Boyd Gaming, one of the largest casino entertainment companies in the US, has reported $1 billion revenue for the second quarter of 2025.
That eclipsed the $991.6 million posted in the first quarter this year and signified a 6.9 per cent year-on-year increase.
While the firm’s gaming operations provided a 3.2 per cent boost by generating $671.5 million in revenue, the biggest surge came from its online casino and gaming enterprise which posted $173.1 million, a hefty 33.2 per cent increase.
Other income generators included food and beverage plus room revenue.
Sale Of Fan Duel Stake To Raise $1.8 Billion
Boyd Gaming recently announced it was to sell its equity stake in online sportsbook company Fan Duel.
Earlier this month, Flutter Entertainment agreed to pay almost $1.8 billion for Boyd’s 5 per cent equity holding in Fan Duel.
That deal is expected to be completed by the end of Q3 subject to the necessary regulatory approvals.
Josh Hirsberg, CFO at Boyd Gaming, said: “The transaction further enhances our financial flexibility, strengthens our already strong balance sheet, and is accretive to free cash flow.”
Boyd’s Q2 Performance In More Detail
The casino operator recorded a net income of $150.4 million, for the quarter which ended on June 30, which equated to $1.84 per share.
In the same period last year net income was $139.8 million, or $1.47 per share, in the same period last year.
The adjusted EBITDAR (earnings before interest, taxes, depreciation, amortisation and restructuring or rent costs) rose from $344.2 million to to $357.9 million.
The firm’s Midwest & South segment continued to be a strong driver geographically, generating $540.1m in revenue which was a 3.5% increase.
Adjusted EBITDAR for the segment reached $201.4m.
Boyd Gaming Official Reaction
Keith Smith, president and CEO of Boyd Gaming, said: “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.”
Regarding the sale of the Fan Duel equity, Smith said: “This FanDuel transaction is not a precursor to another transaction.
“It merely allows us to continue our strong track record of making sound capital allocation decisions from a stronger position.”
Boyd Gaming has already revealed plans to begin managing its own sportsbooks outside of Nevada in 2026 with the online casino market regarded as a key long-term growth area.
Jim Munro is a betting industry and gambling expert who has been a national newspaper journalist for over 30 years, predominantly at The Sunday Times and The Sun, where he wrote a weekly soccer betting column. Jim also worked on the launch of Virgin Bet with Gamesys and was subsequently head of editorial at LiveScore, the sports media and betting group.
