Boyd Gaming has reported its financial results throughout the third quarter of 2025, as both net revenue and net income increased from the prior year period, but adjusted EBITDAR fell 4.4% to $321.8m.
The operator was able to generate just over $1bn in total net revenue for the period, equating to an increase of 4.5%, while net income was reported to be $1.4bn, inflated by Boyd Gaming's sale of its remaining assets in FanDuel to Flutter Entertainment for nearly $1.8bn. Throughout Q3 2024, the operator's net income was reported to be $131.1m.
Flutter also began to receive "significantly reduced" market access costs in states where Boyd Gaming provides entry for FanDuel, expected to save the company approximately $65m in annual savings beginning July 1, 2025. Boyd Gaming stated its adjusted EBITDAR results were also a factor of the transaction, due to lower market-access fees generated for Q3 2025.
Boyd Gaming's total net revenue for the third quarter of 2025 was primarily driven by its casino vertical, which accounted for $657.4m and increased 2.6%. The operator's online vertical drove $26.9m of revenue but fell 29.5% year-over-year, while revenue produced from hotel rooms was reported to be $45.2m and decreased 9.9%. Boyd Gaming still managed to increase its food & beverage revenue, however, which grew by 3.9% to $75.6m.
Operating costs attributed to the verticals totaled nearly $864.6m for Boyd Gaming throughout Q3 2025, equating to a rise of 16.6% and may account for the company's decrease in operating income, which fell 36.5% from the prior year period for a total of $139.8m. The operator also reported a decrease in total adjusted EBITDA for Q3 2025, having fallen 4.6% to $293.2m.
For segment revenue, Las Vegas Locals and Midwest & South operations accounted for the highest revenue of any region where Boyd Gaming currently conducts business, producing $210.8m and $538.9m, respectively, for a slight decrease of 0.5% but a rise of 3.1% for the latter.
Boyd Gaming's online segment, when combined with reimbursements witnessed for Q3 2025, totaled $165.6m of revenue for an increase of 17.2%, while the operator's Downtown Las Vegas business reported a minimal decrease of 0.1% to just over $53.2m.
In adjusted EBITDAR, Las Vegas Locals generated $92.1m for Q3 2025 which represents a decrease of 4.4%, similar to the results witnessed from Boyd Gaming's Downtown Las Vegas and online operations, which fell 2.4% and 63.8%, respectively, for totals of $16.1m and $9.4m. The Midwest & South segment also managed to increase adjusted EBITDAR throughout the third quarter of 2025, rising 2.4% to $201.6m.
Boyd Gaming stated the decrease in revenues witnessed from Las Vegas Locals and Downtown Las Vegas are primarily attributed to declines in destination business and reduced pedestrian traffic in the downtown area.
Tourism in Las Vegas was a talking point of the 2025 Global Gaming Expo (G2E) conference, held at The Venetian Resort Casino in Sin City, as MGM Resorts International President and CEO Bill Hornbuckle addressed the declining visitation as part of a keynote address at G2E.
"Obviously, we've been characterized. We all know what's happened with Canada. But as I look to the future, I think the next 16 months are going to be the best the city has ever had or ever seen. And so, what's on the books, not only with MGM Resorts, but the community at large, literally, is facing up to be the best 16 months," Hornbuckle said.
Boyd Gaming also began construction on the organization's new Las Vegas Valley casino project with ceremonial dirt shovelling on April 4, representing the first new development to be executed by the operator in 20 years and expected to launch in mid-2026.
Following a Boyd Gaming data breach in which hackers were able to remove certain employee information and records, five lawsuits were filed against the operator in the hopes of creating a class action involving thousands of current employees, ex-workers and customers
