Boyd Gaming reported net income of $1.44bn for the third quarter of 2025, compared with $131m a year earlier. The company said a $1.4bn after-tax gain from selling a 5% FanDuel stake to Flutter Entertainment drove most of the increase; adjusted net income was just under $140m.
The FanDuel stake sale drove most of Boyd’s reported net-income increase, while adjusted income was just under $140m.
Quarter ended 30 September 2026
Quarter ended 30 September 2026
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The Nevada Gaming Control Board reported an 81% year-on-year fall in Las Vegas Strip casinos’ net income in 2025. Total revenues fell 4%, while the number of Strip casinos earning more than $1 million in gaming revenue dropped from 54 to 51. The report also said visitor numbers fell 7.5% over the year.
Nevada casinos with at least $1m in gaming revenue recorded $2.6bn in net income on $31.5bn in total revenue in FY2024, according to the Nevada Gaming Control Board’s annual abstract. Las Vegas Strip operators reported $820.2m in net income, down 40.4%, while Strip revenue rose 6.8% to $21.8bn.
Flutter reported a net loss of $789m for Q3 2025 and lowered its full-year revenue and adjusted EBITDA guidance by $570m and $380m, respectively. It attributed the revised outlook to customer-friendly sports results, increased sportsbook investment and the end of real-money gaming in India after legislative changes; the company gave midpoint forecasts of $16.69bn in revenue and $2.92bn in adjusted EBITDA.
Nevada’s Gaming Control Board accepted the surrender of Flutter’s registration and FanDuel-related licences and approvals, while DraftKings withdrew its pending Nevada sports betting applications. The board said the companies’ planned sports event contracts were incompatible with participation in Nevada’s gaming industry; Flutter said it had supported Boyd Gaming in the state without operating a consumer sportsbook.
FanDuel surrendered its Nevada registration and licences after parent company Flutter announced plans to launch a sports event-contract app with CME Group in December, reportedly. The planned app would offer contracts on sports and other events, subject to regulatory filings; Nevada’s Gaming Control Board considers sports event contracts wagering under state law.