Q3 2025 Boyd Gaming Corp Earnings Call Transcript
Key Points
- Boyd Gaming Corp (BYD) reported another quarter of growth with revenues exceeding $1 billion and EBITDAR reaching $322 million.
- The Las Vegas Locals segment posted strong results with revenues of $211 million and EBITDAR of $92 million, driven by strong demand from local customers.
- The Midwest and South segment achieved its strongest third-quarter revenue and EBITDAR performance in three years, with revenues rising 3% to $539 million.
- The company is making significant capital investments, including a $750 million resort development in Norfolk, Virginia, and a new Las Vegas Locals property, Cadence Crossing.
- Boyd Gaming Corp (BYD) continues to return substantial capital to shareholders, with $160 million in stock repurchases and $15 million in dividends during the third quarter.
- The destination business showed weakness, particularly impacting the Orleans property in Las Vegas.
- Downtown Las Vegas segment faced softness in destination business, including lower hotel revenues and reduced pedestrian traffic.
- The company is dealing with ongoing construction disruptions at properties like Suncoast, which could impact short-term performance.
- The closure of the Tunica property is expected to have a negligible impact, but it reflects challenges in maintaining certain assets.
- Despite strong wage growth in Southern Nevada, the gap between wage growth and gaming revenue growth remains a concern.
Good afternoon, and welcome to the Boyd Gaming third-quarter 2025 earnings conference call. My name is David Strow, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, October 23, 2025. (Event Instructions)
Our speakers for today's call are Keith Smith, President and Chief Executive Officer; and Josh Hirsberg, Chief Financial Officer. Our comments today will include statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. All forward-looking statements in our comments are as of today's date, and we undertake no obligation to update or revise the forward-looking statements. Actual results may differ materially from those projected in any forward-looking statements. There are certain risks and uncertainties, including those disclosed in our filings with the SEC that may impact our results.
During our call today, we will make reference to non-GAAP financial measures. For a
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