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What changed in BOYD GAMING CORP's 10-K — 2022 vs 2023

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Paragraph-level year-over-year comparison of BOYD GAMING CORP's 2022 and 2023 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2023 report.

+329 added−310 removedSource: 10-K (2024-02-26) vs 10-K (2023-02-24)

Top changes in BOYD GAMING CORP's 2023 10-K

329 paragraphs added · 310 removed · 231 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

65 edited+25 added−14 removed54 unchanged
Biggest changeThe following factors, along with the Risk Factors included in Part I, Item 1A of this Form 10-K, could affect future results and cause those results to differ materially from those expressed in the forward-looking statements: • the factors that contribute to our ongoing success and our ability to be successful in the future; • impacts caused by the COVID-19 pandemic or any other public health emergencies we may encounter; • our business model, areas of focus and strategy for driving business results; • competition, including expansion of gaming into additional markets including online gaming, the impact of competition on our operations, our ability to respond to such competition, and our expectations regarding continued competition in the markets in which we compete; • the general effect, and expectation, of the national and global economy on our business, including but not limited to interest rates and inflationary pressures, as well as the economies where each of our properties are located; • indebtedness, including our ability to refinance or pay amounts outstanding under our credit agreement and our unsecured notes, when they become due and our compliance with related covenants, and our expectation that we will need to refinance all or a portion of our respective indebtedness at or before maturity; • our expectation regarding the trends that will affect the gaming industry over the next few years and the impact of these trends on growth of the gaming industry, future development opportunities and merger and acquisition activity in general; • our intention to pursue expansion opportunities, including acquisitions, that are a good fit for our business, deliver attractive returns for stockholders, and are available at the right price; • that our credit agreement and our cash flows from operating activities will be sufficient to meet our respective projected operating and maintenance capital expenditures for the next twelve months; • our belief that all pending litigation claims, if adversely decided, will not have a material adverse effect on our business, financial position or results of operations; • our estimates and expectations regarding anticipated taxes, tax credits or tax refunds; • our compliance with government regulations, including our ability to receive and maintain necessary approvals for our projects; • our expectations regarding the expansion of sports betting and online wagering; • our asset impairment analyses and our intangible asset and goodwill impairment tests; • the likelihood of interruptions to our rights in the land we lease under long-term leases for certain of our hotels and casinos; • that estimates and assumptions made in the preparation of financial statements in conformity with U.S.
Biggest changeThe following factors, along with the Risk Factors included in Part I, Item 1A of this Form 10-K, could affect future results and cause those results to differ materially from those expressed in the forward-looking statements: • the general effect and expectation of the national and global economy on our business, including but not limited to interest rates and inflationary pressures, as well as the economies where each of our properties are located; • the factors that contribute to our ongoing success and our ability to be successful in the future; • our business model, areas of focus and strategy for driving business results; • our ability to maintain the integrity of our information technology systems and to protect our internal information; • impacts caused by public health emergencies and man-made or natural disasters we may encounter; • competition, including expansion of gaming into additional markets including online gaming, the impact of competition on our operations, our ability to respond to such competition, and our expectations regarding continued competition in the markets in which we compete; • our expectation regarding the trends that will affect the gaming industry over the next few years and the impact of these trends on growth of the gaming industry, future development opportunities and merger and acquisition activity in general; • our intention to pursue expansion opportunities, including acquisitions, that are a good fit for our business, deliver a solid return for stockholders, and are available at the right price; • our compliance with government regulations, including our ability to receive and maintain necessary approvals for our projects; • that our credit agreement and our cash flows from operating activities will be sufficient to meet our respective projected operating and maintenance capital expenditures for the next twelve months; • indebtedness, including our ability to refinance or pay amounts outstanding under our credit agreement and our unsecured notes, when they become due and our compliance with related covenants, and our expectation that we will need to refinance all or a portion of our respective indebtedness at or before maturity; • our belief that all pending litigation claims, if adversely decided, will not have a material effect on our business, financial position, results of operations or cash flows; • our estimates and expectations regarding anticipated taxes, tax credits or tax refunds; • our expectations regarding the expansion of sports betting and online wagering; • our asset impairment analyses and our intangible asset and goodwill impairment tests; • the likelihood of interruptions to our rights in the land we lease under long-term leases for certain of our hotels and casinos; • that estimates and assumptions made in the preparation of financial statements in conformity with U.S.
These relationships, combined with our Hawaiian promotions, have allowed the Cal, Fremont Hotel & Casino ("Fremont") and Main Street Hotel and Casino ("Main Street Station") to capture a significant share of the Hawaiian tourist trade in Las Vegas.
These relationships, combined with our Hawaiian promotions, have allowed the Cal, Fremont Hotel & Casino ("Fremont") and Main Street Station Hotel and Casino ("Main Street Station") to capture a significant share of the Hawaiian tourist trade in Las Vegas.
Boyd Gaming strives to provide all Team Members a work environment free of discrimination and harassment. All supervisors and management staff are required to attend annual harassment awareness training and are responsible for ensuring that all Team Members comply with this policy and that appropriate action is taken if harassment occurs in the workplace.
Boyd Gaming strives to provide all Team Members a work environment free of discrimination and harassment. All supervisors and management staff are required to attend annual harassment awareness training, are responsible for ensuring that all Team Members comply with this policy and are responsible for ensuring appropriate action is taken if harassment occurs in the workplace.
Generally Accepted Accounting Principles may differ from actual results; and • our estimates as to the effect of any changes in our Consolidated EBITDA on our ability to remain in compliance with certain covenants in the credit agreement. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.
Generally Accepted Accounting Principles ("GAAP") may differ from actual results; and • our estimates as to the effect of any changes in our Consolidated EBITDA on our ability to remain in compliance with certain covenants in the credit agreement. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.
Midwest & South Properties Our Midwest & South properties consist of four land-based casinos, six dockside riverboat casinos, three racinos and four barge-based casinos that operate in nine states in the midwest and southern United States. Generally, these states allow casino gaming on a limited basis through the issuance of a limited number of gaming licenses.
Midwest & South Properties Our Midwest & South properties consist of four land-based casinos, six dockside riverboat casinos, three racinos and four barge-based casinos that operate in nine states predominantly in the midwest and southern United States. Generally, these states allow casino gaming on a limited basis through the issuance of a limited number of gaming licenses.
This operating model is focused on maximizing gaming revenues, streamlining our cost structure, targeting our marketing investments and reducing lower margin offerings, which allows us to flow a higher percentage of our revenues to the bottom line.
Our operating model is focused on maximizing gaming revenues, streamlining our cost structure, targeting our marketing investments and reducing lower margin offerings, which allows us to flow a higher percentage of our revenues to the bottom line.
All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by our cautionary statements. Except as required by law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. 9 Table of Contents
All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by our cautionary statements. Except as required by law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. 10 Table of Contents
We have also linked the BoydPay wallet to our Boyd Rewards mobile app, creating a contactless experience that allows customers to use their smartphones to play and cash out on casino games. The ability to use your smartphone to play is in the very early stages of rollout and will be expanded further pending regulatory approval.
We have also linked the BoydPay wallet to our Boyd Rewards mobile app, creating a contactless experience that allows customers to use their smartphones to play and cash out on casino games. The ability to use a smartphone to play is in the early stages of rollout and will be expanded further pending regulatory approval.
ITEM 1. Business Overview Boyd Gaming Corporation (the "Company," the "Registrant," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has been in operation since 1975. Headquartered in Las Vegas, we operate 28 wholly owned gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania.
ITEM 1. Business Overview Boyd Gaming Corporation (the "Company," the "Registrant," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has been in operation since 1975. Headquartered in Las Vegas, we operate 28 wholly owned brick-and-mortar gaming entertainment properties ("gaming entertainment properties") in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania.
The property competes primarily with six casinos in northern Indiana and southern Michigan and, to a lesser extent, with casinos in the Chicago area and racinos located near Indianapolis. The property features 486 guest rooms, a spa and fitness center, dining and nightlife venues, meeting and event space, including a land-based pavilion, and a FanDuel branded sportsbook.
The property competes primarily with five casinos in northern Indiana and southern Michigan and, to a lesser extent, with casinos in the Chicago area and racinos located near Indianapolis. The property features 486 guest rooms, a spa and fitness center, dining and nightlife venues, meeting and event space, including a land-based pavilion, and a FanDuel branded sportsbook.
Our downtown properties focus their marketing on gaming enthusiasts from Hawaii as well as tour and travel agents in Hawaii with whom we have cultivated relationships since we opened our California Hotel and Casino (the "Cal") in 1975. We have strong, informal relationships with Hawaiian travel agencies and offer affordable all-inclusive packages.
Our downtown properties focus their marketing on gaming enthusiasts from Hawaii as well as tour and travel agents in Hawaii with whom we have cultivated relationships since we opened our California Hotel and Casino (the "Cal" or "California") in 1975. We have strong relationships with Hawaiian travel agencies and offer affordable all-inclusive packages.
The "Boyd Rewards" club, among other benefits, rewards players for their loyalty and allows players to qualify for promotions, earn rewards toward slot, video poker, or table games play and redeem points for complimentary slot play, food & beverage, hotel rooms and other free goods and services.
The "Boyd Rewards" loyalty program, among other benefits, rewards players for their loyalty and allows players to qualify for promotions, earn rewards toward slot, video poker, or table games play and redeem points for complimentary slot play, food & beverage, hotel rooms and other free goods and services.
Evangeline Downs Racetrack & Casino Evangeline Downs Racetrack & Casino ("Evangeline Downs") is a land-based racino located in Opelousas, Louisiana and approximately 25 miles north of Lafayette, Louisiana. The racino currently includes a casino with a convention center, a FanDuel branded sportsbook and multiple food venues and bars.
Evangeline Downs Racetrack & Casino Evangeline Downs Racetrack & Casino ("Evangeline Downs") is a land-based racino located in Opelousas, Louisiana and approximately 20 miles north of Lafayette, Louisiana. The racino currently includes a casino with a convention center, a FanDuel branded sportsbook and multiple food venues and bars.
In addition, we will provide a copy of the above referenced charters to stockholders upon request. Important Information Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
In addition, we will provide a copy of the above referenced charters to stockholders upon request. 9 Table of Contents Important Information Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
Sam's Town Shreveport Sam's Town Shreveport is a dockside riverboat casino located along the Red River in Shreveport, Louisiana. Amenities at the property include 514 hotel rooms, multiple restaurants, a live entertainment venue, and convention and meeting space. Feeder markets include east Texas (including Dallas), Texarkana, Arkansas, and surrounding Louisiana cities.
Sam's Town Shreveport Sam's Town Shreveport is a dockside riverboat casino located along the Red River in Shreveport, Louisiana. Amenities at the property include 514 hotel rooms, a FanDuel branded sportsbook, multiple restaurants, a live entertainment venue, and convention and meeting space. Feeder markets include east Texas (including Dallas), Texarkana, Arkansas, and surrounding Louisiana cities.
We have formal, annual goal setting and performance review processes to drive engagement, performance and retention. Our commitment to Team Member engagement is evidenced by our high average tenure of 8.9 years.
We have formal, annual goal setting and performance review processes to drive engagement, performance and retention. Our commitment to Team Member engagement is evidenced by our high average tenure of 8.6 years.
The Cannery has a 200 -room hotel, a variety of restaurants and bars, an entertainment venue and a 16-screen movie theater. Jokers Wild Located in Henderson, the Jokers Wild is approximately 14 miles from the Las Vegas Strip and includes slots, a sports book and dining options.
The Cannery has a 200 -room hotel, a variety of restaurants and bars, an entertainment venue and a 16-screen movie theater. Jokers Wild Located in Henderson, the Jokers Wild is approximately 14 miles from the Las Vegas Strip and includes slots, a sportsbook and dining options.
In addition, our Environmental, Social & Governance Report, Code of Business Conduct and Ethics, Corporate Governance Guidelines, and charters of the Audit Committee, Compensation Committee, and the Corporate Governance and Nominating Committee are available on our website. We will provide reasonable quantities of electronic or paper copies of filings free of charge upon request.
In addition, our Code of Business Conduct and Ethics, Corporate Governance Guidelines, and charters of the Audit Committee, Compensation Committee, and the Corporate Governance and Nominating Committee are available on our website. We will provide reasonable quantities of electronic or paper copies of filings free of charge upon request.
The property is a gaming and entertainment center offering live racing, pari-mutuel wagering, video lottery terminal gaming, several restaurants and the only grass horse racing track in Ohio. The real estate utilized by Belterra Park is subject to a Master Lease with GLPI. A FanDuel branded sportsbook opened at Belterra Park in January 2023.
The property is a gaming and entertainment center offering live racing, pari-mutuel wagering, video lottery terminal gaming, a FanDuel branded sportsbook, several restaurants and the only grass horse racing track in Ohio. The real estate utilized by Belterra Park is subject to a Master Lease with GLPI.
Valley Forge Casino Resort Valley Forge Casino Resort ("Valley Forge") is a land-based casino hotel located in King of Prussia, Pennsylvania. The property features meeting, conference and banquet facilities and two hotel towers with 445 rooms total. The property also includes multiple dining options, a FanDuel branded sportsbook and live entertainment and nightlife.
Valley Forge Casino Resort Valley Forge Casino Resort ("Valley Forge") is a land-based casino hotel located in King of Prussia, Pennsylvania. The property features meeting, conference and banquet facilities and two hotel towers with 445 rooms total. The property also includes multiple dining options, a FanDuel branded sportsbook and an entertainment venue.
Par-A-Dice Casino Par-A-Dice Casino ("Par-A-Dice") is a dockside riverboat casino located on the Illinois River in East Peoria, Illinois that features a FanDuel branded sportsbook and a 202 -room hotel, which was fully renovated in 2022. Located adjacent to the Par-A-Dice riverboat is a land-based pavilion, which includes multiple restaurants and a gift shop.
Par-A-Dice Casino Par-A-Dice Casino ("Par-A-Dice") is a dockside riverboat casino located on the Illinois River in East Peoria, Illinois that features a FanDuel branded sportsbook and a 202 -room hotel. Located adjacent to the Par-A-Dice riverboat is a land-based pavilion, which includes multiple restaurants and a gift shop.
The single-level facility will feature a 47,000-square-foot casino, several new restaurants and bars, nearly 10,000 square feet of convention and meeting space, a FanDuel branded sportsbook, and parking directly adjacent to the casino entrance. The project is expected to be complete in early 2024.
The single-level facility will feature a 47,000-square-foot casino, several new restaurants and bars, nearly 10,000 square feet of convention and meeting space, a FanDuel branded sportsbook, and parking directly adjacent to the casino entrance. The project is expected to be complete by mid-year 2024.
Amelia Belle Casino The Amelia Belle Casino ("Amelia Belle") is located in south-central Louisiana and is a three-level riverboat with gaming located on the first two decks as well as a café on the first deck. The property's third deck includes a banquet room. A FanDuel branded sportsbook opened at Amelia Belle in January 2022.
Amelia Belle Casino The Amelia Belle Casino ("Amelia Belle") is located in south-central Louisiana and is a three-level riverboat with gaming, including a FanDuel branded sportsbook, located on the first two decks as well as a café on the first deck. The property's third deck includes a banquet room.
Benefits for our loyal customers include annual cruises, vacations, and gifts of luxury jewelry and electronics. Through the Boyd Rewards card, players may link their card to our digital cashless wallet "BoydPay", in jurisdictions with regulatory approval, providing players with a cashless gaming experience.
Benefits for certain tiers of our loyalty program include annual cruises, vacations, and gifts of luxury jewelry and electronics. Through the Boyd Rewards card, players may link their card to our digital cashless wallet "BoydPay", in jurisdictions with regulatory approval, providing players with a cashless gaming experience.
A FanDuel branded sportsbook opened at Sam's Town Shreveport in January 2022. Treasure Chest Casino Treasure Chest Casino ("Treasure Chest") is a dockside riverboat casino that features a FanDuel branded sportsbook and is located on Lake Pontchartrain in the western suburbs of New Orleans, Louisiana. The portside building located adjacent to the riverboat houses two restaurants.
Treasure Chest Casino Treasure Chest Casino ("Treasure Chest") is a dockside riverboat casino that features a FanDuel branded sportsbook and is located on Lake Pontchartrain in the western suburbs of New Orleans, Louisiana. The portside building located adjacent to the riverboat houses two restaurants.
The real estate utilized by Belterra Resort is subject to a Master Lease with Gaming and Leisure Properties, Inc. ("GLPI"). Ogle Haus Inn, a 54-room boutique hotel that we lease from GLPI, is operated by us and located near Belterra Resort.
Belterra Resort is also approximately two and one-half hours from Indianapolis, Indiana. The real estate utilized by Belterra Resort is subject to a Master Lease with Gaming and Leisure Properties, Inc. ("GLPI"). Ogle Haus Inn, a 54-room boutique hotel that we lease from GLPI, is operated by us and located near Belterra Resort.
Delta Downs Racetrack Hotel & Casino Delta Downs Racetrack Hotel & Casino ("Delta Downs") is a land-based racino located in Vinton, Louisiana and conducts horse races on a seasonal basis and operates year-round simulcast facilities for customers to wager on races held at other tracks.
Delta Downs Racetrack Hotel & Casino Delta Downs Racetrack Hotel & Casino ("Delta Downs") is a land-based racino located in Vinton, Louisiana and conducts horse races on a seasonal basis and operates year-round simulcast facilities for customers to wager on races held at other tracks. In addition, Delta Downs offers slots, a 370 -room hotel and a FanDuel branded sportsbook.
In addition, we believe the following factors have contributed to our success in the past and are central to our success in the future: • we have an experienced management team; • our operations are geographically diversified; • our Las Vegas Locals properties are well-positioned to capitalize on the attractive Las Vegas locals market; • three of our properties are located in the growing downtown Las Vegas market and also market to a unique niche - Hawaiian customers; • we have used our increased free cash flow to strengthen our balance sheet; and • we have the ability to expand certain existing properties and to act opportunistically to make strategic acquisitions.
In addition, we believe the following factors have contributed to our success in the past and are central to our success in the future: • we have an experienced management team; • our operations are geographically diversified; • we are focused on building loyalty and driving growth with our core customers, a valuable customer segment in our business; • our Las Vegas Locals properties are well-positioned to capitalize on the attractive Las Vegas locals market; • three of our properties are located in the growing downtown Las Vegas market and also market to a unique niche - Hawaiian customers; • we have used our increased free cash flow to strengthen our balance sheet, invest in our properties and return capital to shareholders; and • we have the ability to expand certain existing properties and to act opportunistically to make strategic acquisitions.
Information on our website is not incorporated by reference herein. Available Information We file annual, quarterly, current and special reports, proxy statements and other information with the Securities and Exchange Commission (the "SEC"). In addition, the SEC maintains an Internet site, at http://www.sec.gov, containing reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
Available Information We file annual, quarterly, current and special reports, proxy statements and other information with the Securities and Exchange Commission (the "SEC"). In addition, the SEC maintains an Internet site, at http://www.sec.gov, containing reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
Any material increase in these taxes or fees could adversely affect us. 7 Table of Contents Human Capital and Labor Relations As of December 31, 2022, we have 15,771 Team Members, including 15,024 Team Members at our properties and 747 Team Members in our corporate function. We have collective bargaining agreements with three unions covering 1,049 employees.
Any material increase in these taxes or fees could adversely affect us. 7 Table of Contents Human Capital and Labor Relations As of December 31, 2023, we had 16,129 Team Members, including 15,308 Team Members at our properties and 821 Team Members in our corporate function. We have collective bargaining agreements with three unions covering 1,107 employees.
The property has extensive amenities, including 700 hotel rooms, a FanDuel branded sportsbook, an entertainment lounge, multiple dining venues, an arcade, a recreational vehicle park, and an arena. Ameristar Casino * Hotel Kansas City Ameristar Casino * Hotel Kansas City ("Ameristar Kansas City") is a barge-based casino located 10 miles from downtown Kansas City, Missouri.
The property has 354 hotel rooms, a FanDuel branded sportsbook, multiple dining venues, a recreational vehicle park, and entertainment venues. Ameristar Casino * Hotel Kansas City Ameristar Casino * Hotel Kansas City ("Ameristar Kansas City") is a barge-based casino located 10 miles from downtown Kansas City, Missouri.
In addition, Delta Downs offers slot play, a 370 -room hotel and a FanDuel branded sportsbook. Delta Downs is approximately 25 miles closer to Houston than the next closest gaming properties, and located in Lake Charles, Louisiana, is conveniently near a route taken by customers traveling between Houston, Beaumont and other parts of southeastern Texas to Lake Charles, Louisiana.
Delta Downs is approximately 25 miles closer to Houston than the next closest gaming properties. Located near Lake Charles, Louisiana, Delta Downs is conveniently near a route taken by customers traveling between Houston, Beaumont and other parts of southeastern Texas to Lake Charles, Louisiana.
We derive the majority of our revenues from our gaming entertainment properties, which generated approximately 75% and 80% of our revenues in 2022 and 2021, respectively.
We derive the majority of our revenues from gaming at our gaming entertainment properties and Lattner, which generated approximately 70% and 75% of our revenues in 2023 and 2022, respectively.
The property features more than 1,000 hotel rooms and suites, a FanDuel branded sportsbook, convention and meeting space, a spa and salon, a theater offering regular headline entertainment, and multiple restaurants and bars. 5 Table of Contents Sam's Town Hotel and Gambling Hall Tunica Sam's Town Hotel and Gambling Hall Tunica ("Sam's Town Tunica") is a barge-based casino located in Tunica County, Mississippi.
The property includes 1,088 hotel rooms and suites, a FanDuel branded sportsbook, convention and meeting space, a spa and salon, an entertainment venue, and multiple restaurants and bars. 5 Table of Contents Sam's Town Hotel and Gambling Hall Tunica Sam's Town Hotel and Gambling Hall Tunica ("Sam's Town Tunica") is a barge-based casino located in Tunica County, Mississippi.
The land-based casino is located in Mulvane, Kansas, approximately 20 miles south of Wichita, Kansas and has multiple dining venues and casino bars. Kansas Star also has an arena that provides a venue for concerts, trade shows and equestrian events. In addition, the property has an event center and an equestrian pavilion that includes a practice arena and covered stalls.
The land-based casino is located in Mulvane, Kansas, approximately 20 miles south of Wichita, Kansas and has multiple dining venues, casino bars and a FanDuel branded sportsbook. Kansas Star also has an arena that provides a venue for concerts, trade shows and equestrian events.
Belterra Casino Resort Belterra Casino Resort ("Belterra Resort") is a dockside riverboat casino located in Florence, Indiana, approximately 50 minutes from downtown Cincinnati, Ohio, 70 minutes from Louisville, Kentucky, and 90 minutes from Lexington, Kentucky and features 662 hotel rooms and a FanDuel branded sportsbook. Belterra Resort is also approximately two and one-half hours from Indianapolis, Indiana.
Belterra Casino Resort Belterra Casino Resort ("Belterra Resort") is a dockside riverboat casino located in Florence, Indiana, approximately 50 minutes from downtown Cincinnati, Ohio, 70 minutes from Louisville, Kentucky, and 90 minutes from Lexington, Kentucky and features 662 hotel rooms, a FanDuel branded sportsbook and an 18-hole championship golf course.
We believe that increased legalized gaming in other states, particularly in areas close to our existing gaming properties, and the development or expansion of Native American gaming in or near the states in which we operate, could create additional competition for us and could adversely affect our operations or future development projects. 6 Table of Contents Frequent Player Loyalty Programs Boyd Rewards We have established a nationwide branding initiative and loyalty program.
We believe that increased legalized gaming in other states, particularly in areas close to our existing gaming properties, and the development or expansion of Native American gaming in or near the states in which we operate, could create additional competition for us and could adversely affect our operations or future development projects.
California Hotel and Casino The Cal's amenities include 779 hotel rooms, multiple dining options, a sports book and meeting space. The Cal and Main Street Station are connected by an indoor pedestrian bridge. Fremont Hotel & Casino Fremont is adjacent to the principal pedestrian thoroughfare in downtown Las Vegas, known as the Fremont Street Experience.
The Cal and Main Street Station are connected by an indoor pedestrian bridge. Fremont Hotel & Casino Fremont is adjacent to the principal pedestrian thoroughfare in downtown Las Vegas, known as the Fremont Street Experience. The property's amenities include 447 hotel rooms, a FanDuel branded sportsbook, a contemporary new food hall and other dining options and meeting space.
The program is strongly linked to our culture and values and gives Team Members the tools and training to create outstanding customer service experiences for our guests. Additionally, all Boyd Gaming leaders are required to attend leadership training. The program provides our leaders with the tools and training to effectively communicate and coach their team to success.
Every new Team Member at Boyd Gaming is required to complete the Company’s guest service training program. The program is strongly linked to our culture and values and gives Team Members the tools and training to create outstanding customer service experiences for our guests. Additionally, all Boyd Gaming leaders are required to attend leadership training.
Competition Our properties generally operate in highly competitive environments. We compete against other gaming companies as well as other hospitality, entertainment and leisure companies. We face significant competition in each of the jurisdictions in which we operate. Such competition may intensify in some of these jurisdictions if new gaming operations open in these markets or existing competitors expand their operations.
We face significant competition in each of the jurisdictions in which we operate. Such competition may intensify in some of these jurisdictions if new gaming operations open in these markets or existing competitors expand their operations. Our properties compete directly with other gaming properties in each state in which we operate, as well as in adjacent states.
We continually work to position our Company for greater success by strengthening our existing operations and growing through acquisitions, capital investments and other strategic initiatives.
We continually work to position our Company for greater success by strengthening our existing operations and growing through acquisitions, capital investments and other strategic initiatives. Our operating strategy is focused on building loyalty with core customers and operating efficiently.
Through our most recent annual Team Member Opinion Survey, 86% of Team Members reported high levels of satisfaction in regard to being treated with respect regardless of race, ethnicity, gender, age or any other aspect of team member identity. We are proud of national recognition we received in January 2023 related to diversity.
Through our most recent annual Team Member Opinion Survey, 85% of Team Members reported high levels of satisfaction in regard to being treated with respect regardless of race, ethnicity, gender, age or any other aspect of team member identity. In January 2023, we received a five-star rating in Newsweek magazine's annual listing of America's Greatest Workplaces for Diversity.
Properties As of December 31, 2022, we own and operate 27 of our 28 properties (as our Eastside Cannery property remains closed since March 18, 2020 due to the current levels of demand in the market) offering a total of 1,723,126 square feet of casino space, 29,836 slot machines, 626 table games and 10,751 hotel rooms.
As of December 31, 2023, we operate 27 of our 28 wholly owned gaming entertainment properties (as our Eastside Cannery property has remained closed since March 18, 2020 due to the current levels of demand in the market) offering a total of 1,711,201 square feet of casino space, 28,917 slot machines, 617 table games and 10,405 hotel rooms.
We are committed to the diversity, equity and inclusion of our workforce. Currently, 51% of our workforce are women and 52% are minority Team Members. As a Company, we work hard to promote and increase the diversity of our workforce.
The program provides our leaders with the tools and training to effectively communicate and coach their team to success. We are committed to the diversity, equity and inclusion of our workforce. Currently, 51% of our workforce are women and 53% are minority Team Members. As a Company, we work hard to promote and increase the diversity of our workforce.
For financial information related to our segments as of and for the three years in the period ended December 31, 2022, see Note 14, Segment Information, to our consolidated financial statements presented in Part II, Item 8 . 1 Table of Contents The following table sets forth certain information regarding our gaming entertainment properties (listed by the Reportable Segment in which each such property is reported) as of and for the year ended December 31, 2022: Year Opened Casino Average or Space Slot Table Hotel Hotel Daily Location Acquired (Sq. ft.) Machines Games Rooms Occupancy Rate Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, NV 2004 88,915 1,506 44 712 54 % $ 65 The Orleans Hotel and Casino Las Vegas, NV 2004 136,960 1,894 57 1,885 62 % $ 74 Sam's Town Hotel and Gambling Hall Las Vegas, NV 1979 120,681 1,449 14 645 51 % $ 77 Suncoast Hotel and Casino Las Vegas, NV 2004 95,898 1,450 21 427 72 % $ 94 Eastside Cannery Casino and Hotel Las Vegas, NV 2016 •• •• •• •• •• •• Aliante Casino + Hotel + Spa North Las Vegas, NV 2016 125,000 1,516 26 202 89 % $ 112 Cannery Casino Hotel North Las Vegas, NV 2016 86,000 1,274 17 200 72 % $ 92 Jokers Wild Henderson, NV 1993 23,698 153 N/A N/A N/A N/A Downtown Las Vegas California Hotel and Casino Las Vegas, NV 1975 35,848 850 18 779 77 % $ 54 Fremont Hotel & Casino • Las Vegas, NV 1985 43,414 855 21 447 56 % $ 64 Main Street Station Hotel and Casino Las Vegas, NV 1993 26,918 631 7 406 52 % $ 63 Midwest & South Par-A-Dice Casino • East Peoria, IL 1996 26,116 557 18 202 61 % $ 82 Belterra Casino Resort ••• • Florence, IN 2018 70,232 868 25 662 42 % $ 89 Blue Chip Casino Hotel Spa • Michigan City, IN 1999 65,000 1,411 30 486 43 % $ 98 Diamond Jo Casino • Dubuque, IA 2012 41,408 763 18 N/A N/A N/A Diamond Jo Worth • Northwood, IA 2012 34,820 844 22 N/A N/A N/A Kansas Star Casino • Mulvane, KS 2012 70,010 1,409 42 N/A N/A N/A Amelia Belle Casino • Amelia, LA 2012 27,484 690 11 N/A N/A N/A Delta Downs Racetrack Hotel & Casino • Vinton, LA 2001 15,000 1,517 N/A 370 51 % $ 77 Evangeline Downs Racetrack & Casino • Opelousas, LA 2012 39,208 1,185 N/A N/A N/A N/A Sam's Town Shreveport • Shreveport, LA 2004 29,285 760 18 514 43 % $ 82 Treasure Chest Casino • Kenner, LA 1997 23,668 907 25 N/A N/A N/A IP Casino Resort Spa • Biloxi, MS 2011 81,700 1,187 45 1,088 63 % $ 84 Sam's Town Hotel and Gambling Hall Tunica • Tunica, MS 1994 53,000 690 9 700 44 % $ 63 Ameristar Casino * Hotel Kansas City ••• Kansas City, MO 2018 140,000 1,793 42 184 73 % $ 99 Ameristar Casino * Resort * Spa St.
Food & beverage revenues, room revenues, management fee revenues and other revenues separately contributed 8% or less of revenues in each of 2023 and 2022. 1 Table of Contents The following table sets forth certain information regarding our gaming entertainment properties (listed by Reportable Segment classification) as of and for the year ended December 31, 2023: Year Opened Casino Average or Space Slot Table Hotel Hotel Daily Location Acquired (Sq. ft.) Machines Games Rooms Occupancy Rate Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, NV 2004 88,915 1,461 41 712 52 % $ 67 The Orleans Hotel and Casino Las Vegas, NV 2004 135,460 1,831 57 1,885 66 % $ 75 Sam's Town Hotel and Gambling Hall Las Vegas, NV 1979 120,681 1,422 14 645 51 % $ 81 Suncoast Hotel and Casino Las Vegas, NV 2004 95,898 1,394 25 427 73 % $ 101 Eastside Cannery Casino and Hotel Las Vegas, NV 2016 •• •• •• •• •• •• Aliante Casino + Hotel + Spa North Las Vegas, NV 2016 125,000 1,455 21 202 86 % $ 118 Cannery Casino Hotel North Las Vegas, NV 2016 86,000 1,208 20 200 75 % $ 96 Jokers Wild Henderson, NV 1993 23,698 344 N/A N/A N/A N/A Downtown Las Vegas California Hotel and Casino Las Vegas, NV 1975 34,403 826 20 779 77 % $ 54 Fremont Hotel & Casino • Las Vegas, NV 1985 43,414 832 21 447 62 % $ 64 Main Street Station Hotel and Casino Las Vegas, NV 1993 26,918 591 8 406 43 % $ 62 Midwest & South Par-A-Dice Casino • East Peoria, IL 1996 26,116 553 18 202 53 % $ 89 Belterra Casino Resort ••• • Florence, IN 2018 70,232 830 25 662 40 % $ 93 Blue Chip Casino Hotel Spa • Michigan City, IN 1999 65,000 1,374 22 486 47 % $ 98 Diamond Jo Casino • Dubuque, IA 2012 41,408 705 18 N/A N/A N/A Diamond Jo Worth • Northwood, IA 2012 34,820 828 22 N/A N/A N/A Kansas Star Casino • Mulvane, KS 2012 70,010 1,264 42 N/A N/A N/A Amelia Belle Casino • Amelia, LA 2012 27,484 668 11 N/A N/A N/A Delta Downs Racetrack Hotel & Casino • Vinton, LA 2001 15,000 1,497 N/A 370 46 % $ 79 Evangeline Downs Racetrack & Casino • Opelousas, LA 2012 39,208 1,118 N/A N/A N/A N/A Sam's Town Shreveport • Shreveport, LA 2004 29,285 760 17 514 36 % $ 83 Treasure Chest Casino • Kenner, LA 1997 23,668 900 25 N/A N/A N/A IP Casino Resort Spa • Biloxi, MS 2011 81,700 1,135 45 1,088 65 % $ 83 Sam's Town Hotel and Gambling Hall Tunica • Tunica, MS 1994 44,020 591 7 354 35 % $ 60 Ameristar Casino * Hotel Kansas City ••• Kansas City, MO 2018 140,000 1,641 42 184 77 % $ 97 Ameristar Casino * Resort * Spa St.
Our players can use their "Boyd Rewards" cards to earn and redeem points at nearly all of our properties. The program has five player tiers - Ruby, Sapphire, Emerald, Onyx and Titanium.
Frequent Player Loyalty Program Boyd Rewards We have established a nationwide branding and loyalty program. Our players can use their "Boyd Rewards" cards to earn and redeem points. The program has five player tiers - Ruby, Sapphire, Emerald, Onyx and Titanium.
Food & beverage revenues and room revenues separately contributed less than 8% of revenues in each of 2022 and 2021. We view each of our 28 gaming entertainment properties as an operating segment. For financial reporting purposes, we aggregate these properties into three reportable business segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; and (iii) Midwest & South.
Properties We view each of our 28 gaming entertainment properties as an operating segment. For financial reporting purposes, we aggregate these properties into four reportable segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest & South; and (iv) Online, (collectively "Reportable Segments").
("Boyd Interactive"), a wholly owned subsidiary of Boyd Gaming, completed the acquisition of Pala Interactive, LLC ("Pala Interactive") and its subsidiaries. Pala Interactive is an innovative online gaming technology company that provides proprietary solutions on both a business-to-business (“B2B”) and business-to-consumer (“B2C”) basis in regulated markets across the United States and Canada.
Online Boyd Interactive On November 1, 2022, the Company completed the acquisition of Pala Interactive and Pala Canada (individually and collectively rebranded, "Boyd Interactive"). Boyd Interactive is an innovative online gaming technology company that provides proprietary solutions on both a B2B and B2C basis in regulated markets across the United States and Canada.
There is a 300-room Hampton Inn & Suites hotel connected to the casino that is owned and operated by a third party. Under the terms of the agreement, Kansas Star has the option to purchase the hotel. A FanDuel branded sportsbook opened at Kansas Star in September 2022.
In addition, the property has an event center and an equestrian pavilion that includes a practice arena and covered stalls. There is a 300-room Hampton Inn & Suites hotel connected to the casino that is owned and operated by a third party. Under the terms of the agreement, Kansas Star has the option to purchase the hotel.
We provide competitive wages and benefits to attract and retain the talent necessary for the successful operation of our business. Our benefits include healthcare and retirement benefits, holiday and paid time off, and tuition assistance.
We believe we provide competitive wages and benefits to attract and retain the talent necessary for the successful operation of our business. Our benefits include healthcare and retirement benefits, holiday and paid time off, and tuition assistance. Additionally, in 2023, we completed our efforts to increase the hourly minimum rate to $15 per hour for all non-tipped, non-represented positions.
We received a five-star rating in Newsweek magazine's annual listing of America's Greatest Workplaces for Diversity. We were the only gaming company to receive a perfect rating in this listing, which was compiled through anonymous employee surveys nationwide.
We are proud that we were the only gaming company to receive a perfect rating in this listing, which was compiled through anonymous employee surveys nationwide.
Financial results for these operations are included in our Downtown Las Vegas segment, as our Downtown Las Vegas properties focus marketing efforts on gaming customers from Hawaii.
Financial results for these operations are included in our Downtown Las Vegas segment, as our Downtown Las Vegas properties focus marketing efforts on gaming customers from Hawaii. 2 Table of Contents Las Vegas Locals Properties Our Las Vegas Locals segment consists of eight casinos that primarily serve the resident population in the Las Vegas metropolitan area.
If additional gaming regulations are adopted in a jurisdiction in which we operate, such regulations could impose restrictions or costs that could have a significant adverse effect on us.
A detailed description of the governmental gaming regulations to which we are subject is filed as Exhibit 99.1 and is herein incorporated by reference. If additional gaming regulations are adopted in a jurisdiction in which we operate, such regulations could impose restrictions or costs that could have a significant adverse effect on us.
Through our strategic partnership, we pursue sports-betting opportunities, both at our properties and online, across the country. We operate FanDuel-branded sportsbooks at 16 of our properties, including the most recent opening in Ohio in January 2023.
We have a strategic partnership with and are a 5% equity owner of FanDuel Group, the nation’s leading sports-betting operator. Through our strategic partnership, we pursue sports-betting opportunities, both at our properties and online, across the country. We operate FanDuel-branded sportsbooks at 16 of our properties.
Government Regulation We are subject to extensive regulation under laws, rules and supervisory procedures primarily in the jurisdictions where our facilities are located or docked. The states in which we operate empower their regulators to investigate participation by licensees in gaming outside their jurisdiction and may require access to periodic reports with respect to those gaming activities.
The states in which we operate empower their regulators to investigate participation by licensees in gaming outside their jurisdiction and may require access to periodic reports with respect to those gaming activities. Violations of laws in one jurisdiction could result in disciplinary action in other jurisdictions.
Our properties compete directly with other gaming properties in each state in which we operate, as well as in adjacent states. We also compete for customers with other casino operators in and around our markets, including Native American casinos, and other forms of gaming, such as lotteries and online gaming.
We also compete for customers with other casino operators in and around our markets, including Native American casinos, and other forms of gaming, such as lotteries and online gaming. In some instances, particularly with Native American casinos, our competitors pay substantially lower taxes or no taxes at all.
During the year ended December 31, 2022 , patrons from Hawaii comprised approximately 73% of the occupied room nights at the Cal, 42% of the occupied room nights at Fremont, and 51% of the occupied room nights at Main Street Station.
During the year ended December 31, 2023 , patrons from Hawaii comprised approximately 73% of the occupied room nights at the Cal, 41% of the occupied room nights at Fremont, and 54% of the occupied room nights at Main Street Station. California Hotel and Casino The Cal's amenities include 779 hotel rooms, multiple dining options, a sportsbook and meeting space.
In our most recent survey, 78% of Team Members reported high levels of job satisfaction. 8 Table of Contents Corporate Information We were incorporated in Nevada in June 1988. Our principal executive offices are located at 6465 South Rainbow Boulevard, Las Vegas, NV 89118, and our main telephone number is (702) 792-7200. Our website is www.boydgaming.com .
Our principal executive offices are located at 6465 South Rainbow Boulevard, Las Vegas, NV 89118, and our main telephone number is (702) 792-7200. Our website is www.boydgaming.com . Information on our website is not incorporated by reference herein.
The Boyd Rewards program is currently available at all properties except for Eastside Cannery and Jokers Wild. Other Promotional Activities We provide other promotional offers and discounts targeted towards new customers, frequent customers, inactive customers, customers of various levels of play, and prospective customers who have not yet visited our properties.
Other Promotional Activities We provide other promotional offers and discounts targeted towards new customers, frequent customers, inactive customers, customers of various levels of play, and prospective customers who have not yet visited our properties. We also provide mid-week promotional offers and other promotional activities that seek to generate visits to our properties during slower periods.
Strategic Initiatives and Other Development Opportunities Development and Management Agreements with Wilton Rancheria We have separate development and management agreements with Wilton Rancheria, a federally recognized Native American tribe, to develop and manage a gaming entertainment complex, located southeast of Sacramento, California. We developed the Sky River Casino under such development agreement.
Online Sports Betting Through our strategic partnership with FanDuel and other third-party market access partners, we offer online sports wagering in Illinois, Indiana, Iowa, Kansas, Lousisana, Ohio and Pennsylvania. Management Agreement We have a management agreement with Wilton Rancheria, a federally recognized Native American tribe, to manage the Sky River Casino, a gaming entertainment complex, located southeast of Sacramento, California.
With our expansion to Ohio in January 2023, we also offer online sports-betting in all states that our 28 gaming entertainment properties are located, except in Mississippi and Missouri where online sports-betting has not been legalized. In addition, we operate Stardust-branded online casinos in Pennsylvania and New Jersey. On November 1, 2022, Boyd Interactive Gaming, Inc.
We also offer online sports-betting under the FanDuel brand in all states that our 28 gaming entertainment properties are located, except in Mississippi and Missouri where online sports-betting has not been legalized and in Nevada where we operate our own brand, Boyd Sports. In addition, we have market access agreements outside of Nevada with other third parties for online sports-betting.
As such, our business depends on the capability and friendliness of each of our Team Members in order to provide outstanding customer service to each of our guests. Every Team Member at Boyd Gaming is required to complete the Company’s guest service training program.
We believe our business is differentiated from our competitors due to our commitment to customer service and delivering a customer experience that fosters long-term loyalty. As such, our business depends on the capability and friendliness of each of our Team Members in order to provide outstanding customer service to each of our guests.
Charles ••• St. Charles, MO 2018 130,000 1,748 46 397 68 % $ 103 Belterra Park ••• Cincinnati, OH 2018 56,863 1,079 N/A N/A N/A N/A Valley Forge Casino Resort • King of Prussia, PA 2018 36,000 850 50 445 30 % $ 108 Total 1,723,126 29,836 626 10,751 N/A = Not Applicable ● These properties feature FanDuel-branded sportsbooks.
Charles, MO 2018 130,000 1,763 46 397 78 % $ 100 Belterra Park ••• • Cincinnati, OH 2018 56,863 1,076 N/A N/A N/A N/A Valley Forge Casino Resort • King of Prussia, PA 2018 36,000 850 50 445 31 % $ 109 Total 1,711,201 28,917 617 10,405 N/A = Not Applicable ● These properties feature FanDuel-branded sportsbooks. ●● The Eastside Cannery Casino and Hotel remains closed due to local market conditions. ●●● Property is subject to a master lease agreement with a real estate investment trust.
Through a management agreement with Wilton Rancheria, we also manage the Sky River Casino, which is located in California and opened to the public on August 15, 2022. We have a strategic partnership with and are a 5% equity owner of FanDuel Group, one of the nation’s leading sports-betting operators.
In addition, we own and operate Boyd Interactive, a business-to-business (“B2B”) and business-to-consumer (“B2C”) online casino gaming business in the United States and Canada. Through a management agreement with Wilton Rancheria, we also manage the Sky River Casino, which is located in California.
We also provide mid-week promotional offers and other promotional activities that seek to generate visits to our properties during slower periods. Complimentaries generally are in the form of monetary discounts, and other rewards generally can only be redeemed at our restaurants, spas and retail facilities.
Complimentaries generally are in the form of monetary discounts, and other rewards generally are limited to redemption at our hotels, restaurants, spas and retail facilities. Government Regulation We are subject to extensive regulation under laws, rules and supervisory procedures primarily in the jurisdictions where our facilities are located or docked.
Removed
As our properties reopened in mid-2020 following the COVID-19 closures, we implemented a strategic shift in our operating philosophy to increase our focus on building loyalty with core customers and adopted a more efficient approach to doing business.
Added
The Online segment includes the operating results of our online gaming operations through collaborative arrangements with third parties throughout the United States and the operations of Boyd Interactive. To reconcile Reportable Segments information to the consolidated information, the Company has aggregated nonreportable operating segments into a Managed & Other category.
Removed
Other revenues, which include online offerings, other amenities at our properties, and beginning in third quarter 2022, our Sky River Casino management fee, represent our next most significant revenue source, generating 12% and 8% of revenues in 2022 and 2021, respectively.
Added
The Managed & Other category includes management fees earned under our management agreement with Wilton Rancheria and the operating results of Lattner Entertainment Group Illinois, LLC, our Illinois distributed gaming operator ("Lattner") with approximately 880 gaming units in approximately 160 locations across the state of Illinois as of December 31, 2023.
Removed
In addition, Belterra Park opened a FanDuel-branded sportsbook in January 2023. ●● The Eastside Cannery Casino and Hotel remains closed due to local market conditions. ●●● Property is subject to a master lease agreement with a real estate investment trust. We also own a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii.
Added
For financial information related to our segments as of and for the three years in the period ended December 31, 2023, see Note 14, Segment Information, to our consolidated financial statements presented in Part II, Item 8 .
Removed
Results for our Midwest & South segment include the following non-reportable segments and business activity: (i) Lattner Entertainment Group Illinois, LLC ("Lattner"), our Illinois distributed gaming operator with approximately 950 g aming units in approximatel y 175 locations across the state of Illinois as of December 31, 2022; (ii) online gaming operations, which includes: (a) the operations of Pala Interactive, the online gaming technology company we acquired on November 1, 2022; and (b) online operations through partnerships with FanDuel Group and market access agreements with other operators in New Jersey and, as of December 31, 2022, six of the nine states in the Midwest & South segment where we operate our gaming entertainment properties; and (iii) management fees from our management agreement with Wilton Rancheria.
Added
Online revenues from Boyd Interactive and third-party access arrangements, including reimbursements received from our third-party operators for gaming taxes and other expenses we pay under the collaborative arrangements, represent our next most significant revenue source, generating 11% and 7% of our revenues in 2023 and 2022, respectively.
Removed
In December 2020, we sold Eldorado Casino, which was part of our Las Vegas Locals segment. The Eldorado Casino remained closed in 2020 since its state mandated closure on March 18, 2020.
Added
We also own a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii.
Removed
See Note 2, Acquisitions and Divestitures, to our consolidated financial statements presented in Part II, Item 8 for further discussion of this transaction. 2 Table of Contents Las Vegas Locals Properties Our Las Vegas Locals segment consists of eight casinos that primarily serve the resident population in the Las Vegas metropolitan area.
Added
Under the Stardust brand, we offer B2C online casino gaming in New Jersey, Pennsylvania and the Canadian province of Ontario. Beginning in January 2024, we also offer online social gaming via the Boyd Interactive platform in the United States and Ontario. Our B2B customers in the United States and Canada license our platform for use in their online casino offerings.
Removed
The property's amenities include 447 hotel rooms that were recently remodeled, a restaurant and meeting space. In addition, in December 2022, Fremont completed and opened its casino expansion, which added 10,000 square feet of incremental casino space, a contemporary new food hall and a FanDuel-branded sportsbook.
Added
Sky River Casino has over 2,100 slot machines and 80 table games with 17 food and beverage options and live entertainment. 6 Table of Contents Competition Our properties generally operate in highly competitive environments. We compete against other gaming companies as well as other hospitality, entertainment and leisure companies.
Removed
Main Street Station was closed to the public on March 18, 2020 due to the COVID-19 pandemic and remained closed until re-opening on September 8, 2021.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

28 edited+12 added−3 removed92 unchanged
Biggest changeIt is possible that these secondary competitors could reduce the number of visitors to our facilities or the amount they are willing to wager, which could have a material adverse effect on our ability to generate revenue or maintain our profitability and cash flows. 11 Table of Contents If our competitors operate more successfully than we do, if they attract customers away from us as a result of aggressive pricing and promotion, if they are more successful than us in attracting and retaining employees, if their properties are enhanced or expanded, if they operate in jurisdictions that give them operating advantages due to differences or changes in gaming regulations or taxes, or if additional hotels and casinos are established in and around the locations in which we conduct business, we may lose market share or the ability to attract or retain employees.
Biggest changeIf our competitors operate more successfully than we do, if they attract customers away from us as a result of aggressive pricing and promotion, if they are more successful than us in attracting and retaining employees, if their properties are enhanced or expanded, if they operate in jurisdictions that give them operating advantages due to differences or changes in gaming regulations or taxes, or if additional hotels and casinos are established in and around the locations in which we conduct business, we may lose market share or the ability to attract or retain employees.
If our estimates of projected cash flows related to our assets are not achieved, we may be subject to future impairment charges, which could have a material adverse impact on our consolidated financial statements. 12 Table of Contents Risks Related to the Regulation of our Industry We are subject to extensive governmental regulation, as well as federal, state and local laws affecting business in general, which may harm our business.
If our estimates of projected cash flows related to our assets are not achieved, we may be subject to future impairment charges, which could have a material adverse impact on our consolidated financial statements. 13 Table of Contents Risks Related to the Regulation of our Industry We are subject to extensive governmental regulation, as well as federal, state and local laws affecting business in general, which may harm our business.
Additionally, the owner of a site may be subject to claims by third parties based on damages and costs resulting from environmental contamination emanating from a site. 13 Table of Contents Future developments regarding environmental matters could lead to material costs of environmental compliance for us, and such costs could have a material adverse effect on our business and financial condition, operating results and cash flows.
Additionally, the owner of a site may be subject to claims by third parties based on damages and costs resulting from environmental contamination emanating from a site. 14 Table of Contents Future developments regarding environmental matters could lead to material costs of environmental compliance for us, and such costs could have a material adverse effect on our business and financial condition, operating results and cash flows.
There is no assurance that any of these alternatives would be available to us, if at all, on satisfactory terms. 15 Table of Contents We and our subsidiaries are able to incur substantially more debt, which could further exacerbate the risks described above. We and our subsidiaries may be able to incur substantial additional indebtedness in the future.
There is no assurance that any of these alternatives would be available to us, if at all, on satisfactory terms. 16 Table of Contents We and our subsidiaries are able to incur substantially more debt, which could further exacerbate the risks described above. We and our subsidiaries may be able to incur substantial additional indebtedness in the future.
Because our business model relies on consumer expenditures on entertainment, luxury and other discretionary items, an ongoing economic downturn could materially adversely affect our operating results and financial condition. The COVID-19 pandemic, the public response to it and related economic consequences have had and will likely continue to have an adverse effect on our business, operations, financial condition and results.
Because our business model relies on consumer expenditures on entertainment, luxury and other discretionary items, an ongoing economic downturn could materially adversely affect our operating results and financial condition. The COVID-19 pandemic, the public response to it and related economic consequences have had and could continue to have an adverse effect on our business, operations, financial condition and results.
Loss of a vessel's Certificate of Inspection would preclude its use as a casino. 14 Table of Contents Some of our hotels and casinos are located on leased property. If we default on one or more leases, the applicable lessors could terminate the affected leases and we could lose possession of the affected hotel and/or casino.
Loss of a vessel's Certificate of Inspection would preclude its use as a casino. 15 Table of Contents Some of our hotels and casinos are located on leased property. If we default on one or more leases, the applicable lessors could terminate the affected leases and we could lose possession of the affected hotel and/or casino.
Changes in discretionary consumer spending or consumer preferences brought about by factors such as inflation, rising interest rates, perceived or actual general economic conditions, effects of declines in consumer confidence in the economy, including any future housing, employment and credit crisis, the impact of high energy and food costs, the increased cost of travel, the potential for bank failures, ongoing effects of the COVID-19 pandemic, decreased disposable consumer income and wealth, or fears of war and future acts of terrorism could further reduce customer demand for the amenities that we offer, thus imposing practical limits on pricing and negatively impacting our results of operations and financial condition.
Changes in discretionary consumer spending or consumer preferences brought about by factors such as inflation, rising interest rates, perceived or actual general economic conditions, effects of declines in consumer confidence in the economy, including any future housing, employment and credit crisis, the impact of high energy and food costs, the increased cost of travel, the potential for bank failures, decreased disposable consumer income and wealth, or fears of war and future acts of terrorism could further reduce customer demand for the amenities that we offer, thus imposing practical limits on pricing and negatively impacting our results of operations and financial condition.
Breaches of our security measures or information technology systems or the accidental loss, inadvertent disclosure or unapproved dissemination of proprietary information or sensitive personal information or confidential data about us, or our customers, or our employees, including the potential loss or disclosure of such information as a result of hacking or other cyber-attack, computer virus, fraudulent use by customers, employees or employees of third party vendors, trickery or other forms of deception or unauthorized use, or due to system failure, could expose us, our customers, our employees or other individuals affected to a risk of loss or misuse of this information, result in litigation and potential liability for us, damage our casino or brand names and reputations or otherwise harm our business.
Breaches of our security measures or information technology systems or the accidental loss, inadvertent disclosure or unapproved dissemination of proprietary information or sensitive personal information or confidential data about us, or our customers, or our employees, including the potential loss or disclosure of such information as a result of hacking or other cyber-attack, computer virus, fraudulent use by customers, employees or employees of third party vendors, trickery or other forms of deception or unauthorized use, or due to system failure, could expose us, our customers, our employees or other individuals affected to a risk of loss or misuse of this information, result in litigation and potential liability for us, damage our casino or brand names and reputations or otherwise harm our business, financial condition, and results of operations.
In addition, our Las Vegas business was materially impacted as a result of the COVID-19 pandemic and experienced reduction in visitation from customers in these geographic areas. Each of our properties located outside of Nevada depends primarily on visitors from their respective surrounding regions and is subject to comparable risk.
In recent years, our Las Vegas business was materially impacted as a result of the COVID-19 pandemic and experienced reduction in visitation from customers in these geographic areas. Each of our properties located outside of Nevada depends primarily on visitors from their respective surrounding regions and is subject to comparable risk.
Due to our significant concentration of properties in Nevada, any man-made or natural disasters in or around Nevada, or the areas from which we draw customers to our Las Vegas properties, could have a significant adverse effect on our business, financial condition and results of operations.
Due to our significant concentration of properties in Nevada, any man-made or natural disasters and public health outbreaks in or around Nevada, or the areas from which we draw customers to our Las Vegas properties, could have a significant adverse effect on our business, financial condition and results of operations.
We cannot predict the extent to which the global pandemic and public response may negatively affect business operating results in the future. 10 Table of Contents Uncertainties related to the magnitude, duration, and persistent effects of the COVID-19 pandemic may significantly adversely affect our business and results of operations.
We cannot predict the extent to which the global pandemic and public response may negatively affect business operating results in the future. Uncertainties related to the magnitude, duration, and persistent effects of the COVID-19 pandemic may significantly adversely affect our business and results of operations.
In 2008, we experienced a profound reduction in consumer demand as a result of the economic recession in the U.S. economy, and we are now experiencing the impacts of inflation and the COVID-19 pandemic, which are significantly impacting customer visitations and business revenue.
In 2008, we experienced a profound reduction in consumer demand as a result of the economic recession in the U.S. economy, and we are now experiencing the impacts of inflation, which are significantly impacting customer visitations and business revenue.
As of December 31, 2022 , 27 of our 28 casino properties are open and operating, while one property in Las Vegas remains closed as a result of business demand and cost containment measures. We cannot predict whether we will be required to temporarily close some or all of our properties in the future.
As of December 31, 2023 , 27 of our 28 gaming entertainment properties are open and operating, while one property in Las Vegas remains closed as a result of business demand and cost containment measures. We cannot predict whether we will be required to temporarily close some or all of our properties in the future.
Charles, Belterra Resort and Belterra Park (each an "OpCo," and collectively the "OpCos") from GLPI, pursuant to two triple net REIT Master Leases (the "Master Leases"). Current annual rent under the Master Leases is $106.6 million, with rental increases over time.
Charles, Belterra Resort and Belterra Park (each an "OpCo," and collectively the "OpCos") from GLPI, pursuant to two triple net REIT Master Leases (the "Master Leases"). Current annual rent under the Master Leases is $108.4 million, with rental increases over time.
We and our subsidiaries had approximately $3.0 billion of long-term debt on a consolidated basis as of December 31, 2022 (of which approximately $1.2 billion was outstanding under the Credit Facility) and which includes approximately $44.3 million of current maturities of long-term debt and excludes approximately $13.8 million in aggregate outstanding letters of credit.
We and our subsidiaries had approximately $2.9 billion of long-term debt on a consolidated basis as of December 31, 2023 (of which approximately $1.0 billion was outstanding under the Credit Facility) and which includes approximately $44.3 million of current maturities of long-term debt and excludes approximately $13.4 million in aggregate outstanding letters of credit.
Recently, this portion of our business has been substantially disrupted due to the COVID-19 pandemic, including as a result of travel restrictions and quarantine requirements in Hawaii. Our Las Vegas properties also draw a substantial number of customers from specific geographic areas, including the Southern California, Arizona and Las Vegas local markets.
In recent years, this portion of our business was substantially disrupted due to the COVID-19 pandemic, including as a result of travel restrictions and quarantine requirements in Hawaii. Our Las Vegas properties also draw a substantial number of customers from specific geographic areas, including the Southern California, Arizona and Las Vegas local markets.
Impairment charges of $40.8 million were recorded as a result of our 2022 impairment tests and triggering event reviews. Impairment charges of $8.2 million were recorded as a result of our 2021 impairment tests.
Impairment charges of $107.8 million, $40.8 million and $8.2 million were recorded as a result of our 2023, 2022 and 2021 impairment tests and triggering event reviews, respectively.
In accordance with the authoritative accounting guidance for goodwill and other intangible assets, we test our goodwill and indefinite-lived intangible assets for impairment annually or if a triggering event occurs. We perform our annual impairment testing for goodwill and indefinite-lived intangible assets as of October 1.
We may incur impairments to goodwill, indefinite-lived intangible assets, or long-lived assets. In accordance with the authoritative accounting guidance for goodwill and other intangible assets, we test our goodwill and indefinite-lived intangible assets for impairment annually or if a triggering event occurs. We perform our annual impairment testing for goodwill and indefinite-lived intangible assets as of October 1.
As such, the Boyd family has the ability to significantly influence our affairs, including electing the members of our Board of Directors and, except as otherwise provided by law, approving or disapproving other matters submitted to a vote of our stockholders, including a merger, consolidation, or sale of assets.
As such, the Boyd family has the ability to significantly influence our affairs, including electing the members of our Board of Directors and, except as otherwise provided by law, approving or disapproving other matters submitted to a vote of our stockholders, including a merger, consolidation, or sale of assets. 17 Table of Contents ITEM 1B. Unresolved Staff Comments None
In addition, an aggregate amount of approximately $1,095.4 million was available for borrowing under the Revolving Credit Facility as of December 31, 2022.
In addition, an aggregate amount of approximately $1,193.3 million was available for borrowing under the Revolving Credit Facility as of December 31, 2023.
Risks Related to our Equity Ownership Certain of our stockholders own large interests in our capital stock and may significantly influence our affairs. William S. Boyd, our Co-Executive Chair of the Board of Directors, together with his immediate family, beneficially owned approximately 27% of the Company's outstanding shares of common stock as of December 31, 2022.
Risks Related to our Equity Ownership Certain of our stockholders own large interests in our capital stock and may significantly influence our affairs. Marianne Boyd Johnson, our Executive Chair of the Board of Directors and Exectuvie Vice President, together with her immediate family, beneficially owned approximately 28% of the Company's outstanding shares of common stock as of December 31, 2023.
The cost and operational consequences of implementing further data security measures could be significant. Additionally, the collection of customer and employee personal information imposes various privacy compliance related obligations on our business and increases the risks associated with a breach or failure of the integrity of our information technology systems.
Additionally, the collection of customer and employee personal information imposes various privacy compliance related obligations on our business and increases the risks associated with a breach or failure of the integrity of our information technology systems.
If interest rates increase, our debt service obligations on certain of our variable rate indebtedness will increase even though the amount borrowed remains the same. Our ability to timely refinance and replace our indebtedness, on attractive terms or at all, will be significantly influenced by the economic and capital market conditions at the time of such refinancing.
Our ability to timely refinance and replace our indebtedness, on attractive terms or at all, will be significantly influenced by the economic and capital market conditions at the time of such refinancing.
We rely on proprietary and commercially available systems, software, tools and monitoring to provide security for processing, transmission and storage of customer information, such as payment card, employee information and other confidential or proprietary information. Our data security measures are reviewed and evaluated regularly, however, they might not protect us against increasingly sophisticated and aggressive threats.
We rely on proprietary and commercially available systems, software, tools and monitoring to provide security for processing, transmission, and storage of customer information, such as payment card, employee information and other confidential or proprietary information.
Failure to maintain the integrity of our information technology systems, protect our internal information, or comply with applicable privacy and data security regulations could adversely affect us.
We cannot predict the extent to which the above factors will cause our costs to increase or may lead to business failures or our inability to provide services or products for our partners. 11 Table of Contents Failure to maintain the integrity of our information technology systems, protect our internal information, or comply with applicable privacy and data security regulations could adversely affect us.
While we maintain cyber insurance coverage to protect against these risks to the Company, such insurance is unlikely to fully mitigate the impact of any information breach. We may incur impairments to goodwill, indefinite-lived intangible assets, or long-lived assets.
While we maintain cyber insurance coverage to protect against these risks to the Company, such insurance is unlikely to fully mitigate the impact of any information breach. Our technology infrastructure is critical to the performance of our digital gaming operations, and any system failures, errors, defects, or disruptions could adversely affect our operations.
The maximum permitted CTNL Ratio is calculated as Consolidated Net Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Credit Agreement.
The maximum permitted CTNL Ratio is calculated as Consolidated Net Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Credit Agreement. Beginning with the fiscal quarter ended September 30, 2023, the maximum CTNL Ratio must be no higher than 4.50 to 1.00 and prior to that was 5.00 to 1.00.
The COVID-19 pandemic has caused deterioration in regional, national and international economic conditions and is a contributing factor to capital market volatility. Furthermore, prevailing high interest rates increases our cost of capital. Additionally, borrowings under certain of our facilities are at variable rates of interest and expose us to interest rate volatility.
Capital market volatility and prevailing high interest rates increases our cost of capital. Additionally, borrowings under certain of our facilities are at variable rates of interest and expose us to interest rate volatility. If interest rates increase, our debt service obligations on certain of our variable rate indebtedness will increase even though the amount borrowed remains the same.
Removed
The foregoing has also impacted our workforce, suppliers, contractors and other partners. We cannot predict the extent to which the above factors will cause our costs to increase or may lead to business failures or our inability to provide services or products for our partners. Intense competition exists in the gaming industry, and we expect competition to continue to intensify.
Added
The foregoing has also impacted our workforce, suppliers, contractors and other partners.
Removed
Impairment charges of $3.6 million were recorded as a result of our annual 2020 impairment test and $171.1 million were recorded as a result of our first quarter 2020 impairment review.
Added
Our data security measures are reviewed and evaluated regularly; however, they might not protect us against increasingly sophisticated and aggressive threats, and disruptions in our computer systems can occur notwithstanding the data security measures and disaster recovery plans that we have in place.
Removed
The maximum CTNL Ratio for the fiscal quarter ending December 31, 2022 through the fiscal quarter ending June 30, 2023 must be no higher than 5.00 to 1.00 and for the fiscal quarter ending September 30, 2023 and each fiscal quarter thereafter, 4.50 to 1.00.
Added
Further, our systems are not fully redundant, and our disaster recovery planning cannot account for all possible scenarios. The cost and operational consequences of implementing further data security measures could be significant.
Added
Any loss, disclosure of, misappropriation of, or access to customers’ or other personal, proprietary information or any other breach of our information security could result in extensive legal proceedings or legal claims, including regulatory investigations and actions, or liability for failure to comply with state or federal privacy and information security laws, including for failure to protect personal information or for misusing personal information, which could disrupt our operations, cause extensive damage to our reputation, and expose us to legal claims from customers, financial institutions, regulators, payment card associations, employees, and other persons, any of which could have an adverse effect on our financial condition, results of operations, and cash flow.
Added
Our technology infrastructure is critical to the performance of our digital gaming operations and to user satisfaction, and we rely significantly on our computer systems and software to receive and properly process internal and external data. Our systems may not be adequate to avoid performance delays or outages that could be harmful to our online business.
Added
In addition, while we believe we have taken appropriate steps, to protect our systems, we cannot guarantee that the measures we take to prevent cyber-attacks and protect our systems will be sufficient to ensure uninterrupted operation of our digital platform and provide absolute security.
Added
We may in the future experience, website disruptions, outages, and other performance problems due to a variety of factors, including infrastructure changes, human or software errors and capacity constraints.
Added
Disruptions from unauthorized access to, fraudulent manipulation of, or tampering with our computer systems and technological infrastructure, or those of third parties that provide support to our operations, could result in a wide range of negative outcomes, each of which could materially affect the operation of our online business and our financial condition, results of operations and prospects.
Added
Additionally, our computer systems and software may contain faults, errors, bugs, flaws or corrupted data, and these defects may affect our online offerings or cause systemic shutdowns. These types of issues could disrupt our operations or render a product unavailable or difficult for our users to interact with.
Added
Inaccessibility or intermittent problems with our products could make users less likely to return to our digital platform as often, if at all, or to recommend our offerings to other potential users, which could harm our brand perception, cause our users to stop utilizing our product.
Added
If our systems are damaged, breached, attacked, interrupted, or otherwise cease to function properly, we may have to make a significant investment to repair or replace them, and may experience loss or corruption of critical data as well as suffer interruptions in our business operations in the interim. 12 Table of Contents Intense competition exists in the gaming industry, and we expect competition to continue to intensify.
Added
It is possible that these secondary competitors could reduce the number of visitors to our facilities or the amount they are willing to wager, which could have a material adverse effect on our ability to generate revenue or maintain our profitability and cash flows.

Item 2. Properties

Properties — owned and leased real estate

2 edited+0 added−0 removed2 unchanged
Biggest changeIn addition, all or a portion of the sites for the following properties are leased: • Suncoast, located on 49 acres of leased land. • Eastside Cannery, located on 30 acres of leased land. • California, located on 13.9 acres of owned land and 1.6 acres of leased land. • Fremont, located on 1.4 acres of owned land and 0.9 acres of leased land. • IP, located on 24 acres of owned land and 3.9 acres of leased land. • Treasure Chest, located on 14 acres of leased land. • Sam's Town Shreveport, located on 18 acres of leased land. • Diamond Jo Dubuque, located on 7 acres of owned land and approximately 2 acres of leased parking surfaces. • Evangeline Downs, which leases the facilities that comprise the Henderson, Eunice and St.
Biggest changeIn addition, all or a portion of the sites for the following properties are leased: • Suncoast, located on 49 acres of leased land. • Eastside Cannery, located on 30 acres of leased land. • California, located on 13.9 acres of owned land and 1.6 acres of leased land. • Fremont, located on 1.4 acres of owned land and 0.9 acres of leased land. • IP, located on 24 acres of owned land and 3.9 acres of leased land. • Treasure Chest, located on 13 acres of leased land. • Sam's Town Shreveport, located on 18 acres of leased land. • Diamond Jo Dubuque, located on 7 acres of owned land and approximately 2 acres of leased parking surfaces. • Evangeline Downs, which leases the facilities that comprise the Henderson, Eunice and St.
ITEM 2. Properties Information relating to the location and general characteristics of our properties is provided in Part I, Item 1, Business - Properties , and is incorporated herein by reference. As of December 31, 2022, some of our properties utilized leased property in their operations.
ITEM 2. Properties Information relating to the location and general characteristics of our properties is provided in Part I, Item 1, Business - Properties , and is incorporated herein by reference. As of December 31, 2023, some of our properties utilized leased property in their operations.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

10 edited+0 added−1 removed2 unchanged
Biggest changePeriod Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of a Publicly Announced Plan Approximate Dollar Value That May Yet Be Purchased Under the Plan October 1, 2022 through October 31, 2022 — $ — — $ 345,836,872 November 1, 2022 through November 30, 2022 829,000 58.78 829,000 297,106,785 December 1, 2022 through December 31, 2022 1,006,550 57.77 1,006,550 238,962,829 Totals 1,835,550 $ 58.22 1,835,550 $ 238,962,829 We are not obligated to repurchase any shares under the program.
Biggest changePeriod Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of a Publicly Announced Plan Approximate Dollar Value That May Yet Be Purchased Under the Plan October 1, 2023 through October 31, 2023 555,075 $ 59.07 555,075 $ 393,519,592 November 1, 2023 through November 30, 2023 596,625 57.70 596,625 359,093,193 December 1, 2023 through December 31, 2023 538,815 60.85 538,815 326,306,473 Totals 1,690,515 $ 59.15 1,690,515 $ 326,306,473 Subject to applicable corporate securities laws, repurchases under the Share Repurchase Program may be made at such times and in such amounts as we deem appropriate.
Gambling Index ("Dow Jones GI"). The performance graph assumes that $100 was invested on December 31, 2017 in each of the Company's common stock, the S&P 400 and Dow Jones GI, and that all dividends were reinvested. The stock price performance shown in this graph is neither necessarily indicative of, nor intended to suggest, future stock price performance.
Gambling Index ("Dow Jones GI"). The performance graph assumes that $100 was invested on December 31, 2018 in each of the Company's common stock, the S&P 400 and Dow Jones GI, and that all dividends were reinvested. The stock price performance shown in this graph is neither necessarily indicative of, nor intended to suggest, future stock price performance.
Our Definitive Proxy Statement to be filed in connection with our 2023 Annual Meeting of Stockholders, incorporated herein by reference, contains information concerning securities authorized for issuance under equity compensation plans within the captions Ownership of Certain Beneficial Owners and Management and Equity Compensation Plan Information. 18 Table of Contents Stock Performance Graph The graph below compares the five-year cumulative total return on our common stock to the cumulative total return of the Standard & Poor's MidCap 400 Index ("S&P 400") and to the Dow Jones U.S.
Our Definitive Proxy Statement to be filed in connection with our 2024 Annual Meeting of Stockholders, incorporated herein by reference, contains information concerning securities authorized for issuance under equity compensation plans within the captions Ownership of Certain Beneficial Owners and Management and Equity Compensation Plan Information. 21 Table of Contents Stock Performance Graph The graph below compares the five-year cumulative total return on our common stock to the cumulative total return of the Standard & Poor's MidCap 400 Index ("S&P 400") and to the Dow Jones U.S.
ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is listed on the New York Stock Exchange ("NYSE") under the symbol "BYD." On February 20 , 2023, the closing sales price of our common stock on the NYSE was $66.19 per share.
ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is listed on the New York Stock Exchange ("NYSE") under the symbol "BYD". On February 19, 2024 , the closing sales price of our common stock on the NYSE was $63.37 per share.
On that date, we had approximately 523 h olders of record of our common stock and our directors and executive officers owned approximately 28% of the outstanding shares. There are no other classes of common equity outstanding.
On that date, we had approximately 490 h olders of record of our common stock and our directors and executive officers owned approximately 30% of the outstanding shares. There are no other classes of common equity outstanding. Share Repurchase Program On October 21, 2021, our Board of Directors authorized a share repurchase program of $300.0 million (the "Share Repurchase Program").
We are subject to certain limitations regarding the repurchase of common stock, such as restricted payment limitations contained in our Credit Facility and the indentures for our outstanding senior notes.
We are subject to certain limitations regarding the repurchase of common stock, such as restricted payment limitations contained in our Credit Facility and the indentures for our outstanding senior notes. We are not obligated to repurchase any shares under this program, and repurchases under the Share Repurchase Program can be discontinued at any time at our sole discretion.
We may acquire our debt or equity securities through open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or otherwise, upon such terms and at such prices as we may determine.
Repurchases under the Share Repurchase Program are funded with existing cash resources, cash generated from operations and availability under our Credit Facility. We may acquire our debt or equity securities through open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or otherwise, upon such terms and at such prices as we may determine.
We repurchased 9.4 million shares during the year ended December 31, 2022. As of December 31, 2022, $239.0 million of repurchase authorization remained available under the Share Repurchase Program. The following table discloses share repurchases that we have made pursuant to the Share Repurchase Program during the three months ended December 31, 2022.
The following table discloses share repurchases that we have made pursuant to the Share Repurchase Program during the three months ended December 31, 2023.
S&P 400 Dow Jones GI December 2018 59.76 88.92 69.38 December 2019 86.96 112.21 102.38 December 2020 124.66 127.54 91.80 December 2021 190.45 159.12 80.03 December 2022 160.15 138.34 59.67 The performance graph should not be deemed filed or incorporated by reference into any other of our filings under the Securities Act of 1933 or the Exchange Act of 1934, unless we specifically incorporate the performance graph by reference therein. 19 Table of Contents ITEM 6.
S&P 400 Dow Jones GI December 2019 145.52 126.20 147.56 December 2020 208.60 143.44 132.30 December 2021 318.69 178.95 115.34 December 2022 267.99 155.58 86.00 December 2023 310.79 181.15 112.08 The performance graph should not be deemed filed or incorporated by reference into any other of our filings under the Securities Act of 1933 or the Exchange Act of 1934, unless we specifically incorporate the performance graph by reference therein. 22 Table of Contents ITEM 6.
Share Repurchase Program On October 21, 2021, our Board of Directors authorized a share repurchase program of $300.0 million (the "Share Repurchase Program"), with $280.6 million of repurchase authorization remaining as of December 31, 2021. On June 1, 2022, our Board of Directors authorized a $500.0 million increase to the Share Repurchase Program.
In addition, our Board of Directors authorized increases to the Share Repurchase Program of $500.0 million on June 1, 2022, and $500.0 million on May 4, 2023. We repurchased 6.5 million shares during the year ended December 31, 2023. As of December 31, 2023, $326.3 million of repurchase authorization remained available under the Share Repurchase Program.
Removed
Subject to applicable corporate securities laws, repurchases under this program may be made at such times and in such amounts as we deem appropriate. Repurchases are funded with existing cash resources and availability under the Credit Facility.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

3 edited+0 added−0 removed0 unchanged
Biggest changeOther Information 90 ITEM 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 90 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 90 ITEM 11. Executive Compensation 90 ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 90 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 90 ITEM 14.
Biggest changeOther Information 92 ITEM 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 92 ITEM 11. Executive Compensation 92 ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 92 ITEM 14.
ITEM 6. Reserved 20 ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 20 ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 40 ITEM 8. Financial Statements and Supplementary Data 41 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 88 ITEM 9A. Controls and Procedures 88 ITEM 9B .
ITEM 6. Reserved 23 ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 23 ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 42 ITEM 8. Financial Statements and Supplementary Data 43 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90 ITEM 9A. Controls and Procedures 90 ITEM 9B .
Principal Accounting Fees and Services 90 PART IV ITEM 15. Exhibits, Financial Statement Schedules 91 ITEM 16. Form 10-K Summary 96 SIGNATURES 97 Table of Contents PART I
Principal Accounting Fees and Services 92 PART IV ITEM 15. Exhibits, Financial Statement Schedules 93 ITEM 16. Form 10-K Summary 98 SIGNATURES 99 Table of Contents PART I

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

115 edited+60 added−60 removed108 unchanged
Biggest changeThe inflows for 2021 reflect the issuance of the 4.750% Senior Notes due 2031. 28 Table of Contents Indebtedness The outstanding principal balances of long-term debt, before unamortized discounts and fees, and the changes in those balances, are as follows: December 31, December 31, Increase / (In millions) 2022 2021 (Decrease) Credit Facility $ 1,187.8 $ — $ 1,187.8 Prior Credit Facility — 867.9 (867.9 ) 4.750% senior notes due 2027 1,000.0 1,000.0 — 8.625% senior notes due 2025 — 300.0 (300.0 ) 4.750% senior notes due 2031 900.0 900.0 — Other 0.7 1.5 (0.8 ) Total long-term debt 3,088.5 3,069.4 19.1 Less current maturities 44.3 41.7 2.6 Long-term debt, net of current maturities $ 3,044.2 $ 3,027.7 $ 16.5 The amount of current maturities include certain non-extending balances scheduled to be repaid within the next twelve months under the Credit Facility and Prior Credit Facility.
Biggest changeOther significant financing activities during 2022 include the retirement of the remaining $300.0 million 8.625% Senior Notes and related premium fees, offset by $319.9 million in net borrowings as we borrowed on our Revolving Credit Facility (see " Indebtedness ") to finance the acquisition of Boyd Interactive and to support share repurchase activity. 31 Table of Contents Indebtedness The outstanding principal balances of long-term debt, before unamortized discounts and fees, and the changes in those balances, are as follows: December 31, December 31, (In millions) 2023 2022 Decrease Credit Facility $ 1,046.3 $ 1,187.8 (141.5 ) 4.750% senior notes due 2027 1,000.0 1,000.0 — 4.750% senior notes due 2031 900.0 900.0 — Other 0.5 0.7 (0.2 ) Total long-term debt 2,946.8 3,088.5 (141.7 ) Less current maturities 44.3 44.3 — Long-term debt, net of current maturities $ 2,902.5 $ 3,044.2 $ (141.7 ) The amount of current maturities include certain non-extending balances scheduled to be repaid within the next twelve months under the Credit Facility.
Impairment of Assets Impairment of assets in 2022 includes non-cash impairment charges of $9.2 million for trademarks and $31.6 million for goodwill in our Midwest & South segment due primarily to an increase in the discount rate over the prior year.
Impairment of assets in 2022 includes non-cash impairment charges of $9.2 million for trademarks and $31.6 million for goodwill in our Midwest & South segment due primarily to an increase in the discount rate over the prior year.
Proceeds from the Credit Agreement were used to refinance all outstanding obligations under the Prior Credit Facility, including a senior secured term loan A facility (the "Prior Term A Loan") and senior secured term loan B facility (the "Prior Refinancing Term B Loan"), to fund transaction costs in connection with the Credit Agreement, and for general corporate purposes.
Proceeds from the Credit Agreement were used to refinance all outstanding obligations under the Prior Credit Facility, including a senior secured term loan A facility and senior secured term loan B facility (the "Prior Refinancing Term B Loan"), to fund transaction costs in connection with the Credit Agreement, and for general corporate purposes.
In addition, at any time prior to June 15, 2024, we may redeem up to 40% of the aggregate principal amount of the 4.750% Senior Notes due 2031 at a redemption price (expressed as percentages of the principal amount) equal to 104.750%, plus accrued and unpaid interest and Additional Interest. 4.750% Senior Notes due December 2027 On December 3, 2019, we issued $1.0 billion aggregate principal amount of 4.750% senior notes due December 2027 (the "4.750% Senior Notes due 2027").
In addition, at any time prior to June 15, 2024, we may redeem up to 40% of the aggregate principal amount of the 4.750% Senior Notes due 2031 at a redemption price (expressed as percentages of the principal amount) equal to 104.750%, plus accrued and unpaid interest and Additional Interest. 4.750% Senior Notes due December 2027 On December 3, 2019, we issued $1.0 billion aggregate principal amount of 4.750% senior notes due December 2027 ("4.750% Senior Notes due 2027").
These pretax totals were tax effected utilizing the applicable tax rate to arrive at net, after-tax cash flows. The net, after-tax flows and the terminal value were then discounted to present value utilizing an appropriate discount rate.
These pretax totals were tax effected utilizing the applicable tax rate to arrive at net, after-tax cash flows. The net, after-tax cash flows and the terminal value were then discounted to present value utilizing an appropriate discount rate.
On an ongoing basis, management reviews and refines those estimates, the following of which materially impact our consolidated financial statements: the recoverability of long-lived assets; valuation of indefinite-lived intangible assets; valuation of goodwill; accounting for leases; provisions for deferred tax assets, certain tax liabilities and uncertain tax positions; and application of acquisition method of accounting.
On an ongoing basis, management reviews and refines those estimates, the following of which could materially impact our consolidated financial statements: the recoverability of long-lived assets; valuation of indefinite-lived intangible assets; valuation of goodwill; accounting for leases; provisions for deferred tax assets, certain tax liabilities and uncertain tax positions; and application of acquisition method of accounting.
Finally, the present value of the after-tax cash flows over the life of the asset is totaled to arrive at an indication of the fair value of the reporting unit. The market approach is comprised of the guideline company method, which focuses on comparing the subject company to selected reasonably similar, or "guideline", publicly-traded companies.
Finally, the present value of the after-tax cash flows over the life of the reporting unit is totaled to arrive at an indication of the fair value of the reporting unit. The market approach is comprised of the guideline company method, which focuses on comparing the subject company to selected reasonably similar, or "guideline", publicly-traded companies.
Our effective tax rate for 2022 and 2021 was unfavorably impacted by state taxes and certain nondeductible expenses, including non-deductible compensation and employee benefits which were partially offset by the inclusion of excess tax benefits related to equity compensation, as a component of the provision for income taxes.
Our effective tax rate for 2022 was unfavorably impacted by state taxes and certain nondeductible expenses, including non-deductible compensation and employee benefits which were partially offset by the inclusion of excess tax benefits related to equity compensation, as a component of the provision for income taxes.
If a lease is terminated prior to reaching the end of the expected term, this may result in the acceleration of depreciation or impairment of the lease right-of-use asset and related long-lived assets. 38 Table of Contents Provisions for Deferred Tax Assets, Certain Tax Liabilities and Uncertain Tax Positions Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards.
If a lease is terminated prior to reaching the end of the expected term, this may result in the acceleration of depreciation or impairment of the lease right-of-use asset and related long-lived assets. 40 Table of Contents Provisions for Deferred Tax Assets, Certain Tax Liabilities and Uncertain Tax Positions Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards.
Estimates of expected cash flows are, by their nature, subjective and actual results may differ materially from our estimates, potentially resulting in an impairment charge in a future period. 36 Table of Contents Valuation of Indefinite-Lived Intangible Assets Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight and a limitation on the number of licenses available for issuance with these certain jurisdictions.
Estimates of expected cash flows are, by their nature, subjective and actual results may differ materially from our estimates, potentially resulting in an impairment charge in a future period. 38 Table of Contents Valuation of Indefinite-Lived Intangible Assets Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight and a limitation on the number of licenses available for issuance with these certain jurisdictions.
Estimated interest payments for variable-rate debt are based on rates at December 31, 2022. (2) Purchase obligations include obligations under assessment arrangements and various contracted amounts, including construction contracts and information technology, advertising, maintenance and other service agreements. Other Opportunities We regularly investigate and pursue additional expansion opportunities in markets where casino gaming, including online gaming, is currently permitted.
Estimated interest payments for variable-rate debt are based on rates at December 31, 2023. (2) Purchase obligations include obligations under assessment arrangements and various contracted amounts, including construction contracts and information technology, advertising, maintenance and other service agreements. Other Opportunities We regularly investigate and pursue additional expansion opportunities in markets where casino gaming, including online gaming, is currently permitted.
We also pursue expansion opportunities in jurisdictions where casino gaming, including online gaming, is not currently permitted in order to be prepared to develop projects upon approval of casino and online gaming.
We also pursue expansion opportunities in jurisdictions where casino gaming and online gaming is not currently permitted in order to be prepared to develop projects upon approval of casino and online gaming.
Revenues and Adjusted EBITDAR by Reportable Segment We determine each property's profitability based upon Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Rent ("Adjusted EBITDAR"), which represents earnings before interest expense, income taxes, depreciation and amortization, deferred rent, master lease rent expense, other operating items, net, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, loss on early extinguishments and modifications of debt and other items, net, as applicable.
Revenues and Adjusted EBITDAR by Reportable Segment We determine profitability based upon Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Rent ("Adjusted EBITDAR"), which represents earnings before interest expense, income taxes, depreciation and amortization, deferred rent, master lease rent expense, other operating items, net, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, loss on early extinguishments and modifications of debt and other items, net, as applicable.
Such expansions will be affected and determined by several key factors, which may include the following: • the outcome of gaming license selection processes; • the approval of gaming in jurisdictions where we have been active but where casino gaming is not currently permitted; • identification of additional suitable investment opportunities in current gaming jurisdictions; and • availability of acceptable financing.
Such expansions will be affected and determined by several key factors, which may include the following: • the outcome of gaming license selection processes; • the approval of gaming in jurisdictions where we have been active but where casino or online gaming is not currently permitted; • identification of additional suitable investment opportunities in current gaming jurisdictions; and • availability of acceptable financing.
The guidance permits an entity to make a qualitative assessment, referred to as "Step Zero," of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. We utilized this option for our 2022 annual impairment test for certain of our indefinite-lived intangible assets.
The guidance permits an entity to make a qualitative assessment, referred to as "Step Zero," of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. We utilized this option for our 2023 annual impairment test for certain of our indefinite-lived intangible assets.
Our industry is capital intensive, and we rely heavily on the ability of our properties to generate operating cash flow to fund maintenance capital expenditures, fund acquisitions, provide excess cash for future development, repay debt financing and associated interest costs, repurchase our debt or equity securities, and pay income taxes and dividends.
Our industry is capital intensive, and we rely heavily on the ability of our operations to generate operating cash flow to fund maintenance capital expenditures, fund acquisitions, provide excess cash for future development, repay debt financing and associated interest costs, repurchase our debt or equity securities, and pay income taxes and dividends.
Moreover, we can provide no assurances that any expansion opportunity will result in a completed transaction. Off Balance Sheet Arrangements Our off balance sheet arrangements consist of the following: Indemnification We have entered into certain agreements that contain indemnification provisions, as well as indemnification agreements involving certain of our executive officers and directors.
Moreover, we can provide no assurances that any expansion opportunity will result in a completed transaction. Off Balance Sheet Arrangements Our off balance sheet arrangements consist of the following: Indemnification We have entered into certain agreements that contain indemnification provisions involving certain of our executive officers and directors.
Our primary areas of focus are: (i) growing revenues and building loyalty among our core customers; (ii) ensuring our existing operations are managed as efficiently as possible and remain positioned for growth; (iii) maintaining the strength of our balance sheet, including our leverage ratios, and finding opportunities to diversify and increase cash flow; (iv) returning capital to shareholders through share repurchases and dividends; (v) furthering our environmental, social and governance ("ESG") initiatives, including our commitments to create a workplace environment that embraces diversity and inclusion and our continued efforts to strive to reduce our consumption of natural resources; (vi) pursuing online gaming opportunities to build a regional online casino business as states allow online casino gaming in and around the states we operate; and (vii) successfully pursuing our growth strategy, which is built on identifying development opportunities in our existing portfolio and acquiring assets that are a good strategic fit and provide an appropriate return to our shareholders.
Our primary areas of focus are: (i) growing revenues and building loyalty among our core customers; (ii) ensuring our existing operations are managed as efficiently as possible and remain positioned for growth; (iii) maintaining the strength of our balance sheet, including our leverage ratios, and finding opportunities to diversify and increase cash flow; (iv) returning capital to shareholders through share repurchases and dividends; (v) furthering our corporate social responsibility ("CSR") initiatives, including our commitments to create a workplace environment that embraces diversity and inclusion and our continued efforts to strive to reduce our consumption of natural resources; (vi) pursuing online gaming opportunities to build a regional online casino business as states allow online casino gaming in and around the states we operate; and (vii) successfully pursuing our growth strategy, which is built on identifying development opportunities in our existing portfolio and acquiring assets that are a good strategic fit and provide an appropriate return to our shareholders.
For the year ended December 31, 2020, and changes from the year ended December 31, 2020 to the year ended December 31, 2021, management’s discussion and analysis pertaining to our financial condition, changes in our financial condition, and the results of our operations have been omitted from this MD&A and may be found in Item 7.
For the year ended December 31, 2021, and changes from the year ended December 31, 2021 to the year ended December 31, 2022, management’s discussion and analysis pertaining to our financial condition, changes in our financial condition, and the results of our operations have been omitted from this MD&A and may be found in Item 7.
The net proceeds from the 4.750% Senior Notes due 2027 were used to finance the redemption of all of its outstanding 6.875% senior notes due 2023 and prepay a portion of our Prior Refinancing Term B Loans.
The net proceeds from the 4.750% Senior Notes due 2027 were used to finance the redemption of all of its outstanding 6.875% senior notes due 2023 and prepay a portion of our Prior Refinancing Term B Loan.
Recently Issued Accounting Pronouncements For information with respect to recent accounting pronouncements and the impact of these pronouncements on our consolidated financial statements, see Note 1, Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements , in the notes to the consolidated financial statements. 39 Table of Contents
Recently Issued Accounting Pronouncements For information with respect to recent accounting pronouncements and the impact of these pronouncements on our consolidated financial statements, see Note 1, Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements , in the notes to the consolidated financial statements. 41 Table of Contents
Commitments Capital Spending and Development We continually perform on-going refurbishment and maintenance at our facilities to maintain our standards of quality. Certain of these maintenance costs are capitalized, if such improvement or refurbishment extends the life of the related asset, while other maintenance costs that do not so qualify are expensed as incurred.
Commitments Capital Spending and Development We continually perform ongoing refurbishment and maintenance at our facilities to maintain our standards of quality. Certain of these maintenance costs are capitalized, if such improvement or refurbishment extends the life of the related asset, while other maintenance costs that do not so qualify are expensed as incurred.
Maintaining our Brand The ability of our employees to deliver great customer service helps distinguish our Company and our brands from our competitors. Our employees are an important reason that our customers continue to choose our properties over the competition across the country. In addition, we have established nationwide branding and a loyalty program.
Maintaining our Brand The ability of our Team Members to deliver great customer service helps distinguish our Company and our brands from our competitors. Our Team Members are an important reason that our customers continue to choose our properties over the competition across the country. In addition, we have established nationwide branding and a loyalty program.
The steps followed in applying this approach include estimating the expected after-tax cash flows attributable to the asset over its life and converting these after-tax cash flows to present value through "discounting." The discounting process uses a rate of return which accounts for both the time value of money and investment risk factors.
The steps followed in applying this approach include estimating the expected after-tax cash flows attributable to the reporting unit over its life and converting these after-tax cash flows to present value through "discounting." The discounting process uses a rate of return which accounts for both the time value of money and investment risk factors.
The project development, preopening and writedowns expense in 2022 primarily relates to the following: (i) a $20.4 million reduction of the allowance on the Wilton Note for development advances over the last 10 years; (ii) a $12.7 million gain on sale of land; offset by (iii) an $8.3 million non-cash asset writedown; and (iv) preopening costs of $5.5 million related to the acquisition of Pala Interactive and Pala Canada.
The project development, preopening and writedowns expense in 2022, primarily related to the following: (i) a $20.4 million reduction of the allowance on the Wilton Note for development advances over the last 10 years; (ii) a $12.7 million gain on sale of land; offset by (iii) an $8.3 million non-cash asset writedown; and (iv) preopening costs of $5.5 million related to the acquisition of Boyd Interactive.
Management makes significant judgments and estimates as part of these analyses that are inherent in evaluating these assets for impairment. In particular, future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates.
Management makes significant judgments and estimates as part of these analyses that are inherent in evaluating these reporting units for impairment. In particular, future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates.
Any additional financing that is needed may not be available to us or, if available, may not be on terms favorable to us. The outcome of the following specific matters, including our commitments and contingencies, may also affect our liquidity.
Any additional financing that is needed may not be available to us or, if available, may not be on terms favorable to us. The outcome of the specific matters discussed herein, including our commitments and contingencies, may also affect our liquidity.
Adjustments are made to the similar assets to compensate for differences between reasonably similar assets and the asset being valued. The application of the market approach results in an estimate of the price reasonably expected to be realized from the sale of the subject asset.
Adjustments are made to the similar assets to compensate for differences between reasonably similar assets and the asset being valued. The application of the market approach results in an estimate of the price reasonably expected to be realized from the sale of the reporting unit.
In addition, our Restated Articles of Incorporation and Restated Bylaws contain provisions that provide for indemnification of our directors, officers, employees and other agents to the maximum extent permitted by law. Outstanding Letters of Credit At December 31, 2022, we had outstanding letters of credit totaling $13.8 million.
In addition, our Restated Articles of Incorporation and Restated Bylaws contain provisions that provide for indemnification of our directors, officers, employees and other agents to the maximum extent permitted by law. Outstanding Letters of Credit At December 31, 2023, we had outstanding letters of credit totaling $13.4 million.
The assets and liabilities of the acquisition are included in our consolidated balance sheet as of December 31, 2022, and the results of its operations and cash flows are reported in our consolidated statements of operations and cash flows, respectively, from the date of acquisition through December 31, 2022.
The assets and liabilities of the acquisition are included in our consolidated balance sheet as of December 31, 2023 and 2022, and the results of its operations and cash flows are reported in our consolidated statements of operations and cash flows, respectively, from the November 1, 2022 date of acquisition through December 31, 2023.
The two methodologies were weighted 50.0% toward the income approach and 50.0% toward the market approach, to arrive at an overall fair value. Our annual impairment test as of October 1, 2022, resulted in goodwill impairment charges of $9.9 million.
The two methodologies were weighted 50.0% toward the income approach and 50.0% toward the market approach, to arrive at an overall fair value. Our annual impairment test as of October 1, 2023, resulted in goodwill impairment charges of $82.0 million.
Our working capita l deficit at December 31, 2022 and 2021 was $107.9 million and $49.2 million, respectively. 27 Table of Contents We believe that current cash balances together with the available borrowing capacity under our Revolving Credit Facility (as defined in " Indebtedness " below) and cash flows from operating activities will be sufficient to meet our liquidity and capital resource needs for the next twelve months, including our projected operating requirements and maintenance capital expenditures.
Our working capita l deficit at December 31, 2023 and 2022 was $67.0 million and $107.9 million, respectively. 30 Table of Contents We believe that current cash balances together with the available borrowing capacity under our Revolving Credit Facility (as defined in " Indebtedness " below) and cash flows from operating activities will be sufficient to meet our liquidity and capital resource needs for the next twelve months, including our projected operating requirements and maintenance capital expenditures.
Commitment to ESG We fulfill our commitment to ESG through four core pillars: Environment, People, Communities and Corporate Governance.
Commitment to CSR We fulfill our commitment to CSR through four core pillars: Environment, People, Communities and Corporate Governance.
These costs, as a percentage of total revenues, were generally consistent at 10.5% and 10.9% for 2022 and 2021, respectively. We continue to focus on our disciplined operating model and targeted marketing approach.
These costs, as a percentage of total revenues, were generally consistent at 10.4% and 10.5% for 2023 and 2022, respectively. We continue to focus on our disciplined operating model and targeted marketing approach.
Our Key Performance Indicators We use several key performance measures to evaluate the operations of our properties.
Our Key Performance Indicators We use several key performance measures to evaluate the operations of our gaming entertainment properties.
LIQUIDITY AND CAPITAL RESOURCES Financial Position We generally operate with minimal or negative levels of working capital in order to minimize borrowings and related interest costs. Our cash and cash equivalents balances were $283.5 million and $344.6 million at December 31, 2022 and 2021, respectively.
LIQUIDITY AND CAPITAL RESOURCES Financial Position We generally operate with minimal or negative levels of working capital in order to minimize borrowings and related interest costs. Our cash and cash equivalents balances were $304.3 million and $283.5 million at December 31, 2023 and 2022, respectively.
Reportable Segment Adjusted EBITDAR is the aggregate sum of the Adjusted EBITDAR for each of the properties comprising our Las Vegas Locals, Downtown Las Vegas and Midwest & South segments. Results for Downtown Las Vegas include the results of our travel agency and captive insurance company in Hawaii.
Reportable Segment Adjusted EBITDAR is the aggregate sum of the Adjusted EBITDAR for each of the gaming entertainment properties included in our Las Vegas Locals, Downtown Las Vegas, and Midwest & South segments and our Online segment. Results for Downtown Las Vegas include the results of our travel agency and captive insurance company in Hawaii.
During 2022, we incurred ne t cash outflows for investing activities of $422.3 million comprised of capital expenditure spending of $269.2 million, primarily related to a casino expansion at our Fremont property, inclusive of incremental slot capacity, a FanDuel branded sportsbook and contemporary food hall, as well as new slot machines for all our properties, guest room remodels, IT equipment and various furniture and equipment purchases and building projects at our properties.
During 2022, we incurred net cas h outflows for investing activities of $422.3 million comprised of capital expenditures of $269.2 million, primarily related to a casino expansion at our Fremont property, inclusive of incremental slot capacity, a FanDuel branded sportsbook and contemporary food hall, as well as new slot machines for all our properties, guest room remodels, IT equipment and various furniture and equipment purchases and building projects at our properties.
Scheduled Maturities of Long-Term Debt The scheduled maturities of long-term debt, as discussed above, are as follows: (In millions) Total Year Ending December 31, 2023 $ 44.3 2024 44.4 2025 44.0 2026 44.0 2027 2,011.8 Thereafter 900.0 Total outstanding principal of long-term debt $ 3,088.5 Guarantor Financial Information In connection with the issuance of our 4.750% Senior Notes due 2027, 8.625% Senior Notes and 4.750% Senior Notes due 2031 (collectively, the "Guaranteed Notes"), certain of the Company's wholly owned subsidiaries (the "Guarantors") provide guarantees of those indentures.
Scheduled Maturities of Long-Term Debt The scheduled maturities of long-term debt, as discussed above, are as follows: (In millions) Total Year Ending December 31, 2024 $ 44.3 2025 44.2 2026 44.0 2027 1,914.3 2028 — Thereafter 900.0 Total outstanding principal of long-term debt $ 2,946.8 Guarantor Financial Information In connection with the issuance of our 4.750% Senior Notes due 2027 and our 4.750% Senior Notes due 2031 (collectively, the "Guaranteed Notes" or "Senior Notes"), certain of the Company's wholly owned subsidiaries (the "Guarantors") provide guarantees of those indentures.
A change in any of these variables that cause our discounted cash flows or terminal value or both to adversely and materially change could result in the failure of the impairment test, and a resulting impairment of our goodwill in an amount up to its book value of $1.0 billion.
A change in any of these variables that cause our discounted cash flows or terminal value or both to adversely and materially change could result in the failure of the impairment test, and a resulting impairment of our goodwill in an amount up to its book value of $947.3 million.
Should this provision prohibit the incurrence of additional debt, the Company may still borrow under its existing credit facility. At December 31, 2022, the available borrowing capacity under our Credit Facility was $1,095.4 million. 32 Table of Contents Covenant Compliance As of December 31, 2022, we were in compliance with the financial and other covenants of our debt instruments.
Should this provision prohibit the incurrence of additional debt, the Company may still borrow under its existing credit facility. At December 31, 2023, the available borrowing capacity under our Credit Facility was $1,193.3 million. 34 Table of Contents Covenant Compliance As of December 31, 2023, we were in compliance with the financial and other covenants of our debt instruments.
EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States ("GAAP"), facilities comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes.
EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with GAAP, facilitates comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes.
The dividends declared by the Board of Directors under this program are: Declaration date Record date Payment date Amount per share December 17, 2019 December 27, 2019 January 15, 2020 $ 0.07 February 3, 2022 March 15, 2022 April 15, 2022 0.15 June 1, 2022 June 30, 2022 July 15, 2022 0.15 September 15, 2022 September 30, 2022 October 15, 2022 0.15 December 8, 2022 December 19, 2022 January 15, 2023 0.15 February 14, 2023 March 15, 2023 April 15, 2023 0.16 Share Repurchase Program Subject to applicable corporate securities laws, repurchases under our share repurchase program may be made at such times and in such amounts as we deem appropriate.
The dividends declared by the Board of Directors under this program are: Declaration date Record date Payment date Amount per share February 3, 2022 March 15, 2022 April 15, 2022 $ 0.15 June 1, 2022 June 30, 2022 July 15, 2022 0.15 September 15, 2022 September 30, 2022 October 15, 2022 0.15 December 8, 2022 December 19, 2022 January 15, 2023 0.15 February 14, 2023 March 15, 2023 April 15, 2023 0.16 May 4, 2023 June 15, 2023 July 15, 2023 0.16 August 15, 2023 September 15, 2023 October 15, 2023 0.16 December 7, 2023 December 22, 2023 January 15, 2024 0.16 Share Repurchase Program Subject to applicable laws, repurchases under our share repurchase program may be made at such times and in such amounts as we deem appropriate.
Other Expense (Income) Interest Expense, net Year Ended December 31, (In millions) 2022 2021 Interest Expense, Net of Capitalized Interest and Interest Income $ 129.7 $ 197.6 Average Long-Term Debt Balance (1) 2,988.0 3,582.6 Loss on Early Extinguishments and Modifications of Debt 19.8 95.2 Weighted Average Interest Rates 4.3 % 5.0 % Mix of Debt at Year End Fixed rate debt 61.5 % 71.7 % Variable rate debt 38.5 % 28.3 % (1) Average debt balance calculation does not include the related discounts or deferred finance charges.
Other Expense (Income) Interest Expense, Net Year Ended December 31, (In millions) 2023 2022 Interest Expense, Net of Capitalized Interest and Interest Income $ 147.4 $ 129.7 Average Long-Term Debt Balance (1) 2,945.2 2,988.0 Loss on Early Extinguishments and Modifications of Debt — 19.8 Weighted Average Interest Rates 5.4 % 4.3 % Mix of Debt at Year End Fixed rate debt 64.5 % 61.5 % Variable rate debt 35.5 % 38.5 % (1) Average debt balance calculation does not include the related discounts or deferred finance charges.
The blended interest rate for outstanding borrowings under the Credit Facility was 6.2% and 2.3% at December 31, 2022 and December 31, 2021, respectively.
The blended interest rate for outstanding borrowings under the Credit Facility was 7.2% and 6.2% at December 31, 2023 and December 31, 2022, respectively.
These key performance measures include the following: • Gaming revenue measures : slot handle , which means the dollar amount wagered in slot machines, and table game drop , which means the total amount of cash deposited in table games drop boxes, plus the sum of markers issued at all table games, are measures of volume and/or market share.
These key performance measures include the following: • Gaming revenue measures : slot handle , which means the dollar amount wagered in slot machines, and table game drop , which means the total amount of cash, including digital funds transferred from the players' cashless wallet "BoydPay", deposited in table games drop boxes, plus the sum of markers issued at all table games, are measures of volume and/or market share.
The underlying premise of this approach is that the value of an asset can be measured by the present worth of the net economic benefit (cash receipts less cash outlays) to be received over the life of the subject asset.
The underlying premise of this approach is that the value of a reporting unit can be measured by the present worth of the net economic benefit (cash receipts less cash outlays) to be received over the life of the reporting unit.
Other Arrangements We have not entered into any transactions with special purpose entities, nor have we engaged in any derivative transactions. 35 Table of Contents CRITICAL ACCOUNTING ESTIMATES Our discussion and analysis of our results of operations and liquidity and capital resources are based on our consolidated financial statements which have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP.
Other Arrangements We have not entered into any transactions with special purpose entities, nor have we engaged in any derivative transactions. 37 Table of Contents CRITICAL ACCOUNTING ESTIMATES Our discussion and analysis of our results of operations and liquidity and capital resources are based on our consolidated financial statements which have been prepared in accordance with GAAP.
We solicit third party valuation expertise to assist in the valuation of those indefinite-lived intangible assets that are deemed to have a greater likelihood of impairment. Our annual impairment test, performed as of October 1, 2022, resulted in a trademark impairment charge of $1.3 million .
We solicit third party valuation expertise to assist in the valuation of those indefinite-lived intangible assets that are deemed to have a greater likelihood of impairment. Our annual impairment test, performed as of October 1, 2023, resulted in a gaming license right impairment charge of $13.1 million .
The outstanding principal amounts under the Credit Facility and Prior Credit Facility are comprised of the following: December 31, December 31, (In millions) 2022 2021 Revolving Credit Facility $ 285.0 $ — Term A Loan 847.0 — Prior Term A Loan — 118.2 Prior Refinancing Term B Loan — 749.7 Swing Loan 55.8 — Total outstanding principal amounts $ 1,187.8 $ 867.9 With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $285.0 million and $55.8 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.8 million allocated to support various letters of credit, there is a remaining contractual availability under the Credit Facility of $1,095.4 million as of December 31, 2022. 29 Table of Contents Interest and Fees The interest rate on the outstanding balance of the Revolving Credit Facility and the Term A Loan is based upon, at the Company’s option, either: (i) a rate based on the Secured Overnight Financing Rate ("SOFR") administered by the Federal Reserve Bank of New York, or (ii) the base rate, in each case, plus an applicable margin.
The outstanding principal amounts under the Credit Facility are comprised of the following: December 31, December 31, (In millions) 2023 2022 Revolving Credit Facility $ 180.0 $ 285.0 Term A Loan 803.0 847.0 Swing Loan 63.3 55.8 Total outstanding principal amounts $ 1,046.3 $ 1,187.8 With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $180.0 million and $63.3 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.4 million allocated to support various letters of credit, there is a remaining contractual availability under the Credit Facility of $1,193.3 million as of December 31, 2023. 32 Table of Contents Interest and Fees The interest rate on the outstanding balance of the Revolving Credit Facility and the Term A Loan is based upon, at the Company’s option, either: (i) a rate based on the Secured Overnight Financing Rate ("SOFR") administered by the Federal Reserve Bank of New York, or (ii) the base rate, in each case, plus an applicable margin.
Other Operating Costs and Expenses The following operating costs and expenses, as presented in our consolidated statements of operations, are further discussed below: Year Ended December 31, (In millions) 2022 2021 Selling, general and administrative $ 374.0 $ 366.2 Master lease rent expense 106.6 104.7 Maintenance and utilities 143.5 126.1 Depreciation and amortization 258.2 267.8 Corporate expense 117.0 117.7 Project development, preopening and writedowns (18.9 ) 31.8 Impairment of assets 40.8 8.2 Other operating items, net (12.2 ) 14.8 Selling, General and Administrative Selling, general and administrative expenses include marketing, technology, compliance and risk, surveillance and security.
Other Operating Costs and Expenses The following operating costs and expenses, as presented in our consolidated statements of operations, are further discussed below: Year Ended December 31, (In millions) 2023 2022 Selling, general and administrative $ 389.9 $ 374.0 Master lease rent expense 108.4 106.6 Maintenance and utilities 151.0 143.5 Depreciation and amortization 256.8 258.2 Corporate expense 116.0 117.0 Project development, preopening and writedowns (8.9 ) (18.9 ) Impairment of assets 107.8 40.8 Other operating items, net (4.2 ) (12.2 ) Selling, General and Administrative Selling, general and administrative expenses include marketing, technology, compliance and risk, surveillance and security.
For financial reporting purposes, we aggregate our wholly owned gaming entertainment properties into the following three reportable segments: Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada Eastside Cannery Casino and Hotel (1) Las Vegas, Nevada Aliante Casino + Hotel + Spa North Las Vegas, Nevada Cannery Casino Hotel North Las Vegas, Nevada Jokers Wild Henderson, Nevada Downtown Las Vegas California Hotel and Casino Las Vegas, Nevada Fremont Hotel & Casino Las Vegas, Nevada Main Street Station Hotel and Casino (2) Las Vegas, Nevada Midwest & South Par-A-Dice Casino (3) East Peoria, Illinois Belterra Casino Resort (4) Florence, Indiana Blue Chip Casino Hotel Spa Michigan City, Indiana Diamond Jo Casino Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Kansas Star Casino Mulvane, Kansas Amelia Belle Casino Amelia, Louisiana Delta Downs Racetrack Hotel & Casino Vinton, Louisiana Evangeline Downs Racetrack & Casino Opelousas, Louisiana Sam's Town Shreveport Shreveport, Louisiana Treasure Chest Casino Kenner, Louisiana IP Casino Resort Spa Biloxi, Mississippi Sam's Town Hotel and Gambling Hall Tunica Tunica, Mississippi Ameristar Casino * Hotel Kansas City (4) Kansas City, Missouri Ameristar Casino * Resort * Spa St.
Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada Eastside Cannery Casino and Hotel (1) Las Vegas, Nevada Aliante Casino + Hotel + Spa North Las Vegas, Nevada Cannery Casino Hotel North Las Vegas, Nevada Jokers Wild Henderson, Nevada Downtown Las Vegas California Hotel and Casino Las Vegas, Nevada Fremont Hotel & Casino Las Vegas, Nevada Main Street Station Hotel and Casino Las Vegas, Nevada Midwest & South Par-A-Dice Casino East Peoria, Illinois Belterra Casino Resort (2) Florence, Indiana Blue Chip Casino Hotel Spa Michigan City, Indiana Diamond Jo Casino Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Kansas Star Casino Mulvane, Kansas Amelia Belle Casino Amelia, Louisiana Delta Downs Racetrack Hotel & Casino Vinton, Louisiana Evangeline Downs Racetrack & Casino Opelousas, Louisiana Sam's Town Shreveport Shreveport, Louisiana Treasure Chest Casino Kenner, Louisiana IP Casino Resort Spa Biloxi, Mississippi Sam's Town Hotel and Gambling Hall Tunica Tunica, Mississippi Ameristar Casino * Hotel Kansas City (2) Kansas City, Missouri Ameristar Casino * Resort * Spa St.
Recoverability of Long-Lived Assets Our long-lived assets, excluding indefinite-lived intangible assets and goodwill (both of which are discussed further below), were carried at $3.4 billion at December 31, 2022, or 53.3% of our consolidated total assets.
Recoverability of Long-Lived Assets Our long-lived assets, excluding indefinite-lived intangible assets and goodwill (both of which are discussed further below), were carried at $3.5 billion at December 31, 2023, or 56.2% of our consolidated total assets.
Other Items Affecting Liquidity We anticipate the ability to fund our capital requirements using our free cash flow from operations and availability under our Credit Facility, to the extent availability exists after we meet our working capital needs for the next twelve months.
Other Items Affecting Liquidity We anticipate funding our capital requirements using cash on hand, cash generated from operations and availability under our Credit Facility, to the extent availability exists after we meet our working capital needs for the next twelve months.
Additionally, a gaming license right in the Midwest & South reportable segment had an estimated fair value that did not significantly exceed its respective carrying values. Valuation of Goodwill The authoritative guidance related to goodwill impairment requires goodwill to be tested for impairment at the reporting unit level at least annually.
Additionally, trademarks and gaming license rights in the Midwest & South segment had estimated fair values that did not significantly exceed their respective carrying values. Valuation of Goodwill The authoritative guidance related to goodwill impairment requires goodwill to be tested for impairment at the reporting unit level at least annually.
We perform the test annually as of October 1 using a weighting of two different approaches to determine fair value: (i) the income approach; and (ii) the market approach. 37 Table of Contents In the valuation of an asset, the income approach focuses on the income-producing capability of the subject asset.
We perform the test annually as of October 1 using a weighting of two different approaches to determine fair value: (i) the income approach; and (ii) the market approach. 39 Table of Contents In the valuation of a reporting unit's goodwill, the income approach focuses on the income-producing capability of the reporting unit.
The net proceeds from the 4.750% Senior Notes due 2031 and cash on hand were used to finance the redemption of our outstanding 6.375% Senior Notes and 6.000% Senior Notes.
The net proceeds from the 4.750% Senior Notes due 2031 and cash on hand were used to finance the redemption of our outstanding $750.0 million aggregate principal amount of 6.375% Senior Notes due 2026 ("6.375% Senior Notes") and $700.0 million aggregate principal amount of 6.000% Senior Notes due 2026 ("6.000% Senior Notes").
The additional revenue growth is from other amenities, such as entertainment and group business, returning after the COVID-related closures and lifting of large group restrictions. Corresponding period-over-period increases in other expenses reflect primarily the gaming taxes paid on behalf of our online partners and the corresponding costs of entertainment and group business.
The revenue growth is from other amenities, such as entertainment and group business, returning after the COVID-related closures and lifting of large group restrictions. Corresponding period-over-period increases in other expenses reflect primarily the corresponding costs of entertainment and group business.
In addition, we held restricted cash balances of $11.6 million and $12.6 million at December 31, 2022 and 2021, respectively.
In addition, we held restricted cash balances of $3.7 million and $11.6 million at December 31, 2023 and 2022, respectively.
We intend to fund the repurchases under the stock repurchase program with existing cash resources, cash generated from operations and availability under our Credit Facility. 33 Table of Contents On December 12, 2018, our Board of Directors authorized a share repurchase program of $100.0 million (the "2018 Program").
We intend to fund the repurchases under the stock repurchase program with existing cash resources, cash generated from operations and availability under our Credit Facility. 35 Table of Contents On October 21, 2021, our Board of Directors authorized a share repurchase program of $300.0 million (the "Share Repurchase Program").
The net cash outflows of $615.9 million for financing activities in 2022 is primarily driven by $541.6 million in share repurchases and $48.2 million in dividends paid, reflecting the priority of our capital return program and focus on returning capital to shareholders.
The net cash outflows of $637.2 million for financing activities in 2023 is primarily driven by $412.7 million in share repurchases and $63.6 million in dividends paid, reflecting the priority of our capital return program and focus on returning capital to shareholders.
Operating income was also favorably impacted by a $12.6 million gain from insurance proceeds received for business interruption and lost profits related to Hurricane Laura. Operating income was unfavorably impacted in 2022 by a $32.6 million increase in impairment of assets related to our Midwest & South segment.
Additionally in 2022, operating income was favorably impacted by a $12.7 million gain on the sale of land and a $12.6 million gain from insurance proceeds received for business interruption and lost profits related to Hurricane Laura and unfavorably impacted by $40.8 million in impairment of assets related to our Midwest & South segment.
These revenue increases were offset by a gaming revenue decline of $69.0 million, as compared to the prior year, due to a 6.5% decrease in slot win driven primarily by government stimulus payments to our customers in the second quarter of 2021, limited competing entertainment options during the year ended December 31, 2021, hurricane construction recovery in the prior year that contributed to the incremental play at our Mississippi and Louisiana properties and a winter storm in December 2022 that impacted the entire segment.
Slot win decreased 6.5% driven primarily by government stimulus payments to our customers in the second quarter of 2021, limited competing entertainment options during the year ended December 31, 2021, hurricane construction recovery in 2021 that contributed to the incremental play at our Mississippi and Louisiana properties and a winter storm in December 2022 that impacted the entire segment.
For purposes of these consolidated financial statements, we have allocated the purchase price to the assets acquired and the liabilities assumed based on preliminary estimates of fair value as determined by us with the assistance from third-party specialists.
For purposes of these consolidated financial statements, we have allocated the purchase price to the assets acquired and the liabilities assumed based on their fair values as determined by us with the assistance from third-party specialists. The excess of the purchase price over those fair values was recorded as goodwill.
Summarized combined balance sheet information for the parent company and the Guarantors is as follows: December 31, (In millions) 2022 2021 Current assets $ 443.7 $ 487.7 Noncurrent assets 8,767.9 10,158.4 Current liabilities 534.2 538.1 Noncurrent liabilities 4,136.8 4,138.4 Summarized combined results of operations information for the parent company and the Guarantors is as follows: Year Ended (In millions) December 31, 2022 Revenues $ 3,581.6 Operating income 1,752.4 Income before income taxes 1,580.1 Net income 1,405.0 Dividends Dividends are declared at the discretion of our Board of Directors.
Summarized combined balance sheet information for the parent company and the Guarantors is as follows: December 31, (In millions) 2023 2022 Current assets $ 496.0 $ 443.7 Noncurrent assets 9,588.6 8,767.9 Current liabilities 550.6 534.2 Noncurrent liabilities 3,944.6 4,136.8 Summarized combined results of operations information for the parent company and the Guarantors is as follows: Year Ended (In millions) December 31, 2023 Revenues $ 3,768.7 Operating income 1,741.4 Income before income taxes 1,570.9 Net income 1,419.4 Dividends Dividends are declared at the discretion of our Board of Directors.
These Guaranteed Notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. On June 1, 2022, the 8.625% Senior Notes were fully redeemed.
These Guaranteed Notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us.
Food & beverage revenues and room revenues separately contributed less than 8% of revenues in each of 2022 and 2021.
Food & beverage revenues, room revenues, management fee revenues and other revenues separately contributed less than 8% of revenues in each of 2023 and 2022.
Slot win percentage and table game hold percentage, which are not fully controllable by us, represent the relationship between slot handle to slot win and table game drop to table game hold, respectively. • Food & beverage revenue measures : average guest check , which means the average amount spent per customer visit and is a measure of volume and product offerings; number of guests served ("food covers"), which is an indicator of volume; and the cost per guest served , which is a measure of operating margin. • Room revenue measures : hotel occupancy rate , which measures the utilization of our available rooms; and average daily rate ("ADR"), which is a price measure. 22 Table of Contents RESULTS OF OPERATIONS Overview Year Ended December 31, (In millions) 2022 2021 Total revenues $ 3,555.4 $ 3,369.8 Operating income 981.2 900.1 Net income 639.4 463.8 Total Revenues Total revenues increased $185.6 million, or 5.5%, for 2022 as compared to 2021 due primarily to the continued recovery from the COVID-19 pandemic.
Slot win percentage and table game hold percentage, which are not fully controllable by us, represent the relationship between slot handle to slot win and table game drop to table game hold, respectively. • Food & beverage revenue measures : average guest check , which means the average amount spent per customer visit and is a measure of volume and product offerings; number of guests served ("food covers"), which is an indicator of volume; and the cost per guest served , which is a measure of operating margin. • Room revenue measures : hotel occupancy rate , which measures the utilization of our available rooms; average daily rate ("ADR"), which is a price measure; and the cost per room , which is a measure of operating margin. 25 Table of Contents RESULTS OF OPERATIONS Overview Year Ended December 31, (In millions) 2023 2022 Total revenues $ 3,738.5 $ 3,555.4 Operating income 901.8 981.2 Net income 620.0 639.4 Total Revenues Total revenues increased $183.1 million, or 5.2%, for 2023 as compared to 2022 due primarily to an increase in our online revenues of $168.3 million, including an increase of $120.1 million over the prior year of revenues from reimbursements of gaming taxes and other expenses paid on behalf of our online partners.
Most of our gaming entertainment properties also include hotel, dining, retail and other amenities. Our main business emphasis is on slot revenues, which are highly dependent upon the number of visits and spending levels of customers at our properties. 21 Table of Contents Our properties have historically generated significant operating cash flow, with the majority of our revenue being cash-based.
Our main business emphasis is on slot revenues, which are highly dependent upon the number of visits and spending levels of customers at our properties. Our properties have historically generated significant operating cash flow, with the majority of our revenue being cash-based.
Based upon this quarterly evaluation, we concluded that there had been a triggering event or change in circumstances that indicated an impairment condition existed at December 31, 2022, and we recorded goodwill impairment charges of $21.7 million as part of our fourth quarter 2022 impairment review.
Based upon this quarterly evaluation, we concluded that there had been a triggering event or change in circumstances that indicated an impairment condition existed during the first quarter of 2023, and we recorded goodwill impairment charges of $4.5 million as part of our first quarter 2023 impairment review.
Cash Flows Summary Year Ended December 31, (In millions) 2022 2021 Net cash provided by operating activities $ 976.1 $ 1,010.4 Cash flows from investing activities Capital expenditures (269.2 ) (199.5 ) Cash paid for acquisitions, net of cash received (167.9 ) — Insurance proceeds received from hurricane losses 0.6 63.2 Proceeds received from disposition of assets 22.0 — Other investing activities (7.8 ) 6.7 Net cash used in investing activities (422.3 ) (129.6 ) Cash flows from financing activities Net borrowings (payments) under credit facilities 319.9 (28.3 ) Proceeds from issuance of senior notes — 900.0 Retirements of senior notes (300.0 ) (1,750.0 ) Premium fees (12.9 ) (77.7 ) Debt financing costs (16.7 ) (14.5 ) Shares repurchased and retired (541.6 ) (80.8 ) Dividends paid (48.2 ) — Share-based compensation activities, net (15.1 ) (5.7 ) Other financing activities (1.3 ) (1.7 ) Net cash used in financing activities (615.9 ) (1,058.7 ) Decrease in cash, cash equivalents and restricted cash $ (62.1 ) $ (177.9 ) Cash Flows from Operating Activities During 2022 and 2021, we generated net operating cash flow of $976.1 million and $1.0 billion, respectively.
Cash Flows Summary Year Ended December 31, (In millions) 2023 2022 Net cash provided by operating activities $ 914.5 $ 976.1 Cash flows from investing activities Capital expenditures (374.0 ) (269.2 ) Cash paid for acquisitions, net of cash received — (167.9 ) Payments received on note receivable 113.6 — Insurance proceeds received from hurricane losses — 0.6 Proceeds received from disposition of assets — 22.0 Other investing activities (3.9 ) (7.8 ) Net cash used in investing activities (264.3 ) (422.3 ) Cash flows from financing activities Net borrowings (payments) under credit facilities (141.5 ) 319.9 Retirements of senior notes — (300.0 ) Premium fees — (12.9 ) Debt financing costs — (16.7 ) Shares repurchased and retired (412.7 ) (541.6 ) Dividends paid (63.6 ) (48.2 ) Share-based compensation activities, net (19.3 ) (15.1 ) Other financing activities (0.1 ) (1.3 ) Net cash used in financing activities (637.2 ) (615.9 ) Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash (0.1 ) — Increase (decrease) in cash, cash equivalents and restricted cash $ 12.9 $ (62.1 ) Cash Flows from Operating Activities During 2023 and 2022, we generated net operating cash flow of $914.5 million and $976.1 million, respectively.
Application of Acquisition Method of Accounting We follow the guidance of Accounting Standards Codification 805 to account for our acquisitions. We completed the previously announced acquisition of Pala Interactive and Pala Canada, as described in Note 2, Acquisitions and Divestitures , to our consolidated financial statements presented in Part II, Item 8, for $175.2 million in cash.
Application of Acquisition Method of Accounting We follow the guidance of Accounting Standards Codification 805 to account for our acquisitions. We completed the acquisition of Boyd Interactive in 2022, as described in Note 2, Acquisition , to our consolidated financial statements presented in Part II, Item 8, for an aggregate purchase price of approximately $175.2 million.
While we do provide casino credit, subject to certain gaming regulations and jurisdictions, most of our customers wager with cash and pay for non-gaming services with cash or by credit card.
While we do provide casino credit and the ability to transfer digital funds from the players' cashless wallet "BoydPay", subject to gaming regulations and jurisdictions, most of our customers wager with cash and pay for non-gaming services with cash or by credit card.
We are committed to the well-being of our communities and future generations through reducing our carbon footprint and economic contributions, strive to be an employer of choice where every team member is treated with dignity and respect, and conduct business with the highest level of integrity.
We invest in the well-being of our communities and future generations through economic contributions and endeavor to reduce our carbon footprint, strive to be an employer of choice where every Team Member is treated with dignity and respect, and have established a culture that promotes conducting business with the highest level of integrity.
The maximum Consolidated Total Net Leverage Ratio for the fiscal quarter ending December 31, 2022 through the fiscal quarter ending June 30, 2023 must be no higher than 5.00 to 1.00 and for the fiscal quarter ending September 30, 2023 and each fiscal quarter thereafter, 4.50 to 1.00. 30 Table of Contents Senior Notes We currently have two issuances of senior notes (the "Senior Notes") outstanding as described below. 4.750% Senior Notes due June 2031 On June 8, 2021, we issued the 4.750% Senior Notes due 2031.
Beginning with the fiscal quarter ended September 30, 2023, the maximum Consolidated Total Net Leverage Ratio must be no higher than 4.50 to 1.00 and prior to that was 5.00 to 1.00. 33 Table of Contents Senior Notes We currently have two issuances of senior notes (the "Senior Notes") outstanding as described below. 4.750% Senior Notes due June 2031 On June 8, 2021, we issued $900.0 million aggregate principal amount of 4.750% Senior Notes due June 2031 ("4.750% Senior Notes due 2031").
The following table presents our total revenues and Adjusted EBITDAR by Reportable Segment: Year Ended December 31, (In millions) 2022 2021 Total revenues Las Vegas Locals $ 930.7 $ 886.1 Downtown Las Vegas 215.3 155.8 Midwest & South 2,409.4 2,327.9 Total revenues $ 3,555.4 $ 3,369.8 Adjusted EBITDAR (1) Las Vegas Locals $ 481.6 $ 473.2 Downtown Las Vegas 86.1 51.3 Midwest & South 911.5 927.0 Corporate expense (88.7 ) (85.5 ) Adjusted EBITDAR $ 1,390.5 $ 1,366.0 (1) Refer to Note 14, Segment Information , in the notes to the consolidated financial statements for a reconciliation of Adjusted EBITDAR to net income, as reported in accordance with GAAP in our accompanying consolidated statements of operations.
The following table presents our total revenues and Adjusted EBITDAR by Reportable Segments and our Managed & Other category to reconcile to total revenue and total Adjusted EBITDAR: Year Ended December 31, (In millions) 2023 2022 2021 Total revenues Las Vegas Locals $ 928.1 $ 930.7 $ 886.1 Downtown Las Vegas 222.4 215.3 155.8 Midwest & South 2,042.0 2,076.1 2,105.8 Online 422.2 253.9 172.5 Managed & Other 123.8 79.4 49.6 Total revenues $ 3,738.5 $ 3,555.4 $ 3,369.8 Adjusted EBITDAR (1) Las Vegas Locals $ 471.0 $ 481.6 $ 473.2 Downtown Las Vegas 85.5 86.1 51.3 Midwest & South 781.7 830.8 892.1 Online 62.3 39.7 23.6 Managed & Other 84.5 41.0 11.3 Corporate expense (90.2 ) (88.7 ) (85.5 ) Adjusted EBITDAR $ 1,394.8 $ 1,390.5 $ 1,366.0 (1) Refer to Note 14, Segment Information , in the notes to the consolidated financial statements for a reconciliation of Adjusted EBITDAR to net income, as reported in accordance with GAAP in our accompanying consolidated statements of operations.
Our players use their "Boyd Rewards" cards to earn and redeem points at nearly all of our properties. The "Boyd Rewards" club, among other benefits, rewards players for their loyalty by entitling them to qualify for promotions and earn rewards toward gaming and nongaming activities.
Our players use their "Boyd Rewards" cards to earn and redeem points at all of our gaming entertainment properties and online casino gaming offerings. "Boyd Rewards", among other benefits, rewards players for their loyalty by entitling them to qualify for promotions and monetary discounts, earn rewards toward gaming and nongaming activities and receive benefits such as vacations and luxury gifts.
Net Income For the year ended December 31, 2022, net income was $639.4 million, compared with net income of $463.8 million for the corresponding period of the prior year.
Net Income For the year ended December 31, 2023, net income was $620.0 million, compared with net income of $639.4 million for the prior year.
Food & beverage revenue increased by $19.1 million, as compared to the prior year, due primarily to a 3.8% increase in average guest check as food covers were flat to prior year. Room revenue increased by $8.8 million, as compared to the prior year, as average daily rate increased 1.4% with occupancy flat to prior year.
The decline in gaming revenue is offset by an increase in food & beverage revenue of $19.1 million, as compared to the prior year, due primarily to a 3.8% increase in average guest check as food covers were flat to prior year.
At any time after December 1, 2022, we may redeem all or a portion of the 4.750% Senior Notes due 2027 at redemption prices (expressed as percentages of the principal amount) ranging from 102.375% to 100% in 2024 and thereafter, plus accrued and unpaid interest and Additional Interest. 31 Table of Contents In connection with the private placement of the 4.750% Senior Notes due 2027, we entered into a registration rights agreement with the initial purchasers in which we agreed to file a registration statement with the Securities and Exchange Commission to permit the holders to exchange or resell the 4.750% Senior Notes due 2027.
At any time after December 1, 2022, we may redeem all or a portion of the 4.750% Senior Notes due 2027 at redemption prices (expressed as percentages of the principal amount) ranging from 102.375% to 100% in 2024 and thereafter, plus accrued and unpaid interest and Additional Interest.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

8 edited+1 added−1 removed2 unchanged
Biggest changeWe are also exposed to a lesser extent to foreign currency exchange risk for funds held in our Canadian operating and restricted cash accounts.
Biggest changeWe attempt to limit our exposure to interest rate risk by managing the mix of our long-term fixed-rate borrowings and short-term borrowings under our Credit Facility. We are also exposed to a lesser extent to foreign currency exchange risk for funds held in our Canadian operating and restricted cash accounts.
A weakening or strengthening of the US dollar to the Canadian dollar by 2x the current conversion rate, would not cause the value of the funds held in Canadian operating and restricted cash accounts to change significantly. We do not currently utilize derivative financial instruments for trading or speculative purposes.
A weakening or strengthening of the United States dollar to the Canadian dollar by 2x the current conversion rate, would not cause the value of the funds held in Canadian operating and restricted cash accounts to change significantly. We do not currently utilize derivative financial instruments for trading or speculative purposes.
The estimated fair values of our Senior Notes are based on quoted market prices as of December 31, 2022. The other debt is fixed-rate debt and the fair value for this obligation has been estimated to equal its carrying value as there are no observable market inputs. See also "Liquidity and Capital Resources" above. 40 Table of Contents
The estimated fair values of our Senior Notes are based on quoted market prices as of December 31, 2023. The other debt is fixed-rate debt and the fair value for this obligation has been estimated to equal its carrying value as there are no observable market inputs. See also "Liquidity and Capital Resources" above. 42 Table of Contents
While there is risk of fluctuations in the foreign exchange rate between the Canadian dollar and US dollar, our exposure is extremely limited given the size of our Canadian operations and the minimal amount of cash held in Canadian bank accounts.
While there is risk of fluctuations in the foreign exchange rate between the Canadian dollar and United States dollar, our exposure is limited given the size of our Canadian operations and the minimal amount of cash held in Canadian bank accounts.
The scheduled maturities of our long-term debt outstanding for the years ending December 31 are as follows: Scheduled Maturity Date Year Ending December 31, (In millions) 2023 2024 2025 2026 2027 Thereafter Total Fair Value Long-term debt (including current portion): Fixed-rate $ 0.3 $ 0.4 $ — $ — $ 1,000.0 $ 900.0 $ 1,900.7 $ 1,713.5 Average interest rate 4.8 % 4.8 % 4.8 % 4.8 % 4.8 % 4.8 % 4.8 % Variable-rate $ 44.0 $ 44.0 $ 44.0 $ 44.0 $ 1,011.8 $ — $ 1,187.8 $ 1,183.6 Average interest rate 6.2 % 6.2 % 6.2 % 6.2 % 6.2 % — % 6.2 % As of December 31, 2022, our long-term variable-rate borrowings represented approximately 38.5% of total long-term debt.
The scheduled maturities of our long-term debt outstanding for the years ending December 31 are as follows: Scheduled Maturity Date Year Ending December 31, (In millions) 2024 2025 2026 2027 2028 Thereafter Total Fair Value Long-term debt (including current portion): Fixed-rate $ 0.3 $ 0.2 $ — $ 1,000.0 $ — $ 900.0 $ 1,900.5 $ 1,777.0 Average interest rate 4.8 % 4.8 % 4.8 % 4.8 % 4.8 % 4.8 % 4.8 % Variable-rate $ 44.0 $ 44.0 $ 44.0 $ 914.3 $ — $ — $ 1,046.3 $ 1,021.2 Average interest rate 7.2 % 7.2 % 7.2 % 7.2 % — % — % 7.2 % As of December 31, 2023, our long-term variable-rate borrowings represented approximately 35.5% of total long-term debt.
Based on December 31, 2022 debt levels, a 100-basis-point change in the interest rate would cause our annual interest costs to change by approximately $11.9 million.
Based on December 31, 2023 debt levels, a 100-basis-point change in the interest rate would cause our annual interest costs to change by approximately $10.5 million.
Our primary exposure to market risk is interest rate risk, specifically long-term U.S. treasury rates and the applicable spreads in the high-yield investment market, short-term and long-term SOFR rates, and their potential impact on our long-term debt. During 2022, the Federal Reserve has increased the federal funds rate by 400 basis points.
Our primary exposure to market risk is interest rate risk, specifically long-term U.S. treasury rates and the applicable spreads in the high-yield investment market, short-term and long-term SOFR rates, and their potential impact on our long-term debt.
The following table provides other information about our long-term debt: December 31, 2022 Outstanding Face Carrying Estimated (In millions) Amount Value Fair Value Credit Facility $ 1,187.8 $ 1,169.9 $ 1,183.6 4.750% senior notes due 2027 1,000.0 990.3 928.7 4.750% senior notes due 2031 900.0 888.5 784.1 Other 0.7 0.7 0.7 Total long-term debt $ 3,088.5 $ 3,049.4 $ 2,897.1 The estimated fair value of our Credit Facility is based on a relative value analysis performed on or about December 31, 2022.
The following table provides other information about our long-term debt: December 31, 2023 Outstanding Face Carrying Estimated (In millions) Amount Value Fair Value Credit Facility $ 1,046.3 $ 1,032.9 $ 1,021.2 4.750% senior notes due 2027 1,000.0 992.2 957.5 4.750% senior notes due 2031 900.0 889.9 819.0 Other 0.5 0.5 0.5 Total long-term debt $ 2,946.8 $ 2,915.5 $ 2,798.2 The estimated fair value of our Credit Facility is based on a relative value analysis performed on or about December 31, 2023.
Removed
These recent increases in the federal funds rate, and any additional increases in the federal funds rate, may impact the interest paid on our variable-rate borrowings both now and in the future. We attempt to limit our exposure to interest rate risk by managing the mix of our long-term fixed-rate borrowings and short-term borrowings under our Credit Facility.
Added
While interest rate increases have slowed in 2023 with the Federal Reserve only increasing the federal funds rate by 100-basis points, in 2022 the 400-basis point federal funds rate increase demonstrates significant changes can occur in a short time period and interest rate change is a risk to us.

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