Based on the provided financial report article, the title of the article is: "Boyd Gaming Corp. Reports First Quarter 2025 Results" This title is inferred from the company name "Boyd Gaming Corp." and the reporting period "First Quarter 2025" mentioned in the article.
Boyd Gaming Corp. reported its financial results for the first quarter of 2025, with net revenue of $83.8 million, a 0.01% increase from the same period in 2024. The company’s net income was $18.1 million, or $0.18 per diluted share, compared to $17.1 million, or $0.17 per diluted share, in the same period last year. The company repurchased 5 million shares of its common stock during the quarter at an average price of $0.01 per share, and had $200 million available for future repurchases. The company’s cash and cash equivalents decreased by $81.9 million to $86.2 million, primarily due to the repurchase of shares and the payment of dividends. The company’s debt increased by $3.3 million to $500 million, primarily due to the repayment of debt and the issuance of new debt. The company’s gaming taxes, payroll and payroll-related costs, advertising, property insurance, property taxes, professional fees, utilities, and other expenses related to its casino, hotel, and online operations increased by 0.33% to $500 million.
Overview of Boyd Gaming Corporation’s Financial Performance
Boyd Gaming Corporation is a geographically diversified operator of 28 gaming entertainment properties across the United States. The company has four reportable segments: Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online.
Key Financial Highlights:
Total revenues for the three months ended March 31, 2025 increased by $31.0 million, or 3.2%, compared to the prior year period. This was primarily driven by growth in online revenue and gaming revenues.
Operating income decreased by $19.5 million, or 8.9%, due to a $21.8 million increase in impairment of assets. This was partially offset by the revenue growth.
Net income decreased by $25.6 million, primarily due to the decrease in operating income and a $6.1 million increase in interest expense.
Segment Performance:
Las Vegas Locals segment revenues decreased by 1.3% and Adjusted EBITDAR decreased by 3.5%, primarily due to a decline in room revenues.
Downtown Las Vegas segment revenues increased by 7.0% and Adjusted EBITDAR increased by 17.4%, driven by growth in gaming revenues.
Midwest & South segment revenues increased by 0.8% and Adjusted EBITDAR increased by 1.2%, reflecting growth in gaming revenues.
Online segment revenues increased by $23.4 million, driven by growth in Boyd Interactive’s operations and reimbursements of gaming taxes and expenses from online partners. Adjusted EBITDAR increased by $2.8 million.
Balance Sheet and Liquidity:
As of March 31, 2025, the company had $311.5 million in cash and cash equivalents and a working capital deficit of $127.9 million.
The company increased borrowings under its credit facility by $338.1 million during the quarter, primarily to fund share repurchases of $328.0 million.
The company remains committed to maintaining a strong balance sheet and a balanced capital allocation approach, investing in the business and returning capital to shareholders.
Outlook:
Boyd Gaming continues to focus on growing revenues, operating efficiently, maintaining balance sheet strength, and evaluating strategic acquisition and growth opportunities. The company remains optimistic about its future prospects despite the near-term challenges.
