Boyd Gaming Corp
NYSE:BYD

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Boyd Gaming Corp
NYSE:BYD
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Price: 86.05 USD -2%
Market Cap: 6.7B USD

Boyd Gaming Corp
Investor Relations

In the dynamic world of entertainment and gaming, Boyd Gaming Corporation stands as a prominent player with deep roots going back to its founding in 1975 by Sam Boyd. What began as a small operation in Las Vegas has grown into a robust empire spanning several states. Boyd Gaming thrives on its core business model: owning and operating premier casino properties, strategically located across multiple regions in the United States. The company generates revenue primarily through its diverse offerings, which include classic gaming opportunities such as slot machines, table games, and sports betting. Complementing these are the non-gaming amenities that enhance the guest experience, from exquisite dining options and chic nightlife venues to comfortable accommodations and convenient retail outlets.

At the heart of Boyd Gaming's economic engine is its commitment to creating a holistic entertainment experience. This approach has allowed it to cultivate a loyal customer base and attract a wide array of patrons seeking varied forms of leisure and entertainment. By focusing on regional gaming markets, Boyd Gaming mitigates risks and strengthens its market position through intimacy with local preferences and regulations. The company's strategic diversification into online gaming and partnerships augment its traditional operations, ensuring resilience and adaptability in a rapidly evolving industry landscape. As with any successful enterprise, Boyd Gaming continuously leverages its operational strengths, aligning its financial strategies with ever-changing consumer demands and industry trends to sustain its growth trajectory.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Oct 23, 2025
AI Summary
Q3 2025

Revenue Growth: Boyd Gaming reported another quarter with revenue exceeding $1 billion, supported by strong play from core and retail customers.

Consistent Margins: Company-wide margins remained stable at 37%, reflecting continued operating and marketing efficiencies.

Segment Strength: Midwest and South delivered their best Q3 revenue and EBITDA in three years, with broad-based gains, while Las Vegas Locals also showed year-over-year growth when excluding the Orleans.

Destination Weakness: Weakness in the destination business, especially at the Orleans and downtown properties, offset gaming revenue growth, but local customer trends remained robust.

Capital Returns: Boyd returned $637 million to shareholders year-to-date through share buybacks and dividends, maintaining a plan of $150 million in quarterly repurchases.

Capital Investments: The company increased annual capex guidance to $600 million, with several property upgrades and development projects progressing on schedule.

Leverage Reduction: Proceeds from the FanDuel stake sale reduced total leverage to 1.5x, marking the strongest balance sheet in Boyd's history.

Guidance Update: EBITDA guidance for the online segment was raised to $60 million for 2025 and set at $30 million for 2026.

Key Financials
Revenue
Over $1 billion
EBITDA
$322 million
Company-wide Margin
37%
Las Vegas Locals Segment Revenue
$211 million
Las Vegas Locals Segment EBITDAR
$92 million
Las Vegas Locals Segment Margin
47%
Midwest and South Segment Revenue
$539 million
Midwest and South Segment EBITDAR
$202 million
Midwest and South Segment Margin
exceeded 37%
Online Segment EBITDA Guidance (2025)
$60 million
Online Segment EBITDA Guidance (2026)
$30 million
Capital Expenditures (YTD)
$440 million
Capital Expenditures Guidance (2025)
$600 million
Share Repurchases (Q3)
$160 million
Dividends Paid (Q3)
$15 million
Total Capital Returned to Shareholders (YTD)
$637 million
Shares Outstanding (Q3 end)
78.6 million
Total Leverage Ratio (Q3 end)
1.5x
Lease Adjusted Leverage Ratio (Q3 end)
2.0x
Earnings Call Recording
Other Earnings Calls

Management

Mr. Keith E. Smith
President, CEO & Director
No Bio Available
Mr. Josh Hirsberg
CFO & Treasurer
No Bio Available
Mr. Theodore A. Bogich
Chief Operating Officer
No Bio Available
Mr. Stephen S. Thompson
Chief Administrative Officer
No Bio Available
Mr. Uri L. Clinton
Executive VP, General Counsel & Corporate Secretary
No Bio Available
Ms. Marianne Boyd Johnson
Executive Chairman
No Bio Available
Ms. Lori M. Nelson
Senior VP of Financial Operations & Reporting and Chief Accounting Officer
No Bio Available
Mr. David Strow
Vice President of Corporate Communications
No Bio Available
Mr. William R. Boyd
VP & Director
No Bio Available
Mr. Steve Schutte
Executive Vice President of Operations
No Bio Available

Contacts

Address
NEVADA
Las Vegas
6465 South Rainbow Boulevard
Contacts
+17027927200.0
www.boydgaming.com