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Note 9 - Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Notes Tables

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

		*Three Months Ended September 30, 2025*
						*Food &*												*Online*				*Management*
		*Gaming*				*Beverage*				*Room*				*Online*				*Reimbursements*				*Fee*				*Other*				*Total*
*(In thousands)*		*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*
Revenues
Las Vegas Locals		$	157,839			$	21,130			$	17,315			$	—			$	—			$	—			$	14,558			$	210,842
Downtown Las Vegas			33,704				10,754				6,017				—				—				—				2,749				53,224
Midwest & South			454,639				43,686				21,912				—				—				—				18,615				538,852
Online			—				—				—				26,893				138,704				—				—				165,597
Managed & Other			11,189				—				—				—				—				23,697				960				35,846
Total Revenues		$	657,371			$	75,570			$	45,244			$	26,893			$	138,704			$	23,697			$	36,882			$	1,004,361

		Three Months Ended September 30, 2024 ⁽¹⁾
						*Food &*												*Online*				*Management*
		*Gaming*				*Beverage*				*Room*				*Online*				*Reimbursements*				*Fee*				*Other*				*Total*
*(In thousands)*		*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*
Revenues
Las Vegas Locals		$	155,683			$	20,545			$	21,749			$	—			$	—			$	—			$	13,884			$	211,861
Downtown Las Vegas			33,586				10,622				6,309				—				—				—				2,783				53,300
Midwest & South			440,823				41,561				22,168				—				—				—				17,848				522,400
Online			—				—				—				38,146				103,166				—				—				141,312
Managed & Other			10,436				—				—				—				—				21,030				907				32,373
Total Revenues		$	640,528			$	72,728			$	50,226			$	38,146			$	103,166			$	21,030			$	35,422			$	961,246

		Nine Months Ended September 30, 2025 ⁽¹⁾
						*Food &*												*Online*				*Management*
		*Gaming*				*Beverage*				*Room*				*Online*				*Reimbursements*				*Fee*				*Other*				*Total*
*(In thousands)*		*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*
Revenues
Las Vegas Locals		$	484,961			$	68,787			$	64,224			$	—			$	—			$	—			$	44,760			$	662,732
Downtown Las Vegas			104,371				32,506				20,157				—				—				—				8,730				165,764
Midwest & South			1,344,046				126,602				59,704				—				—				—				53,164				1,583,516
Online			—				—				—				106,000				402,221				—				—				508,221
Managed & Other			34,141				—				—				—				—				72,618				2,932				109,691
Total Revenues		$	1,967,519			$	227,895			$	144,085			$	106,000			$	402,221			$	72,618			$	109,586			$	3,029,924

		Nine Months Ended September 30, 2024 ⁽¹⁾
						*Food &*												*Online*				*Management*
		*Gaming*				*Beverage*				*Room*				*Online*				*Reimbursements*				*Fee*				*Other*				*Total*
*(In thousands)*		*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*				*Revenue*
Revenues
Las Vegas Locals		$	480,054			$	66,340			$	72,202			$	—			$	—			$	—			$	43,941			$	662,537
Downtown Las Vegas			104,032				32,122				19,770				—				—				—				8,608				164,532
Midwest & South			1,309,360				123,899				59,796				—				—				—				51,861				1,544,916
Online			—				—				—				94,738				322,674				—				—				417,412
Managed & Other			32,040				—				—				—				—				64,527				3,315				99,882
Total Revenues		$	1,925,486			$	222,361			$	151,768			$	94,738			$	322,674			$	64,527			$	107,725			$	2,889,279

⁽¹⁾ Revenues for the three and nine months ended September 30, 2024 have been recast to reflect the change made during the third quarter of 2025 to separate online reimbursements revenue from online revenue. Additionally, revenues for the first and second quarters of 2025 have been recast to reflect the separation of online reimbursements revenue from online revenue included in the nine months ended September 30, 2025.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

		*Three Months Ended*								*Nine Months Ended*
		*September 30,*								*September 30,*
*(In thousands)*		*2025*				*2024*				*2025*				*2024*
Adjusted EBITDAR
Las Vegas Locals		$	92,128			$	96,414			$	311,389			$	316,105
Downtown Las Vegas			16,118				16,511				56,446				56,344
Midwest & South			201,603				196,867				586,226				573,316
Online			9,424				26,005				54,974				63,538
Managed & Other			26,269				22,529				79,551				70,450
Corporate expense			(23,777	)			(21,694	)			(71,442	)			(68,444	)
Adjusted EBITDAR			321,765				336,632				1,017,144				1,011,309
Other operating costs and expenses
Deferred rent			147				162				441				486
Master lease rent expense			28,584				28,160				85,186				83,247
Depreciation and amortization			73,749				70,344				211,957				198,934
Share-based compensation expense			8,534				7,540				29,531				24,765
Project development, preopening and writedowns			3,972				11,347				5,214				21,954
Impairment of assets			65,123				—				97,395				10,500
Other operating items, net			1,892				(906	)			5,399				4,947
Total other operating costs and expenses			182,001				116,647				435,123				344,833
Operating income			139,764				219,985				582,021				666,476
Other expense (income)
Interest income			(1,501	)			(392	)			(3,572	)			(1,241	)
Interest expense, net of amounts capitalized			33,262				46,208				132,268				131,466
Loss on early extinguishments and modifications of debt			1,446				—				1,446				—
Other, net			(1,735,479	)			189				(1,735,420	)			289
Total other (income) expense, net			(1,702,272	)			46,005				(1,605,278	)			130,514
Income before income taxes			1,842,036				173,980				2,187,299				535,962
Income tax provision			(403,200	)			(42,852	)			(487,227	)			(128,516	)
Net income			1,438,836				131,128				1,700,072				407,446
Net loss attributable to noncontrolling interest			1,157				—				2,798				—
Net income attributable to Boyd Gaming		$	1,439,993			$	131,128			$	1,702,870			$	407,446

Reconciliation of Revenue and Expenses from Segments to Consolidated [Table Text Block]

		*Las Vegas*				*Downtown*				*Midwest &*								*Managed &*
*(In thousands)*		*Locals*				*Las Vegas*				*South*				*Online*				*Other*				*Total*
*Three Months Ended September 30, 2025*
Revenues		$	210,842			$	53,224			$	538,852			$	165,597			$	35,846			$	1,004,361
Other segment expenses ⁽¹⁾			118,714				37,106				337,249				156,173				9,577				658,819
Corporate expense			—				—				—				—				—				23,777
Adjusted EBITDAR		$	92,128			$	16,118			$	201,603			$	9,424			$	26,269			$	321,765

*Three Months Ended September 30, 2024*
Revenues		$	211,861			$	53,300			$	522,400			$	141,312			$	32,373			$	961,246
Other segment expenses⁽¹⁾			115,447				36,789				325,533				115,307				9,844				602,920
Corporate expense			—				—				—				—				—				21,694
Adjusted EBITDAR		$	96,414			$	16,511			$	196,867			$	26,005			$	22,529			$	336,632

*Nine Months Ended September 30, 2025*
Revenues		$	662,732			$	165,764			$	1,583,516			$	508,221			$	109,691			$	3,029,924
Other segment expenses ⁽¹⁾			351,343				109,318				997,290				453,247				30,140				1,941,338
Corporate expense			—				—				—				—				—				71,442
Adjusted EBITDAR		$	311,389			$	56,446			$	586,226			$	54,974			$	79,551			$	1,017,144

*Nine Months Ended September 30, 2024*
Revenues		$	662,537			$	164,532			$	1,544,916			$	417,412			$	99,882			$	2,889,279
Other segment expenses ⁽¹⁾			346,432				108,188				971,600				353,874				29,432				1,809,526
Corporate expense			—				—				—				—				—				68,444
Adjusted EBITDAR		$	316,105			$	56,344			$	573,316			$	63,538			$	70,450			$	1,011,309

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

		*September 30,*				*December 31,*
*(In thousands)*		*2025*				*2024*
Assets
Las Vegas Locals		$	1,637,837			$	1,623,935
Downtown Las Vegas			287,249				292,765
Midwest & South			3,827,138				3,855,386
Online			166,852				185,567
Managed & Other			111,748				115,839
Corporate			482,129				318,323
Total Assets		$	6,512,953			$	6,391,815