Boyd Gaming Corp. reported an increase in profits in the third quarter of 2025, driven by the sale of its stake in FanDuel, while steady results from core customers in the Las Vegas local market helped offset weaker results at The Orleans and the company’s downtown casinos.
The Las Vegas-based operator reported net income of $1.44 billion, or $17.81 per share, up from $131.1 million, or $1.43 per share, in the same quarter a year earlier. The outsized result was largely due to a $1.4 billion after-tax gain from the sale of Boyd’s 5 percent stake in FanDuel to Flutter Entertainment.
Excluding that one-time gain and other one-time items, adjusted net income was $139.1 million, or $1.72 per share, about even with the same three-month period in 2024 and above Wall Street expectations. Revenue was $1 billion, compared to $961.2 million last year, while adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) came in at $353.5 million.
Las Vegas locals casino business steady
Boyd’s Las Vegas locals segment generated $211 million in revenue and $92 million in EBITDA, with total gaming revenue increasing year over year. Company executives said strong demand from mainstream players in the market continued to support business, even as The Orleans saw weakness among destination visitors.
“Gaming revenue continued to grow during the quarter, driven by strong demand from our local customers,” said Keith Smith, president and CEO of Boyd Gaming. “We continue to benefit from ongoing growth in the game from our core customers, as well as improved trends in the game from our retail customers.”
Smith said softness at The Orleans was tied to out-of-town visits rather than a decline from local customers.
“The health of the local market is supported by solid wage growth throughout the Southern Nevada economy,” he said, adding, “A key driver of this growth has been the increasing diversification of the local economy.”
Boyd has invested heavily in maintaining and upgrading its community properties, including major renovations at The Orleans, Suncoast and Sam’s Town, and is moving forward with Cadence Crossing, a new community-oriented casino in Henderson scheduled to open in the second quarter of 2026.
Downtown Las Vegas stable but foot traffic down
Boyd’s downtown Las Vegas segment, which includes casinos in California, Fremont and Main Street Station, posted results roughly in line with last year. Core play from Hawaii customers remained steady, but executives cited lower hotel occupancy and weaker foot traffic as ongoing challenges.
“Much like our locals segment, growth in gaming revenue was offset by the softer and destination business, including lower hotel revenue and reduced foot traffic along the Fremont Street Experience,” Smith said.
Capital investments are reshaping the Boyd portfolio
Chief Financial Officer Josh Hirsberg said Boyd spent $146 million on capital projects during the quarter, bringing the company’s total annual pace to $440 million. Full-year capex is expected to be around $600 million.
The company is renovating hotel rooms at The Orleans and IP Casino Resort in Biloxi, while continuing to update the casino floor at Suncoast and an expansion of the Ameristar St. Charles in Missouri.
Beyond Las Vegas, Boyd has begun construction on a new casino resort in Norfolk, Va., expected to be completed in 2027, and continues to plan for a new Illinois casino in Paradise.
Sky River Casino in Northern California, which Boyd manages for the Wilton Rancheria tribe, is undergoing expansion with an additional 400 slot machines, a new 1,600-space parking garage, a 300-room hotel and a resort-style spa and entertainment venue scheduled for completion in 2027.
Strong balance sheet, shareholder return
Boyd used the proceeds from the FanDuel sale to pay down debt, cut its leverage ratio from 2.8x to 1.5x, and returned $175 million to shareholders during the quarter through $160 million in share repurchases and $15 million in dividends.
Since resuming capital returns in 2021, the company has repurchased $2.5 billion of shares and reduced its share count by 11 percent over the past year.
“We maintain the strongest balance sheet in our company’s history and we continue to invest in our business and return capital to shareholders,” Hirsberg said Thursday.
Contact David Danzis at ddanzis@ theplayerlounge.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.
