Boyd Gaming Corporation announced its first quarter revenue for 2025 at $991.6 million, a 3.2% increase year-over-year. Adjusted EBITDAR grew by 2.1% to $337.5 million, while adjusted profits decreased from $147.3 million to $137.7 million.
Net profit fell by 18.4% to $111.4 million. Earnings per share dropped from $1.40 to $1.31. The company's leadership noted that the comparability of year-over-year data was affected by severe winter weather in the Midwest and Southern regions, as well as the absence of a leap year causing calendar changes.
Despite operational challenges, revenue and EBITDAR in the Midwest and Southern regions still saw growth this quarter. Properties in downtown Las Vegas also performed well, benefiting from the ongoing development of the tourism industry in Hawaii—a trend that also contributed to earlier performance gains.
The performance in these two regions aligns with Boyd's broader regional strategy, which has achieved sustained growth in regional operations. Notably, the business in the Midwest and Southern regions benefited from the opening of the new Treasure Chest Casino in Louisiana in 2024.
In the local Las Vegas hotel sub-market, although the Orleans Hotel continues to face competitive pressures, most hotels saw moderate revenue growth. EBITDAR in this sub-market remained flat compared to the same period last year, reflecting a cautious market outlook and ongoing promotional activities across the region.
It is worth noting that this mirrors similar comments from the fourth quarter of 2024, when Boyd considered competition in Las Vegas to be a headwind affecting the Orleans and Gold Coast hotels.
Boyd's online business division achieved strong revenue and EBITDAR growth, benefiting from the expansion of its online casino operations. This division benefited from expanded market access and enhanced digital engagement—continuing the good performance from the fourth quarter of 2024, when the online business also saw sequential growth.
Prior to the latest earnings release, Boyd had a strong performance in the fourth quarter of 2024, with revenues reaching $1.04 billion and net income increasing by 84% year-over-year. Annual revenue for 2024 grew by 5.4% to $3.93 billion, with significant contributions from the Midwest and Southern regions and the online business to the continued growth in the first quarter of 2025.
