Boyd Gaming's Q2 2025: Unpacking Contradictions in M&A Strategy, Marketing, and Tax Impact

Boyd's M&A strategy and capital allocation, promotional environment and marketing strategy, online gaming strategy and market share loss, tax rate and cash flow impact, tax bill impact on free cash flow are the key contradictions discussed in Boyd Gaming's latest 2025Q2 earnings call.



Strong Financial Performance:
- Boyd Gaming delivered a 4% increase in revenues and EBITDAR to $358 million for Q2 2025.
- This growth was driven by broad-based increases across operating segments, including online and managed businesses.

Online and Managed Segment Growth:
- Both revenues and EBITDAR for the online segment increased, with Boyd Interactive and market access agreements contributing to the growth.
- This growth was supported by modest expansions in market access agreements and the ongoing success at Sky River Casino.

Regional and Las Vegas Segment Performance:
- The Las Vegas Locals segment saw its first year-over-year revenue and EBITDAR growth in over 2 years.
- The Midwest and South segment achieved revenue and EBITDAR gains of more than 3%, driven by strong performance at Treasure Chest.

Capital Investment and Shareholder Returns:
- Boyd Gaming returned nearly $2.4 billion to shareholders since starting its capital return program in 2021, including $105 million in stock repurchases during Q2.
- Plans to increase the target for share repurchases to $150 million per quarter, reflecting a strong financial position and commitment to shareholder value creation.