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 and stable retail customer trends, with notable contributions from Treasure Chest and the Online segment.

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

• Celebrated 50th anniversary in January 2025, marking significant growth and strategic milestones.

Financial highlights

• Full-year 2024 revenue exceeded $3.9 billion, setting a new record, with net income of $578.0 million ($6.19/share).

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

• Online segment revenues grew to $188.8 million in Q4 2024 and $606.2 million for the year.

• Online segment generated $108 million in EBITDA for 2024, including $32 million in non-recurring fees.

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

Outlook and guidance

• Expect Online segment EBITDA of $80–$85 million in 2025, compared to $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.

• Anticipate stability and slight outperformance in Las Vegas Locals segment, with Midwest and South segment benefiting from Treasure Chest expansion.

• Corporate expense for 2025 expected to be about $95 million, reflecting a 3–3.5% increase and one-time donations.