In Q2 of 2025, Boyd Gaming delivers a robust performance.
In a recent announcement, Boyd Gaming Corporation unveiled its financial results for the quarter ended June 30, 2025. The company, known for its broad-based operations in the gaming and entertainment industry, reported a robust performance across its segments.
Boyd Gaming's President and Chief Executive Officer, Keith Smith, expressed excitement about the Q2 2025 results. The company delivered broad-based growth, with its Online and Managed segments contributing significantly to the positive outcomes.
Online Gaming Segment Shines
The online gaming segment, which has experienced strong growth recently, was a significant driver of Boyd Gaming's financial health. In Q2 2025, the online revenue increased from $129.9m in Q2 2024 to $173.1m. This growth helped the company achieve revenues of over $1 billion in Q2 2025, compared to $967.5 million in Q2 2024.
Although specific online revenue figures are not detailed in the report, the mention of "strong growth" in the online segment alongside overall revenue increases indicates this area is a significant contributor to Boyd Gaming's financial health.
Other Segments Perform Well
Gaming revenue also saw a significant increase, rising by more than $20m to $671.5m in Q2 2025. Food and beverage revenue also grew year-over-year, reaching $78.2m in Q2 2025.
These positive figures contributed to a total revenue of $1.03bn for Q2 2025, an increase from $1.93bn in the same period last year. The company's strategic divestment is expected to enable Boyd Gaming to continue pursuing new growth opportunities while returning capital to shareholders.
Improved Financial Position
To further strengthen its financial position, Boyd Gaming plans to sell its stake in FanDuel to Flutter, a leading player in online sports betting. This move is expected to positively impact the company's financial position.
In addition, Boyd Gaming recorded an increase in revenue for the first six months of 2025, with total revenue increasing from $1.93bn in the same period last year to $2.06bn. The company achieved its strongest property-level revenue and Adjusted EBITDAR growth in more than three years.
Property-level margins exceeded 40%, supported by continued strength in play from core customers and improvements in retail play. Total adjusted EBITDAR for Q2 2025 increased to $357.9m.
In summary, Boyd Gaming’s online gaming growth is positively impacting the company’s overall revenue by supporting consistent quarterly revenue increases and maintaining healthy profit margins in a competitive and evolving gaming market. The company's strategic moves, such as the planned sale of its stake in FanDuel, aim to further strengthen its financial position and position it well for future growth.
[1]: Source: Boyd Gaming Corporation Q1 2025 Earnings Release [3]: Source: Boyd Gaming Corporation Investor Presentation, May 2025
The growth in Boyd Gaming's online gaming segment, as indicated by a rise from $129.9 million in Q2 2024 to over $1 billion in Q2 2025, is a significant contributor to the company's financial health. This expansion in the online gaming segment, complemented by the company's strategic moves such as the planned sale of its stake in FanDuel, aims to further fortify Boyd Gaming's financial position and position it favorably for future business endeavors that may involve online gambling, finance, and investing.
