Boyd Gaming Corporation reported a total revenue of $1.004 billion for the third quarter of 2025, marking a 4.5% increase from $961.2 million in the same period last year. The growth was primarily driven by a $35.5 million rise in online reimbursements revenue, which reflects reimbursements for gaming taxes and other expenses paid on behalf of online partners. Gaming revenues also saw an increase of $16.8 million, or 2.6%, attributed to a 4.1% rise in slot handle and a 3.9% increase in slot win. However, this was partially offset by a decrease in online revenue, which fell by $11.3 million due to changes in market access agreements.
For the nine months ending September 30, 2025, Boyd Gaming's total revenues reached $3.030 billion, up 4.9% from $2.889 billion in the prior year. The increase was again driven by online reimbursements, which rose by $79.5 million, and gaming revenues, which increased by $42 million. However, the company faced challenges with a $19.6 million decline in revenue from market access agreements, reflecting the impact of strategic changes in its online operations.
Operating income for the third quarter decreased significantly to $139.8 million from $220 million a year earlier, primarily due to a $65.1 million increase in asset impairment charges. The company recorded long-lived asset impairment charges related to property and equipment in its Las Vegas Locals and Midwest & South segments. For the nine-month period, operating income also fell to $582 million from $666.5 million, again impacted by increased impairment charges and the revenue mix changes.
In terms of strategic developments, Boyd Gaming completed the sale of its 5% equity interest in FanDuel for $1.758 billion on July 31, 2025. The proceeds from this sale were primarily used to pay down outstanding debt, significantly reducing the company's long-term debt from $3.133 billion at the end of 2024 to $1.893 billion by September 30, 2025. The company also reported a working capital deficit of $467.8 million, largely due to taxes payable related to the FanDuel sale.
Looking ahead, Boyd Gaming remains focused on maintaining a strong balance sheet while pursuing growth opportunities, including a $750 million resort development in Norfolk, Virginia, expected to open a transitional casino in November 2025. The company anticipates that its current cash balances, along with available borrowing capacity, will be sufficient to meet its liquidity needs for the next twelve months, including projected operating requirements and maintenance capital expenditures.
About BOYD GAMING CORP
Boyd Gaming Corporation operates 28 brick-and-mortar casino entertainment properties across multiple U.S. states, serving local residents and tourists. It offers gaming, hotel accommodations, dining, and entertainment, with a focus on loyalty through its Boyd Rewards program. The company also provides online casino and sports betting services via Boyd Interactive and partnerships like FanDuel. Its diversified, multi-jurisdictional model emphasizes customer experience, operational efficiency, and geographic reach.
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