Boyd also reports softening in destination business
Boyd Gaming reported record company-wide revenues of $4.1bn during 2025, increasing from $3.9bn for the full year 2024 with the Las Vegas Locals segment seeing continued growth due to strong play from core customers, as well as impacts from continued softness in the destination business.
Boyd’s fourth-quarter 2025 revenues came in at $1.1bn, increasing from $1bn in the fourth quarter of 2024. In Downtown Las Vegas, results reflected stability in play among Hawaiian guests and reduced destination business. In the Midwest & South segment, the company’s properties continued to benefit from strong growth in play from our core customers, while year-over-year results were impacted by severe winter weather in December 2025.
Results in the company’s online segment reflected growth from the company’s online casino gaming business, changes to the Company’s revenue-sharing agreements due to the FanDuel transaction in the third quarter of 2025, and one-time fees recorded in the year-ago quarter. Year-over-year gains in Managed & Other were driven by continued growth in management fees from Sky River Casino in northern California.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our company delivered another successful performance in 2025, as we continued to position ourselves for growth and to deliver long-term value for our shareholders. For the full year, we achieved record revenues while maintaining strong property-level margins. These results were driven by strength in play from our core customers and our focus on operational discipline. 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 $750m resort in Virginia.
“In Las Vegas, higher gaming revenues during the quarter were driven by continued growth in play from our core customers, with strong demand from Southern Nevada residents. This growth in gaming revenue would have been even stronger had it not been for the softness in destination business during the quarter. This weakness in destination business resulted in a decline of nearly $6n in cash hotel revenues versus the prior year, with the majority of the decline coming at the Orleans, consistent with what we experienced in the third quarter.”
“We also unlocked the substantial value of our equity ownership in FanDuel, utilising nearly $1.8bn in gross proceeds to further fortify our balance sheet. And we continued to return significant capital to our shareholders, with more than $800m in share repurchases and dividends in 2025. Looking ahead, we are optimistic about 2026, as we expect to benefit from continued strength in play from our core customers.
“In our Las Vegas local segment, we will benefit from two new investments: the opening of our new Cadence Crossing facility at the end of the first quarter and the completion of our Suncoast modernisation project in the third quarter. In our Midwest and South segment, we will benefit from a full year of contributions from our meeting and convention center expansion at Ameristar St. Charles and from incremental revenues and profits from our recent hotel room renovations and food and beverage improvements throughout the region. In both Nevada and the Midwest and South, we continue to see strong play from our core customers and improving trends among retail players in 2025.”
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Boyd also reports softening in destination business Boyd Gaming reported record company-wide revenues of $4.1bn during 2025, increasing from $3.9bn for the full year 2024 with the Las Vegas Locals segment seeing continued growth due to strong play from core customers, as well as impacts from continued softness in the destination business. Boyd’s fourth-quarter 2025…
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