BYD
Boyd Gaming Corporation85.01
-0.10-0.12%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Destination softness limited to Orleans, IP.
Q&A isolated destination weakness to Orleans hotel revenues (down $6M) and IP Biloxi, with core Las Vegas locals play strong and margins over 50% ex-Orleans. Management opened up on M&A, embracing Opco structures for right assets and post-buy capex, but stressed discipline amid buybacks. Tax bill nets positive for customers, no SNAP drag; Suncoast disruption minimal. Virginia temp casino at breakeven. Core trends solid. Destination rebound matters most.
Key Stats
Market Cap
6.82BP/E (TTM)
3.78Basic EPS (TTM)
22.47Dividend Yield
0.01%Recent Filings
10-K
FY2025 results
Boyd Gaming posted FY2025 revenues of $4.1B, up 4.1% y/y, with gaming up 2.1% on 2.8% higher slot handle while online market access fees fell $56.5M after FanDuel partnership changes; Q4 saw Norfolk's Interim Gaming Hall open November 7 but Sam's Town Tunica closed November 9, alongside $128.4M asset impairments across Las Vegas Locals and Midwest & South. Adjusted EBITDAR dipped to $1.35B from $1.39B amid higher depreciation from Treasure Chest's land-based shift and margin compression in online (48.4% vs 69.6%). Net income soared to $1.84B on $1.75B FanDuel stake sale gain, enabling $778M buybacks and $58M dividends while debt fell to $2.1B with $1.3B revolver capacity. Q4 accelerated capex to $588M for Norfolk resort (late 2027) and Cadence Crossing (March 2026). Consumer spending sensitivity threatens quarterly momentum.
8-K
Q4 revenues up, net down
Boyd Gaming reported Q4 2025 revenues of $1.1B, up from $1.0B, but net income fell to $140.4M from $170.5M amid asset impairments and winter weather hits. Full-year revenues hit record $4.1B versus $3.9B, boosted by a $1.4B after-tax FanDuel sale gain, while Adjusted Earnings held steady at $604.6M. Balance sheet strengthened with $353.4M cash, $2.1B debt, $800M+ returned via buybacks and dividends. Core play thrives.
8-K
Boyd refinances $2.65B credit facility
Boyd Gaming closed an amended and restated credit agreement on January 21, 2026, refinancing its prior facility with a $1,450M revolving line and $1,200M Term A delayed draw—both maturing in five years. SOFR-based rates carry margins of 1.25%-2.25%; accordion allows up to $1,250M+ more. Refinancing bolsters liquidity. New covenants bind.
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