Boyd Gaming Delivers Consistent Results, Beats Expectations in Q1 2025

Boyd Gaming, a leading gaming and hospitality company, delivered consistent results in its first quarter of 2025, beating expectations despite challenging conditions. According to the company's recent conference call transcript reported on April 24, 2025, Boyd Gaming's revenues reached nearly $1 billion for the quarter, with EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) coming in at $338 million.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, stated during the conference call that the company continued to deliver consistent results, growing revenues and EBITDA on both a company-wide and property-level basis. The team successfully managed issues such as weather-impacted days in their Midwest & South segment, comparison issues created by leap year, and the benefits of last year's Super Bowl in Las Vegas.

Smith highlighted that core customer play continued to grow on a company-wide basis during the first quarter, while retail play was even with the prior year. The company also managed through periods of economic uncertainty, citing their strongest balance sheet in history as a key factor in their ability to navigate challenging conditions.

In its Las Vegas Locals business, revenues were nearly even with the prior year, while EBITDA was down less than 4%, primarily due to the Orleans. However, despite competitive pressures at the Orleans, year-over-year declines in both revenue and EBITDA narrowed during the quarter. In the remainder of the Locals segment, even with difficult comparisons created by leap year and last year's Super Bowl, revenues grew modestly, with EBITDA being even with the prior year.

The company's Downtown Las Vegas business achieved growth in both revenue and EBITDA during the first quarter, driven by encouraging customer trends, including growth in play from core customers and retail customers. The long-term fundamentals of the Southern Nevada economy remain strong, with consistent growth in local population, employment, and tourism.

Boyd Gaming's Midwest & South segment also saw both revenues and EBITDA grow during the quarter, with margins remaining even with the prior year. Despite increased economic uncertainty in recent weeks, Boyd Gaming remains confident in its ability to manage through challenging conditions, citing their strong balance sheet and diversified business as key factors.