- Revenue increased 3.2% year-on-year to $991.6 million for Q1 2025.
- Net income declined to $111.4 million, with earnings per share (EPS) falling to $1.31.
- Boyd Gaming (BYD, Financial) repurchased $328 million in shares and increased its quarterly dividend to $0.18 per share.
Boyd Gaming Corporation (BYD) announced its first-quarter 2025 financial results, with revenue reaching $991.6 million, reflecting a 3.2% increase from $960.5 million in the same period the previous year. This rise comes despite challenging weather conditions affecting its Midwest & South segment.
The company faced a decline in net income, which dropped to $111.4 million, or $1.31 per share, from $136.5 million, or $1.40 per share, year-over-year. The decrease in net income was mainly attributed to a $32.3 million asset impairment charge.
Adjusted EBITDAR grew to $337.5 million, up from $330.5 million in Q1 2024, and Boyd Gaming maintained solid property operating margins of 40%, showcasing robust cost management amidst inflationary pressures.
In terms of capital allocation, Boyd Gaming repurchased $328 million worth of shares during the first quarter of 2025, and increased its quarterly dividend from $0.17 to $0.18 per share. As of March 31, 2025, the company reported $311.5 million in cash and total debt amounting to $3.5 billion.
The company's Online segment exhibited strong performance with notable revenue and Adjusted EBITDAR growth, highlighting increased contributions from online casino gaming. Meanwhile, the Downtown Las Vegas segment saw gains driven by higher Hawaiian visitation, while the Las Vegas Locals segment faced competitive pressures, particularly at the Orleans property.
Despite economic uncertainty, Boyd Gaming's CEO, Keith Smith, expressed confidence in the company's ability to manage through current conditions, supported by a strong balance sheet and a consistent business performance trend into April 2025.
