Boyd Gaming Corporation (BYD): Business Model Canvas [Dec-2025 Updated]

You're trying to map out where Boyd Gaming Corporation (BYD) stands right now, especially after they wrapped up the FanDuel deal-that's a big strategic move. Honestly, the core business is still rock solid: running 28 full-service gaming properties across ten states, pulling in $1.0 billion in revenue in Q3 2025. We need to see how they balance that massive physical footprint with their new digital plays, like the Pala Interactive tech and the Fanatics partnership for sports betting access. This Business Model Canvas cuts through the noise, showing you exactly how they generate cash from locals, tourists, and online players, and where that capital is going, like the big $600 million-$650 million CapEx budget for 2025. Dive in below to see the nine blocks that define their current play.

Boyd Gaming Corporation (BYD) - Canvas Business Model: Key Partnerships

Boyd Gaming Corporation relies on several key external entities to power its operations across its 28 gaming entertainment properties in 10 states and its digital presence. These relationships are critical for market access, technology backbone, and tribal management agreements.

The technology partnerships for sports betting are clearly segmented by geography and function.

The relationship with Fanatics Betting & Gaming secures market entry into Missouri, a state poised for a regulated sports wagering launch in December 2025. This deal allows FBG to operate mobile sports betting under Boyd Gaming Corporation's license. FBG will also open Fanatics-branded retail sportsbooks at two Boyd Gaming properties in Missouri.

Tribal casino management represents a significant, high-margin segment of Boyd Gaming Corporation's business.

• Wilton Rancheria Tribe (Sky River Casino, Northern California): Opened August 2022 with 100,000 sq ft of gaming, 2,100 slot machines, and 80 table games.
• Pamunkey Indian Tribe (Norfolk, Virginia): Boyd Gaming committed to investing over $750 million in the permanent resort, scheduled for late 2027. An interim gaming hall with over 130 slot machines is set to open by November 15, 2025.

Financial data from a prior period highlights the value of these management contracts. Boyd Gaming received $17 million in management fees from Sky River in the quarter ending September 30, 2023, which represented more than 60 percent of the company's total management fees then.

For its direct-to-consumer online casino operations, Boyd Gaming utilizes its digital arm, Boyd Interactive. This entity powers a portfolio of online casino brands across regulated North American markets. Boyd Interactive offers enterprise-grade B2B solutions, leveraging over 12 years of experience in the regulated U.S. and Canadian online gaming environment. These B2B services include player account management, casino content, and integrated sports betting platforms.

The implied real estate partnership component is tied directly to the large-scale development projects, such as the Norfolk resort with the Pamunkey Indian Tribe, which involves a committed investment exceeding $750 million for the final destination resort.

Key online casino brands powered by Boyd Interactive include:

• Stardust Casino (New Jersey, Pennsylvania, Ontario)
• Resorts Online Casino (New Jersey)
• Mohegan Sun Casino (New Jersey)

The technology providers for Boyd Interactive's online casino platforms are integrated within their proprietary B2B offering, which focuses on performance, compliance, and scalability for multi-state regulation.

Boyd Gaming Corporation (BYD) - Canvas Business Model: Key Activities

You're looking at the core actions Boyd Gaming Corporation takes to generate revenue and maintain its market position as of late 2025. It's a mix of running established physical assets and aggressively growing its digital footprint, all while managing the balance sheet tightly.

Operating 27 full-service gaming properties in 11 states is the foundation. This portfolio spans Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania, and a managed tribal casino in Northern California. The Midwest and South segment generates the majority of sales for Boyd Gaming Corporation. As of December 31, 2024, the company operated 27 wholly owned gaming properties, offering 1,764,063 square feet of casino space, 28,102 slot machines, and 616 table games across those properties. The Borgata property supplies more than a third of the company's overall profits. This physical operation is supported by the nationwide loyalty program.

Managing the B Connected loyalty program-also referred to as Boyd Rewards-is key to retaining the core customer base. This program connects the nationwide portfolio and features five tiers: Ruby, Sapphire, Emerald, Onyx, and Titanium. Tier Credits reset annually on January 1st to determine the tier status for the following year.

Online casino gaming and sports betting operations represent a significant growth vector. Boyd Interactive owns the B2B and B2C online casino gaming business. The online segment saw revenue surge to $173.1 million in Q2 2025, a 33.2% year-on-year increase. For the third quarter ended September 30, 2025, the online segment revenue spiked 17.6% from the same quarter in 2024. The company projects $50-$55 million in operating income and Adjusted EBITDAR from its online division for both FY2025 and FY2026.

Property development remains a major capital commitment, most notably the Virginia project. Boyd Gaming Corporation is investing $750 million to develop a resort casino in Norfolk, Virginia, in collaboration with the Pamunkey Indian Tribe. The plan requires opening a temporary casino by November 15, 2025, to meet state licensing deadlines; this interim facility will feature 130 slot machines. The permanent complex, slated for a late 2027 opening, is planned to include 1,500 slot machines, 50 table games, and a 200-room hotel.

Disciplined capital allocation and share repurchases demonstrate a focus on shareholder returns alongside investment. The company returned $175 million to shareholders during the third quarter of 2025 through dividends and repurchases. During Q3 2025, Boyd Gaming repurchased $160 million in shares of its common stock. The company announced a plan to increase its target for share repurchases to $150 million per quarter starting with the third quarter of 2025. As of September 30, 2025, there was $547 million remaining under the share repurchase authorization. Total projected capital expenditures for the full year 2025 were set between $600 million to $650 million.

Here are some key operational and financial metrics from the latest reported periods:

The company's operational focus is clearly segmented across its physical footprint and digital expansion, supported by a strong capital management program. You can see the emphasis on core customer play driving the property segments.

• Las Vegas Locals segment margins were nearly 50% in Q2 2025.
• Midwest and South segment delivered its best third-quarter performance in three years in Q3 2025.
• Quarterly cash dividend declared December 4, 2025, was $0.18 per share.
• The company has raised its dividend for three consecutive years.

Finance: draft 13-week cash view by Friday.

Boyd Gaming Corporation (BYD) - Canvas Business Model: Key Resources

You're looking at the core assets Boyd Gaming Corporation (BYD) relies on to run its business as of late 2025. These aren't just line items; they are the actual engines of their operation.

Portfolio of 28 physical casino properties and licenses

Boyd Gaming Corporation owns and operates a substantial physical footprint. As of late 2025, this portfolio includes 28 gaming properties across ten states, including Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. This scale provides significant geographic diversification across key regional gaming markets.

The scope of the physical assets as of 2021 included:

The company is also actively investing in future capacity, with projects like the Cadence Crossing Casino development in southern Nevada and the Norfolk, Virginia, casino resort scheduled to open in late 2027.

Strong balance sheet with $319.1 million cash on hand (Q3 2025)

The financial foundation supports ongoing operations and strategic moves. For the third quarter ended September 30, 2025, Boyd Gaming reported having $319.1 million in cash on hand. This liquidity is set against a total debt level of $1.9 billion as of that same date. The company also returned $175 million to shareholders during Q3 2025 through dividends and share repurchases.

Key balance sheet metrics as of September 30, 2025:

• Cash on Hand: $319.1 million
• Total Debt: $1.9 billion
• Share Repurchase Authorization Remaining: $547 million

Proprietary online gaming platform (Pala Interactive acquisition)

Boyd Gaming operates an Online segment, which benefited from its online casino gaming business in Q3 2025. The results in this segment also reflected the impacts of the recent transaction to sell the company's 5% stake in FanDuel. The company owns Boyd Interactive, which is its B2B and B2C online casino gaming division, integrated with the loyalty program.

Extensive customer database and B Connected loyalty program

The B Connected loyalty program is a nationwide initiative integrated with the Boyd Rewards structure. The program is structured around five tiers based on Tier Credits earned annually:

• Ruby: 0-749 Tier Credits
• Sapphire: 750-14,999 Tier Credits
• Emerald: 15,000-49,999 Tier Credits
• Onyx: 50,000-199,999 Tier Credits
• Titanium: 200,000 and above Tier Credits

Points are earned across slots, table games, poker, race and sports books, and bingo. Membership is free and open to adults ages 21 and over.

Experienced management team and operational expertise

The leadership team brings deep industry tenure. Keith Smith, President and CEO, has 30 years of gaming experience and has been with Boyd Gaming Corporation since 1990. Chief Operating Officer Ted Bogich joined Boyd Gaming in 2004. Chief Administrative Officer Steve Thompson has been with the company since 1983. COO Ted Bogich has day-to-day oversight of all 28 properties nationwide.

Management tenure highlights:

• Keith Smith (President & CEO): Joined 1990
• Ted Bogich (COO): Joined 2004
• Steve Thompson (CAO): Joined 1983

This operational expertise is applied across segments, with the Midwest & South segment delivering its best third-quarter performance in three years in Q3 2025. Finance: draft 13-week cash view by Friday.

Boyd Gaming Corporation (BYD) - Canvas Business Model: Value Propositions

Convenient, local gaming experience for Las Vegas residents

• Las Vegas Locals segment generated $211 million in revenue in Q3 2025.
• Las Vegas Locals segment generated $92 million in EBITDA in Q3 2025.
• Gaming revenues in the Las Vegas locals segment grew year-over-year, driven by strong demand from core customers.
• The Orleans property experienced weakness tied to out-of-town visitation, not local patrons.

Diversified regional gaming and entertainment options

Boyd Gaming Corporation's geographic spread supports this value proposition, with strong performance in non-Nevada markets.

The Midwest & South segment delivered its best third-quarter revenue and Adjusted EBITDAR performance in three years in Q3 2025. Downtown Las Vegas saw softness from a lack of tourism on the street in Q3 2025.

'Boyd Style' service for a consistent, welcoming experience

This is supported by operational efficiency across the portfolio.

• Property-level margins once again exceeded 40% during the second quarter of 2025.
• Companywide property operating margins were maintained at 40% in Q1 2025.

Integrated retail and mobile sports betting via partnerships

The digital segment shows significant growth, even after the FanDuel equity transaction.

• Online operations revenue reached $173.1 million in Q2 2025, a 33.2% increase from the prior year period.
• Online segment revenue spiked 17.6% in Q3 2025 from the same quarter in 2024.
• Boyd Gaming projects between $50 million and $55 million in online gaming AEBITDAR for full year 2025.
• The sale of the equity interest in FanDuel to Flutter Entertainment was valued at $1.8 billion.

Full-service amenities: dining, hotel, and live entertainment

The non-gaming revenue streams contribute to the overall experience.

Room operations revenue saw a 2.2% decrease in Q2 2025. Boyd Gaming started construction on a new Las Vegas Valley casino development in April 2025.

Boyd Gaming Corporation (BYD) - Canvas Business Model: Customer Relationships

You're looking at how Boyd Gaming Corporation keeps its best players coming back, which is the whole game in this business. It's all about making the relationship feel personal, even when you're dealing with millions of transactions across 27 gaming entertainment properties in 11 states.

Dedicated loyalty program (B Connected) for core customers

Boyd Gaming connects its nationwide portfolio through its loyalty ecosystem, known as Boyd Rewards, which is built around the B Connected program. This program is recognized as the nation's favorite casino loyalty program by readers of USA Today. The structure is designed to reward frequency and spend across all touchpoints. The tier system clearly delineates the value proposition for the most frequent guests.

Here's a look at the tier structure that defines the relationship levels:

The program offers a wide range of benefits that scale with status, including special discounts on hotel stays, retail purchases, and buffets at Boyd Gaming properties.

Highly personalized and targeted marketing efforts

The company relies on data analytics to understand customer behavior, which directly feeds into optimizing marketing campaigns. This personalized approach is crucial for driving repeat visitation. The commitment to responsible engagement is formalized in their Responsible Gaming and Marketing Policy, which was updated in September 2025. This policy governs all advertising activities, ensuring they adhere to standards of decency and do not claim gambling leads to guaranteed social or financial success.

• Personalized marketing efforts likely played a significant role in driving customer loyalty.
• Advertising includes information on problem gambling helplines in all jurisdictions.
• The company monitors customer accounts for potentially problematic play weekly.

High-touch, in-person service at physical properties

The foundation of the relationship remains the physical experience. The operational efficiency across the property portfolio supports the customer experience. For instance, property-level margins exceeded 40% in the second quarter of 2025, and the Las Vegas Locals segment achieved margins nearly at 50% in the same period, showing strong operational control that supports service quality. The company operates 27 properties across 11 states, meaning the in-person service delivery is geographically diverse but centrally managed.

Automated digital engagement through online platforms

Digital channels are integrated into the overall relationship strategy. Boyd Interactive, the digital gaming arm, saw a 14% year-over-year increase in EBITDAR for the second quarter of 2025. This growth was driven by expanding regulatory access and the success of their online casino gaming business. This digital presence allows for automated engagement outside the physical casino floor.

Focus on retaining core, high-frequency customers

Retaining the most valuable customers is explicitly stated as a driver of financial success. For the third quarter of 2025, revenues grew, driven by year-over-year growth in play from these core customers across all three property operating segments. Similarly, in the second quarter of 2025, performance was supported by continued strength in play from core customers. This focus on the high-frequency base is a clear strategic priority for Boyd Gaming Corporation.

The third-quarter 2025 revenue reached $1.0 billion, directly reflecting the success of strategies aimed at this segment.

Boyd Gaming Corporation (BYD) - Canvas Business Model: Channels

You're looking at how Boyd Gaming Corporation (BYD) gets its value proposition to the customer base as of late 2025. The channels are a mix of very physical locations and increasingly important digital touchpoints.

Physical casino properties in Las Vegas and regional markets represent the core delivery mechanism. As of late 2025, Boyd Gaming operates 28 gaming properties across 10 states, including its Las Vegas Locals portfolio and regional assets in the Midwest and South. The physical channel is where the majority of gaming revenue is still generated, though digital growth is notable.

Here's a look at the revenue contribution from the main segments, based on the second quarter of 2025 results:

Mobile sports betting applications (e.g., Fanatics Sportsbook) are a rapidly evolving channel, often secured through market-access agreements. A significant development in late 2025 is the multi-year partnership with Fanatics Betting and Gaming to enter the Missouri market. Under this agreement, Fanatics Sportsbook will operate mobile sports betting using Boyd Gaming Corporation's license in Missouri, with a targeted launch in December 2025. This partnership also includes opening Fanatics-branded retail sportsbooks at Boyd's two Ameristar properties in Missouri.

Proprietary online casino gaming websites and apps fall under the Online segment, which is a key growth area. Management projected the Online division to generate between $50-$55 million in operating income and adjusted EBITDAR through FY2025 and FY2026. For the full year 2025, the segment was anticipated to generate $80 million to $85 million in EBITDAR, up from $76 million in 2024. This channel leverages digital engagement across regulated states.

Direct marketing and email campaigns to loyalty members are channeled through the Boyd Rewards program. This tiered structure directly incentivizes continued play and communication. You can see the structure that dictates the level of direct communication and rewards:

• Ruby: 0-749 points
• Sapphire: 750-14,999 points
• Emerald: 15,000-49,999 points
• Onyx: 50,000-199,999 points
• Titanium: 200,000 and above points

Higher tiers unlock benefits like annual trips to Hawaii with airfare credits. The company repurchased $328 million in common stock in Q1 2025, which is a financial action supporting the overall value proposition to loyal shareholders and customers.

Travel wholesalers for Hawaiian market segments directly influence the Downtown Las Vegas channel performance. Visitation from Hawaiian guests provided a notable boost to both revenue and Adjusted EBITDAR in the Downtown Las Vegas segment during Q1 2025 and Q2 2025, though Q2 2025 faced a tougher comparison due to elevated visitation in the prior year period. This specific demographic segment is a key driver for that particular physical channel.

Boyd Gaming Corporation (BYD) - Canvas Business Model: Customer Segments

You're looking at the core groups Boyd Gaming Corporation (BYD) serves as of late 2025, based on their latest reported performance through the third quarter of 2025. Honestly, the customer base is clearly split between resilient local patrons and high-growth digital users, with destination travel being more volatile.

Las Vegas Locals (core, high-frequency gamers)

This group remains the bedrock, showing consistent strength even when other parts of the Las Vegas portfolio face headwinds. For the third quarter of 2025, the Las Vegas Locals segment pulled in $211 million in revenue and generated $92 million in EBITDA. Company executives noted that gaming revenues continued to grow, driven by strong demand from these regular, in-market players. To be fair, this segment did see a slight dip earlier in the year; in the first quarter of 2025, revenue for Las Vegas locals casinos was $222.8 million, a roughly 4% year-on-year dip. Still, the second quarter of 2025 saw this segment achieve its strongest quarterly growth in more than two years, with segment margins nearing 50%.

Regional drive-in customers across the Midwest & South

The regional footprint is a major driver of stability and growth. The Midwest & South segment delivered its best third-quarter revenue and Adjusted EBITDAR performance in three years in Q3 2025. Looking at the second quarter of 2025, this segment generated $540.1 million in revenue, a 3.5% increase year-over-year, with Adjusted EBITDAR reaching $201.4 million. This broad-based strength helps offset softness elsewhere.

Hawaiian tourists visiting Downtown Las Vegas properties

This is a distinct, high-value niche for the Downtown Las Vegas properties. In the third quarter of 2025, Downtown Las Vegas saw growth in gaming revenues specifically from its Hawaiian market segments. However, this business can be lumpy; for example, Q2 2025 revenue for Downtown Las Vegas fell 4% year-over-year to roughly $55.2 million, with adjusted EBITDAR at $19.4 million, which the company partially blamed on a challenging comparison to an 'unusually elevated' visitation period in Q2 2024.

Online iGaming and sports betting customers

The digital channel is clearly a key growth engine. The Online segment saw online operations surge by 33.2% to $173.1 million in revenue during the second quarter of 2025. Boyd Gaming anticipates the Online segment will generate between $80 million to $85 million in EBITDAR for the full year 2025. This segment is vital for navigating shifts in the broader entertainment sector.

Retail customers with improving play trends

This category overlaps with the others but specifically refers to the general retail customer base showing positive momentum outside the core local demographic. In the third quarter of 2025, management specifically cited improving trends in play from retail customers as a driver of growth. This positive trend was also noted in Q2 2025, where overall growth was supported by improvements in retail play.

Here's a quick look at the segment revenue and profitability data we have for Q3 2025 and Q2 2025:

The company is definitely leaning on its core local base and regional properties for immediate results, while the digital segment shows the highest growth rate.

• Core Las Vegas Locals customers are performing 'extremely well.'
• The Midwest & South segment is showing broad-based revenue and Adjusted EBITDAR growth.
• The Online segment is a key growth area, with EBITDAR projected between $80 million to $85 million for FY2025.
• Destination business softness in Las Vegas is being offset by local and regional strength.

Finance: draft 13-week cash view by Friday.

Boyd Gaming Corporation (BYD) - Canvas Business Model: Cost Structure

The Cost Structure for Boyd Gaming Corporation is heavily weighted toward property operations, significant ongoing capital investment, and regulatory obligations. You're looking at a business where fixed and semi-fixed costs, like property labor and rent, form a substantial base that needs to be covered by consistent gaming revenue.

Significant property operating costs (labor, utilities, maintenance) are the day-to-day engine of the business. While specific labor costs aren't itemized separately in the latest reports, Selling, General and Administrative (SG&A) expenses, which include marketing, technology, compliance, surveillance, and security, were reported at $107.846 million for the first quarter of 2025 alone. Maintenance and utilities, a key component of property overhead, totaled $36.725 million in Q1 2025. The company emphasizes operational efficiency, with property operating margins exceeding 37% in Q3 2025.

The company commits substantial funds to maintaining and growing its physical assets, reflected in its High capital expenditures (CapEx) plan for 2025. The overall projected CapEx for 2025 is in the range of $600 million-$650 million. A more detailed breakdown of the forecasted capital plan for the year includes:

Gaming taxes and regulatory compliance costs are a non-negotiable expense tied directly to gaming revenue. Based on projections assuming a 21% corporate tax rate, Boyd Gaming's estimated total tax liability for the 2025 fiscal year was approximately $370 million.

Servicing the balance sheet is a consistent drain, represented by Interest expense on total debt. As of September 30, 2025, Boyd Gaming reported total debt of $1.9 billion. While the Q3 interest expense isn't explicitly stated, the interest expense, net of amounts capitalized, for the first quarter of 2025 was $48.437 million.

Marketing and promotional costs for customer acquisition and retention are embedded within the SG&A line item, which management notes they keep disciplined. The company's success in the Las Vegas Locals segment is attributed partly to 'disciplined marketing'. The SG&A figure of $107.846 million for Q1 2025 covers these promotional activities alongside other overhead.

You should review the quarterly breakdown of these major cost categories to see how they shift:

• Maintenance and Utilities (Q1 2025): $36.725 million
• Selling, General and Administrative (Q1 2025): $107.846 million
• Total Debt (Q3 2025): $1.9 billion

Finance: draft 13-week cash view by Friday.

Boyd Gaming Corporation (BYD) - Canvas Business Model: Revenue Streams

Boyd Gaming Corporation reported total revenue of $1.0 billion for the third quarter ended September 30, 2025. This represented a 4.5% increase from the $961.2 million reported in the third quarter of 2024.

The primary engine of revenue generation remains the physical casino operations across its portfolio of 28 gaming properties in ten states. Gaming revenue, which encompasses slot machines and table games, totaled $657.4 million in Q3 2025, marking a 2.6% year-over-year increase.

You see the breakdown of segment performance contributing to this, which gives a clearer picture of where the core gaming dollars are coming from:

• Gaming revenue from slot machines and table games (primary source)
• Online casino gaming and market-access fees
• Hotel, food, and beverage sales from full-service properties
• Management fees from tribal casino operations (e.g., Sky River)

The company's operational segments showed varied strength in Q3 2025. The Midwest & South segment delivered its best third-quarter performance in three years. The Las Vegas Locals segment also saw growth in gaming revenues driven by core customers.

Online revenue streams are a growing component, with the Online segment benefiting from the company's online casino gaming business. The guidance for Online segment EBITDA for the full year 2025 was increased to $60 million. Conversely, the results for Q3 2025 reflected lower market-access fees due to the recent FanDuel transaction.

Management fees from tribal casino operations, specifically mentioning strong performance from Sky River Casino in northern California, contribute to the Managed & Other segment revenue.

Here are the key financial figures for Q3 2025 compared to the prior year:

Hotel, food, and beverage sales are embedded within the property operating segment revenues, which saw healthy growth in gaming revenues across all three segments. The company returned $175 million to shareholders in Q3 2025 via dividends and repurchases. The quarterly cash dividend paid was $0.18 per share on October 15.