Brandt Montour

Chad Beynon

David Katz

John DeCree

Barry Jonas

Benjamin Chaiken

Steven Wieczynski

Jordan Bender

Shaun Kelley

Stephen Grambling

Carlo Santarelli

Daniel Politzer

David Hargreaves

Joseph Stauff

Steven Pizzella

Joseph Greff

Patrick Kee

Steve Pizzella

Steve Wieczynski

- Boyd Gaming Corporation reported **Q3 2025 revenues exceeding $1 billion** and **EBITDA of $322 million**, with company-wide margins consistent with the prior year at **37%**.  **[0000906553_2200962_1]** 
- The company increased its online segment **EBITDA guidance for 2025 to $60 million** and expects **$30 million in EBITDA for 2026**.  **[0000906553_2200962_2]** 
- Capital expenditures for Q3 2025 were **$146 million**, bringing year-to-date expenditures to **$440 million**, with a full-year 2025 expectation of **approximately $600 million**.  **[0000906553_2200962_5]**  Significant growth projects include a **$750 million resort development in Norfolk, Virginia**, with the permanent resort scheduled to open in **November 2027**.  **[0000906553_2200962_3]** 
- During Q3 2025, Boyd Gaming repurchased **$160 million in stock** and paid **$15 million in dividends**, and intends to maintain **$150 million per quarter in share repurchases** going forward.  **[0000906553_2200962_3]** **[0000906553_2200962_5]** 
- The company's total leverage ratio significantly declined from 2.8x in Q2 2025 to **1.5x in Q3 2025**, following the FanDuel transaction and debt repayment.  **[0000906553_2200962_5]**

Boyd Gaming Reports Strong Q3 2025 Results, Updates Guidance, and Reduces Leverage

- Boyd Gaming Corporation reported Q3 2025 revenues exceeding **$1 billion** and EBITDA of **$322 million**, with company-wide margins consistent with the prior year at **37%**.  **[0000906553_2200874_1]** 
- The company is increasing its online segment EBITDA guidance for 2025 to **$60 million** and expects **$30 million** for 2026.  **[0000906553_2200874_2]** 
- Total capital expenditures for 2025 are projected to be approximately **$600 million**, including **$100 million** for growth capital and **$150 million** for the Virginia casino development.  **[0000906553_2200874_5]**  Key growth projects include Cadence Crossing opening in Q2 2026 and the **$750 million** Norfolk, Virginia resort scheduled to open in November 2027.  **[0000906553_2200874_3]** 
- In Q3 2025, Boyd Gaming repurchased **$160 million** in stock and paid **$15 million** in dividends, bringing year-to-date shareholder returns to **$637 million**.  **[0000906553_2200874_3]** **[0000906553_2200874_5]**  The company intends to maintain **$150 million per quarter** in share repurchases.  **[0000906553_2200874_3]** **[0000906553_2200874_5]** 
- The company's leverage ratio significantly decreased from **2.8 times** at the end of Q2 to **1.5 times** at the end of Q3 2025, following the FanDuel transaction.  **[0000906553_2200874_5]**

Boyd Gaming Reports Q3 2025 Results, Updates Capital Plans and Shareholder Returns

- **Boyd Gaming Corporation** has partnered with **Fanatics Betting and Gaming** for mobile sports betting and retail sportsbooks in Missouri.  **[906553_7ca45b88d6e14da9835e4c6f36934979_0]** 
- Under the multi-year agreement, Fanatics Sportsbook will operate online betting under Boyd’s license and open Fanatics-branded retail sportsbooks at Boyd’s **Ameristar Casino Hotel Kansas City** and **Ameristar Casino Resort and Spa St. Charles**.  **[906553_7ca45b88d6e14da9835e4c6f36934979_0]** 
- The launch of online and retail betting products in Missouri is planned for this **December**, contingent upon receipt of all required regulatory approvals.  **[906553_7ca45b88d6e14da9835e4c6f36934979_0]**

Boyd Gaming and Fanatics Announce Missouri Sports Betting Partnership

BOYD GAMING (BYD)