BOYD GAMING CORP Form 8-K Current Report Filed 2025-07-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________________________________________________________

FORM 8-K

____________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 24, 2025

____________________________________________________________________

Boyd Gaming Corporation

(Exact Name of Registrant as Specified in its Charter)

____________________________________________________________________

Nevada		001-12882		88-0242733
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

6465 South Rainbow Boulevard

Las Vegas, Nevada 89118

(Address of Principal Executive Offices, Including Zip Code)

(702) 792-7200

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	BYD	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 24, 2025, Boyd Gaming Corporation issued a press release announcing its financial results for the second quarter ended June 30, 2025. A copy of the press release is furnished hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description

99.1		Press Release, dated July 24, 2025

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	July 24, 2025	Boyd Gaming Corporation

	By:	/s/ Lori M. Nelson
		Lori M. Nelson
		Senior Vice President Financial Operations and Reporting and Chief Accounting Officer

Exhibit 99.1

BOYD GAMING REPORTS SECOND-QUARTER 2025 RESULTS

LAS VEGAS - JULY 24, 2025 - Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the second quarter ended June 30, 2025.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our Company delivered a strong performance in the second quarter, with broad-based growth across our operating segments, including our Online and Managed segments. We achieved our strongest property-level revenue and Adjusted EBITDAR growth in more than three years, with property-level margins once again exceeding 40%. This growth was supported by continued strength in play from our core customers, as well as improvements in retail play. Looking ahead, the recently announced transaction to sell our equity stake in FanDuel will further strengthen the Company’s financial position as we continue to invest in our properties, pursue growth opportunities, return capital to shareholders and maintain a strong balance sheet – a strategy that continues to drive long-term shareholder value.”

Boyd Gaming reported second-quarter 2025 revenues of $1.0 billion, up from $967.5 million in the second quarter of 2024. The Company reported net income of $150.4 million, or $1.84 per share, for the second quarter of 2025, compared to $139.8 million, or $1.47 per share, for the year-ago period.

Total Adjusted EBITDAR⁽¹⁾was $357.9 million in the second quarter of 2025, increasing from $344.2 million in the second quarter of 2024. Adjusted Earnings⁽¹⁾ for the second quarter of 2025 were $154.2 million, or $1.87 per share, compared to $150.0 million, or $1.58 per share, for the same period in 2024.

⁽¹⁾

^{See footnotes at the end of the release for additional information relative to non-GAAP financial measures.}

Operations Review

The Las Vegas Locals segment achieved its strongest quarterly growth in more than two years with year-over-year growth in both revenue and Adjusted EBITDAR, while segment margins were nearly 50%. Downtown Las Vegas results reflected a challenging comparison to prior year, as visitation from Hawaiian guests was unusually elevated in the second quarter of 2024. Revenue and Adjusted EBITDAR growth continued in the Midwest & South segment, led by strong results at Treasure Chest Casino.

Results for the Online segment reflect growth from the Company’s online casino gaming business and modest growth from market-access agreements, while Managed & Other results were driven by continued growth in management fees from Sky River Casino.

Dividend and Share Repurchase Update

Boyd Gaming paid a quarterly cash dividend of $0.18 per share on July 15, 2025, as previously announced.

As part of its ongoing share repurchase program, the Company repurchased $105 million in shares of its common stock during the second quarter of 2025.

On July 17, 2025, the Company’s Board of Directors authorized an additional $500 million under the Company’s share repurchase program. Considering the additional authorization, the Company had approximately $707 million remaining under the current share repurchase authorization as of June 30, 2025.

Balance Sheet Statistics

As of June 30, 2025, Boyd Gaming had cash on hand of $320.1 million, and total debt of $3.6 billion.

Conference Call Information

Boyd Gaming will host a conference call to discuss its second-quarter 2025 results today, July 24, at 5:00 p.m. Eastern. The conference call number is (800) 836-8184; no passcode is required to join the call. Please join up to 15 minutes in advance to ensure you are connected prior to the start of the call.

The conference call will also be available live on the Internet at https://investors.boydgaming.com, or https://app.webinar.net/VMOAkZWdmaE.

A replay will be available by dialing (888) 660-6345 today, July 24, after the conclusion of the call, and continuing through July 31. The passcode for the replay will be 61311#. The replay will also be available at https://investors.boydgaming.com.

BOYD GAMING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
*(In thousands, except per share data)*	2025			2024			2025			2024
Revenues
Gaming	$	671,455		$	650,827		$	1,310,148		$	1,284,958
Food & beverage		78,167			76,994			152,325			149,633
Room		51,453			52,595			98,841			101,542
Online		173,051			129,930			342,624			276,100
Management fee		23,775			21,252			48,921			43,497
Other		36,097			35,914			72,704			72,303
Total revenues		1,033,998			967,512			2,025,563			1,928,033
Operating costs and expenses
Gaming		259,554			252,067			505,677			497,753
Food & beverage		65,633			63,182			128,970			125,139
Room		19,492			19,342			38,489			38,054
Online		150,095			112,675			296,125			238,150
Other		12,149			13,248			24,940			26,161
Selling, general and administrative		110,065			105,134			217,911			213,318
Master lease rent expense (a)		28,442			27,852			56,602			55,087
Maintenance and utilities		37,322			36,946			74,047			71,690
Depreciation and amortization		69,985			65,677			138,208			128,590
Corporate expense		35,365			31,255			65,316			60,640
Project development, preopening and writedowns		2,764			7,586			1,242			10,607
Impairment of assets		—			—			32,272			10,500
Other operating items, net		762			5,442			3,507			5,853
Total operating costs and expenses		791,628			740,406			1,583,306			1,481,542
Operating income		242,370			227,106			442,257			446,491
Other expense (income)
Interest income		(1,263	)		(403	)		(2,071	)		(849	)
Interest expense, net of amounts capitalized		50,569			42,949			99,006			85,258
Other, net		(48	)		50			59			100
Total other expense, net		49,258			42,596			96,994			84,509
Income before income taxes		193,112			184,510			345,263			361,982
Income tax provision		(42,758	)		(44,665	)		(84,027	)		(85,664	)
Net income		150,354			139,845			261,236			276,318
Net loss attributable to noncontrolling interest		1,104			—			1,641			—
Net income attributable to Boyd Gaming	$	151,458		$	139,845		$	262,877		$	276,318

Basic net income per common share	$	1.84		$	1.47		$	3.14		$	2.87
Weighted average basic shares outstanding		82,289			95,042			83,696			96,238

Diluted net income per common share	$	1.84		$	1.47		$	3.14		$	2.87
Weighted average diluted shares outstanding		82,303			95,080			83,712			96,280

__________________________________________

(a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA to Net Income Attributable to Boyd Gaming

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
*(In thousands)*	2025			2024			2025			2024
Total Revenues by Segment
Las Vegas Locals	$	229,091		$	225,054		$	451,890		$	450,676
Downtown Las Vegas		55,253			57,701			112,540			111,232
Midwest & South		540,077			521,750			1,044,664			1,022,516
Online		173,051			129,930			342,624			276,100
Managed & Other		36,526			33,077			73,845			67,509
Total revenues	$	1,033,998		$	967,512		$	2,025,563		$	1,928,033

Adjusted EBITDAR by Segment
Las Vegas Locals	$	112,714		$	109,253		$	219,261		$	219,691
Downtown Las Vegas		19,405			22,018			40,328			39,833
Midwest & South		201,401			195,455			384,623			376,449
Online		22,244			17,057			45,550			37,533
Managed & Other		25,963			23,140			53,282			47,921
Corporate expense, net of share-based compensation expense (a)		(23,865	)		(22,732	)		(47,665	)		(46,750	)
Adjusted EBITDAR		357,862			344,191			695,379			674,677
Master lease rent expense (b)		(28,442	)		(27,852	)		(56,602	)		(55,087	)
Adjusted EBITDA		329,420			316,339			638,777			619,590

Other operating costs and expenses
Deferred rent		147			163			294			324
Depreciation and amortization		69,985			65,677			138,208			128,590
Share-based compensation expense		13,392			10,365			20,997			17,225
Project development, preopening and writedowns		2,764			7,586			1,242			10,607
Impairment of assets		—			—			32,272			10,500
Other operating items, net		762			5,442			3,507			5,853
Total other operating costs and expenses		87,050			89,233			196,520			173,099
Operating income		242,370			227,106			442,257			446,491
Other expense (income)
Interest income		(1,263	)		(403	)		(2,071	)		(849	)
Interest expense, net of amounts capitalized		50,569			42,949			99,006			85,258
Other, net		(48	)		50			59			100
Total other expense, net		49,258			42,596			96,994			84,509
Income before income taxes		193,112			184,510			345,263			361,982
Income tax provision		(42,758	)		(44,665	)		(84,027	)		(85,664	)
Net income		150,354			139,845			261,236			276,318
Net loss attributable to noncontrolling interest		1,104			—			1,641			—
Net income attributable to Boyd Gaming	$	151,458		$	139,845		$	262,877		$	276,318

__________________________________________

(a) Reconciliation of corporate expense:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
*(In thousands)*	2025			2024			2025			2024
Corporate expense as reported on Condensed Consolidated Statements of Operations	$	35,365		$	31,255		$	65,316		$	60,640
Corporate share-based compensation expense		(11,500	)		(8,523	)		(17,651	)		(13,890	)
Corporate expense, net, as reported on the above table	$	23,865		$	22,732		$	47,665		$	46,750

(b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliations of Net Income attributable to Boyd Gaming to Adjusted Earnings

and Net Income Per Share to Adjusted Earnings Per Share

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
*(In thousands, except per share data)*	2025			2024			2025			2024
Net income attributable to Boyd Gaming	$	151,458		$	139,845		$	262,877		$	276,318
*Pretax adjustments:*
Project development, preopening and writedowns		2,764			7,586			1,242			10,607
Impairment of assets		—			—			32,272			10,500
Other operating items, net		762			5,442			3,507			5,853
Other, net		(48	)		50			59			100
Total adjustments		3,478			13,078			37,080			27,060

*Income tax effect for above adjustments*		(779	)		(2,946	)		(8,072	)		(6,128	)
Adjusted earnings	$	154,157		$	149,977		$	291,885		$	297,250

Net income per share, diluted	$	1.84		$	1.47		$	3.14		$	2.87
*Pretax adjustments:*
Project development, preopening and writedowns		0.03			0.08			0.02			0.11
Impairment of assets		—			—			0.39			0.11
Other operating items, net		0.01			0.06			0.04			0.06
Other, net		—			—			—			—
Total adjustments		0.04			0.14			0.45			0.28

*Income tax effect for above adjustments*		(0.01	)		(0.03	)		(0.10	)		(0.06	)
Adjusted earnings per share, diluted	$	1.87		$	1.58		$	3.49		$	3.09

Weighted average diluted shares outstanding		82,303			95,080			83,712			96,280

Non-GAAP Financial Measures

Our financial presentations include the following non-GAAP financial measures:

●

EBITDA: earnings before interest, taxes, depreciation and amortization,

●

Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest and other items, net, as applicable,

●

EBITDAR: EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust,

●

Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust,

●

Adjusted Earnings: net income before project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest, and other non-recurring adjustments, net, as applicable, and,

●

Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted average diluted shares outstanding.

Collectively, we refer to these and other non-GAAP financial measures as the “Non-GAAP Measures.”

The Non-GAAP Measures are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (GAAP), provide our investors with a more complete understanding of our operating results and facilitates comparisons between us and our competitors. We provide this information to investors to enable them to perform comparisons of our past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of the Non-GAAP Measures provides consistency in our financial reporting. We also believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making, their evaluation of total company and individual property performance, in the evaluation of incentive compensation and in the annual budget process. Management also uses Non-GAAP Measures in the evaluation of potential acquisitions and dispositions. We believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company.

The use of Non-GAAP Measures has certain limitations. Our presentation of the Non-GAAP Measures may be different from the presentation used by other companies and therefore comparability may be limited. While excluded from certain of the Non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, the Non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.

The Non-GAAP Measures are to be used in addition to and in conjunction with results presented in accordance with GAAP. The Non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.

Forward-looking Statements and Company Information

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. These forward-looking statements are based on the current beliefs and expectations of management and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Boyd Gaming’s ability to control or estimate precisely. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

About Boyd Gaming

Celebrating its 50^th anniversary in 2025, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 28 gaming entertainment properties in 10 states, manager of a tribal casino in northern California, and owner and operator of Boyd Interactive, a B2B and B2C online casino gaming business. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering guests an outstanding entertainment experience and memorable customer service. For additional Company information and press releases, visit https://investors.boydgaming.com.

	Financial Contact:		Media Contact:
	Josh Hirsberg		David Strow
	(702) 792-7234		(702) 792-7386
	joshhirsberg@boydgaming.com		davidstrow@boydgaming.com

v3.25.2

Document And Entity Information

Jul. 24, 2025

Document Information [Line Items]

Entity, Registrant Name Boyd Gaming Corporation

Document, Type 8-K

Document, Period End Date Jul. 24, 2025

Entity, Incorporation, State or Country Code NV

Entity, File Number 001-12882

Entity, Tax Identification Number 88-0242733

Entity, Address, Address Line One 6465 South Rainbow Boulevard

Entity, Address, City or Town Las Vegas

Entity, Address, State or Province NV

Entity, Address, Postal Zip Code 89118

City Area Code 702

Local Phone Number 792-7200

Written Communications false

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Pre-commencement Tender Offer false

Pre-commencement Issuer Tender Offer false

Title of 12(b) Security Common stock

Trading Symbol BYD

Security Exchange Name NYSE

Entity, Emerging Growth Company false

Amendment Flag false

Entity, Central Index Key 0000906553

Document And Entity Information	Jul. 24, 2025
Document Information [Line Items]
Entity, Registrant Name	Boyd Gaming Corporation
Document, Type	8-K
Document, Period End Date	Jul. 24, 2025
Entity, Incorporation, State or Country Code	NV
Entity, File Number	001-12882
Entity, Tax Identification Number	88-0242733
Entity, Address, Address Line One	6465 South Rainbow Boulevard
Entity, Address, City or Town	Las Vegas
Entity, Address, State or Province	NV
Entity, Address, Postal Zip Code	89118
City Area Code	702
Local Phone Number	792-7200
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock
Trading Symbol	BYD
Security Exchange Name	NYSE
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0000906553

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