Boyd Gaming Corporation (BYD) announced that it struck a deal to sell the Sam's Town Hotel & Casino in Shreveport, Louisiana, to Bally's Corporation (BALY) for an undisclosed amount. The site in downtown Shreveport features a 29,000-square-foot casino with 750 ...

Core Viewpoint - Boyd Gaming Corporation has entered into a definitive agreement to sell Sam's Town Hotel & Casino in Shreveport, Louisiana, to Bally's Corporation [1] Company Overview - Sam's Town Shreveport features a 29,000-square-foot casino with 750 slot machines and 14 table games [1] - The property includes a 514-room hotel, multiple restaurants, a live entertainment venue, and convention and meeting space [1] Transaction Details - The sale involves a strategic move for both Boyd Gaming Corporation and Bally's Corporation, as Sam's Town Shreveport is located adjacent to Bally's Shreveport Casino & Hotel in downtown Shreveport [1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-12882 BOYD GAMING CORPORATION (Exact name of registrant as specified in its charter) Nevada 88-0242733 (State or other jurisdiction of incorporation o ...

Core Viewpoint - Boyd Gaming Corporation has increased its quarterly dividend to $0.20 per share from the previous $0.18 per share, reflecting a commitment to returning value to shareholders [1]. Company Overview - Boyd Gaming Corporation, founded in 1975, operates 27 gaming entertainment properties across 11 states and manages a tribal casino in northern California [1]. - The company also owns and operates Boyd Interactive, a B2B and B2C online casino gaming business [1]. - Boyd Rewards, the company's loyalty program, is recognized as the nation's favorite casino loyalty program by USA Today readers [1]. - Boyd Gaming has been named one of "America's Best Companies" by Forbes magazine and is led by an experienced team in the industry [1]. Dividend Details - The new dividend of $0.20 per share is payable on April 15, 2026, to shareholders of record as of March 16, 2026 [1].

Group 1 - Boyd Gaming reported a double-beat in its earnings, consistent with predictions made in previous analyses [1] - The company has achieved this double-beat for the last six reporting periods, indicating a strong performance trend [1] Group 2 - The research firm Goulart's Restaurant Stocks focuses on the U.S. restaurant industry, covering various segments from quick-service to fine dining [2] - The firm employs advanced financial modeling and sector-specific KPIs to identify hidden value in public equities, particularly in micro and small-cap stocks [2] - The analyst has a background in finance and business management, holding an MBA in Controllership and Accounting Forensics, which supports the firm's research efforts [2]

Core Insights - Boyd Gaming Corporation (BYD) reported strong fourth-quarter 2025 results, with earnings and revenues exceeding the Zacks Consensus Estimate, showing year-over-year growth [1][4] Financial Performance - Adjusted earnings per share (EPS) for Q4 were $2.21, surpassing the consensus estimate of $1.88 by 17.6%, and up from $1.96 in the same quarter last year [4] - Total revenues reached $1.06 billion, beating the consensus mark of $1 billion by 5.7%, and increased by 2% year-over-year [4] - Total adjusted EBITDAR for the quarter was $336.6 million, down from $379.3 million in the prior-year quarter [4] Segment Performance - **Las Vegas Locals**: Revenues were $227.2 million, down from $232 million year-over-year; adjusted EBITDAR was $109.1 million compared to $112.3 million [5] - **Downtown Las Vegas**: Revenues decreased to $62.9 million from $65.6 million; adjusted EBITDAR fell to $24 million from $27 million [6] - **Midwest and South Segment**: Revenues increased to $533.1 million from $518.5 million; adjusted EBITDAR slightly decreased to $191.4 million from $192.4 million [7] - **Online Segment**: Revenues grew to $200.1 million from $188.8 million; adjusted EBITDAR significantly dropped to $8.2 million from $44.1 million [8] Operational Highlights - Total operating costs and expenses for Q4 were $895.7 million, up from $779.6 million in the prior-year quarter; selling, general and administrative expenses were relatively stable at $111.2 million compared to $111.5 million [10] Annual Performance - For the full year 2025, total revenues were $4.1 billion, an increase from $3.93 billion in 2024; net income rose to $1.84 billion from $578 million in 2024; adjusted diluted EPS was $7.40, up from $6.55 [11] Balance Sheet Strength - As of December 31, 2025, cash on hand was $353.4 million, up from $316.7 million a year earlier; total debt decreased to $2.1 billion from $3.2 billion [12] - The company repurchased $185 million worth of common stock in Q4, with approximately $362 million available under its repurchase program [12] Future Outlook - Management anticipates continued momentum into 2026, supported by strong core customer engagement and returns from capital investments [3]

Core Insights - Boyd Gaming reported record revenues and EBITDA for 2025, with approximately $1.4 billion in EBITDA and property-level margins of 40% [3][6] - The company unlocked significant value from its FanDuel ownership interest, generating nearly $1.8 billion in cash proceeds, which helped reduce leverage to 1.7x [2][6] - Management expects traditional leverage to approach 2.5x in 2026 due to a $340 million tax payment and ongoing capital investments [1][6] Financial Performance - For Q4 2025, Boyd reported company-wide revenue of $1.1 billion and EBITDA of $337 million, driven by strong core customer play [7] - Year-over-year EBITDA comparisons were impacted by approximately $40 million due to changes in the Online segment and severe winter weather [8] - The Las Vegas locals segment showed strong performance, with nearly 2.5% EBITDAR growth excluding The Orleans, which faced a decline in cash hotel revenue [10] Capital Returns and Shareholder Value - Boyd returned $836 million to shareholders in 2025, including $778 million in share repurchases and $58 million in dividends [5][19] - The company plans to continue repurchasing approximately $150 million in shares per quarter, supplemented by a quarterly dividend [5][19] Capital Expenditures and Development - Boyd guided for capital expenditures of approximately $650 million to $700 million in 2026, including significant projects like the $750 million Norfolk resort [5][16][17] - The company is also working on a $160 million new gaming facility at Par-A-Dice, with construction expected to begin in 2027 [17] Online and Managed Businesses - The Online segment generated full-year EBITDAR of $63 million, with projections for 2026 EBITDAR of $30 million to $35 million due to changes in revenue share agreements [14] - Managed businesses, including Sky River Casino, are expected to contribute EBITDAR of $110 million to $114 million in 2026 [15]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Insights - Boyd Gaming reported revenue of $1.06 billion for the quarter ended December 2025, marking a 2% increase year-over-year and a surprise of +5.73% over the Zacks Consensus Estimate of $1 billion [1] - The company's EPS for the quarter was $2.21, up from $1.96 in the same quarter last year, resulting in an EPS surprise of +17.3% compared to the consensus estimate of $1.88 [1] Revenue by Segment - Managed & Other segment revenue was $38.69 million, exceeding the average estimate of $37.49 million by analysts, representing a +7.3% change year-over-year [4] - Downtown Las Vegas segment revenue was $62.97 million, below the average estimate of $65.21 million, reflecting a -3.9% change year-over-year [4] - Midwest and South segment revenue reached $533.08 million, surpassing the average estimate of $521.91 million, with a +2.8% change year-over-year [4] - Las Vegas Locals segment revenue was $227.23 million, slightly below the average estimate of $229.55 million, indicating a -2.1% change year-over-year [4] Adjusted EBITDAR Performance - Adjusted EBITDAR for the Online segment was $8.17 million, exceeding the average estimate of $5.46 million [4] - Adjusted EBITDAR for Managed & Other was $28.59 million, above the average estimate of $26.1 million [4] - Adjusted EBITDAR for Corporate expense was reported at -$24.7 million, slightly worse than the average estimate of -$23.86 million [4] - Adjusted EBITDAR for Downtown Las Vegas was $24.01 million, below the average estimate of $26.15 million [4] - Adjusted EBITDAR for Midwest and South was $191.43 million, slightly above the average estimate of $190.75 million [4] - Adjusted EBITDAR for Las Vegas Locals was $109.12 million, exceeding the average estimate of $107.59 million [4] Stock Performance - Boyd Gaming's shares have returned -1.5% over the past month, while the Zacks S&P 500 composite has changed by +0.5% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenues with EBITDA of approximately $1.4 billion, maintaining property level margins at 40%, consistent with the previous year [5][24] - For the fourth quarter, revenues were $1.1 billion, and EBITDA was $337 million, reflecting continued growth in gaming revenues [9][24] - Year-over-year EBITDA comparisons in Q4 were impacted by approximately $40 million due to changes in the Online segment and severe winter weather [9][10] Business Line Data and Key Metrics Changes - The Las Vegas Locals segment saw strong gaming revenue growth driven by core customers, although cash hotel revenues declined by nearly $6 million due to softness in destination business [10][11] - The Downtown Las Vegas segment experienced stable play from Hawaiian guests and core customers, but pedestrian traffic declined by approximately 10% [11] - The Midwest and South segment benefited from growth in play from core and retail customers, although revenues were impacted by severe winter weather and the closure of Sam's Town Tunica [12] Market Data and Key Metrics Changes - The company expects consumer spending to benefit from last year's tax legislation, particularly in Southern Nevada [8][29] - The Midwest and South markets are anticipated to continue seeing customers staying closer to home, supported by economic benefits from tax legislation [12][29] Company Strategy and Development Direction - The company plans to continue investing in property improvements and growth projects, including the opening of Cadence Crossing Casino and the completion of the Suncoast modernization project [7][17] - Capital expenditures for 2026 are expected to be approximately $650 million-$700 million, focusing on maintenance and growth capital [25] - The company remains open to M&A opportunities but emphasizes a disciplined approach to acquisitions [36][43] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing strong play from core customers and expected benefits from new investments and tax legislation [7][29] - The company does not foresee significant impacts from the current softness in the destination business affecting the locals market [92][96] Other Important Information - The company returned over $800 million to shareholders in 2025 through share repurchases and dividends, reducing the total share count by 11% [20][26] - The company is focused on maintaining a strong balance sheet, finishing the year with total leverage of 1.7x [27] Q&A Session Summary Question: Can you bifurcate between real locals play and destination locals play? - Management noted strong play from Las Vegas local residents, while destination play showed weakness, particularly affecting hotel revenues at the Orleans [32][33] Question: Any updated thoughts on the M&A pipeline? - Management remains interested in M&A opportunities but emphasizes a disciplined approach to ensure the right asset at the right price [35][36] Question: What are your current views on iGaming expansion? - Management supports iGaming expansion in states, viewing it as complementary to the business and a way to broaden the customer base [90] Question: How do you see the impact of weather on the Midwest and South? - Management indicated that January weather impacts are similar to the previous year, estimating a $5 million impact [73][75] Question: Are there concerns about demand for the Strip affecting locals? - Management does not see any current concerns, noting that the locals market remains strong and is not significantly impacted by Strip performance [92][96]