What is the market's earnings forecast for Boyd Gaming next quarter?

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What does Boyd Gaming do and what are its main business segments?

What were the key takeaways from Boyd Gaming's earnings call?

Did Boyd Gaming beat or miss consensus estimates last quarter?

What factors drove the changes in Boyd Gaming's revenue and profit?

- **Revenue Growth**: Q3 revenue exceeded $1 billion, with EBITDAR of $322 million. Excluding FanDuel, all segments showed year-over-year growth.
- **Segment Strength**: Midwest/South achieved 3% revenue growth; Online segment EBITDAR guidance raised to $60 million for 2025.
- **Capital Allocation**: $637 million returned to shareholders YTD, with $150M/quarter buybacks planned. Norfolk resort investment of $750 million underway.
- **Balance Sheet**: Total leverage reduced to 1.5x, with strong free cash flow supporting future growth.
- **Strategic Investments**: Sky River expansion (Phase 1 Q1 2026), Cadence Crossing ($60M), and Ameristar St. Charles meeting space expansion driving long-term returns.

**【CEO Summary Section】**
- **Revenue and EBITDAR Growth**: Q3 revenue exceeded $1 billion, with EBITDAR of $322 million. Excluding the FanDuel transaction, revenue and EBITDAR grew year-over-year across all segments.
- **Segment Performance**:
  - **Vegas Locals**: Gaming revenue growth driven by locals and core customers, offset by weakness in destination business. Margins remained stable at 47%.
  - **Midwest and South**: Strongest Q3 in 3 years, with 3% revenue growth and 2% EBITDAR growth, supported by Treasure Chest performance.
  - **Online Segment**: EBITDAR guidance increased to $60 million for 2025, with $30 million expected in 2026.
  - **Managed Business**: Sky River Casino expansion underway, with Phase 1 (400 slots, parking garage) set to open Q1 2026.
- **Capital Allocation**: $160 million in share buybacks and $15 million in dividends Q3, totaling $637 million YTD. Free cash flow and strong balance sheet support future investments.

**【CFO Financial Commentary】**
- **Financial Metrics**: GAAP net income of $420 million, with Non-GAAP EPS exceeding expectations. EBITDAR margins improved by 510 basis points excluding tax pass-throughs.
- **Capital Expenditures**: $146 million invested Q3, with $600 million expected for 2025. Growth projects include Cadence Crossing ($60 million), Ameristar St. Charles expansion, and Norfolk resort ($750 million).
- **Balance Sheet**: Total leverage reduced to 1.5x post-FanDuel transaction, with lease-adjusted leverage at 2.0x. Share count reduced 11% YTD.

**【Q&A Highlights】**
- **Destination Business Weakness**: Primarily driven by Orleans, with softness in hotel and pedestrian traffic. 90-day bookings improved but remain soft.
- **Midwest/South Strength**: Broad-based growth across 17 properties, with Treasure Chest leading. Retail play trends improving (frequency and spend).
- **Capital Returns**: $150 million/quarter share buybacks planned, with $8+ per share annually. No immediate M&A pipeline updates.
- **Norfolk Development**: Transitional casino set to open late 2025, with permanent resort targeting Q4 2027. Expected to be market-leading with 65k sqft casino and 200-room hotel.
- **Tax Bill Impact**: Potential incremental benefits for customers, but no quantified impact on Boyd Gaming's financials.

Boyd Gaming Corporation (BYD) Q3 2025 Earnings Call Transcript

- **$1.75B FanDuel Proceeds**: Reduces leverage below 2x, enabling $150M/quarter share buybacks starting Q3. 
- **Q2 Growth**: 4% revenue/EBITDAR to $875M/$358M, driven by Las Vegas locals (1st YoY growth in 2+ years) and Midwest/South (3% growth). 
- **Strong Margins**: 40.5% property margins, stable despite macro challenges. 
- **Capital Allocation**: $700M+ annual returns to shareholders, balanced with growth projects (Virginia resort, Cadence Crossing). 
- **Online Strategy**: Regional focus with Boyd Interactive, offsetting lower FanDuel market access fees.

**【CEO Summary Section】**
- Announced the sale of 5% FanDuel equity interest for $1.755 billion, reducing leverage below 2x and enabling increased share buybacks ($150M/quarter starting Q3). 
- Q2 revenue grew 4% to $875M (excluding tax pass-through), EBITDAR up 4% to $358M, driven by:
  - **Las Vegas Locals**: 1st YoY revenue/Ebitdar growth in 2+ years, core customer play up 10%+.
  - **Midwest/South**: 3% revenue/EBITDAR growth, Treasure Chest anniversary outperforming expectations.
  - **Online**: Boyd Interactive growth offset lower market access fees.
- Capital investments: $251M YTD in property renovations (Suncoast, IP, Orleans) and growth projects (Cadence Crossing, Virginia resort). 
- Returned $2.4B to shareholders since 2021, with $700M+ annual capital returns going forward.

**【CFO Financial Commentary】**
- After-tax FanDuel proceeds: ~$1.4B ($17+/share). Interest savings: ~$85M/year. 
- Q2 financials:
  - Revenue: $875M (4% growth)
  - EBITDAR: $358M (4% growth)
  - Property margins: 40.5% (stable vs. prior quarters)
  - Capital expenditures: $124M (Q2) / $251M (YTD)
- Share buybacks: $105M in Q2, $700M+ annualized going forward. 
- 2025 online segment EBITDAR guidance: $50-55M (down from prior $70M due to lower market access fees). 

**【Q&A Key Highlights】**
- **FanDuel Proceeds Use**: Debt reduction first, then capital allocation to growth projects and buybacks. No change to M&A strategy or leverage target (>2.5x long-term). 
- **Promotional Environment**: Stable in key markets; Boyd maintains disciplined marketing spend (~10% of revenue). 
- **Retail Customer Trends**: Unrated play up 10%+ in Q2, driven by local/retail customers staying closer to home. 
- **Online Strategy**: Regional focus (Boyd Interactive) vs. national expansion. 
- **Virginia Resort**: $750M project on track for late 2027 opening, targeting 1.8M underserved Hampton Roads residents.

Boyd Gaming Corporation (BYD) Q2 2025 Earnings Call Transcript

- **Q1 2025 Strong Performance**: Revenue of $1B, EBITDA $338M, with core customer growth offsetting weather and leap year challenges.
- **Online Segment Growth**: 14% EBITDAR rise driven by Boyd Interactive and FanDuel stake.
- **Capital Allocation**: $328M share buybacks in Q1, $100M/quarter commitment with conservative upper limits.
- **Project Momentum**: $750M Norfolk resort on track for late 2027 opening, $100M annual growth capital investments.
- **Financial Strength**: 2.8x leverage, no near-term debt maturities, and $2.2B returned to shareholders since 2021.
- **Risk Mitigation**: Tariff impacts minimized via pre-purchasing and domestic sourcing; core customer resilience in uncertain environment.


**【CEO Summary Section】**
- Q1 2025 revenue reached nearly $1 billion, with EBITDA of $338 million, maintaining property loan margins at 40%.
- Despite challenges like weather-impacted days (+28% YoY) and leap year comparisons, core customer play grew across all segments, while retail play remained stable.
- Southern Nevada operations showed resilience, with Locals segment EBITDA down <4% (driven by Orleans), and Downtown Las Vegas achieving double-digit revenue and EBITDA growth.
- Online segment EBITDAR grew 14% YoY, driven by Boyd Interactive and a 5% equity stake in FanDuel.
- Capital projects include $750M Norfolk resort (opening late 2027) and $100M annual recurring growth capital investments.
- Share repurchases totaled $328M in Q1, with a commitment to $100M/quarter, balanced with maintaining a strong balance sheet.

**【CFO Financial Commentary】**
- GAAP net income was $420 million, with Non-GAAP EPS exceeding expectations.
- Tax pass-through for online segment was $130M (vs. $116M YoY), impacting reported margins.
- Q1 capital expenditures were $127M, with full-year guidance of $600-650M, including $250M maintenance, $100M hotel projects, and $150-200M casino developments.
- Leverage remains strong at 2.8x (lease-adjusted 3.2x), with no near-term maturities.
- Dividends increased to $0.18/share, with $15M paid in Q1.

**【Q&A Key Highlights】**
- **Buyback Strategy**: $328M repurchased in Q1, but future buybacks above $100M/quarter will be conservative amid economic uncertainty.
- **Project Risks**: Norfolk development mitigated by domestic steel sourcing; Par-A-Dice project expected to deliver returns, though lower than Treasure Chest.
- **Customer Trends**: Core customer growth consistent, with no meaningful shift in spending patterns through April.
- **M&A Outlook**: Open to strategic acquisitions in new markets, but disciplined on price and fit.
- **Tariff Mitigation**: Pre-purchased materials and domestic sourcing to offset potential tariff impacts.
- **Hawaiian Travel**: <0.1% of revenue, minimal impact on operations.
- **Canadian Travel**: <3% of Las Vegas visitation, negligible to Boyd Gaming.


Boyd Gaming (BYD)-24 Apr 25-2025 Q1 Earnings call transcript

- **Record 2024 Performance**: $3.9 billion revenue and $1.4 billion EBITDA, with 40%+ property margins.
- **Strategic Growth**: $750 million Norfolk resort and Treasure Chest expansion driving 2025 EBITDA growth.
- **Customer Momentum**: Core customers growing 3-5%, while retail play stabilizing post-pandemic.
- **Capital Efficiency**: $686 million buybacks in 2024, with $100 million/quarter target in 2025 alongside $600M+ CapEx.
- **Risk Management**: 2.5x leverage ratio and disciplined promotion strategy maintain margin stability.


**【CEO Summary Section】**
- **2024 Full Year Performance**: Achieved record $3.9 billion in revenue and $1.4 billion EBITDA, with property-level margins exceeding 40%. Fourth quarter revenue surpassed $1 billion for the first time, with EBITDAR of $380 million.
- **Segment Highlights**: 
  - **Las Vegas Locals**: Outperformed market with 50%+ margins, driven by core customer growth and Suncoast renovations.
  - **Midwest/South**: Treasure Chest expansion exceeded expectations, contributing to 37% margins. Online segment generated $76 million EBITDAR (excluding fees), with FanDuel equity value growing.
  - **Managed Business**: Sky River Casino EBITDAR of $96 million, with expansion underway.
- **Capital Allocation**: $686 million in stock buybacks and $100 million quarterly dividend in 2024. 2025 plans include $600-650 million in CapEx for hotel renovations, Suncoast expansion, and Norfolk development.
- **50th Anniversary**: Celebrated 50 years of growth, emphasizing team member dedication and community impact.

**【CFO Financial Commentary】**
- **Fourth Quarter Financials**: GAAP net income of $108 million, with online segment EBITDAR of $108 million (including $32 million fees). Managed business EBITDAR of $96 million.
- **2025 Outlook**: 
  - **Revenue Growth**: Core customers expected to drive 3-5% growth, while retail trends remain cautious.
  - **Margins**: Property-level margins to remain stable at 40%+, with EBITDA growth from new projects.
  - **Capital Spending**: $600-650 million allocated to maintenance, growth projects (e.g., Cadence Crossing, Par-A-Dice replacement), and Norfolk resort.
  - **Share Repurchases**: $100 million per quarter target, with $640 million remaining under authorization.
- **Leverage**: 2.5x total leverage, strongest balance sheet in company history.

**【Q&A Key Takeaways】**
- **Customer Trends**: Core customers growing steadily, while retail play stabilizing but still cautious due to economic factors.
- **Online Performance**: NFL hold impact offset by market access agreement growth, with 2025 online EBITDAR expected at $80-85 million.
- **Legislative Activity**: Monitoring state gaming bills, but no immediate opportunities or risks identified.
- **Capital Prioritization**: Projects with high returns (e.g., Treasure Chest) will balance share buybacks, maintaining 2.5x leverage target.
- **2025 Risks**: Weather impacts in Midwest/South (e.g., January 2025 storms), and full anniversary of Las Vegas competition affecting Orleans/Gold Coast.


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