Q4 2025 Boyd Gaming Corp Earnings Call Transcript
Key Points
- Boyd Gaming Corp (BYD) achieved record company-wide revenues and maintained strong EBITDA of approximately $1.4 billion for 2025.
- The company successfully unlocked significant value from its FanDuel ownership, generating nearly $1.8 billion in cash proceeds, which was used to reduce leverage below 2 times.
- Boyd Gaming Corp (BYD) returned more than $800 million to shareholders in 2025, reducing the total share count by 11%.
- The company is optimistic about 2026, with new investments such as the Cadence Crossing facility and Sun Coast modernization expected to drive growth.
- Boyd Gaming Corp (BYD) continues to see strong play from core customers and improving trends among retail players, supported by recent tax legislation expected to boost consumer spending.
- The company faced a decline in cash hotel revenues due to ongoing softness in destination business, particularly impacting the Orleans property.
- Severe winter weather in December and the permanent closure of Samsung Tunica negatively impacted revenues and EBITDA in the Midwest and South segment.
- The online segment's EBITDA was impacted by approximately $40 million due to changes in revenue share agreements and severe weather conditions.
- Pedestrian traffic on the Fremont Street experience declined by approximately 10%, affecting the downtown Las Vegas segment.
- The company anticipates leverage to approach approximately 2.5 times in 2026, considering tax credit payments and ongoing capital investments.
Ladies and gentlemen, this is the operator. Today's conference is scheduled to begin momentarily. Until that time, your lines will remain on music hold.
Thank you for your patience.
Good afternoon and welcome to the Boyd Gaming 4th quarter in full year 2025 earnings conference call. My name is David Straub, Vice President of corporate communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, February 5, 2026.
At this time all lines are in listen-only mode. Following our remarks, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press 0 for the operator. Our speakers for today's call are Keith Smith, President and Chief Executive Officer, and Josh Hirschberg, Chief Financial Officer.
Our comments today will include statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act.
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