Boyd Gaming Corporation (BYD): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Boyd Gaming Corporation (BYD) surge como uma potência dinâmica no cenário de cassino e hospitalidade, alavancando estrategicamente um sofisticado modelo de negócios que transcende operações tradicionais de jogos. Ao elaborar meticulosamente uma abordagem abrangente que integra diversas experiências de entretenimento, tecnologia de ponta e experiência regional no mercado, o Boyd Gaming se posicionou como um participante formidável na indústria competitiva de hospitalidade e jogos. Seu inovador modelo de negócios Canvas revela um complexo ecossistema de parcerias estratégicas, proposições orientadas por valores e envolvimento de clientes multicanais que os diferencia em oferecer experiências excepcionais de entretenimento e jogos em vários mercados.

Boyd Gaming Corporation (BYD) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com fabricantes de equipamentos de cassino

O Boyd Gaming mantém parcerias estratégicas com os principais fabricantes de equipamentos de cassino:

Fabricante	Detalhes da parceria	Escopo do equipamento
Corporação de jogos científicos	Contrato de fornecimento de longo prazo	Máquinas de caça -níqueis e sistemas de jogos
IGT (Tecnologia Internacional de Jogo)	Parceria exclusiva da plataforma de jogos	Video Poker e jogos eletrônicos de mesa

Joint ventures com provedores locais de hospitalidade e entretenimento

Boyd Gaming colabora com entidades regionais de entretenimento e hospitalidade:

• Conselhos de turismo locais em Nevada e Mississippi
• Empresas regionais de entretenimento para programação de eventos
• Equipes de convenção e visitantes em mercados operacionais

Colaboração com empresas de gestão hoteleira

As parcerias estratégicas de gerenciamento de hotéis incluem:

Parceiro	Tipo de colaboração	Propriedades envolvidas
Marriott International	Contrato de gerenciamento e marca	Propriedades do hotel da marca dupla
Hilton em todo o mundo	Franquia e suporte operacional	Selecione Locais do Resort de Jogos Boyd

Acordos com fornecedores de serviços de alimentos e bebidas

Principais parcerias da cadeia de suprimentos de alimentos e bebidas:

• Sysco Corporation - Parceiro de distribuição de alimentos primários
• Coca -Cola Beverage Company - Fornecedor exclusivo de bebidas
• Aramark - Catering e gerenciamento de serviços de alimentação

Valor total de compras de parceria em 2023: US $ 127,4 milhões

Boyd Gaming Corporation (BYD) - Modelo de negócios: Atividades -chave

Operações e gerenciamento de cassino

A Boyd Gaming opera 28 propriedades de cassino em 7 estados a partir de 2023, com um total de 22.156 máquinas caça -níqueis e 655 jogos de mesa. A receita anual do cassino em 2022 foi de US $ 4,38 bilhões.

Tipo de propriedade	Número de propriedades	Posições de jogo
Cassinos	28	22,811

Desenvolvimento de hotéis e resort

Inventário total de quartos de hotel nas propriedades de jogos Boyd: 9.426 quartos. Taxa média média diária em 2022: US $ 139,45.

Localização	Quartos de hotel	Tipo de propriedade
Las Vegas	4,752	Cassinos do resort
Mercados regionais	4,674	Cassinos locais

Implementação de tecnologia de jogos

Investimento de tecnologia anual: US $ 62,3 milhões em 2022. A infraestrutura tecnológica inclui:

• Sistemas avançados de gerenciamento de slots
• Tecnologias de rastreamento de jogadores
• Integração de pagamento digital
• Plataformas de segurança cibernética

Melhoria de marketing e experiência do cliente

Despesas de marketing em 2022: US $ 287,4 milhões. Associação do Programa de Fidelidade do Cliente: 2,1 milhões de membros ativos.

Canal de marketing	Investimento
Marketing digital	US $ 84,2 milhões
Publicidade tradicional	US $ 203,2 milhões

Gestão de conformidade regulatória e licenciamento

Orçamento de conformidade: US $ 43,7 milhões em 2022. Licenças de jogos ativos entre jurisdições: 14.

• Conformidade da Comissão de Jogos Estaduais
• Auditorias internas regulares
• Processos de renovação de licenciamento

Boyd Gaming Corporation (BYD) - Modelo de negócios: Recursos -chave

Portfólio diversificado de propriedades de cassino e hotel

A Boyd Gaming Corporation opera 28 propriedades em 7 estados a partir de 2024. Total Gaming Floor Floor: 1.452.000 pés quadrados.

Tipo de propriedade	Número de propriedades	Propagação geográfica
Resorts de cassino	14	Nevada, Illinois, Louisiana, Indiana
Cassinos locais	14	Missouri, Kansas

Equipe de gerenciamento experiente

Equipe de liderança com posse média de 15,7 anos na indústria de jogos.

• Keith Smith - Presidente e CEO (desde 2008)
• Josh Hirsberg - Diretor Financeiro
• 14 executivos seniores com coletivo mais de 210 anos de experiência em jogos

Tecnologia de jogos e infraestrutura

Investimento total de infraestrutura de tecnologia: US $ 87,3 milhões em 2023.

Categoria de tecnologia	Valor do investimento
Sistemas de jogos	US $ 42,6 milhões
Infraestrutura de rede	US $ 22,7 milhões
Segurança cibernética	US $ 22 milhões

Forte reputação de marca nos mercados regionais

Pontuação de reconhecimento da marca: 84/100 nos mercados regionais da Target.

Capital financeiro para expansão e reforma

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 5,2 bilhões
• Caixa e equivalentes em dinheiro: US $ 423 milhões
• Linhas de crédito disponíveis: US $ 750 milhões
• Orçamento anual de despesas de capital: US $ 215 milhões

Boyd Gaming Corporation (BYD) - Modelo de negócios: proposições de valor

Experiências abrangentes de entretenimento

O Boyd Gaming opera 28 propriedades de jogos em 7 estados, gerando US $ 4,27 bilhões em receita para o ano fiscal de 2022. A empresa oferece experiências integradas com várias opções de entretenimento.

Tipo de propriedade	Número de propriedades	Propagação geográfica
Cassinos	28	Nevada, Illinois, Indiana, Kansas, Louisiana, Mississippi, Nova Jersey

Serviços de jogos e hospitalidade de alta qualidade

O Boyd Gaming oferece experiências de jogos premium com diversas opções de entretenimento.

• Espaço total para jogos: aproximadamente 1,2 milhão de pés quadrados
• Máquinas de caça -níqueis médias por propriedade: 750
• Jogos médios de mesa por propriedade: 50

Ofertas de propriedades diversas em vários mercados

A empresa mantém um portfólio diversificado de propriedades de jogos com diferentes posicionamentos de mercado.

Segmento de mercado	Número de propriedades	Contribuição da receita
Mercado local de Las Vegas	6	38% da receita total
Mercados regionais	22	62% da receita total

Programas de fidelidade e experiências personalizadas do cliente

O programa de fidelidade conectado B Gaming de Boyd serve mais de 1,2 milhão de membros ativos, fornecendo recompensas e experiências personalizadas.

• Taxa de crescimento do programa de fidelidade: 8% anualmente
• Taxa média de retenção de clientes: 67%
• Orçamento de marketing personalizado: US $ 45 milhões anualmente

Preços competitivos e opções de entretenimento orientadas por valor

O Boyd Gaming mantém estratégias de preços competitivos em suas propriedades.

Estratégia de preços	Tarifas médias de quartos	Gastes de jogos médios por visita
Opções amigas do orçamento	$89-$129	$185
Opções premium	$199-$299	$350

Boyd Gaming Corporation (BYD) - Modelo de Negócios: Relacionamentos do Cliente

Programas de associação e fidelidade

O Boyd Gaming opera o programa de fidelidade conectado B em suas propriedades de cassino. A partir de 2023, o programa possui 1,2 milhão de membros ativos. As camadas de fidelidade incluem:

Nível	Pontos de qualificação	Benefícios
Safira	0-4.999 pontos	Recompensas básicas
Pérola	5.000-24.999 pontos	Benefícios aprimorados
Ouro	25.000-99.999 pontos	Recompensas premium
Platina	Mais de 100.000 pontos	Privilégios exclusivos

Comunicações de marketing personalizadas

O Boyd Gaming investe US $ 12,3 milhões anualmente em esforços de marketing direcionados. As principais estratégias de personalização incluem:

• Campanhas de email segmentadas atingindo 850.000 clientes únicos
• Comunicações personalizadas de mala direta enviadas para 475.000 membros do programa de fidelidade
• Notificações de aplicativos móveis com ofertas personalizadas

Engajamento digital através de plataformas móveis e online

Métricas de engajamento digital para 2023:

Plataforma	Usuários ativos	Interações mensais médias
Aplicativo móvel	325,000	4.7 Interações por usuário
Portal de recompensas online	275,000	3.2 Interações por usuário

Centros de Suporte ao Cliente e Serviços

Infraestrutura de suporte ao cliente:

• Centros de atendimento ao cliente 24/7 com 275 representantes de suporte dedicado
• Tempo médio de resposta: 12 minutos
• Orçamento anual de suporte ao cliente: US $ 8,6 milhões

Eventos promocionais regulares e interações direcionadas do cliente

Estatísticas de eventos promocionais para 2023:

Tipo de evento	Número de eventos	Total de participantes
Torneios de cassino	124	37.500 participantes
Promoções sazonais	46	92.000 participantes
Eventos de membros exclusivos	78	22.300 participantes

Boyd Gaming Corporation (BYD) - Modelo de Negócios: Canais

Propriedades físicas de cassino e hotel

O Boyd Gaming opera 28 propriedades de jogos em 7 estados a partir de 2024.

Estado	Número de propriedades	Posições totais de jogos
Nevada	12	8,500
Illinois	4	1,200
Louisiana	5	2,300
Outros estados	7	3,200

Plataformas de jogos online

O Boyd Gaming gera US $ 127 milhões em receita de jogos on -line em 2023.

• Boyd Gaming oferece plataformas on -line em 3 estados
• As plataformas de jogos digitais cobrem apostas esportivas e jogos de cassino
• As plataformas on -line representam 8,5% da receita total da empresa

Aplicativos móveis

Os downloads de aplicativos móveis atingiram 1,2 milhão em 2023.

Plataforma	Usuários ativos mensais	Duração média da sessão
aplicativo iOS	620,000	24 minutos
App Android	580,000	22 minutos

Comunicações de marketing direto

O Boyd Gaming mantém 2,4 milhões de membros do programa de fidelidade do cliente.

• Banco de dados de marketing por email: 1,8 milhão de assinantes
• Campanhas de mala direta: 3,2 milhões de comunicações anuais
• Taxa média de retenção de clientes: 67%

Sites de reserva de viagens e turismo

O Boyd Gaming faz parceria com 12 principais plataformas de reserva de viagens.

Plataforma de reserva	Reservas anuais	Taxa de ambiente médio
Expedia	185,000	$189
Booking.com	156,000	$172
Hotels.com	98,000	$165

Boyd Gaming Corporation (BYD) - Modelo de negócios: segmentos de clientes

Entusiastas regionais de cassino e entretenimento

O Boyd Gaming tem como alvo os mercados regionais de cassinos em 7 estados, incluindo Nevada, Illinois, Indiana, Kansas, Louisiana, Mississippi e Missouri.

Segmento de mercado	Visitação anual	Gasto médio
Visitantes regionais de cassino	12,4 milhões	US $ 187 por visita
Buscadores de entretenimento local	6,8 milhões	US $ 112 por visita

Lazer e viajantes de férias

A Boyd Gaming Properties atrai viajantes de férias com diversas opções de entretenimento.

• As propriedades da Strip de Las Vegas atraem 3,2 milhões de turistas anuais
• Gastos médios para viajantes de férias: US $ 356 por dia
• Idade alvo Demográfica: 35-54 anos

Consumidores de jogos e jogos

O Boyd Gaming serve a vários segmentos de consumidores de jogos com preferências variadas.

Segmento de jogos	Quota de mercado	Receita anual
Jogadores de caça -níqueis	62%	US $ 742 milhões
Entusiastas dos jogos de mesa	38%	US $ 456 milhões

Demógrafos locais e turísticos

O Boyd Gaming tem como alvo estrategicamente residentes e turistas locais em vários mercados.

• Residentes locais: 65% da base total de clientes
• Visitantes turísticos: 35% da base total de clientes
• Renda familiar média do mercado -alvo: US $ 68.500

Jogadores de alto valor e frequente

O Boyd Gaming se concentra em segmentos de clientes de alto valor com programas de fidelidade.

Camada de cliente	Gastos anuais	Frequência de visitas
Jogadores de alto valor	$25,000+	12-18 visitas por ano
Visitantes frequentes de cassino	$5,000-$24,999	6-11 visitas por ano

Boyd Gaming Corporation (BYD) - Modelo de negócios: estrutura de custos

Manutenção de propriedades e operações

O Boyd Gaming reportou propriedade e equipamento total, líquidos de US $ 2,89 bilhões em 31 de dezembro de 2022. Os custos anuais de manutenção de propriedades foram de aproximadamente US $ 187,5 milhões em 2022.

Categoria de propriedade	Custo de manutenção
Propriedades de Las Vegas	US $ 62,3 milhões
Propriedades regionais do cassino	US $ 95,2 milhões
Despesas de renovação	US $ 30 milhões

Salários e benefícios dos funcionários

A compensação total dos funcionários para os jogos de Boyd em 2022 foi de US $ 619,4 milhões.

• Salário médio por hora para funcionários do cassino: US $ 18,75
• Número total de funcionários: aproximadamente 7.800
• Alocação de benefícios dos funcionários: 22% da compensação total

Investimentos em tecnologia de jogos

Os investimentos no sistema de tecnologia e jogos totalizaram US $ 45,6 milhões em 2022.

Categoria de investimento em tecnologia	Gastos
Sistemas de gerenciamento de jogos	US $ 22,1 milhões
Atualizações da máquina caça -níqueis	US $ 15,3 milhões
Infraestrutura de segurança cibernética	US $ 8,2 milhões

Despesas de marketing e publicidade

As despesas de marketing para 2022 foram de US $ 124,7 milhões.

• Marketing Digital: US $ 37,4 milhões
• Publicidade tradicional: US $ 52,3 milhões
• Programa de recompensas de jogadores: US $ 35 milhões

Custos regulatórios de conformidade e licenciamento

As despesas de conformidade regulatória de 2022 totalizaram US $ 42,3 milhões.

Categoria de conformidade	Custo
Taxas de licença de jogo	US $ 18,6 milhões
Relatórios regulatórios	US $ 12,7 milhões
Equipe legal e de conformidade	US $ 11 milhões

Boyd Gaming Corporation (BYD) - Modelo de negócios: fluxos de receita

Receita de jogos de cassino

Para o ano fiscal de 2023, o Boyd Gaming registrou receitas líquidas totais de US $ 4,64 bilhões, com as receitas de jogos de cassino representando uma parcela significativa desse total.

Propriedade	Receita anual de jogos de cassino
Propriedades locais de Las Vegas	US $ 1,02 bilhão
Centro -Oeste & Segmento sul	US $ 1,38 bilhão
Outras propriedades	US $ 845 milhões

Hotel e acomodações de resort

O Boyd Gaming opera 29 propriedades de jogos nos Estados Unidos com aproximadamente 16.500 quartos de hotel.

Região	Número de hotéis	Receita anual do hotel
Las Vegas	7	US $ 312 milhões
Centro -Oeste	12	US $ 265 milhões
Outras regiões	10	US $ 198 milhões

Vendas de alimentos e bebidas

As receitas de alimentos e bebidas para jogos de Boyd em 2023 totalizaram aproximadamente US $ 675 milhões.

• Receita média de alimentos e bebidas por propriedade: US $ 23,3 milhões
• Porcentagem de receita total de alimentos e bebidas: 14,5%

Entretenimento e hospedagem de eventos

A Boyd Gaming Properties hospeda vários eventos de entretenimento anualmente, gerando fluxos de receita suplementares.

Tipo de evento	Receita anual
Locais de concertos	US $ 42 milhões
Hospedagem especial de eventos	US $ 28 milhões

Plataformas de jogos online e móveis

As receitas de jogos on -line da Boyd Gaming por meio de parcerias e plataformas digitais atingiram US $ 87 milhões em 2023.

• Receita da plataforma de cassino online: US $ 52 milhões
• Receita de apostas esportivas: US $ 35 milhões

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.

Segment	Q2 2025 Revenue	Year-over-Year Revenue Change	Q3 2025 Adjusted EBITDAR
Midwest & South	$540.1 million	3.5% increase (Q2 2025)	$201.6 million (Q3 2025)
Downtown Las Vegas	$55.3 million (Q2 2025)	4.2% decline (Q2 2025)	$16.1 million (Q3 2025)

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.

Amenity Revenue Category	Q2 2025 Revenue Amount
Food and Beverage	$78.2 million
Room Operations	$51.5 million

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:

Tier Level	Annual Tier Credits Required
Ruby	Automatic enrollment upon sign-up
Sapphire	750 Tier Credits
Emerald	15,000 Tier Credits
Onyx	Invite only (previously)
Titanium	200,000 Tier Credits

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:

Channel/Segment	Q2 2025 Revenue (Millions USD)	Notes
Gaming Operations (Primarily Physical)	$671.5	Represents the core land-based business
Online Operations	$173.1	Surged 33.2% year-over-year in Q2 2025
Total Revenue (Q2 2025)	$1,000.0	Total revenue for the quarter ended June 30, 2025
Total Revenue (TTM ending Sept 30, 2025)	$4,071.0	Trailing Twelve Months revenue

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:

Customer Segment / Metric	Q3 2025 Value	Q2 2025 Value
Las Vegas Locals Revenue	$211 million	Revenue grew YoY (Q2 2025)
Las Vegas Locals EBITDA	$92 million	Adjusted EBITDAR grew YoY (Q2 2025)
Midwest & South Revenue	Not specified (Best Q3 in 3 years)	$540.1 million
Midwest & South Adjusted EBITDAR	Not specified (Best Q3 in 3 years)	$201.4 million
Downtown Las Vegas Revenue (Hawaiian Impacted)	Growth from Hawaiian segments	$55.2 million (vs $57.7M in Q2 2024)
Downtown Las Vegas Adjusted EBITDAR	Not specified	$19.4 million (vs ~$22M in Q2 2024)
Online Operations Revenue	Not specified	$173.1 million (Surged 33.2%)

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:

Capital Expenditure Category	Estimated Amount (2025)
Maintenance Capex	$250 million
Property-Related Growth Capex	$100 million
Virginia-Related Capex	$150 million-$200 million
Room Refurbishment Projects	$100 million

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:

Metric	Q3 2025 Amount	Q3 2024 Amount
Total Revenue	$1.0 billion	$961.2 million
Gaming Revenue	$657.4 million	N/A
Las Vegas Locals Segment Revenue	$211 million	N/A
Midwest and South Segment Revenue	$539 million	N/A
Total Adjusted EBITDAR	$321.8 million	$336.6 million

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.