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% consistent with the prior year [3][16] - The total leverage ratio improved from 2.8 times to 1.5 times following the sale of a 5% stake in FanDuel, while lease-adjusted leverage decreased from 3.2 times to 2.0 times [22][21] 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 property [4][8] - 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, reflecting broad-based growth across the segment [8][9] 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 exceeding 6% in Southern Nevada [5][6] - The Downtown Las Vegas segment's revenues and EBITDA remained stable compared to the prior year, driven by strong play from Hawaiian customers despite softness in destination business [8][9] Company Strategy and Development Direction - The company is focused on capital investments to enhance guest experiences, with a budget of $100 million annually for growth capital projects, including expansions at Sky River Casino and Cadence Crossing [10][19] - The company plans to maintain a balanced approach to capital allocation, with intentions to repurchase approximately $150 million in stock quarterly while paying dividends [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the Las Vegas Locals business, citing ongoing improvements in customer demand and operational efficiencies [3][11] - The company noted that customer trends observed in the third quarter have continued into October, indicating a positive outlook for the fourth quarter [11][23] Other Important Information - The company completed $146 million in capital expenditures during the third quarter, bringing year-to-date expenditures to $440 million, with expectations to reach approximately $600 million for the year [18][19] - The company is undergoing renovations at several properties, including the IP Hotel and Orleans Hotel, to enhance competitiveness [12][19] Q&A Session Summary Question: What are the main drivers of weakness in the destination business? - Management indicated that the weakness is primarily related to the Orleans property, while core and retail customer segments continue to perform well [25][26] Question: Can you provide insights on the M&A pipeline? - Management stated they are monitoring opportunities but have not seen a significant increase in M&A activity recently [28] Question: How did the Midwest and South properties perform? - The performance was broadly strong across the portfolio, with notable growth at Treasure Chest Casino [31][32] Question: What is the expected impact of the Orleans Hotel project? - Management anticipates limited disruption from the renovation project, with more clarity expected as the project scope is defined [45][49] Question: How is the promotional environment across markets? - The company has maintained a disciplined marketing approach despite increased competition, resulting in consistent margins [50] Question: What are the expectations for the tax bill benefits? - Management noted that while there are several elements to the tax bill, they have not quantified the overall benefit to revenue and EBITDA [57] Question: How is the balance sheet positioned regarding leverage? - The company is currently at a leverage ratio of 1.5 times, with plans to gradually increase it to around 2.5 times as capital projects progress [80][81]

The online gambling and casino operator reported a profit of $1.44 billion after the sale of its stake in sports-betting platform FanDuel in July. ...

Financial Performance - Boyd Gaming reported third-quarter 2025 revenues of $1.0 billion, a 4.3% increase from $961.2 million in the same quarter of 2024[2]. - Net income for the third quarter of 2025 was $1.4 billion, or $17.81 per share, compared to $131.1 million, or $1.43 per share, in the prior year[2]. - Adjusted Earnings for the third quarter of 2025 were $139.1 million, or $1.72 per share, slightly down from $139.3 million, or $1.52 per share, in the same period in 2024[2]. - Total Adjusted EBITDAR for the third quarter of 2025 was $321.8 million, compared to $336.6 million in the third quarter of 2024[2]. - Total revenues for Q3 2025 reached $1,004,361,000, a 4.5% increase from $961,246,000 in Q3 2024[13]. - Adjusted EBITDA for Q3 2025 was $293,181,000, compared to $308,472,000 in Q3 2024, reflecting a decrease of 4.9%[13]. - Net income attributable to Boyd Gaming for Q3 2025 was $1,439,993,000, significantly up from $131,128,000 in Q3 2024[17]. - Adjusted earnings per share for Q3 2025 were $1.72, compared to $1.52 in Q3 2024, marking a 13.2% increase[17]. Shareholder Returns - Boyd Gaming returned $175 million to shareholders during the quarter while maintaining a strong balance sheet[2]. - Boyd Gaming repurchased $160 million in shares during the third quarter of 2025, with approximately $547 million remaining under its current share repurchase authorization[6]. - A quarterly cash dividend of $0.18 per share was paid on October 15, 2025[6]. Segment Performance - The Midwest & South segment achieved its best third-quarter revenue and Adjusted EBITDAR performance in three years[4]. - Online segment revenues increased to $165,597,000 in Q3 2025, a 17.1% rise from $141,312,000 in Q3 2024[13]. - The Midwest & South segment reported revenues of $538,852,000 in Q3 2025, up 3.1% from $522,400,000 in Q3 2024[13]. Financial Position - The company had cash on hand of $319.1 million and total debt of $1.9 billion as of September 30, 2025[7]. - Corporate expenses net of share-based compensation for Q3 2025 were $23,777,000, compared to $21,694,000 in Q3 2024[13]. - Impairment of assets for Q3 2025 was $65,123,000, with no impairments reported in Q3 2024[17]. - Total other (income) expense, net for Q3 2025 was $(1,702,272,000), compared to $46,005,000 in Q3 2024[13]. Company Overview - Boyd Gaming operates 28 gaming entertainment properties across 10 states, celebrating its 50th anniversary in 2025[24]. - Financial contact for Boyd Gaming is Josh Hirsberg, reachable at (702) 792-7234[25]. - Media contact for Boyd Gaming is David Strow, reachable at (702) 792-7386[25].

Accessibility StatementSkip Navigation LAS VEGAS, Oct. 23, 2025 /PRNewswire/ --Â Boyd Gaming Corporation (NYSE: BYD)Â today reported financial results for the third quarter ended September 30, 2025. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "During the third quarter, our Company continued to achieve revenue and Adjusted EBITDAR growth after adjusting for our recent FanDuel transaction. These results were driven by year-over-year growth in play from our core customers, improvin ...

Core Viewpoint - Analysts forecast that Boyd Gaming (BYD) will report quarterly earnings of $1.55 per share, reflecting a year-over-year increase of 2%, while revenues are expected to decline by 9.9% to $865.81 million [1] Earnings Projections - Over the last 30 days, the consensus EPS estimate has been revised upward by 1.7%, indicating a collective reassessment by analysts [2] - Changes in earnings projections are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate trends and short-term stock price movements [3] Revenue Estimates - Analysts predict 'Revenues by Segment- Managed & Other' will reach $34.50 million, representing a year-over-year increase of 6.6% [4] - 'Revenues- Online' are expected to be $41.36 million, indicating a significant decline of 70.7% from the previous year [5] - 'Revenues by Segment- Downtown Las Vegas' is forecasted at $52.71 million, showing a slight decrease of 1.1% year-over-year [5] - 'Revenues by Segment- Midwest and South' is estimated at $522.97 million, reflecting a marginal increase of 0.1% [5] - 'Revenues by Segment- Las Vegas Locals' is projected to be $210.41 million, indicating a decrease of 0.7% from the prior year [6] Adjusted EBITDAR Estimates - 'Adjusted EBITDAR- Online' is expected to be $4.72 million, down from $26.01 million in the previous year [6] - 'Adjusted EBITDAR- Managed & Other' is estimated at $23.94 million, compared to $22.53 million in the same quarter last year [7] - The consensus for 'Adjusted EBITDAR- Downtown Las Vegas' stands at $16.02 million, slightly down from $16.51 million year-over-year [7] - 'Adjusted EBITDAR- Midwest and South' is projected at $192.29 million, down from $196.87 million in the same quarter last year [8] - 'Adjusted EBITDAR- Las Vegas Locals' is expected to be $94.73 million, compared to $96.41 million in the previous year [8] Stock Performance - Boyd shares have shown a return of -2% over the past month, contrasting with the Zacks S&P 500 composite's increase of +1.1% [8]

Key Takeaways Boyd Gaming is set to report Q3 EPS of $1.55, up 2% year over year, on $865.8M in revenues.Midwest and South strength and disciplined operations likely supported quarterly results.Renovation-related impacts, weaker Las Vegas travel and inflationary costs may weigh on Q3.Boyd Gaming Corporation (BYD) is scheduled to report third-quarter 2025 results on Oct. 23, after the closing bell.BYD’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise ...

Investors interested in stocks from the Gaming sector have probably already heard of Boyd Gaming (BYD) and Take-Two Interactive (TTWO) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets companies w ...

Group 1: Company Overview - Boyd Gaming is part of the Consumer Discretionary group, which includes 264 companies and is currently ranked 10 in the Zacks Sector Rank [2] - Boyd Gaming has a Zacks Rank of 2 (Buy), indicating a favorable outlook based on earnings estimate revisions [3] Group 2: Performance Metrics - The Zacks Consensus Estimate for Boyd Gaming's full-year earnings has increased by 6.2% in the past quarter, reflecting improved analyst sentiment [4] - Boyd Gaming has returned approximately 19.2% year-to-date, outperforming the average return of 8.5% for the Consumer Discretionary sector [4] Group 3: Industry Comparison - Boyd Gaming belongs to the Gaming industry, which consists of 40 stocks and is currently ranked 74 in the Zacks Industry Rank; the industry has an average gain of 21.3% this year, indicating that Boyd Gaming is slightly underperforming its industry [6] - In contrast, Liberty Media Corporation - Liberty Formula One Series C, another Consumer Discretionary stock, has returned 13.1% year-to-date and is part of the Media Conglomerates industry, which has a lower average return of 8.8% [5][7]

Core Viewpoint - Boyd Gaming (BYD) has shown strong stock performance, reaching a new 52-week high and outperforming both the Zacks Consumer Discretionary sector and the Zacks Gaming industry in year-to-date returns [1][2]. Performance Metrics - Boyd's stock has increased by 20% since the beginning of the year, compared to a 9.1% increase in the Zacks Consumer Discretionary sector and a 24.8% return in the Zacks Gaming industry [1]. - The stock has consistently beaten earnings estimates, reporting an EPS of $1.87 against a consensus estimate of $1.67 in its last earnings report [2]. Earnings Projections - For the current fiscal year, Boyd is projected to achieve earnings of $6.91 per share with revenues of $3.77 billion, reflecting a 5.5% increase in EPS but a 4.04% decrease in revenues [3]. - The next fiscal year is expected to see earnings of $7.54 per share on revenues of $3.57 billion, indicating a year-over-year EPS growth of 9.12% but a revenue decline of 5.29% [3]. Valuation Metrics - Boyd's stock trades at 12.6 times the current fiscal year EPS estimates, significantly lower than the peer industry average of 25.6 times [7]. - The trailing cash flow multiple is 8.6 times, compared to the peer group's average of 11.9 times, and the PEG ratio stands at 2.45, positioning Boyd favorably for value investors [7]. Style Scores - Boyd has a Value Score of A, with Growth and Momentum Scores of C and B, respectively, resulting in a VGM Score of B [6]. - The Zacks Rank for Boyd is 2 (Buy), supported by a positive earnings estimate revision trend, making it a suitable choice for investors looking for stocks with strong potential [8].

Core Points - Boyd Gaming Corp. has not disclosed whether it paid a ransom following a cyberattack on its internal IT systems [1][2] - The company operates 11 properties, including three in downtown Las Vegas, and reported the cyberattack in a filing with the SEC [2] - Boyd Gaming took immediate action by engaging external cybersecurity experts and cooperating with federal law enforcement [3] Cyberattack Context - In 2023, two notable cyberattacks targeted casino companies: Caesars Entertainment paid a $15 million ransom, while MGM Resorts did not and faced an estimated $100 million in costs due to system downtime [4] - Boyd Gaming does not anticipate any material costs resulting from the cyberattack [4] Financial Implications - The company believes the incident will not materially affect its financial condition or operational results [5] - Boyd maintains a comprehensive cybersecurity insurance policy that is expected to cover costs related to incident response, forensic investigations, business interruptions, legal actions, and regulatory fines, subject to policy limits and deductibles [5] Security Measures - MGM's attack involved social engineering tactics, but Boyd has not disclosed how the cybercriminals accessed its systems [6]