Boyd Gaming Corp Reports Record Revenues and Strategic Investments for 2025, Anticipates Strong Growth in 2026

Boyd Gaming Corp reported record company-wide revenues and maintained strong EBITDA of $1.4 billion for 2025. The company unlocked significant value from its FanDuel ownership, generating $1.8 billion in cash proceeds to reduce leverage below 2 times. Boyd Gaming returned $800 million to shareholders and is optimistic about 2026, driven by new investments and improving retail player trends. However, the company faced declines in cash hotel revenues, online segment EBITDA, and pedestrian traffic on the Fremont Street experience. Leverage is expected to approach 2.5 times in 2026.