Boyd Gaming has reported its financial results for the fourth quarter and full-year 2025, as revenue for both periods increased year-over-year, rising 2% and 4.1%, respectively, for totals of $1.1bn and $4.1bn.
Despite the positive revenue change for Q4 2025, decreases in net income, adjusted EBITDA and revenue from Las Vegas operations were also reported during the period, while net income for FY2025 grew 218.9% to $1.8bn, impacted by the sale of FanDuel to Flutter Entertainment.
Las Vegas takes toll on Boyd Gaming’s Q4 performance
While Boyd Gaming witnessed positive revenue changes for Q4 2025, net income fell 17.7% from the prior year period to $140.4m, while adjusted EBITDA decreased 12.3% for a total of $308m. Gaming revenue during the fourth quarter of 2025 increased 1.9% to $670.6m, as revenue generated by food & beverage operations grew 1.5% to nearly $82.4m.
Room and online operations failed to replicate the same success as its counterparts, however, generating $47.2m and $26.2m, respectively, for decreases of 10.7% and 57.1% during Q4 2025. While revenue from online operations fell year-over-year, the operator received just over $173.9m in online reimbursements, equating to an increase of 36.1%.
Boyd Gaming also reported a 14.9% increase in operating expenses for Q4 2025 to $895.7m, perhaps leading to the operator’s 36.3% decrease in operating income during the quarterly period. Revenue from Boyd Gaming’s Las Vegas Locals and Downtown Las Vegas operations were reported to be $227.2m and $63m, respectively, equating to decreases of 2% and 3.9%.
The operator’s Midwest & South business generated the highest revenue of any sector for Boyd Gaming during Q4 2025, increasing 2.8% to $533.1m. Midwest & South operations also produced the highest adjusted EBITDAR of any region, totaling $191.4m but fell 0.5%.
Las Vegas Locals business generated $109.1m of adjusted EBITDAR for Q4 2025 and decreased 2.8%, while Downtown Las Vegas’ adjusted EBITDAR for the period fell 11% year-over-year. Online operations also witnessed a sharp decrease in adjusted EBITDAR for Q4 2025, having fallen by 81.5% for a total of $8.2m.
FanDuel sale propels Boyd’s net income for FY2025
In July 2025, Flutter Entertainment agreed to pay Boyd Gaming approximately $1.8bn ($1.755bn) to secure a 100% ownership stake in FanDuel at an implied valuation of $31bn, as well as extend its strategic partnership with Boyd to 2038.
The sale also helped Boyd Gaming report a significant 218.9% increase in net income for FY 2025, totaling just over $1.8bn during the period. The rise in net income and total revenue for FY2025 was generated despite a 3.1% decrease in adjusted EBITDA to $1.2bn.
Boyd Gaming reported a 19.3% fall in operating income for FY2025 to $748.4m, while operating expenses climbed by nearly 11.4% from the prior year period to $3.3bn. Revenue from gaming and food & beverage operations increased 2.1% and 2.2%, respectively, for totals of $2.6bn and $310.2m.
Room operations witnessed a 6.5% decrease in revenue during FY2025 to $191.3m, while Boyd Gaming’s online vertical generated $132.2m of revenue but fell by 15.1%. The Las Vegas Locals and Downtown Las Vegas regions also reported decreases in revenue for FY2025, having fallen 0.5% and 0.6%, respectively, for totals of $890m and $228.7m.
Boyd Gaming’s operations in the Midwest & South led all regions in FY2025 revenue by a wide margin, increasing 2.6% to just over $2.1bn. The region also generated an adjusted EBITDAR of $777.7m for FY2025, representing growth of 1.6%.
Online operations managed to increase FY2025 revenue by 16.8% for a total of $708.3m, while the sector’s adjusted EBITDAR decreased 41.3% to $63.1m.
Boyd Gaming Corporation donated more than $215,000 to non-profit organizations operating across the US on December 30 as part of its 18th annual Trees of Hope charitable competition
