Boyd Gaming Eyes Long-Term Gains Amid $1.8bn FanDuel Deal and Q2 Growth

BWBeth WoodsEditorial Team

Boyd Gaming has posted a robust set of second-quarter results, reporting over $1bn (£775m) in revenue for Q2 2025 — a 6.9% year-on-year uplift and a modest increase on the $991.6m recorded in Q1.

Net income rose 7.5% to $150.4m, with adjusted EBITDAR climbing 4.1% to $329.4m. Gaming operations contributed $671.5m (up 3.2%), while the company’s online business delivered standout growth, surging 33.2% to $173.1m. Management credited this to “higher digital engagement and sustained market expansion in regulated states.”

Elsewhere, food and beverage revenue ticked up to $78.2m, but room revenue was down 2.2% at $51.5m — the only segment to post a decline.

Regional strategy continues to pay off

The operator’s regional diversification strategy again proved pivotal. The Midwest & South division remained the company’s largest revenue driver, bringing in $540.1m (up 3.5%) and producing $201.4m in adjusted EBITDAR.

In Las Vegas, locals' operations saw a 1.8% revenue rise to $229.1m, with EBITDAR reaching $112.7m. Downtown Las Vegas was weaker, however, recording a 4.2% revenue drop to $55.3m and a nearly $3m fall in EBITDAR to $19.4m.

Total operating income stood at $242.4m, up 6.7% year-on-year, supported by a $2.2m reduction in operating expenses.

Boyd also broke ground in April on a new Las Vegas Valley casino — its first purpose-built property in the region for nearly 20 years — signalling confidence in its local market strategy.

FanDuel exit marks financial shift

In a major capital move, Flutter Entertainment announced on 10 July it had agreed to acquire Boyd’s remaining 5% stake in FanDuel for approximately $1.8bn. The deal gives Flutter full ownership at an implied $31bn valuation and extends the pair’s strategic partnership through to 2038.

Flutter is funding the transaction with $1.3bn in secured note loans, with closure expected in Q3 subject to regulatory approval. For Boyd, the proceeds will be used to “reduce debt and strengthen its financial position.”

The firm has now updated its full-year outlook, forecasting $50–55m in operating income and adjusted EBITDAR from online operations across FY2025 and FY2026.

Outlook: Strength after a slow start

Boyd’s Q2 recovery comes after a weather-affected Q1 in which net income fell 18.4% to $111.4m, despite revenue rising 3.2%. As in recent years, Midwest & South and digital segments continued to balance out softness in Las Vegas.

Full-year 2024 revenue climbed 5.4% to $3.93bn — momentum that appears to be building as 2025 progresses. With online revenues growing fast and liquidity boosted by the FanDuel divestment, Boyd says it remains focused on “long-term margin expansion, regional diversification, and disciplined capital return.”