Revenue Performance - Total revenues for the three months ended March 31, 2025, increased by $31.0 million, or 3.2%, to $991.6 million compared to $960.5 million in the prior year[135]. - Online revenues increased by $23.4 million, primarily due to a $13.6 million increase in reimbursements of gaming taxes and a $10.9 million increase from Boyd Interactive's operations following the acquisition of Resorts Digital on September 1, 2024[135][146]. - Gaming revenues increased by $4.6 million, or 0.7%, driven by a 1.5% increase in slot handle and a 4.8% increase in table game hold[141]. - Food & beverage revenues increased by $1.5 million, or 2.1%, with margins remaining consistent at 14.7%[142]. - Room revenues decreased by $1.6 million, or 3.2%, primarily due to a 3.1% decline in average daily rate[143]. - The majority of revenues, approximately 64% and 66% for the three months ended March 31, 2025, and 2024, respectively, were derived from gaming operations[139]. - Las Vegas Locals segment reported a revenue decrease of $2.8 million or 1.3%, primarily due to a $2.6 million decline in room revenues, with average daily rate down 6.8% and hotel occupancy down 3.1%[152]. - Downtown Las Vegas segment saw a revenue increase of $3.8 million or 7.0%, driven by a $2.9 million increase in gaming revenue, with slot handle up 5.5% and slot win up 6.8%[154]. - Total revenues for the three months ended March 31, 2025, were $991.6 million, an increase of $31.1 million or 3.2% compared to $960.5 million in the prior year[151]. Income and Expenses - Operating income decreased by $19.5 million, or 8.9%, to $199.9 million, impacted by a $21.8 million increase in asset impairment charges[136]. - Net income decreased by $25.6 million to $110.9 million, primarily due to the decrease in operating income and a $6.1 million increase in interest expense[137]. - Corporate expenses were consistent at $30 million, representing 3.0% of revenues for the three months ended March 31, 2025[167]. - Interest expense increased by $5.8 million or 13.8% to $47.6 million, primarily due to an increase in the average long-term debt balance[172]. - The effective tax rate for the three months ended March 31, 2025, was 27.1%, up from 23.1% in the prior year, impacted by state taxes and nondeductible compensation[173]. Cash Flow and Liquidity - Cash and cash equivalents at March 31, 2025, were $311.5 million, down from $316.7 million at December 31, 2024, with a working capital deficit of $127.9 million[174]. - The company plans to meet liquidity needs through current cash balances, available borrowing capacity, and cash flows from operating activities for the next twelve months[175]. - Operating cash flows increased to $256.4 million for the three months ended March 31, 2025, compared to $250.7 million in the same period of 2024, primarily due to revenue increases[179]. - Net cash outflows for investing activities were $250.4 million in Q1 2025, significantly higher than $90.3 million in Q1 2024, driven by capital expenditures of $169.9 million[181]. Debt and Financing - The company incurred $338.1 million in net borrowings under the Credit Facility in Q1 2025, primarily to fund share repurchases totaling $328.0 million[183]. - Total outstanding principal amounts under the Credit Facility increased to $1,638.4 million as of March 31, 2025, up from $1,300.3 million at the end of 2024[186]. - The company remains in compliance with financial covenants of its debt instruments as of March 31, 2025[189]. - As of March 31, 2025, long-term variable-rate borrowings represented approximately 46.3% of total long-term debt[214]. - A 100 basis point change in interest rates would cause annual interest costs on variable-rate borrowings to change by approximately $16.4 million[214]. Capital Expenditures and Investments - The company plans to spend approximately $250 million annually for ongoing refurbishment and maintenance, with an additional $100 million allocated for hotel renovations in 2025[200]. - A new casino project, Cadence Crossing, is expected to cost $100 million, featuring 450 slots and several restaurants, replacing the existing Jokers Wild casino[201]. - A $750 million resort development in Norfolk, Virginia, is planned, with a transitional casino opening in late 2025 and the full resort by late 2027[202]. - The company repurchased 4.5 million shares during the three months ended March 31, 2025, compared to 1.7 million shares in the same period of 2024[194]. - Dividends declared for Q1 2025 were $0.18 per share, reflecting a gradual increase from previous quarters[198]. Risk and Compliance - The company has not experienced material changes in off-balance sheet arrangements since the last annual report[208]. - There have been no material changes to critical accounting policies since the last annual report[209]. - The company is exposed to interest rate risk, specifically long-term U.S. treasury rates and applicable spreads in the high-yield investment market[213]. - The company does not currently utilize derivative financial instruments for trading or speculative purposes[213]. - The company believes that all pending litigation claims, if adversely decided, will not have a material effect on its business or financial position[216]. - The company is focused on identifying additional suitable investment opportunities in current gaming jurisdictions[207]. - The company anticipates continued competition in the gaming market, including the expansion of online gaming[216]. Operational Developments - Boyd Gaming is committed to maintaining a strong balance sheet and pursuing strategic growth opportunities, including expanding online offerings as they are legalized[130][131]. - The company has implemented a new Enterprise Resource Planning System during the most recent fiscal quarter[218].

Core Insights - Chinese automakers, particularly BYD, have rapidly advanced in the electric vehicle (EV) market, surpassing foreign competitors like Tesla in revenue and profitability [1][4][10] Company Performance - BYD reported an annual revenue of $107 billion, exceeding Tesla's $98 billion [4] - The company's net profit increased by 100% year-over-year to approximately $1.3 billion, while Tesla's profit dropped by roughly 70% to $409 million [4] Technological Advancements - BYD has made advanced driver-assist systems standard across its vehicle lineup and introduced a new charging system that provides 250 miles of charge in just five minutes [5] - The company's 1,000 kW chargers are four times more powerful than Tesla's, which can add about 200 miles of range in 15 minutes [5] International Expansion - BYD plans to sell over 800,000 vehicles outside of China this year, more than double the previous year's sales [6] - The company is constructing factories in Brazil, Thailand, Hungary, and Turkey, and is customizing products for specific markets [7] Competitive Advantages - BYD benefits from vertical integration, producing a significant percentage of its components in-house, including a lithium iron phosphate battery that enhances safety and efficiency [8] - The company's durable competitive advantages align with Warren Buffett's investment philosophy [8] Future Outlook - BYD is well-positioned for continued growth, with strong performance metrics and potential for entry into the U.S. market as conditions become favorable [9][10]

Financial Data and Key Metrics Changes - Revenues for the first quarter were nearly $1 billion, while EBITDA was $338 million, maintaining property-level margins of 40%, consistent with the prior year [6][8][26] - The company reported a tax pass-through amount for the Online segment of $130 million, compared to $116 million in the year-ago period [29] Performance by Business Segment - In the Las Vegas Locals segment, revenues were nearly even with the prior year, while EBITDA was down less than 4%, primarily due to competitive pressures at the Orleans [9][10] - Downtown Las Vegas achieved both revenue and EBITDA growth, with solid visitation from Hawaii and healthy pedestrian traffic along Fremont Street [11][12] - The Midwest & South segment saw growth in both revenues and EBITDA, with margins consistent with the prior year despite a 28% increase in weather-impacted days [13][14] - The Online segment grew EBITDA by nearly 14% year-over-year, driven by strong growth from Boyd Interactive and stable performance from market-access agreements [15] - The Managed & Other business continued to perform well, driven by growth and management fees from Sky River Casino [16] Market Data and Key Metrics Changes - Customer trends remained consistent with March, with no meaningful shift in consumer behavior or spending patterns observed in the second quarter [7][8] - Hawaiian visitation to the Downtown segment was temporarily impacted in the previous year due to higher airfares related to the Super Bowl, creating a favorable comparison for the current quarter [11][12] Company Strategy and Industry Competition - The company is focused on enhancing competitiveness through property renovations and expansions, including a $750 million resort project in Norfolk, Virginia, scheduled for completion in late 2027 [22][24] - The company remains committed to returning capital to shareholders, having repurchased $328 million in stock and paid $15 million in dividends during the first quarter [25][33] - The company is cautious about M&A opportunities, emphasizing a disciplined approach to acquisitions [71][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainty, supported by the strongest balance sheet in its history [8][26] - The long-term fundamentals of the Southern Nevada economy remain strong, with consistent growth in local population, employment, and tourism [12] - Management acknowledged the potential impact of tariffs on capital projects but indicated that existing budgets would not need to change [62][66] Other Important Information - The company is undertaking several capital projects to strengthen its growth profile, including expansions at Ameristar St. Charles and the new Cadence Crossing Casino [20][21] - The company has identified capital projects that can be deferred if necessary, reflecting a proactive approach to managing potential risks [32][61] Q&A Session Summary Question: Plans for Paradise and other multi-level boats - Management has a prioritized list of development projects focused on those with the highest returns, with several older riverboats remaining for future upgrades [40][41] Question: Outlook for core and retail customers - Core customers continue to grow, while retail customers are performing consistently, with positive trends observed [46][47] Question: Buyback strategy and timing - The company aims to maintain a strong balance sheet while balancing capital allocation between investments and shareholder returns, with a cautious approach to buybacks in the current environment [54][56] Question: Impact of tariffs on capital projects - The company has evaluated capital projects for potential deferral and has taken steps to mitigate tariff impacts, ensuring that budgets remain intact [60][62] Question: Competitive landscape in the Locals market - The Locals market has seen slight shrinkage, but the company has outperformed the overall market, particularly excluding the Orleans [99][100] Question: Impact of Canadian travel and Hawaiian sports betting - Canadian travel represents less than one-tenth of 1% of the company's business, and management does not foresee significant impacts from potential sports betting in Hawaii [129][132]

Financial Data and Key Metrics Changes - Revenues for the first quarter were nearly $1 billion, while EBITDA was $338 million, maintaining property-level margins of 40%, consistent with the prior year [6][8][26] - The company reported a tax pass-through amount for the Online segment of $130 million, compared to $116 million in the year-ago period [29] Performance by Business Segment - In the Las Vegas Locals segment, revenues were nearly even with the prior year, while EBITDA was down less than 4%, primarily due to competitive pressures at the Orleans [9][10] - Downtown Las Vegas achieved both revenue and EBITDA growth, with solid visitation from Hawaii and healthy pedestrian traffic along Fremont Street [11][12] - The Midwest & South segment saw growth in both revenues and EBITDA, with margins consistent with the prior year despite a 28% increase in weather-impacted days [13][14] - The Online segment grew EBITDA by nearly 14% year-over-year, driven by stable performance from market-access agreements and strong growth from Boyd Interactive [15] - The Managed & Other business continued to perform well, driven by growth and management fees from Sky River Casino [16] Market Data and Key Metrics Changes - Customer trends remained consistent with March, with no meaningful shift in consumer behavior or spending patterns observed thus far in the second quarter [7][8] - Hawaiian visitation to the Downtown segment was temporarily impacted in the previous year due to higher airfares related to the Super Bowl, creating a favorable comparison for the current quarter [11][12] Company Strategy and Industry Competition - The company is focused on enhancing competitiveness through property renovations and expansions, including a $750 million resort project in Norfolk, Virginia, scheduled for completion in late 2027 [22][24] - The company remains committed to returning capital to shareholders, having repurchased $328 million in stock and paid $15 million in dividends during the first quarter [25][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainty, citing the strongest balance sheet in history and a diversified business model [8][26] - The long-term fundamentals of the Southern Nevada economy remain strong, with consistent growth in local population, employment, and tourism [12] Other Important Information - The company plans to balance capital expenditures with shareholder returns, committing to $100 million in share repurchases per quarter while remaining cautious in the current economic environment [25][35] - The company has identified capital projects that can be deferred if needed to mitigate potential tariff impacts [32][62] Q&A Session Summary Question: Plans for Paradise and other multi-level boats - The company has a prioritized list of development projects based on expected returns, with a focus on those providing the highest returns [40][41] Question: Outlook for core and retail customers - The core customer base continues to grow, while retail play remains consistent, with positive trends observed [46][47] Question: Buyback strategy and timing - The company will maintain a strong balance sheet while balancing capital allocation and shareholder returns, being cautious in the current environment [54][56] Question: Impact of tariffs on capital projects - The company has evaluated capital projects for potential deferral and has taken steps to mitigate tariff impacts, ensuring budgets remain intact [60][62] Question: M&A potential in the current environment - The company remains interested in M&A opportunities but will proceed cautiously, focusing on strategic acquisitions [71][73] Question: Changes in customer spending on non-gaming amenities - Spending on food and beverage and hotel services is up on a cash basis, with no significant changes observed [83] Question: Canadian travel impact - Canadian visitation is a minor part of the business, accounting for less than one-tenth of 1% of revenue [129] Question: Hawaiian sports betting bill impact - The company does not foresee significant impacts from potential sports betting in Hawaii, maintaining a strong relationship with Hawaiian customers [132] Question: Eastside Cannery and Trop I-15 interchange project updates - The Eastside Cannery remains closed, and the Trop I-15 interchange project continues to impact business, particularly at the Orleans [143][145]

Core Insights - Boyd Gaming reported revenue of $991.57 million for Q1 2025, a year-over-year increase of 3.2% and an EPS of $1.62, up from $1.51 a year ago, exceeding Zacks Consensus Estimates for both revenue and EPS [1] Revenue Performance - Online revenue reached $169.57 million, surpassing the average estimate of $152.20 million, reflecting a year-over-year increase of 16% [4] - Downtown Las Vegas segment generated $57.29 million, exceeding the four-analyst average estimate of $53.91 million, with a year-over-year change of 7% [4] - Midwest and South segment reported $504.59 million, slightly above the average estimate of $502.33 million, with a year-over-year change of 0.8% [4] - Managed & Other segment achieved $37.32 million, exceeding the average estimate of $35.69 million [4] - Las Vegas Locals segment reported $222.80 million, slightly below the average estimate of $225 million, with a year-over-year change of -1.3% [4] Adjusted EBITDAR Performance - Online segment's adjusted EBITDAR was $23.31 million, surpassing the average estimate of $22.06 million [4] - Managed & Other segment's adjusted EBITDAR reached $27.32 million, exceeding the average estimate of $24.82 million [4] - Downtown Las Vegas adjusted EBITDAR was $20.92 million, compared to the average estimate of $18.36 million [4] - Midwest and South adjusted EBITDAR reported at $183.22 million, above the average estimate of $182.16 million [4] - Las Vegas Locals adjusted EBITDAR was $106.55 million, slightly below the average estimate of $107.84 million [4] Stock Performance - Boyd Gaming shares returned -2.8% over the past month, compared to the Zacks S&P 500 composite's -5.1% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - Revenues for the quarter were nearly $1 billion, while EBITDAR was $338 million, maintaining property level margins of 40%, consistent with the prior year [5][19] - The company reported a 28% increase in weather-impacted days compared to last year, yet managed to grow revenues and EBITDAR in the Midwest and South segment [10][19] - The online segment grew EBITDAR by nearly 14% year over year, driven by stable performance from market access agreements and strong growth from Boyd Interactive [11] Business Line Data and Key Metrics Changes - In the Las Vegas Locals segment, revenues were nearly even with the prior year, while EBITDAR was down less than 4%, primarily due to competitive pressures at the Orleans [8] - Downtown Las Vegas achieved both revenue and EBITDAR growth during the first quarter, with solid visitation from Hawaii and healthy pedestrian traffic along Fremont Street [9] - The managed and other business saw strong growth driven by management fees from Sky River Casino, with ongoing expansion activities set to enhance future growth [12] Market Data and Key Metrics Changes - Customer trends remained consistent through April, with no meaningful shifts in consumer behavior or spending patterns observed thus far in the second quarter [6][20] - The company noted that Hawaiian visitation to the downtown segment was temporarily impacted last year by higher airfares related to the Super Bowl, creating a favorable comparison for the first quarter of this year [9] Company Strategy and Development Direction - The company is focused on enhancing competitiveness through property renovations and expansions, including a $750 million resort project in Norfolk, Virginia, scheduled for completion in late 2027 [17][18] - Capital investment programs are aimed at creating long-term shareholder value, with a commitment to return capital through stock repurchases and dividends [19][26] - The company remains cautious about M&A opportunities, emphasizing a disciplined approach to acquisitions that align with strategic goals [55][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the company, citing a strong balance sheet and diversified business as key strengths in navigating economic uncertainty [7][20] - The company acknowledged the potential for increased costs due to tariffs but indicated that current budgets would not be significantly impacted [49][52] Other Important Information - The company repurchased $328 million in stock during the first quarter and paid $15 million in dividends, with plans to continue repurchasing $100 million in shares per quarter [19][26] - The company is actively managing operating expenses and exploring efficiencies to mitigate inflationary pressures [96] Q&A Session Summary Question: Plans for Paradise Riverboat Casino - The company has a list of development projects prioritized based on expected returns, with plans to upgrade older riverboats over time [33][34] Question: Outlook for Core and Retail Customers - Management sees core customer trends continuing to grow, with retail customers performing consistently, despite some noise from external factors [38][39] Question: Buyback Strategy and Timing - The company balanced its buyback strategy with maintaining a strong balance sheet, taking advantage of favorable stock prices in Q1 while remaining cautious moving forward [44][46] Question: Impact of Tariffs on Capital Projects - The company evaluated capital projects for potential deferral and identified sources to mitigate tariff impacts, ensuring budgets remain intact [49][50] Question: Competitive Landscape in Locals Market - The locals market has seen slight shrinkage, but the company has outperformed the overall market, particularly excluding the Orleans property [78][80] Question: Hawaiian Travel and Weather Impact - The company estimated a $5 million impact from weather on EBITDA for the quarter, with Hawaiian travel normalized compared to last year [74][71] Question: Non-Gaming Amenities Spending - Spending on food and beverage and hotel services is up on a cash basis, with no significant declines noted in non-gaming amenities [66] Question: Canadian Travel Impact - Canadian visitation is a minor segment for the company, accounting for less than 0.1% of business, thus not significantly impacting overall performance [103] Question: Future of iGaming Platform - The company aims to grow its Stardust iGaming platform modestly, focusing on markets where it operates, without significant acquisitions planned [90][91]

Exhibit 99.1 BOYD GAMING REPORTS FIRST-QUARTER 2025 RESULTS LAS VEGAS - APRIL 24, 2025 - Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the first quarter ended March 31, 2025. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "During the first quarter, we achieved revenue and Adjusted EBITDAR growth on both a Companywide and property-level basis, maintaining property operating margins of 40% – an impressive performance by our Company, considering the impact o ...

Boyd Gaming (BYD) shares soared 11.1% in the last trading session to close at $67.55. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 9% loss over the past four weeks.Following President Trump's announcement to suspend U.S. tariffs across most countries for 90 days, the company’s shares soared, reflecting renewed investor optimism.This casino operator is expected to post quarterly earnings of $1.54 per share in its upcoming repor ...

LAS VEGAS, April 1, 2025 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) announced that the conference call to review the Company's first-quarter 2025 results will take place on Thursday, April 24, 2025, at 5:00 p.m. Eastern. The conference call number is (800) 836-8184. No passcode is required to join the call. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call. The Company will report its results on the same day shortly after 4:00 p.m. Eastern. The confe ...

Casino Development and Management - The Company has entered into agreements to develop and manage the Norfolk Casino, with expected expenditures of approximately $750 million[571] - The Norfolk Casino is anticipated to open a transitional facility in November 2025 and a full casino hotel resort by late 2027[571] - The Company entered into agreements for the Norfolk Casino development, which includes receiving an exclusive option to purchase membership interests and becoming the developer and manager of the project[506] Financial Performance - Total revenues for 2024 reached $3,930,194, an increase of 5.1% compared to $3,738,492 in 2023[335] - Gaming revenue decreased to $2,583,926 in 2024 from $2,613,288 in 2023, a decline of 1.3%[335] - Online revenue significantly increased to $606,233, up 43.6% from $422,211 in 2023[335] - Net income for 2024 was $577,952, a decrease of 6.8% from $620,023 in 2023[337] - Basic net income per share increased to $6.19 in 2024 from $6.12 in 2023[335] - Comprehensive income for 2024 was $576,648, down from $620,307 in 2023[337] Assets and Liabilities - Total assets grew to $6,391,815 in 2024, up from $6,273,126 in 2023, reflecting a 1.9% increase[333] - Long-term debt increased to $3,132,584 in 2024 from $2,871,223 in 2023, representing a rise of 9.1%[333] - Total long-term debt as of December 31, 2024, was $3,200.3 million, with a carrying value of $3,176.6 million[318] - The carrying value of goodwill and gaming license rights indefinite-lived intangible assets was $957.9 million and $1,105.1 million, respectively, as of December 31, 2024[327] Cash Flow and Investments - Cash flows from operating activities increased to $957,075 in 2024, compared to $914,516 in 2023, reflecting a growth of 4.6%[341] - Net cash used in investing activities was $433,912 in 2024, compared to $264,330 in 2023, representing a significant increase of 64.2%[343] - Net cash used in financing activities decreased to $509,501 in 2024 from $637,248 in 2023, a reduction of 20.0%[343] Debt and Interest Rates - A 100-basis-point change in interest rates would result in an annual interest cost change of approximately $13.0 million[318] - The average interest rate for fixed-rate long-term debt is 4.8%, while the average interest rate for variable-rate long-term debt is 6.2%[317] - The Company reported total long-term debt of $3.176590 billion as of December 31, 2024, with a credit facility interest rate of 6.169%[449] Impairments and Goodwill - The Company recorded an impairment of $10.5 million for a gaming license right indefinite-lived intangible asset in the Midwest & South segment for the year ended December 31, 2024[327] - An impairment charge of $10.5 million was recorded in Q1 2024 for a gaming license right related to the Midwest & South segment, following a $21.3 million impairment charge in 2023 for the same segment[441] - The Online segment experienced goodwill impairment charges of $82.0 million in 2023, contributing to a total of $86.5 million across all segments[445] Acquisitions and Expansions - Boyd Interactive Gaming, Inc. completed the acquisition of Resorts Digital for a total cash consideration of $34.0 million, net cash paid for acquisitions was $30.3 million[411][413] - Boyd Interactive Inc. also acquired Pala Interactive for a total cash consideration of $175.2 million, net cash paid for acquisitions was $167.9 million[421] - The acquisition includes a 20-year marketing agreement with a 10-year renewal option, enhancing Boyd's online casino business in New Jersey[412] Taxation and Deferred Tax Assets - The total provision for income taxes for the year ended December 31, 2024, was $174.1 million, compared to $132.9 million in 2023[482] - The effective tax rate for the year ended December 31, 2024, was 23.1%, up from 17.6% in 2023[482] - The gross deferred income tax assets amounted to $246.6 million in 2024, a decrease from $260.0 million in 2023[478] Marketing and Customer Engagement - The company established a player loyalty point program to encourage repeat business, allowing members to earn points based on gaming activity[385] - The estimated retail value of complimentary goods and services provided to customers, which reduces gaming revenues, was $119.2 million for food & beverage, $62.5 million for rooms, and $8.6 million for other services in 2024[389] - The company has established marketing agreements that provide significant after-tax savings on projected marketing expenses, enhancing brand visibility and customer engagement[436]