BOYD GAMING REPORTS SECOND-QUARTER 2025 RESULTS

LAS VEGAS, July 24, 2025 /PRNewswire/ — Boyd Gaming Corporation (NYSE: BYD) at the moment reported monetary outcomes for the second quarter ended June 30, 2025.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, mentioned: “Our Company delivered a strong performance in the second quarter, with broad-based growth across our operating segments, including our Online and Managed segments. We achieved our strongest property-level revenue and Adjusted EBITDAR growth in more than three years, with property-level margins once again exceeding 40%. This growth was supported by continued strength in play from our core customers, as well as improvements in retail play. Looking ahead, the recently announced transaction to sell our equity stake in FanDuel will further strengthen the Company’s financial position as we continue to invest in our properties, pursue growth opportunities, return capital to shareholders and maintain a strong balance sheet – a strategy that continues to drive long-term shareholder value.”

Boyd Gaming reported second-quarter 2025 revenues of $1.0 billion, up from $967.5 million within the second quarter of 2024. The Company reported web earnings of $150.4 million, or $1.84 per share, for the second quarter of 2025, in comparison with $139.8 million, or $1.47 per share, for the year-ago interval.

Total Adjusted EBITDAR⁽¹⁾ was $357.9 million within the second quarter of 2025, growing from $344.2 million within the second quarter of 2024. Adjusted Earnings⁽¹⁾ for the second quarter of 2025 have been $154.2 million, or $1.87 per share, in comparison with $150.0 million, or $1.58 per share, for a similar interval in 2024. 

_{(1) See footnotes on the finish of the discharge for extra data relative to non-GAAP monetary measures.}

Operations Review
The Las Vegas Locals section achieved its strongest quarterly progress in additional than two years with year-over-year progress in each income and Adjusted EBITDAR, whereas section margins have been almost 50%.  Downtown Las Vegas outcomes mirrored a difficult comparability to prior 12 months, as visitation from Hawaiian visitors was unusually elevated within the second quarter of 2024. Revenue and Adjusted EBITDAR progress continued within the Midwest & South section, led by sturdy outcomes at Treasure Chest Casino.

Results for the Online section replicate progress from the Company’s on-line on line casino gaming enterprise and modest progress from market-access agreements, whereas Managed & Other outcomes have been pushed by continued progress in administration charges from Sky River Casino.

Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly money dividend of $0.18 per share on July 15, 2025, as beforehand introduced.

As a part of its ongoing share repurchase program, the Company repurchased $105 million in shares of its widespread inventory in the course of the second quarter of 2025.

On July 17, 2025, the Company’s Board of Directors licensed an extra $500 million beneath the Company’s share repurchase program.  Considering the extra authorization, the Company had roughly $707 million remaining beneath the present share repurchase authorization as of June 30, 2025.

Balance Sheet Statistics
As of June 30, 2025, Boyd Gaming had money readily available of $320.1 million, and complete debt of $3.6 billion. 

Conference Call Information
Boyd Gaming will host a convention name to debate its second-quarter 2025 outcomes at the moment, July 24, at 5:00 p.m. Eastern.  The convention name quantity is (800) 836-8184; no passcode is required to hitch the decision. Please be part of as much as quarter-hour upfront to make sure you are linked previous to the beginning of the decision. 

The convention name can even be out there stay on the Internet at https://investors.boydgaming.com, or https://app.webinar.net/VMOAkZWdmaE.

A replay will probably be out there by dialing (888) 660-6345 at the moment, July 24, after the conclusion of the decision, and persevering with by way of July 31.  The passcode for the replay will probably be 61311#.  The replay can even be out there at https://investors.boydgaming.com.

Non-GAAP Financial Measures
Our monetary displays embody the next non-GAAP monetary measures:

• EBITDA: earnings earlier than curiosity, taxes, depreciation and amortization,
• Adjusted EBITDA: EBITDA adjusted for deferred hire, share-based compensation expense, venture growth, preopening and writedown bills, impairments of property, different working gadgets, web, achieve or loss on early extinguishments and modifications of debt, web earnings (loss) attributable to noncontrolling curiosity and different gadgets, web, as relevant,
• EBITDAR: EBITDA additional adjusted for hire expense related to grasp leases with an actual property funding belief,
• Adjusted EBITDAR: Adjusted EBITDA additional adjusted for hire expense related to grasp leases with an actual property funding belief,
• Adjusted Earnings: web earnings earlier than venture growth, preopening and writedown bills, impairments of property, different working gadgets, web, achieve or loss on early extinguishments and modifications of debt, web earnings (loss) attributable to noncontrolling curiosity, and different non-recurring changes, web, as relevant, and,
• Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted common diluted shares excellent.

Collectively, we refer to those and different non-GAAP monetary measures because the “Non-GAAP Measures.” 

The Non-GAAP Measures are generally used measures of efficiency in our business that we consider, when thought-about with measures calculated in accordance with accounting ideas typically accepted in the United States (GAAP), present our buyers with a extra full understanding of our working outcomes and facilitates comparisons between us and our opponents. We present this data to buyers to allow them to carry out comparisons of our previous, current and future working outcomes and as a method to guage the outcomes of core on-going operations. We have traditionally reported these measures to our buyers and consider that the continued inclusion of the Non-GAAP Measures supplies consistency in our monetary reporting. We additionally consider this data is beneficial to buyers in permitting larger transparency associated to important measures utilized by our administration of their monetary and operational decision-making, their analysis of complete firm and particular person property efficiency, within the analysis of incentive compensation and within the annual finances course of. Management additionally makes use of Non-GAAP Measures within the analysis of potential acquisitions and inclinations. We consider these measures proceed for use by buyers of their evaluation of our working efficiency and the valuation of our firm.

The use of Non-GAAP Measures has sure limitations. Our presentation of the Non-GAAP Measures could also be completely different from the presentation utilized by different corporations and due to this fact comparability could also be restricted. While excluded from sure of the Non-GAAP Measures, depreciation and amortization expense, curiosity expense, earnings taxes and different gadgets have been and will probably be incurred. Each of this stuff also needs to be thought-about within the total analysis of our outcomes. Additionally, the Non-GAAP Measures don’t think about capital expenditures and different investing actions and shouldn’t be thought-about as a measure of our liquidity. We compensate for these limitations by offering the related disclosure of our depreciation and amortization, curiosity and earnings taxes, capital expenditures and different gadgets each in our reconciliations to the historic GAAP monetary measures and in our consolidated monetary statements, all of which ought to be thought-about when evaluating our efficiency. We don’t present a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure resulting from our incapacity to venture particular expenses and sure bills.

The Non-GAAP Measures are for use along with and along with outcomes offered in accordance with GAAP. The Non-GAAP Measures shouldn’t be thought-about as an alternative choice to web earnings, working earnings, or another working efficiency measure prescribed by GAAP, nor ought to these measures be relied upon to the exclusion of GAAP monetary measures. The Non-GAAP Measures replicate further methods of viewing our operations that we consider, when seen with our GAAP outcomes and the reconciliations to the corresponding historic GAAP monetary measures, present a extra full understanding of things and traits affecting our enterprise than may very well be obtained absent this disclosure. Management strongly encourages buyers to assessment our monetary data in its entirety and to not depend on a single monetary measure.

Forward-looking Statements and Company Information
This press launch comprises forward-looking statements throughout the which means of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements comprise phrases corresponding to “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the damaging thereof or comparable terminology, and will embody (with out limitation) data concerning the Company’s expectations, targets or intentions concerning future efficiency. These forward-looking statements are primarily based on the present beliefs and expectations of administration and contain dangers and uncertainties that would trigger precise outcomes to vary materially from these expressed within the forward-looking statements. Many of those dangers and uncertainties relate to elements which might be past Boyd Gaming’s means to regulate or estimate exactly. Additional elements that would trigger precise outcomes to vary are mentioned beneath the heading “Risk Factors” and in different sections of the Company’s Annual Report on Form 10-Ok, its Quarterly Reports on Form 10-Q, and within the Company’s different present and periodic experiences filed infrequently with the SEC. The reader is cautioned to not place undue reliance on these forward-looking statements, which converse solely as of the date of this launch. All forward-looking statements on this press launch are made as of the date hereof, primarily based on data out there to the Company as of the date hereof, and the Company assumes no obligation to replace any forward-looking assertion.

About Boyd Gaming
Celebrating its 50^th anniversary in 2025, Boyd Gaming Corporation (NYSE: BYD) is a number one geographically diversified operator of 28 gaming leisure properties in 10 states, supervisor of a tribal on line casino in northern California, and proprietor and operator of Boyd Interactive, a B2B and B2C on-line on line casino gaming enterprise. With probably the most skilled management groups within the on line casino business, Boyd Gaming prides itself on providing visitors an excellent leisure expertise and memorable customer support.   For further Company data and press releases, go to https://investors.boydgaming.com.

SOURCE Boyd Gaming Corporation