Boyd Gaming Earnings Call Transcripts
Fiscal Year 2026
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First quarter revenue neared $1 billion with EBITDA of $317 million, led by Midwest & South growth and strong operating margins. Las Vegas Locals faced headwinds from destination softness and Suncoast construction, while capital investments and shareholder returns remained robust.
Fiscal Year 2025
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Record 2025 revenues and $1.4B EBITDA were driven by strong core customer play and operational discipline. Over $800M was returned to shareholders, leverage reduced, and major capital projects advanced. 2026 guidance includes robust investments and continued capital returns.
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Third quarter revenue exceeded $1 billion with EBITDA at $322 million, driven by strong core and retail customer play and disciplined operations. Leverage dropped to 1.5x after the FanDuel stake sale, and $637 million was returned to shareholders year-to-date. Capital investments and property enhancements continue to support long-term growth.
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Q2 saw 4% revenue and EBITDAR growth, robust margins, and strong core customer trends. FanDuel stake sale will reduce leverage, boost share repurchases, and support future investments. Shareholder returns and capital investments remain a priority.
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Revenue and EBITDA grew in Q1 2025, with strong core customer trends and stable margins despite weather and calendar challenges. Capital projects and shareholder returns remain priorities, with a cautious approach to buybacks amid economic uncertainty.
Fiscal Year 2024
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Record 2024 revenue and EBITDA were driven by a diversified portfolio, strong core customer growth, and successful property investments. Capital returns to shareholders neared $750 million, with robust CapEx planned for 2025 and continued focus on margin stability and strategic development.
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Solid Q3 performance driven by record results at Treasure Chest and Fremont, strong online and managed segments, and disciplined capital allocation. Raised online EBITDA guidance, continued major property investments, and secured a $750M Virginia casino project.
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Q2 2024 saw stable revenues, strong property margins, and sequential improvement, with notable gains from the new Treasure Chest Casino and robust online and managed business performance. Capital returns to shareholders remain strong, and growth investments are underway.