Boyd Gaming Q1 profit dips marginally, online revenue jumps 16%
Nevada-headquartered Boyd Gaming (Nasdaq: BYD) posted $991.6 million in revenue for the first quarter ended March 2025, a 3.24 percent year-on-year increase, driven in large part by strong gains in its digital division and resilience across regional markets.
The company’s net income was $111.4 million, or $1.31 per share, down from $136.5 million ($1.40 per share) in the first quarter of 2024. However, adjusted earnings before interest, tax, depreciation, amortisation, and restructuring or rent costs (EBITDAR) rose 2.12 percent to $337.5 million, continuing Boyd’s streak of exceeding expectations—something it has now done in 16 of the past 18 quarters.
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Online revenue boost
Boyd’s digital revenue surged 16 percent year-on-year to $169.6 million, indicating the segment’s growing importance to the company’s portfolio amid changing consumer habits.
“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 percent – an impressive performance considering the impact of severe weather in our Midwest & South segment, as well as difficult comparisons to Leap Year,” said Boyd Gaming President and CEO Keith Smith.
Smith noted that, despite some economic uncertainty, April trends have remained stable, boosting confidence in the company’s outlook. “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,” he added.
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Mixed performance across physical locations
While Boyd’s land-based gaming revenue remained essentially flat at $638.7 million (down 0.7 percent year-on-year), its Las Vegas locals segment posted modest gains. The Orleans property, however, continued to face stiff competition in the market.
Downtown Las Vegas delivered stronger results, with both revenue and EBITDAR up, aided by increased visitation from Hawaii. The Midwest & South segment also showed resilience, overcoming adverse weather to register growth.
“This quarterly report represents an earnings surprise of 6.58 percent. A quarter ago, it was expected that this casino operator would post earnings of $1.78 per share when it actually produced earnings of $1.96, delivering a surprise of 10.11 percent,” Zacks Equity Research said in a statement.
“It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $1.64 on $983.44 million in revenues for the coming quarter and $6.43 on $3.95 billion in revenues for the current fiscal year,” the statement added.
