Boyd Gaming Corp. reported a strong financial start to 2025, announcing nearly $1 billion in revenue for the first quarter and signaling confidence in its ability to weather economic uncertainties tied to tariffs and construction costs.
The Las Vegas-based casino operator generated $991.6 million in total revenue during the January–March period, with adjusted EBITDA rising to $309.4 million, compared to $303.3 million during the same quarter last year. Executives credited the performance to continued strength across its diversified portfolio, especially in digital operations, regional casinos in the Midwest and South, and properties in downtown Las Vegas.
“Our revenue and EBITDAR growth in the first quarter reflected the strength of our diversified business, the resiliency of our customer base, and the appeal of our properties,” said Keith Smith, Boyd Gaming’s president and CEO, during the company’s earnings call on Thursday.
Keith Smith, Boyd Gaming’s president and CEO
Las Vegas locals casinos brought in $222.8 million in Q1, a roughly 4% year-on-year dip, which Smith attributed largely to roadwork and increased competition impacting The Orleans hotel-casino.
Downtown Las Vegas properties contributed $57.3 million in revenue, buoyed by a return of Hawaiian visitors who had largely stayed away last year due to inflated airfare costs during Super Bowl week. “Play from our core customers continued to grow on a company-wide basis during the first quarter,” Smith said.
All in all, the casino company’s Las Vegas resorts brought in $280 million from January through March, about even with 2024 first-quarter totals. The Super Bowl boosted business last year, and moved on to New Orleans this year.
April has so far followed the positive trend, according to Smith. “While economic uncertainty has increased in recent weeks, we are encouraged that trends in our business have remained consistent over the first three weeks of April,” he told investors.
CFO Josh Hirsberg noted that while the company is monitoring costs and opting for domestic goods when feasible, it does not expect to revise any capital project budgets. “We feel very comfortable about where we’re sitting,” Hirsberg said. “At the end of the day, when we got through analysis, quite honestly, we felt very comfortable with the risk relative to our existing budgets.”
Smith stated that while cost increases are anticipated due to tariffs, they remain manageable. “As we’ve calculated them and looked at our budgets, we’re comfortable that they’re not going to hinder our ability to go forward,” he said. “So it’s not going to cause us to change course.”
Cadence Crossing groundbreaking
Boyd is currently developing the Cadence Crossing casino in Henderson, Nevada, on the former site of Joker’s Wild. The 50,000-square-foot property broke ground on April 4 and is expected to open by mid-2026.
It marks Boyd’s first ground-up casino development in two decades. Smith said the facility has been designed for long-term growth, with future phases planned to include a hotel, expanded gaming space, and non-gaming amenities.
Work is also ongoing at The Orleans and the Suncoast, where full-property renovations are underway. While disruptions at Suncoast have been minimal so far, Smith cautioned that they may increase during the summer months.
On the Eastside Cannery, the company remains unmoved in its earlier decision not to reopen the property, citing insufficient demand in that area of Boulder Highway.
Outside Nevada, Boyd is moving forward with a $750 million project in Norfolk, Virginia, and the Sky River expansion in northern California. Both remain on schedule, supported by what Smith described as “the strongest balance sheet in our history.”
Despite committing $328 million to share repurchases in the quarter and paying $15 million in dividends, the company plans to reduce buybacks to $100 million per quarter moving forward.
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