Boyd Gaming Corporation Earnings Recaps
Q3 2025
Oct 24, 2025
Boyd Gaming delivered a robust third quarter with revenue surpassing $1 billion and EBITDAR of $322 million, reflecting strong performance across local gaming markets, despite some softness in destination business.
Key takeaways
- Revenue growth driven by exceptional demand from core customers, overshadowing declines in destination business.
- Las Vegas Locals segment achieved revenue of $211 million with EBITDAR margins steady at 47%, bolstered by efficient operations.
- Midwest and South segment recorded its strongest quarterly performance in three years, with 3% revenue growth to $539 million.
- Online segment EBITDAR guidance increased to $60 million for 2025, with expectations of $30 million in 2026.
- Successful management of Sky River Casino continues, with expansion plans set to bolster growth further in Northern California.