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Boyd Gaming Corporation
BYD · NYSEConsumer Discretionary
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Raw inputs
Equipment
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AI demand
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Company details
Market cap
$7B
P/E ratio
12×
Div yield
0.9%
EPS (FY2024)
$6.19
Profit margin
15%
Rev. growth
+5%
Revenue
$3.9B
Adj. EBITDAR
$1.4B
In plain English
Boyd Gaming is one of the largest regional casino operators in the US — 28 gaming properties across 10 states, from its Las Vegas Locals and Downtown Vegas roots to a broad Midwest & South footprint. It is 'the house': it owns the casinos, runs the loyalty program (Boyd Rewards), and takes the margin on gaming, hotels, food and beverage. In 2024 it earned $3.93B of revenue and $578M of net income, and in mid-2025 it sold its 5% FanDuel stake to Flutter for ~$1.76B to cut debt while keeping a market-access partnership through 2038.
In simple terms
Boyd is the house
Gaming-tech makers (IGT, Light & Wonder, Aristocrat) supply the slots and systems; a REIT (GLPI) owns some of the buildings and leases them back. Boyd operates the casinos, an online arm and a managed tribal property, and takes the house margin from millions of guests and Boyd Rewards members.
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