Boyd Gaming (BYD) Q4 2024 earnings summary

Executive summary

• Achieved record full-year 2024 revenue of over $3.9 billion and company-wide EBITDA of nearly $1.4 billion, with property-level operating margins exceeding 40%.

• Q4 2024 revenues surpassed $1 billion for the first time, with EBITDA reaching nearly $380 million, and net income of $170.5 million ($1.92/share).

• Continued growth in core customer play, stable retail customer trends, and strong online and Midwest & South segment performance.

• Ongoing investments in property enhancements and strategic growth projects, including major developments in Virginia, Illinois, and Nevada.

• Returned nearly $750 million to shareholders in 2024 through share repurchases and dividends.

Financial highlights

• Full-year 2024 revenue exceeded $3.9 billion, setting a new record.

• Company-wide EBITDA for 2024 was nearly $1.4 billion; Q4 EBITDA was nearly $380 million.

• Online segment generated $108 million in EBITDA for 2024, including $32 million in non-recurring fees; online revenues were $606.2 million for the year.

• Managed business contributed $96 million in EBITDA for the year, mainly from Sky River Casino.

• Q4 stock repurchases totaled $203 million, with $686 million repurchased for the full year; $640 million remained under repurchase authorization at year-end.

Outlook and guidance

• Online segment expected to generate $80–$85 million in EBITDA for 2025, up from $76 million run rate in 2024.

• Maintenance capital for 2025 estimated at $250 million, with an additional $100 million for hotel refurbishments and $100 million for recurring property growth investments.

• Total 2025 CapEx projected at $600–$650 million, including $150–$200 million for the Virginia project.

• Commitment to $100 million per quarter in share repurchases in 2025, plus ongoing dividends.

• Expecting stable or slightly improved performance in Las Vegas Locals and Midwest/South segments, with some weather-related Q1 impact.