Boyd Gaming Corporation
boydgaming.comWhat Do They Do?
Operates casino resorts and online casino and sports-wagering businesses for casino guests and online players.
10-K for FY2025, filed Feb 20, 2026
How Do They Make Money?
Boyd earns gaming revenue from the difference between gaming wins and losses; ordinary wagers settle immediately, and race and sports wagers are settled when the event occurs. Guests pay for rooms, food and other services when delivered.
10-K for FY2025, filed Feb 20, 2026
$4.1B
-
10-K for FY2025, filed Feb 20, 2026
$4.1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Casino
Usage-based
10-K for FY2025, filed Feb 20, 2026 |
64%
FY2022: 75%
|
Casino, FY2025
$2.6B Sources
|
Usage-based |
|
Food and Beverage
Sold outright
|
7.6%
FY2022: 7.8%
|
Food and Beverage, FY2025
$310.2M Sources
|
Sold outright |
|
Occupancy
Sold outright
|
4.7%
FY2022: 5.3%
|
Occupancy, FY2025
$191.3M Sources
|
Sold outright |
|
Online
Usage-based
|
3.2%
FY2022: 7.1%
|
Online, FY2025
$132.2M Sources
|
Usage-based |
|
Online Reimbusements
|
14% |
Online Reimbusements, FY2025
$576.2M Sources
|
|
|
Management Service
|
2.4%
FY2022: 0.8%
|
Management Service, FY2025
$98.9M Sources
|
|
|
Product and Service, Other
Sold outright
|
3.6%
FY2022: 3.8%
|
Product and Service, Other, FY2025
$145.1M Sources
|
Sold outright |
Who Are Their Customers?
Casino guests include local residents and visitors near its properties, as well as Hawaiian travelers reached through travel agents and all-inclusive packages. Online wagering is offered through agreements with third-party operators, alongside Boyd Interactive's business-to-business and consumer online casino business.
10-K for FY2025, filed Feb 20, 2026Our Las Vegas Locals segment consists of seven operating casinos and one closed casino that primarily serve the resident population in the…View ↗
Our three Downtown Las Vegas properties directly compete with nine other casinos that operate in downtown Las Vegas. As such, we have…View ↗
Boyd Gaming Corporation (the "Company," the "Registrant," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has…View ↗
Through the FanDuel Market Access Agreements and market access agreements with other online operators, and subject to state law and…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 45 cents of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.
10-K for FY2025, filed Feb 20, 2026
$748.4MView ↗
10-K for FY2025, filed Feb 20, 2026
$1.8BView ↗
10-K for FY2025, filed Feb 20, 2026
$388.5MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
$131.2MView ↗
- ▼ −13%
- vs $151.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
Growing. Revenue grew 21% in 4 years, from $3.4B in FY2021 to $4.1B in FY2025, about 5% a year.
Online operations
The older report describes sports betting through a strategic partnership with FanDuel and Stardust-branded online casinos; the latest describes Boyd Interactive's online casino business and sports wagering through agreements with operators.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 20, 2026In 2018, we acquired a five percent ownership in FanDuel Group Parent, LLC ("FanDuel"), the nation’s leading sports-betting operator. On…View ↗
Through the FanDuel Market Access Agreements and market access agreements with other online operators, and subject to state law and…View ↗
As of December 31, 2025, we had 27 gaming entertainment properties. Headquartered in Las Vegas, Nevada, we have geographically diversified…View ↗
Virginia casino
The older report lists operating locations outside Virginia; the latest says a transitional casino in Norfolk, Virginia opened.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 20, 2026Boyd Gaming Corporation (the "Company," the "Registrant," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has…View ↗
Boyd Gaming Corporation (the "Company," the "Registrant," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has…View ↗
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