Flutter valued at $1.8bn

Boyd Gaming generated $1bn in revenue for the second quarter of 2025, marking a 6.9% year-on-year increase and topping the $991.6m posted in Q1.

Net income rose 7.5% to $150.4m, while adjusted EBITDAR totalled $329.4m, up 4.1%.

The company’s gaming operations delivered $671.5m in revenue, up 3.2%, while online operations surged to $173.1m, representing a 33.2% increase. Management cited higher digital engagement and sustained market expansion in regulated states.

Food and beverage revenue edged up to $78.2m, but room revenue declined 2.2% to $51.5m – the only segment to report a revenue drop for the quarter.

Regional performance reflects strategic diversification

Boyd’s Midwest & South segment continued to lead geographically, generating $540.1m in revenue, a 3.5% increase. Adjusted EBITDAR for the segment reached $201.4m.

Las Vegas Locals posted a 1.8% revenue rise to $229.1m, while adjusted EBITDAR grew to $112.7m. Downtown Las Vegas, however, experienced a 4.2% revenue dip to $55.3m, with EBITDAR also falling nearly $3m to $19.4m.

Operating income across the company reached $242.4m in Q2, a 6.7% increase. Operating expenses fell by approximately $2.2m.

Good to know: Construction began on Boyd Gaming’s new Las Vegas Valley casino development in April, marking the operator’s first ground-up property launch in the region in nearly two decades

Flutter acquisition of FanDuel stake signals capital shift

On 10 July, Flutter Entertainment agreed to acquire Boyd’s remaining 5% equity in FanDuel for approximately $1.8bn, securing full ownership at an implied valuation of $31bn. The transaction includes an extension of the companies’ strategic partnership through 2038.

Flutter has since priced $1.3bn in secured note loans to fund the deal, expected to close in Q3 2025 pending regulatory approvals. Boyd Gaming plans to use the proceeds to reduce debt and strengthen its financial position.

The company also updated its full-year 2025 guidance, projecting $50–55m in operating income and adjusted EBITDAR from its online division through FY2025 and FY2026.

Strong momentum follows mixed start to the year

The results follow a Q1 in which Boyd posted $991.6m in revenue, up 3.2%, though net income declined 18.4% to $111.4m due to winter weather disruptions and leap year comparison effects.

The Midwest & South segment and online operations helped offset softness in the Las Vegas market in Q1, continuing a trend that has defined Boyd’s growth strategy over the past two years.

Full-year 2024 revenue climbed 5.4% to $3.93bn, buoyed by gains in the same segments driving performance in 2025.

With online growth accelerating and FanDuel proceeds set to enhance liquidity, Boyd Gaming remains focused on long-term margin expansion, regional diversification and disciplined capital return.