Financial Performance - Total revenues for Q3 2025 increased by $43.1 million, or 4.5%, to $1,004.4 million compared to Q3 2024, driven by a $35.5 million increase in online reimbursements revenue and a $16.8 million increase in gaming revenues [148]. - Operating income for Q3 2025 decreased by $80.2 million, or 36.5%, to $139.8 million, primarily due to a $65.1 million increase in asset impairment charges [150]. - Net income for Q3 2025 increased by $1,307.7 million to $1,438.8 million, primarily due to a $1,748.0 million gain on the FanDuel Equity Sale [154]. - Total revenues for the nine months ended September 30, 2025 increased by $140.6 million, or 4.9%, to $3,029.9 million, with significant contributions from online reimbursements and gaming revenues [149]. - Operating income for the nine months ended September 30, 2025 decreased by $84.5 million, or 12.7%, to $582.0 million, impacted by an $86.9 million increase in asset impairment charges [151]. - Revenues for the nine months ended September 30, 2025, were reported at $2,939.4 million, with operating income of $1,187.3 million [223]. Revenue Breakdown - Gaming operations accounted for approximately 65% of total revenues for Q3 2025, down from 67% in Q3 2024, while online reimbursements represented 14% of revenues in Q3 2025 [157]. - Gaming revenues rose by $16.8 million, or 2.6%, during the three months ended September 30, 2025, primarily due to a 4.1% increase in slot handle and a 3.9% increase in slot win [159]. - Food & beverage revenues increased by $2.8 million, or 3.9%, during the three months ended September 30, 2025, driven by a 10.1% rise in average guest check [161]. - Room revenues decreased by $5.0 million, or 9.9%, during the three months ended September 30, 2025, due to declines in average daily rate and hotel occupancy rate of 3.5% and 2.4%, respectively [163]. - Online revenues decreased by $11.3 million during the three months ended September 30, 2025, primarily due to a $20.5 million decrease in revenue from market access agreements [166]. - Online reimbursements revenues increased by $35.5 million during the three months ended September 30, 2025, representing an increase in reimbursements of gaming taxes and other expenses [168]. - Total revenues in the Midwest & South segment increased by $16.5 million, or 3.1%, during the three months ended September 30, 2025, driven by a $13.8 million increase in gaming revenues [182]. - Gaming revenues increased by $34.7 million, or 5.5%, during the nine months ended September 30, 2025, primarily due to the new land-based casino opened in June 2024 [183]. - Online segment revenues increased by $24.3 million during the three months ended September 30, 2025, mainly from a $35.5 million increase in reimbursements of gaming taxes [185]. - Total revenues in the Managed & Other segment increased by $3.5 million during the three months ended September 30, 2025, primarily due to a $2.7 million increase in management fees from Sky River Casino [188]. Margins and Expenses - Adjusted EBITDAR for the three months ended September 30, 2025, was $321.8 million, a decrease of $14.8 million, or 4.4%, compared to the prior year [173]. - The gaming margin for the three months ended September 30, 2025, was 60.5%, slightly down from 60.6% in the prior year [173]. - The food & beverage margin decreased to 10.7% from 13.8% in the prior year, primarily due to a 14.6% increase in cost per cover [161]. - Online margins decreased to 33.8% from 68.8% in the prior year, primarily due to changes in market access agreements [166]. - Adjusted EBITDAR decreased by $0.4 million, or 2.4%, for the three months ended September 30, 2025, while it increased by $0.1 million, or 0.2%, for the nine months ended September 30, 2025, compared to the prior year [181]. Cash Flow and Capital Management - The company reported cash and cash equivalents of $319.1 million, an increase from $316.7 million at December 31, 2024 [206]. - The working capital deficit increased to $467.8 million as of September 30, 2025, compared to $61.2 million at December 31, 2024, primarily due to income taxes on the FanDuel Equity Sale [206]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $701.4 million, slightly up from $695.0 million in the same period of 2024 [210]. - The company generated net cash inflows from investing activities of $1,235.3 million during the nine months ended September 30, 2025, driven by $1,758.0 million from the FanDuel Equity Sale [212]. - Total outstanding principal amounts under the Credit Facility were $9.3 million as of September 30, 2025, down from $1,300.3 million at December 31, 2024 [217]. - The blended interest rate for outstanding borrowings under the Credit Facility was 6.2% as of September 30, 2025 [218]. - The company was in compliance with the financial covenants of its debt instruments as of September 30, 2025 [220]. - The company expects to meet its liquidity and capital resource needs for the next twelve months through current cash balances, available borrowing capacity, and cash flows from operating activities [207]. Strategic Initiatives - Boyd Gaming's strategy includes evaluating acquisition and growth opportunities to enhance offerings and expand online sports wagering and casino offerings [144]. - The company is committed to maintaining a strong balance sheet and has used proceeds from the FanDuel Equity Sale primarily to repay outstanding borrowings [143]. - Boyd Gaming's "Boyd Rewards" loyalty program enhances customer retention and distinguishes the company from competitors [145]. - The company plans to invest $150 million in 2025 for a $750 million resort development in Norfolk, Virginia, which includes a 65,000 square-foot casino and a 200-room hotel [233]. - The company expects to spend an additional $100 million in growth projects in 2025, including the expansion of meeting and convention space at Ameristar St. Charles [232]. - The company is pursuing additional expansion opportunities in both permitted and non-permitted gaming jurisdictions, influenced by gaming license selection processes and regulatory approvals [235]. Capital Expenditures and Maintenance - Estimated annual cash capital requirements for ongoing refurbishment and maintenance are approximately $250 million, with an additional $100 million planned for hotel renovations in 2025 [231]. - Approximately $440 million has been spent out of the total estimated $600 million capital expenditure expected in 2025 as of September 30, 2025 [234]. Legal and Compliance - The company believes that all pending litigation claims, if adversely decided, will not have a material effect on its business or financial position [237]. - There have been no material changes to off-balance sheet arrangements or critical accounting policies since the last annual report [238][239].

Group 1 - Boyd Group Services (BGSI.US) plans to raise up to $780 million through an IPO, with a projected market capitalization of $3.8 billion [1][2] - The company operates over 1,000 service centers across 34 states in the U.S. and 5 provinces in Canada, providing collision repair, glass repair, replacement, and calibration services [1] - Boyd Group is in the process of acquiring Joe Hudson's Collision Center, a U.S. automotive repair chain [1] Group 2 - Headquartered in Winnipeg, Canada, Boyd Group was established in 1990 and reported revenue of $3.1 billion for the 12 months ending June 30, 2025 [2] - The company plans to list on the New York Stock Exchange under the ticker symbol BGSI, with the underwriting managed by several financial institutions [2] - The pricing terms for the IPO have not yet been disclosed, but the company has initiated a roadshow, with the expected pricing date set for October 30, 2025 [2]

Group 1 - The article discusses the expertise of a research firm focused on the U.S. restaurant industry, covering various segments from quick-service to fine dining [1] - The firm employs advanced financial modeling and sector-specific KPIs to identify hidden value in public equities, particularly in micro and small-cap companies [1] - The analyst has a strong academic background with an MBA in Controllership and Accounting Forensics, and a Bachelor's in Business Administration, along with specialized training in valuation and financial modeling [1] Group 2 - The research has been featured on multiple platforms including Seeking Alpha, Yahoo Finance, and Investing.com, indicating a broad reach and recognition in the industry [1] - The firm also covers related sectors such as consumer discretionary, food & beverage, and casinos & gaming, showcasing a diverse analytical approach [1] - The analyst has hands-on experience in finance and business management, enhancing the practical application of the research conducted [1]

Group 1 - The article discusses the expertise of a research firm focused on the U.S. restaurant industry, covering various segments from quick-service to fine dining [1] - The firm employs advanced financial modeling and sector-specific KPIs to identify hidden value in public equities, particularly in micro and small-cap companies [1] - The research has been featured on multiple financial platforms, indicating a broad recognition of the firm's insights and analysis [1] Group 2 - The analyst has a strong academic background with an MBA in Controllership and Accounting Forensics, and a Bachelor's in Business Administration, enhancing the credibility of the research [1] - Specialized training in valuation, financial modeling, and restaurant operations contributes to the depth of analysis provided by the firm [1] - The firm aims to uncover investment opportunities that are often overlooked by mainstream analysts, focusing on niche concepts within the restaurant sector [1]

Core Viewpoint - Boyd Gaming's third quarter results exceeded expectations, but the positive performance was overshadowed by disappointing destination data and revenue from its Las Vegas casinos [2] Group 1: Financial Performance - The company reported better-than-expected third quarter results, indicating strong performance in certain segments [2] - Revenue generated from its 10 casinos in Las Vegas was disappointing, impacting overall investor sentiment [2] Group 2: Regional Performance - Strength was noted in the Midwest and South segments, suggesting that these areas are performing well compared to Las Vegas [2]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Core Insights - Boyd Gaming (BYD) reported quarterly earnings of $1.72 per share, exceeding the Zacks Consensus Estimate of $1.57 per share, and showing an increase from $1.52 per share a year ago, resulting in an earnings surprise of +9.55% [1] - The company achieved revenues of $1 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 15.23%, compared to $961.25 million in the same quarter last year [2] - Boyd has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Outlook - The future performance of Boyd's stock will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.89 on revenues of $894.21 million, and for the current fiscal year, it is $6.98 on revenues of $3.79 billion [7] Industry Context - The Gaming industry, to which Boyd belongs, is currently ranked in the top 28% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - The performance of Boyd's stock may also be influenced by the overall industry outlook and the results of competitors like Wynn Resorts, which is expected to report earnings soon [9][10]

Financial Data and Key Metrics Changes - The company reported revenues exceeding $1 billion for the third quarter, with EBITDA at $322 million, maintaining margins at 37% [4][17] - Year-to-date capital expenditures reached $440 million, with expectations to total approximately $600 million for the year [20][21] - The total leverage ratio improved from 2.8x to 1.5x following the sale of a stake in FanDuel [23][90] Business Line Data and Key Metrics Changes - The Las Vegas Locals segment generated revenues of $211 million and EBITDA of $92 million, with year-over-year growth of 2% excluding the Orleans property [5][6] - The Midwest and South segment achieved its strongest third-quarter performance in three years, with revenues rising 3% to $539 million and EBITDA growing to $202 million [9][10] - The online segment showed growth from Boyd Interactive, with an increased EBITDA guidance to $60 million for the year [10] Market Data and Key Metrics Changes - The broader Las Vegas Locals market saw gaming revenue growth of over 3% in the last 12 months, supported by solid wage growth of more than 6% [7][9] - The Southern Nevada economy remains resilient and diversified, with significant job growth in sectors beyond hospitality [8] Company Strategy and Development Direction - The company is focused on capital investments to enhance property offerings, with a budget of $100 million per year for growth capital projects [14][21] - Ongoing expansions include the Sky River Casino and the Cadence Crossing project, aimed at enhancing competitive positioning in the market [15][16] - The company maintains a disciplined approach to M&A, looking for the right opportunities in the market [31] Management's Comments on Operating Environment and Future Outlook - Management noted strong play from core customers and improving trends from retail customers, indicating a positive outlook for the fourth quarter [12][18] - The company is optimistic about the impact of recent tax legislation on customer spending, although specific quantification of benefits remains uncertain [8][66] - Management expressed confidence in the long-term growth potential of the Las Vegas Locals business, supported by a diversified economy [9][18] Other Important Information - The company repurchased $160 million in stock during the quarter and paid $15 million in dividends, returning a total of $637 million to shareholders year-to-date [17][22] - The company is managing ongoing construction at properties like Suncoast and Orleans, with expectations of minimal disruption to operations [14][52] Q&A Session Summary Question: What are the main drivers of weakness in the destination business? - Management indicated that the weakness is primarily in the destination business, particularly at the Orleans, while core and locals customers continue to perform well [26][28] Question: Can you share thoughts on the M&A pipeline? - Management noted a disciplined approach to M&A, monitoring opportunities but not seeing a significant increase in pitch books [31] Question: How did the Midwest and South properties perform? - Performance was broad-based across the portfolio, with notable growth at Treasure Chest [36] Question: What is the expected impact of the Orleans renovation? - Management anticipates limited disruption from the renovation, with more clarity on timing and scope to be provided later [51][54] Question: How is the promotional environment across markets? - Management reported a consistent promotional environment, maintaining disciplined marketing spend despite increased competition [55] Question: What are the expectations for the tax bill benefits? - Management expects incremental benefits from the tax bill but has not quantified the overall impact on revenue and EBITDA [66] Question: How is the balance sheet positioned for future leverage? - Management indicated that leverage is expected to gradually increase to around 2.5x due to capital plans, but they are not actively seeking to increase leverage at this time [90][92]

Financial Data and Key Metrics Changes - The company reported revenues exceeding $1 billion for the third quarter, with EBITDA at $322 million, maintaining a margin of 37% [4][17] - The total leverage ratio improved from 2.8 times to 1.5 times following the sale of a stake in FanDuel, with lease-adjusted leverage declining from 3.2 times to 2.0 times [23][22] Business Line Data and Key Metrics Changes - The Las Vegas Locals segment generated revenues of $211 million and EBITDA of $92 million, with year-over-year growth of 2% in both metrics when excluding the Orleans [5][6] - The Midwest and South segment achieved its strongest third-quarter performance in three years, with revenues rising 3% to $539 million and EBITDA growing to $202 million, exceeding 2% over the prior year [9][10] Market Data and Key Metrics Changes - The broader Las Vegas Locals market saw gaming revenue growth of over 3% in the last 12 months, supported by solid wage growth of more than 6% in Southern Nevada [7][8] - The company noted improvements in play from both core and retail customers, indicating a positive trend in customer demand across the country [12][18] Company Strategy and Development Direction - The company is focused on capital investments to enhance property offerings, with a budget of $100 million per year for growth capital projects [14][21] - Significant developments include the $750 million resort in Norfolk, Virginia, scheduled to open in November 2027, and the Cadence Crossing project in Las Vegas, set to replace the Joker's Wild Casino [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the Southern Nevada economy and the ongoing growth potential of the Las Vegas Locals business [9][18] - The company anticipates continued strong performance in the fourth quarter, supported by improving customer trends and ongoing capital investments [12][24] Other Important Information - The company repurchased $160 million in stock during the quarter and paid $15 million in dividends, returning a total of $637 million to shareholders year-to-date [17][22] - The company is maintaining a disciplined approach to marketing spend, despite increased competition in some markets [56] Q&A Session Summary Question: What are the main drivers of weakness in the destination business? - Management noted that the weakness is primarily in the destination business, particularly at the Orleans, while core and locals customers continue to perform well [26][28] Question: Can you share thoughts on the M&A pipeline? - Management indicated a disciplined approach to M&A, monitoring opportunities but not seeing a significant increase in pitch books [31] Question: How did the Midwest and South properties perform? - Performance was generally broad-based, with notable growth at Treasure Chest, indicating strong results across the portfolio [36] Question: What is the expected impact of the tax bill? - Management believes the tax bill will provide incremental benefits but has not quantified its impact on revenue and EBITDA [66] Question: How is the company managing disruption from renovations? - Management stated that while there is disruption, performance at properties like Suncoast remains in line with prior year results, and they are managing through the construction effectively [60][62] Question: What is the outlook for the balance sheet and leverage? - Management plans to maintain leverage around 1.5 to 2 times, gradually increasing as capital plans are executed, while remaining prudent about future opportunities [90][92]

Financial Data and Key Metrics Changes - The company reported revenues exceeding $1,000,000,000 for the third quarter, with EBITDAR at $322,000,000, maintaining a margin of 37% consistent with the prior year [4][17] - The total leverage ratio improved from 2.8 times to 1.5 times following the sale of a stake in FanDuel, with lease adjusted leverage declining from 3.2 times to 2.0 times [24][100] Business Line Data and Key Metrics Changes - The Las Vegas Local segment generated revenues of $211,000,000 and EBITDAR of $92,000,000, with year-over-year growth of 2% in both revenues and EBITDAR when excluding the Orleans [5][6] - The Midwest and South segment achieved a 3% revenue increase to $539,000,000, with EBITDAR growing by over 2% [9][10] - The online segment is projected to achieve $60,000,000 in EBITDAR for the year, with expectations of approximately $30,000,000 for 2026 [10] Market Data and Key Metrics Changes - The broader Las Vegas locals market saw gaming revenue growth of over 3% year-over-year, supported by solid wage growth exceeding 6% [6][7] - The Downtown Las Vegas segment's revenues and EBITDA remained stable, driven by strong play from Hawaiian customers despite lower hotel revenues [9] Company Strategy and Development Direction - The company is focused on capital investments to enhance guest experiences, with a budget of $100,000,000 annually for growth capital projects [13][21] - Ongoing renovations at properties like Suncoast and Orleans are aimed at maintaining competitiveness in the market [12][46] - The company is pursuing significant growth opportunities, including a $750,000,000 resort development in Norfolk, Virginia, scheduled to open in November 2027 [16] Management's Comments on Operating Environment and Future Outlook - Management noted continued strength in play from core customers and improving trends from retail customers, indicating a positive outlook for the fourth quarter [12][25] - The Southern Nevada economy is described as resilient and diversified, positioning the company well for future growth [8] Other Important Information - The company repurchased $160,000,000 in stock during the quarter and paid $15,000,000 in dividends, returning a total of $637,000,000 to shareholders year-to-date [17][22] - The company is maintaining a disciplined approach to capital allocation, with plans for ongoing share repurchases and dividends [23] Q&A Session Summary Question: What are the main drivers of weakness in the destination business? - Management indicated that the weakness is primarily in the destination business, while core and local customers continue to perform well, with improvements in forward bookings noted [27][28] Question: Thoughts on the M&A pipeline? - The company is monitoring M&A opportunities but remains disciplined in its approach, focusing on the right assets at the right price [34][35] Question: Trends in the Midwest and South properties? - Results were broadly strong across the Midwest and South, with Treasure Chest noted for its continued growth [39][41] Question: How are the Vegas locals assets positioned from a CapEx perspective? - The company is confident in its Vegas locals assets, with ongoing renovations at Suncoast and plans for updates at Orleans to remain competitive [43][46] Question: Expectations for the impact of the tax bill? - Management expects incremental benefits from the tax bill but has not quantified the overall impact on revenue and EBITDAR [72][73] Question: How did the quarter play out month to month? - The quarter was steady, with some fluctuations due to holiday timing, but core trends remained consistent [77] Question: Any impact from the cybersecurity incident? - The cybersecurity incident did not impact business operations, and the company has cyber insurance to mitigate risks [90] Question: How is the balance sheet being optimized? - The company is maintaining a leverage target of around 2.5 times, with current leverage at 1.5 times, and is open to adjusting based on future opportunities [99][100]