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01/09 23:39
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call reflects strong financial performance with $1 billion in revenue and $338 million EBITDA, maintaining a 40% margin. The company is in excellent financial health, with robust free cash flow and no near-term maturities. Shareholder returns are substantial, with $105 million in stock repurchased and a $15 million dividend paid in Q2 2025. The Q&A section reveals a stable promotional environment and disciplined cost management. Although management avoided specifics on tax changes, overall sentiment remains positive, with strategic focus on growth and capital allocation.
Revenue (excluding tax pass-through amounts) Grew 4% year-over-year. This growth was driven by broad-based growth across operating segments, including both online and managed segments, demonstrating the value of a diversified business model.
EBITDAR Increased 4% to $358 million year-over-year. This was supported by broad-based growth across operating segments and strong performance at the property level.
Property Level Margins Exceeded 40% consistently since 2021. This reflects efficient operations and strong customer engagement.
Las Vegas Locals Segment Revenue and EBITDAR Achieved its first year-over-year growth in more than 2 years, with segment margins of nearly 50%. Growth was driven by increased play from core customers and improvements in retail play, offsetting softness in out-of-town customer play.
Downtown Las Vegas Segment Revenue and EBITDAR Increased by more than 1% year-over-year for the first 6 months of 2025. This was despite a challenging prior-year comparison due to pent-up demand from Hawaiian customers in 2024.
Midwest and South Segment Revenue and EBITDAR Grew by more than 3% year-over-year, marking the highest quarterly revenue and EBITDAR in nearly 3 years. Growth was led by strong performance at Treasure Chest and improved play from core and retail customers.
Online Segment Revenue and EBITDAR Both increased year-over-year, driven by Boyd Interactive and modest growth from market access agreements.
Managed Business Revenue Continued strong performance with growth in management fees from Sky River Casino.
Capital Expenditures $124 million invested in Q2 2025, with year-to-date expenditures at $251 million. Full-year projection is $600-$650 million, including maintenance, hotel renovations, and growth capital projects.
Shareholder Capital Return $105 million in stock repurchased and $15 million in dividends paid in Q2 2025. Since 2021, nearly $2.4 billion has been returned to shareholders.
FanDuel equity sale: Boyd Gaming sold its 5% equity interest in FanDuel to Flutter Entertainment for $1.755 billion in cash. This transaction strengthens the company's financial position and reduces leverage below 2x.
Sky River Casino expansion: The first phase of expansion will add 400 slot machines and a 1,600-space parking garage by early next year. The second phase, completing in mid-2027, will include a 300-room hotel, new food and beverage outlets, a resort spa, and an entertainment center.
Cadence Crossing Casino: A new casino in Southern Nevada is under development, set to open in mid-2026. It will replace the Jokers Wild Casino and cater to the growing Cadence community.
Norfolk Resort: A $750 million permanent resort is under construction, scheduled to open in late 2027. It will feature a 65,000 sq. ft. casino, a 200-room hotel, and other amenities.
Las Vegas Locals segment: Achieved its first year-over-year revenue and EBITDAR growth in over two years, with segment margins near 50%.
Midwest and South segment: Delivered its highest quarterly revenue and EBITDAR in nearly three years, driven by strong performance at Treasure Chest.
Downtown Las Vegas segment: Revenue and EBITDAR increased by more than 1% year-to-date, despite a challenging prior year comparison.
Operational efficiencies: Property-level margins consistently exceeded 40% since 2021, reflecting a focus on maintaining efficiencies.
Debt reduction: Proceeds from the FanDuel sale will be used to repay debt, saving approximately $85 million in annual interest expenses.
Capital return program: Increased share repurchase target from $100 million to $150 million per quarter, with a total authorization of $707 million.
Long-term growth investments: Investments in new properties and expansions, including Cadence Crossing, Norfolk Resort, and Sky River Casino, aim to strengthen the company's growth profile.
Las Vegas Locals Segment: Softness in play from out-of-town customers, despite growth in play from local guests.
Downtown Las Vegas Segment: Challenging prior year comparison due to significant pent-up demand from Hawaiian customers last year, which may not be sustainable.
Midwest and South Segment: Impact of flood-related closures and the shift of Easter into April, which affected revenue and EBITDAR.
Suncoast Renovation: Disruption caused by ongoing property-wide renovations, particularly on the casino floor, which is in its most disruptive stage.
Cadence Crossing Casino Development: Dependence on the growth of the adjacent Cadence community for long-term success, which introduces market dependency risk.
Norfolk Casino Development: High capital investment of $750 million for the permanent resort, with risks tied to market demand and competition in the Hampton Roads metropolitan area.
FanDuel Transaction: Reduced EBITDAR from online segment in 2026 due to new market access agreements, which may impact overall financial performance.
FanDuel Transaction: The company expects to receive $1.755 billion in cash proceeds from the sale of its 5% equity interest in FanDuel to Flutter Entertainment in the next several weeks. The proceeds will be used to pay down debt, reducing leverage below 2x. This transaction enhances financial flexibility, strengthens the balance sheet, and is accretive to free cash flow. Future EBITDAR from online operations is projected at $50-$55 million for 2025 and $30 million for 2026.
Southern Nevada Economy: The company remains confident in the prospects for the Southern Nevada economy, supported by employment growth, increasing local income, and $11 billion in ongoing construction activity. These factors are expected to benefit the company's Las Vegas Locals segment.
Sky River Casino Expansion: The first phase of the expansion, adding 400 slot machines and a parking garage, is set for completion early next year. The second phase, including a hotel, spa, and entertainment center, is expected to be completed by mid-2027, strengthening its position in Northern California.
Cadence Crossing Casino: The new casino in Southern Nevada is on track to open in mid-2026, replacing the existing Jokers Wild Casino. Future plans include a hotel, additional casino space, and non-gaming amenities to cater to the growing residential community.
Norfolk Resort Development: The transitional casino is set to open in November 2025, with the $750 million permanent resort scheduled for late 2027. The resort will include a casino, hotel, dining outlets, and entertainment facilities, targeting the underserved Hampton Roads metropolitan area and Virginia Beach tourists.
Capital Expenditures: The company projects total capital expenditures of $600-$650 million for 2025, including $250 million in maintenance capital, $100 million for hotel renovations, $100 million for growth capital, and $150-$200 million for the Virginia casino development.
Shareholder Returns: The company plans to increase share repurchases to $150 million per quarter starting Q3 2025, with an annual capital return run rate of approximately $700 million, including dividends.
Quarterly Dividend Payment: Paid a regular quarterly dividend of $0.18 per share during the second quarter, totaling $15 million.
Annual Run Rate of Capital Returns: Going forward, annual run rate of capital returns to shareholders is expected to total approximately $700 million, including dividends.
Share Repurchase in Q2 2025: Repurchased $105 million in stock, acquiring 1.5 million shares at an average price of $70.94 per share.
Year-to-Date Share Repurchase: Repurchased 5.9 million shares at an average price of $72.98 per share.
Increase in Share Repurchase Program: Intend to increase share repurchase program to $150 million per quarter, starting with the third quarter.
Total Share Repurchase Authorization: Board of Directors approved an additional $500 million share repurchase authorization, providing a total repurchase authorization of $707 million.
The earnings call reveals strong financial maneuvers, such as the FanDuel transaction improving leverage and financial flexibility. The expansion plans in Nevada and Virginia, alongside increased shareholder returns, show growth and confidence. The Q&A section highlights steady performance and strategic partnerships, with some minor uncertainties, but overall, the optimistic guidance and proactive strategies suggest a positive outlook for the stock.
The earnings call reflects strong financial performance with $1 billion in revenue and $338 million EBITDA, maintaining a 40% margin. The company is in excellent financial health, with robust free cash flow and no near-term maturities. Shareholder returns are substantial, with $105 million in stock repurchased and a $15 million dividend paid in Q2 2025. The Q&A section reveals a stable promotional environment and disciplined cost management. Although management avoided specifics on tax changes, overall sentiment remains positive, with strategic focus on growth and capital allocation.
The earnings call highlights strong financial performance with record revenue and growing EBITDAR, a stable leverage ratio, and a commitment to shareholder returns through dividends and buybacks. Despite competitive pressures and some weather impacts, the company shows resilience and strategic planning. The Q&A section indicates management's confidence in growth and risk mitigation strategies. The increase in dividends and share repurchases signals a positive outlook, leading to a likely positive stock price movement in the short term.
The earnings call reflects a generally positive sentiment with record revenue, strong EBITDA growth, and stable margins. Shareholder returns through increased dividends and share repurchases also contribute positively. The Q&A section highlights cautious optimism, with management addressing competitive pressures and capital allocation prudently. Despite some uncertainties, such as competitive pressures and economic environment, the overall financial health and strategic initiatives suggest a positive outlook for the stock price.
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