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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BYD

BYD fundamentals

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