Boyd Gaming Corporation reported a total revenue of $4.09 billion for the fiscal year ending December 31, 2025, marking a 4.1% increase from $3.93 billion in 2024. The growth was primarily driven by a significant rise in online reimbursements revenue, which increased by $125.7 million, and a 2.1% increase in gaming revenues, amounting to $2.64 billion. However, the company experienced a decrease in online revenue, which fell by $23.6 million due to changes in market access agreements. Operating income for the year was $748.4 million, a decline of 19.3% from the previous year, largely attributed to a $117.9 million increase in asset impairment charges.
In terms of strategic developments, Boyd Gaming completed the sale of its 5% equity interest in FanDuel for $1.76 billion on July 31, 2025. This transaction allowed the company to strengthen its balance sheet and invest in its properties. Additionally, Boyd Gaming opened a transitional casino in Norfolk, Virginia, on November 7, 2025, with plans for a permanent resort expected to open in late 2027. The company also acquired Boyd Digital, enhancing its online gaming operations, which contributed to a 16.8% increase in online revenues.
Operationally, Boyd Gaming operated 27 gaming entertainment properties across multiple states, with a total of 27,267 slot machines and 600 table games. The company reported a total employee headcount of 16,009 as of December 31, 2025. The Las Vegas Locals segment generated approximately 64% of total revenues, while online reimbursements accounted for 14%. The company’s loyalty program, Boyd Rewards, continues to play a crucial role in customer retention, with a focus on enhancing customer experience through targeted marketing and service excellence.
Looking ahead, Boyd Gaming aims to maintain its growth trajectory by focusing on strategic acquisitions, capital investments, and enhancing operational efficiencies. The company plans to invest approximately $250 million to $300 million in the Norfolk casino project and other developments in 2026. Boyd Gaming's management remains optimistic about future revenue growth, despite the challenges posed by market conditions and competition in the gaming industry. The company is committed to leveraging its diversified operations and strong cash flow to deliver long-term value to shareholders.
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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