Boyd Gaming Posts $1B Q2 Revenue, Sells FanDuel Stake for $1.75B

Boyd Gaming reported strong second-quarter results with revenue surpassing $1 billion, driven by growth in its Las Vegas Locals segment and a 33.2% surge in online gaming revenue. The company turned a $10 million investment in FanDuel into a $1.4 billion after-tax gain by selling its 5% stake to Flutter Entertainment, significantly strengthening its balance sheet. CEO Keith Smith emphasized that the proceeds will primarily be used to reduce debt and invest in higher-return opportunities, though no immediate acquisitions are planned. Boyd's performance was buoyed by robust operations in Las Vegas locals casinos and steady growth in Midwest and Southern markets, helping offset weaker tourism-related play. Investor sentiment remains positive, with shares trading near $83.50 and analysts maintaining 'buy' ratings, reflecting confidence in Boyd's operational efficiency and strategic moves. The company's adaptability in expanding digital offerings and redeploying capital positions it well amid evolving industry trends.