Boyd Gaming Corporation has reported a robust fiscal 2025, with full-year revenues reaching $4.1 billion, up from $3.9 billion in the previous year.
The results were bolstered by a significant $1.4 billion after-tax gain from the sale of its FanDuel interest.
Online Segment Performance
The company’s Online segment showed consistent growth throughout the fourth quarter, driven by the expansion of its iGaming and online casino operations. This digital success helped offset softer visitation in “destination-oriented” Las Vegas properties.
Keith Smith, President and CEO of Boyd Gaming, praised the company’s resilience:
“Our Company delivered another successful performance in 2025… achieved record revenues while maintaining strong property-level margins. We further enhanced our customer offerings and the growth potential of our portfolio through our ongoing capital investments, including our progress toward the completion of our $750 million resort in Virginia”.
Financial Strength and Shareholder Returns
Boyd Gaming returned over $800 million to shareholders in 2025 through dividends and share repurchases. As of December 31, the company maintained a strong balance sheet with $353.4 million in cash and total debt of $2.1 billion.
Looking toward 2026, the Boyd Gaming Corporation remains optimistic about leveraging its mixed retail and digital operating model in regulated US markets.
