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What changed in BOYD GAMING CORP's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of BOYD GAMING CORP's 2023 and 2024 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 2024 report.

+306 added−356 removedSource: 10-K (2025-02-21) vs 10-K (2024-02-26)

Top changes in BOYD GAMING CORP's 2024 10-K

306 paragraphs added · 356 removed · 261 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

58 edited+11 added−16 removed70 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 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.
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 our properties are located; • 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, our ability to respond to such competition, and our expectations regarding continued competition in the markets in which we compete; • our expectations regarding the expansion of sports betting and online wagering; • our expectations regarding future trends affecting the gaming industry and the impact of these trends on growth in our industry, future development opportunities, and merger and acquisition activity in general; • our compliance with government regulations, including our ability to receive and maintain necessary approvals for our projects; • the sufficiency of our cash flows from operating activities and financing sources to meet our 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 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.
Among the factors that could cause actual results to differ materially from those discussed in forward-looking statements are those discussed under the heading "Risk Factors" in this Annual Report on Form 10-K and in our other current and periodic reports filed from time to time with the SEC.
Among the factors that could cause actual results to differ materially from those discussed in forward-looking statements are those discussed under the heading "Risk Factors" in this Annual Report on Form 10-K and in our other current and periodic reports filed with the SEC from time to time.
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.
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, develop new properties and to act opportunistically to make strategic acquisitions.
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").
Properties We view each of our 28 gaming entertainment properties and our online gaming operations as an operating segment. For financial reporting purposes, we aggregate these operations into four reportable segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest & South; and (iv) Online, (collectively "Reportable Segments").
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.
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. In some instances, particularly with Native American casinos, our competitors pay substantially lower taxes or no taxes at all.
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.
Amelia Belle Casino The Amelia Belle Casino ("Amelia Belle") is located in south-central Louisiana and is a three-level dockside 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.
The property has meeting space, a 30-lane bowling alley, an entertainment venue and a FanDuel branded sportsbook. 4 Table of Contents Diamond Jo Worth Diamond Jo Worth is a land-based casino situated on a 46-acre site in Northwood, Iowa, which is located in north-central Iowa, near the Minnesota border and approximately 30 miles north of Mason City, Iowa.
The property has meeting space, a 30-lane bowling alley, an entertainment venue and a FanDuel branded sportsbook. 4 Table of Contents Diamond Jo Worth Diamond Jo Worth is a land-based casino situated on a 32-acre site in Northwood, Iowa, which is located in north-central Iowa, near the Minnesota border and approximately 30 miles north of Mason City, Iowa.
A copy of this Annual Report on Form 10-K will be provided to a stockholder, with exhibits, without charge upon written request to Boyd Gaming Corporation, 6465 South Rainbow Boulevard, Las Vegas, NV 89118, (702) 792-7200, Attn: David Strow, Vice President, Corporate Communications.
A copy of this Annual Report on Form 10-K will be provided to a stockholder, with exhibits, without charge upon written request to Boyd Gaming Corporation, 6465 South Rainbow Boulevard, Las Vegas, Nevada 89118, (702) 792-7200, Attn: David Strow, Vice President, Corporate Communications.
To fulfill our commitment to our shareholders to operate with the highest level of integrity and respect, we follow a robust set of corporate governance policies and procedures and have assembled an experienced Board of Directors that shares our commitment. Corporate Information Boyd Gaming was incorporated in Nevada in June 1988.
To fulfill our commitment to our shareholders to operate with the highest level of integrity and respect, we follow a robust set of corporate governance policies and procedures and have assembled an experienced Board of Directors that shares our commitment. Corporate Information Boyd Gaming was founded in 1975 and incorporated in Nevada in June 1988.
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.
Midwest & South Properties Our Midwest & South properties consist of five land-based casinos, five 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.
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.
Our principal executive offices are located at 6465 South Rainbow Boulevard, Las Vegas, Nevada 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.
Each of our Midwest & South properties primarily serve customers within a 100-mile radius and compete directly with other casino facilities operating in their respective immediate and surrounding market areas, as well as with gaming operations in surrounding jurisdictions.
Our Midwest & South properties primarily serve customers within a 100-mile radius and compete directly with other casino facilities operating in their respective immediate and surrounding market areas, as well as with gaming operations in surrounding jurisdictions.
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.
The property has 335 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.
All forward-looking statements in this Form 10-K (including any document incorporated by reference) are made only as of the date of the document in which they are contained, based on information available to us as of the date of that document, and we caution you not to place undue reliance on forward-looking statements in light of the risks and uncertainties associated with them.
All forward-looking statements in this Form 10-K (including any document incorporated by reference) are made only as of the date of the document in which they are contained, based on information available to us as of the date of that document, and we caution you not to place undue reliance on forward-looking statements in light of their associated risks and uncertainties.
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 .
For financial information related to our segments as of and for the three years in the period ended December 31, 2024, see Note 14, Segment Information, to our consolidated financial statements presented in Part II, Item 8 .
Main Street Station Hotel and Casino Main Street Station's amenities include 406 hotel rooms and two restaurants. In addition, Main Street Station features a 96-space recreational vehicle park, the only such facility in the downtown area.
Main Street Station Hotel and Casino Main Street Station's amenities include 406 recently remodeled hotel rooms and two restaurants. In addition, Main Street Station features a 96-space recreational vehicle park, the only such facility in the downtown area.
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.
Online Sports Betting Through our strategic partnerships with FanDuel and other third-party market access partners, we offer online sports wagering in Illinois, Indiana, Iowa, Kansas, Louisiana, 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.
Suncoast features 427 hotel rooms, multiple restaurant options, banquet and meeting facilities, 16 stadium-seating movie theaters, a showroom, and a 64-lane bowling center. Eastside Cannery Casino and Hotel Eastside Cannery Casino and Hotel ("Eastside Cannery") has been closed to the public since March 18, 2020 and has not yet re-opened due to the current levels of market demand.
Suncoast features 427 hotel rooms, multiple restaurant options, banquet and meeting facilities, 16 stadium-seating movie theaters, a 64-lane bowling center, and a newly remodeled sportsbook. Eastside Cannery Casino and Hotel Eastside Cannery Casino and Hotel ("Eastside Cannery") has been closed to the public since March 18, 2020 and has not yet re-opened due to the current levels of market demand.
With the recent expansion of sports wagering in various state jurisdictions, and online casinos on a more limited basis, a federal government may enact legislation taxing and regulating sports wagering and online casino wagering, or alternatively may elect to prohibit such wagering.
With the recent expansion of sports wagering in various states, and online casinos on a more limited basis, a federal government may enact legislation taxing and regulating sports wagering and online casino wagering, or alternatively may elect to prohibit such wagering.
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.
Financial results for the travel agency 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.
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.
Under the Stardust brand, we offer B2C online casino gaming in New Jersey, Pennsylvania and the Canadian province of Ontario. In January 2024, we began offering 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.
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.
We derive the majority of our revenues from gaming at our gaming entertainment properties and Lattner, which generated approximately 66% and 70% of our revenues in 2024 and 2023, respectively.
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.
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 921 gaming units in 164 locations across the state of Illinois as of December 31, 2024.
In our most recent survey, 76% of Team Members reported high levels of job satisfaction. 8 Table of Contents Corporate Social Responsibility ("CSR") We believe our focus on CSR issues is consistent with our values and an integral part of our success as a Company.
In our most recent survey, 77% of Team Members reported high levels of job satisfaction. 8 Table of Contents Corporate Social Responsibility ("CSR") We believe our promotion of CSR initiatives is consistent with our values and an integral part of our success as a Company.
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.
During the year ended December 31, 2024 , patrons from Hawaii comprised approximately 74% of the occupied room nights at the Cal, 35% of the occupied room nights at Fremont, and 45% 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.
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.
Online revenues from Boyd Interactive and third-party market access arrangements, including reimbursements received from our third-party operators for gaming taxes and other expenses we pay u nder the collaborative arrangements, represent our next most significant revenue source, generating 15% and 11% of our revenues in 2024 and 2023 , respectively.
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.
Belterra Casino Resort Belterra Casino Resort ("Belterra Resort") is a dockside riverboat casino located in Florence, Indiana, approximately 50 miles from downtown Cincinnati, Ohio, 70 miles from Louisville, Kentucky, 60 miles from Lexington, Kentucky and 115 miles from Indianapolis, Indiana. Belterra Resort features 608 hotel rooms, a FanDuel branded sportsbook and an 18-hole championship golf course.
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.
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.
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.
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, 2024, we had 16,129 employees ("Team Members"), including 15,362 Team Members at our properties and 767 Team Members in our corporate function. We have collective bargaining agreements with six unions coverin g 1,090 employees.
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.
As of December 31, 2024, we operated 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 1,764,063 square feet of casino space, 28,102 slot machines, 616 table games and 10,481 hotel rooms.
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.
We have strong relationships with Hawaiian travel agencies and offer affordable all-inclusive packages. 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.
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.
Charles, MO 2018 130,000 1,795 46 397 61 % $ 101 Belterra Park ••• • Cincinnati, OH 2018 56,863 1,042 N/A N/A N/A N/A Valley Forge Casino Resort • King of Prussia, PA 2018 36,000 850 50 445 30 % $ 112 Total 1,764,063 28,102 616 10,481 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.
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.
Food & beverage revenues, room revenues, management fee revenues and other revenues separately contributed 8% or less of revenues in each of 2024 and 2023 . 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, 2024: 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 1,430 44 705 55 % $ 66 The Orleans Hotel and Casino Las Vegas, NV 2004 135,460 1,860 54 1,885 68 % $ 72 Sam's Town Hotel and Gambling Hall Las Vegas, NV 1979 120,681 1,401 12 645 53 % $ 79 Suncoast Hotel and Casino Las Vegas, NV 2004 95,898 1,213 20 427 74 % $ 98 Eastside Cannery Casino and Hotel Las Vegas, NV 2016 •• •• •• •• •• •• Aliante Casino + Hotel + Spa North Las Vegas, NV 2016 125,000 1,389 26 202 91 % $ 109 Cannery Casino Hotel North Las Vegas, NV 2016 86,000 1,158 20 200 72 % $ 94 Jokers Wild Henderson, NV 1993 23,698 333 N/A N/A N/A N/A Downtown Las Vegas California Hotel and Casino Las Vegas, NV 1975 34,403 795 19 779 78 % $ 52 Fremont Hotel & Casino • Las Vegas, NV 1985 43,414 781 21 447 73 % $ 58 Main Street Station Hotel and Casino Las Vegas, NV 1993 26,918 514 7 406 61 % $ 58 Midwest & South Par-A-Dice Casino • East Peoria, IL 1996 26,116 561 18 202 57 % $ 88 Belterra Casino Resort ••• • Florence, IN 2018 70,232 802 25 662 40 % $ 91 Blue Chip Casino Hotel Spa • Michigan City, IN 1999 65,000 1,311 22 486 51 % $ 95 Diamond Jo Casino • Dubuque, IA 2012 41,408 704 17 N/A N/A N/A Diamond Jo Worth • Northwood, IA 2012 38,630 799 19 102 55 % $ 116 Kansas Star Casino • Mulvane, KS 2012 70,010 1,229 43 N/A N/A N/A Amelia Belle Casino • Amelia, LA 2012 27,484 623 11 N/A N/A N/A Delta Downs Racetrack Hotel & Casino • Vinton, LA 2001 45,000 1,463 N/A 370 46 % $ 80 Evangeline Downs Racetrack & Casino • Opelousas, LA 2012 39,208 1,093 N/A N/A N/A N/A Sam's Town Shreveport • Shreveport, LA 2004 29,285 752 15 514 39 % $ 82 Treasure Chest Casino • Kenner, LA 1997 47,000 934 33 N/A N/A N/A IP Casino Resort Spa • Biloxi, MS 2011 81,700 1,142 45 1,088 64 % $ 80 Sam's Town Hotel and Gambling Hall Tunica • Tunica, MS 1994 39,740 531 7 335 30 % $ 58 Ameristar Casino * Hotel Kansas City ••• Kansas City, MO 2018 140,000 1,597 42 184 74 % $ 96 Ameristar Casino * Resort * Spa St.
Suncoast Hotel and Casino Suncoast Hotel and Casino ("Suncoast") is located in Peccole Ranch, a master-planned community adjacent to Summerlin, and is readily accessible from most major points in Las Vegas, including downtown and the Las Vegas Strip. The primary target market for Suncoast consists of local customers who gamble frequently.
Suncoast Hotel and Casino Suncoast Hotel and Casino ("Suncoast") is located in Peccole Ranch, a master-planned community adjacent to Summerlin, and is readily accessible from most major points in Las Vegas, including downtown and the Las Vegas Strip.
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.
In addition, we have market access agreements outside of Nevada with other third parties for online sports-betting. 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.
Aliante Casino + Hotel + Spa Aliante Casino + Hotel + Spa ("Aliante") is located in North Las Vegas adjacent to an 18-hole championship golf course and has convenient access to major freeways connecting it to points throughout Las Vegas. The primary target market for Aliante consists of local customers who gamble frequently.
Aliante Casino + Hotel + Spa Aliante Casino + Hotel + Spa ("Aliante") is located in North Las Vegas adjacent to an 18-hole championship golf course and has convenient access to major freeways connecting it to points throughout Las Vegas.
Our Las Vegas Locals segment competes directly with other locals casinos and gaming companies, some of which operate larger casinos and offer different promotions than ours.
Our Las Vegas Locals segment competes directly with other locals casinos and gaming companies, some of which operate larger casinos and offer different promotions than ours. The target markets for our Las Vegas Locals segment consists primarily of local residents and visitors to the Las Vegas area.
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 compete against other gaming companies as well as online gaming and 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, including online gaming, or existing competitors expand their operations.
Sam's Town Hotel and Gambling Hall Sam's Town Hotel and Gambling Hall ("Sam's Town Las Vegas") is located on the Boulder Strip, approximately six miles east of the Las Vegas Strip, and features a contemporary western theme. Its informal, friendly atmosphere appeals to both local residents and out-of-town visitors alike.
Sam's Town Hotel and Gambling Hall Sam's Town Hotel and Gambling Hall ("Sam's Town Las Vegas") is located on the Boulder Strip, approximately six miles east of the Las Vegas Strip, and features a contemporary western theme.
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.
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.
Dating back to our Company’s founding nearly 50 years ago, we strive to share our success with others, treating every stakeholder of our Company with respect and integrity, and making sure that our home communities are better places because we are a part of them.
Dating back to our Company’s founding, we strive to share our success with others, treating every stakeholder of our Company with respect and integrity, and making sure that our home communities are better places because we are a part of them. We strive to help protect the environment and meaningfully reduce our consumption of natural resources across our nationwide operations.
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.
As such, we have developed a distinct niche for our downtown properties by focusing on customers from Hawaii. 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 look to invest in our communities, contributing millions of dollars each year to non-profit organizations across the United States. When crises like pandemics or natural disasters strike our communities, we look for ways to support our neighbors and team members in need.
We look to invest in our communities, providing donations each year to non-profit organizations across the United States. When crises like pandemics or natural disasters strike our communities, we look for ways to support our neighbors and team members in need. We strive to be an employer of choice and create a workplace environment that embraces all Team Members.
Kansas Star Casino Kansas Star Casino ("Kansas Star") serves as Lottery Gaming Facility Manager for the South Central Gaming Zone on behalf of the Kansas Lottery pursuant to a Lottery Gaming Facility Management Contract with the State of Kansas (the "Kansas Management Contract").
The casino has a 102-room hotel, an event center, several dining options and a FanDuel branded sportsbook. Kansas Star Casino Kansas Star Casino ("Kansas Star") serves as Lottery Gaming Facility Manager for the South Central Gaming Zone on behalf of the Kansas Lottery pursuant to a Lottery Gaming Facility Management Contract with the State of Kansas (the "Kansas Management Contract").
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 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.
The primary target market for Gold Coast consists of local customers who actively gamble. Gold Coast's amenities include 712 hotel rooms and suites along with meeting facilities, multiple restaurant options and a 70-lane bowling center. The Orleans Hotel and Casino The Orleans Hotel and Casino ("The Orleans") is located on Tropicana Avenue, a short distance from the Las Vegas Strip.
Gold Coast's amenities include 705 recently remodeled hotel rooms and suites along with meeting facilities, multiple restaurant options and a 70-lane bowling center. The Orleans Hotel and Casino The Orleans Hotel and Casino ("The Orleans") is located on Tropicana Avenue, a short distance from the Las Vegas Strip. The Orleans provides a New Orleans French Quarter-themed environment.
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.
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. We have formal, annual goal setting and performance review processes to drive engagement, performance and retention.
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.
We also offer online sports-betting under the FanDuel brand in all states that our 28 gaming entertainment properties are located, except in Mississippi where online sports-betting has not been legalized, Missouri where online sports-betting was legalized in November 2024 but has not yet taken effect as regulations are being established, and in Nevada where we operate our own brand, Boyd Sports.
We provide financial support to problem gambling and responsible gaming organizations across the country, require all employees to participate in annual responsible gaming awareness training and post prominent signage throughout our properties providing problem gambling helpline information. Additionally, we circulate communications throughout the year to Team Members regarding key responsible gaming practices.
We are committed to promoting responsible gaming throughout our operations and our marketing efforts, and to helping provide assistance to those who need help. We provide support to problem gambling and responsible gaming organizations across the country, require all employees to participate in annual responsible gaming awareness training and post prominent signage throughout our properties providing problem gambling helpline information.
The Company has adopted a Code of Business Conduct that promotes ethical behavior and encourages Team Members to talk to supervisors, managers, or other appropriate personnel when in doubt about the best course of action. Furthermore, we also maintain a confidential Team Member hotline operated by an independent firm for anonymously reporting suspected wrongdoing.
The program provides our leaders with the tools and training to effectively communicate and coach their team to success. The Company has adopted a Code of Business Conduct that promotes ethical behavior and encourages Team Members to talk to supervisors, managers, or other appropriate personnel when in doubt about the best course of action.
Cannery Casino Hotel Cannery Casino Hotel ("Cannery") is located in the northeastern part of the Las Vegas Valley and has convenient access to major freeways connecting it to points throughout Las Vegas. The primary target market for Cannery consists of local customers who gamble frequently.
Cannery Casino Hotel Cannery Casino Hotel ("Cannery") is located in the northeastern part of the Las Vegas Valley and has convenient access to major freeways connecting it to points throughout Las Vegas. The Cannery has a 200 -room hotel, a variety of restaurants and bars, an entertainment venue and a 16-screen movie theater.
Diamond Jo Casino Diamond Jo Casino ("Diamond Jo Dubuque") is a land-based casino located in the Port of Dubuque, a waterfront development on the Mississippi River in downtown Dubuque, Iowa. Diamond Jo Dubuque is a two-story property that includes several dining outlets and bars.
Diamond Jo Dubuque is a two-story property that includes several dining outlets and bars.
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.
The property competes primarily with six casinos in northern Indiana, southern Michigan and eastern Illinois and, to a lesser extent, with casinos in the Chicago area and racinos located near Indianapolis.
We also own a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii.
We also own a travel agency in Hawaii.
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.
Our commitment to Team Member engagement is evidenced by our average Team Member service tenure of 8.5 years.
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.
Located approximately five miles from the New Orleans International Airport, Treasure Chest primarily serves residents of suburban New Orleans. The single-level facility features a 47,000-square-foot casino, several new restaurants and bars, nearly 10,000 square feet of convention and meeting space and a FanDuel branded sportsbook.
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") opened its new land-based casino facility in June 2024. Prior to the opening of the land-based casino, the property was a dockside riverboat casino. The casino is located near Lake Pontchartrain in the western suburbs of New Orleans, Louisiana.
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.
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. The principal customers of this property are Henderson residents. We are in the process of building a new casino on the current Jokers Wild site.
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The target markets for The Orleans are local residents and visitors to the Las Vegas area. The Orleans provides a New Orleans French Quarter-themed environment.
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The new casino will be Cadence Crossing and will replace the existing Jokers Wild casino upon opening.
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The principal customers of this property are Henderson residents. 3 Table of Contents Downtown Las Vegas Properties Our three Downtown Las Vegas properties directly compete with nine other casinos that operate in downtown Las Vegas. As such, we have developed a distinct niche for our downtown properties by focusing on customers from Hawaii.
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Cadence Crossing will feature a 10,000 square foot casino, 450 slots and several restaurants, and is expected to open in mid-2026. 3 Table of Contents Downtown Las Vegas Properties Our three Downtown Las Vegas properties directly compete with nine other casinos that operate in downtown Las Vegas.
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The casino has an event center, several dining options and a FanDuel branded sportsbook. A 102-room Country Inn & Suites hotel connected to the casino and a 60-room Holiday Inn Express hotel adjacent to the casino, are owned and operated by third parties.
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The property features 486 recently renovated 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. Diamond Jo Casino Diamond Jo Casino ("Diamond Jo Dubuque") is a land-based casino located in the Port of Dubuque, a waterfront development on the Mississippi River in downtown Dubuque, Iowa.
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Located approximately five miles from the New Orleans International Airport, Treasure Chest primarily serves residents of suburban New Orleans. A $100 million project is underway to construct a new land-based casino facility to replace the existing riverboat casino.
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On September 1, 2024, the Company completed the acquisition of Resorts Digital Gaming, LLC ("Resorts Digital"), growing the Boyd Interactive business. Resorts Digital is an online casino operator based in New Jersey, operating a dual-brand strategy across Resorts Casino and Mohegan Sun.
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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.
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In addition to acquiring the existing online business under both brands, the acquisition included a 20-year marketing agreement with a 10-year renewal option that provides for marketing and promotional services at Resorts Casino in Atlantic City, New Jersey.
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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.
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Sky River Casino has over 2,100 slot machines and 80 table games with 18 food and beverage options and live entertainment. The Sky River Casino is currently expanding its amenities in two phases. The first phase of the expansion will add 400 slots and a 1,600-space parking garage and is expected to be completed in the first quarter of 2026.
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Our goals include attracting, retaining and growing individuals that reflect the diversity of the communities where we do business, developing policies and practices that help our Team Members realize their potential, and creating goodwill with our Team Members and customers.
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The second phase of the expansion will include a 300-room hotel, two additional food and beverage outlets, a day spa, and an entertainment and events center. The second phase is expected to be completed in mid-2027. 6 Table of Contents Competition Our properties generally operate in highly competitive environments.
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We seek feedback from our Team Members through an annual Team Member Opinion Survey to measure the culture and to improve our work environment for Team Members. The annual survey regularly achieves over 80% participation.
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Our properties compete directly with other gaming properties in each state in which we operate, as well as in adjacent states. In addition, some of our properties compete with online gaming, to the extent it has been legalized, in and adjacent to the states we operate.
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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.
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Furthermore, we also maintain a confidential Team Member hotline operated by an independent firm for anonymously reporting suspected wrongdoing. Boyd Gaming strives to provide all Team Members a work environment free of discrimination and harassment.
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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.
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Our commitment to being an employer of choice has been recognized by US News & World Report, which named Boyd Gaming one of "America's Best Companies to Work For" in 2024. Additionally, our Company's CSR initiatives were recognized by Newsweek magazine, which named us one of "America's Most Responsible Companies" in 2024.
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We strive to help protect the environment and meaningfully reduce our consumption of natural resources across our nationwide operations.
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All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeBecause 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.
Biggest changeConsumer spending habits changed significantly due to the recession in 2008, and we expect that consumer behavior due to inflation may be similarly altered for an extended period of time. 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.
We rely extensively on our computer systems to process customer transactions, manage customer data, manage employee data, and communicate with third-party vendors and other third parties, and we may also access the internet to use our computer systems.
We rely extensively on our computer systems to process customer transactions, manage customer and employee data, and communicate with third-party vendors and other third parties, and we may also access the internet to use our computer systems.
In addition, gaming companies are often subject to significant revenue-based taxes and fees, in addition to normal federal, state and local corporate income taxes, and such taxes and fees are subject to increase at any time and such increases may be retroactive to prior years.
In addition, gaming companies are often subject to significant revenue-based taxes and fees, in addition to normal federal, state and local corporate income taxes. Such taxes and fees are subject to increase at any time and increases may be retroactive to prior years.
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.
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.
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
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. 16 Table of Contents ITEM 1B. Unresolved Staff Comments None
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.
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 $111.4 million, with rental increases over time.
From time-to-time, federal, state, and local legislators and officials have proposed changes in tax laws, or in the administration of such laws, affecting the gaming industry. For example, the federal government of the United States has considered a federal tax on casino revenues.
From time-to-time, federal, state, and local legislators and officials have proposed changes in tax laws, or in the administration of such laws, affecting the gaming industry. For example, the federal government has considered a federal tax on casino revenues.
If we were to default on any one or more of these leases, the applicable lessors could terminate the affected leases, and we could lose possession of the affected land and any improvements on the land, including the hotels and casinos. This could have a material adverse effect on our business, financial condition and results of operations.
If we were to default on any one or more of these leases, the applicable lessors could terminate the affected leases, and we could lose possession of the affected property, including the underlying land, hotels and casinos. This could have a material adverse effect on our business, financial condition and results of operations.
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.
In addition, while we believe we have taken appropriate steps to protect our systems, we cannot guarantee that the measures we take to prevent cyberattacks and to protect our systems will be sufficient to ensure uninterrupted operation of our digital platform and provide absolute security.
For example, there has been recent expansion of sports betting in various states with legislation allowing for sports betting in casinos and/or online. Expansion of traditional and online gaming in jurisdictions where we do not operate could create further competition for us.
For example, there has been recent expansion of sports betting in various states with legislation allowing for sports betting in casinos and/or online. Expansion of traditional and online gaming in jurisdictions where we do not operate could create additional competition.
If any of our properties are damaged or if their operations are disrupted because of extreme weather in the future, or if extreme weather adversely impacts general economic or other conditions in the areas in which our properties are located or from which they draw their patrons, our business, financial condition and results of operations could be materially adversely affected.
If any of our properties are damaged or if our operations are disrupted because of extreme weather, or if extreme weather adversely impacts general economic or other conditions in the areas in which our properties are located or from which we draw our patrons, our business, financial condition and results of operations could be materially adversely affected.
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.
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.
If new debt is added to our, or our subsidiaries', current debt levels, the related risks that we or they now face could intensify. If we pursue, or continue to pursue, any expansion, development, investment or renovation projects requiring capital beyond our available borrowing capacity, we expect that our long-term debt will substantially increase in connection with related capital expenditures.
If new debt is added to our consolidated debt levels the related risks that we face could intensify. If we pursue, or continue to pursue, any expansion, development, investment or renovation projects requiring capital beyond our available borrowing capacity, we expect that our long-term debt will substantially increase in connection with related capital expenditures.
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.
We rely on proprietary and commercially available systems, software, tools and monitoring to provide security for processing, transmitting, and storing of customer information, such as payment card, employee information and other confidential or proprietary information.
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.
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 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.
We and our subsidiaries had approximately $3.2 billion of long-term debt on a consolidated basis as of December 31, 2024 (of which approximately $1.3 billion was outstanding under the Credit Facility) and which included approximately $44.0 million of current maturities of long-term debt and excludes approximately $13.0 million in aggregate outstanding letters of credit.
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.
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.
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.
Impairment charges of $10.5 million, $107.8 million and $40.8 million were recorded as a result of our 2024, 2023 and 2022 impairment tests and triggering event reviews, respectively.
Risks Related to our Business Our business is particularly sensitive to reductions in discretionary consumer spending as a result of inflation and downturns in the economy. Consumer demand for entertainment and other amenities at casino hotel properties such as ours are particularly sensitive to downturns in the economy and the corresponding impact on discretionary spending on leisure activities.
Risks Related to our Business Our business is particularly sensitive to reductions in discretionary consumer spending due to inflation and downturns in the economy. Consumer demand for entertainment and other amenities at our casino hotel properties is particularly sensitive to downturns in the economy and the corresponding impact on discretionary spending on leisure activities.
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.
We may be subject to website disruptions, outages, and other performance problems due to a variety of factors, including infrastructure changes, human or software errors and capacity constraints.
Expansion of Native American gaming in areas located near our properties, or in areas in or near those from which we draw our customers, could have an adverse effect on our operating results.
We also compete with legalized gaming from casinos located on Native American tribal lands. Expansion of Native American gaming in areas located near our properties, or in areas in or near those from which we draw our customers, could have an adverse effect on our operating results.
Compliance with these changing and increasingly burdensome and sometimes conflicting privacy laws and regulations may increase our operating costs and/or adversely impact our ability to market our products, properties, and services to our customers.
Compliance with privacy laws and regulations may increase our operating costs and/or adversely impact our ability to market our products, properties, and services to our customers.
From time to time, various proposals are introduced in the legislatures of some of the jurisdictions in which we have existing or planned operations that, if enacted, could adversely affect the tax, regulatory, operational or other aspects of the gaming industry and our company.
From time to time, various proposals are introduced in the legislatures of some of the jurisdictions in which we have existing or planned operations that, if enacted, could adversely affect the tax, regulatory, operational or other aspects of the gaming industry and our company. Additionally, some regulatory authorities have adopted laws and policies regarding climate considerations, emissions, and water usage.
California has enacted a privacy law, known as the California Consumer Privacy Act of 2018 (the "CCPA"), which provides to California consumers certain access, deletion and opt-out rights related to their personal information, imposes civil penalties for violations and affords, in certain cases, a private right of action for data breaches.
California has enacted the California Consumer Privacy Act of 2018 (the "CCPA"), which provides to California consumers certain access, deletion and opt-out rights related to their personal information, imposes civil penalties for violations and affords, in certain cases, a private right of action for data breaches. Compliance with the CCPA may require us to incur significant costs and expenses.
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.
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.
Renewal is subject to, among other things, continued satisfaction of suitability requirements. Any failure to renew or maintain our licenses or to receive new licenses when necessary could have a material adverse effect on us. We are subject to extensive taxation policies, which may harm our business.
Any failure to renew or maintain our licenses or to receive new licenses when necessary could have a material adverse effect on us. We are subject to extensive taxation policies, which may harm our business.
There can be no assurance that we will be able to fully collect, if at all, on any claims resulting from extreme weather conditions.
There can be no assurance that we will be able to fully collect under our insurance coverage on any claims resulting from extreme weather conditions.
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.
In addition, an aggregate amount of approximately $895.7 million was available for borrowing under the Revolving Credit Facility as of December 31, 2024.
While such interruption is unlikely, such events are beyond our control. If the entity owning any leased land chose to disrupt our use either permanently or for a significant period of time, then the value of our assets could be impaired and our business, financial condition and results of operations could be adversely affected.
If the entity owning any property chose to disrupt our use either permanently or for a significant period of time, then the value of our assets could be impaired and our business, financial condition and results of operations could be adversely affected.
If there is a prolonged disruption at any of our properties due to natural disasters or other catastrophic weather events, our business, results of operations and financial condition could be materially adversely affected.
If there is a prolonged disruption at any of our properties due to natural disasters or other catastrophic weather events, our business, results of operations and financial condition could be materially adversely affected. In addition, the operations of critical suppliers could be negatively impacted by severe weather conditions, and which adversely affect our business.
In addition, non-compliance with applicable privacy laws and regulations by us (or in some circumstances non-compliance by third-party service providers engaged by us) may also result in damage to our reputation, result in vulnerabilities that could be exploited to breach our systems and/or subject us to fines, payment of damages, lawsuits or restrictions on our use or transfer of personal information.
In addition, non-compliance with applicable privacy laws and regulations by us (or in some circumstances non-compliance by third-party service providers engaged by us) may also result in damage to our reputation, vulnerabilities that could be exploited to breach our systems and/or subject us to fines, payment of damages, lawsuits or restrictions on our use or transfer of personal information. 11 Table of Contents 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.
Compliance with the CCPA may require us to incur significant costs and expenses. Similar laws have been passed or proposed in other states and at a federal level, reflecting a trend toward more stringent privacy legislation in the United States.
Similar laws have been passed or proposed in other states and at a federal level, reflecting a trend toward more stringent privacy legislation in the United States.
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.
If our systems are damaged, breached, attacked, interrupted, or otherwise cease to function properly, we may be required to make significant investments 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.
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 maximum permitted CTNL Ratio is calculated as Consolidated Net Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Credit Agreement. Our maximum CTNL Ratio must be no higher than 4.50 to 1.00.
We are subject to regulations that apply specifically to the gaming industry and horse racetracks and casinos, including regulation with respect to gambling, live racing, and approval standards applicable to our directors, officers, key employees, joint venture partners and certain shareholders, in addition to regulations applicable to businesses generally, including regulation with respect to alcoholic beverages, smoking, currency transactions, taxation, zoning and building codes, anti-money laundering laws and regulations and marketing and advertising.
We are subject to regulations that apply specifically to the gaming industry, horse racetracks and casinos, including regulation with respect to gambling, live racing, and approval standards applicable to our directors, officers, key employees, joint venture partners and certain shareholders.
Our ownership, management and operation of gaming facilities are subject to extensive laws, regulations and ordinances, which are administered by various federal, state and local government entities and agencies.
Risks Related to the Regulation of our Industry We are subject to extensive governmental regulation, including federal, state and local laws affecting business in general, which may harm our business. Our ownership, management and operation of gaming facilities are subject to extensive laws, regulations and ordinances, which are administered by various federal, state and local government entities and agencies.
Risks Related to our Properties We own real property and are subject to extensive environmental regulation, which creates uncertainty regarding future environmental expenditures and liabilities and could affect our ability to develop, sell or rent our property or to borrow money using such property as collateral.
A material increase in state and local taxes and fees could cause our business, financial condition and results of operations to be adversely affected. 13 Table of Contents Risks Related to our Properties We own real property and are subject to extensive environmental regulation, which creates uncertainty regarding future environmental expenditures and liabilities and could affect our ability to develop, sell or rent our property or to borrow money using such property as collateral.
A more detailed description of the governmental gaming regulations to which we are subject is filed as Exhibit 99.1 herewith. If significant additional or differing 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.
If significant additional or differing gaming regulations are adopted in a jurisdiction in which we operate, such regulations could impose restrictions or costs that could have an adverse effect on us.
The casino entertainment business is characterized by competitors that vary considerably in their size, quality and type of facilities, number of operations, brand identities, marketing and growth strategies, financial strength and capabilities, amenities, management talent and geographic diversity. In most markets, we compete directly with other casino facilities operating in the immediate and surrounding market areas.
The casino entertainment business is characterized by competitors that vary considerably in their size, type of facilities, number of operations, brand identities, marketing and growth strategies, financial strength and capabilities, amenities, management talent and geographic diversity. We face competition from nearby markets in addition to direct competition within our market areas. Furthermore, competition from online platforms continues to increase.
In the past, snowstorms and other adverse weather conditions have interrupted our operations, damaged our properties and reduced the number of customers who visit our facilities in an affected area.
Our properties in Illinois, Indiana, Iowa, Kansas, Louisiana, Missouri, Ohio and Pennsylvania are at risk of experiencing snowstorms, tornadoes and flooding. Snowstorms and other adverse weather conditions have interrupted our operations, damaged our properties and reduced the number of customers who visit our facilities in an affected area.
Our facilities, including our riverboats and dockside facilities, are subject to risks relating to mechanical failure and regulatory compliance. Generally, all of our facilities are subject to the risk that operations could be halted for a temporary or extended period of time due to casualty, forces of nature, mechanical failure, or extended or extraordinary maintenance, among other causes.
Generally, all of our facilities are subject to the risk that operations could be halted for a temporary or extended period of time due to casualty, forces of nature, mechanical failure, or extended or extraordinary maintenance, among other causes. We currently conduct our Par-A-Dice, Blue Chip, Sam's Town Shreveport, Amelia Belle and Belterra Resort gaming operations on riverboats.
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.
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.
We and our competitors have invested in expanding existing facilities, developing new facilities, and acquiring established facilities in existing markets. This expansion of existing casino entertainment properties, the increase in the number of properties and the aggressive marketing strategies of many of our competitors have increased competition in many markets in which we compete, and we expect this to continue.
This expansion of existing casino entertainment properties, the increase in the number of properties and the aggressive marketing strategies of many of our competitors have increased competition in many markets in which we compete, and we expect this to continue. Additionally, competition may intensify if our competitors commit additional resources to aggressive pricing and promotional activities to attract customers.
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.
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. Our operations could be impacted by extreme weather conditions.
Accordingly, with respect to the leased land, we will have no interest in the land or improvements thereon at the expiration of the ground leases. Moreover, since we do not completely control the land underlying the property, a landowner could take certain actions to disrupt our rights in the land leased under the long-term leases.
Moreover, since we do not completely control the land underlying such property, a landowner could take certain actions to disrupt our rights in the land leased under the long-term leases. While such interruption is unlikely, such events are beyond our control.
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.
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. We lease certain property on which our hotels and gaming facilities are located.
Any of the above listed factors could have a material adverse effect on our business, financial condition and results of operations.
Any of the above listed factors could have a material adverse effect on our business, financial condition and results of operations. Risks Related to our Equity Ownership Certain of our stockholders own large interests in our capital stock and may significantly influence our affairs.
We own facilities located in areas that experience extreme weather conditions. Extreme weather conditions may interrupt our operations, damage our properties and reduce the number of customers who visit our facilities in the affected areas. For example, certain of the properties we operate have been forced to close for extended periods due to floods and hurricanes.
Certain of our properties are located in areas that may be subject to extreme weather conditions, including, but not limited to, hurricanes, floods, tornadoes, wildfires, and winter storms. Extreme weather conditions may interrupt our operations, damage our properties and reduce the number of customers who visit our facilities in the affected areas.
The gaming industry is highly competitive for both customers and employees, including those at the management level. We compete with numerous casinos and hotel casinos of varying quality and size in market areas where our properties are located.
Intense competition exists in the gaming industry, and we expect competition to continue to intensify. The gaming industry is highly competitive for both customers and employees, including those at the management level. We compete with numerous gaming entertainment properties.
The presence of, or failure to remediate properly, such substances may adversely affect the ability to sell or rent the property or to borrow funds using the property as collateral.
The presence of, or failure to remediate properly, such substances may adversely affect the ability to sell or rent the property or to borrow funds using the property as collateral. 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.
Because we are highly leveraged, after satisfying our obligations under our outstanding indebtedness, there can be no assurance that we will have sufficient funds to undertake these expenditures or that we will be able to obtain sufficient financing to fund such expenditures. If we are unable to make such expenditures, our competitive position could be materially adversely affected.
There can be no assurance that we will have sufficient funds to undertake these expenditures or that we will be able to obtain sufficient financing to fund such expenditures.
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.
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.
Each riverboat must hold a Certificate of Inspection for stabilization and flotation and may also be subject to local zoning codes. The USCG requirements establish design standards, set limits on the operation of the vessels and require individual licensing of all personnel involved in the operation of the vessels.
Each of our riverboats must comply with the United States Coast Guard ("USCG") requirements as to boat design, on-board facilities, equipment, personnel and safety. Each riverboat must hold a Certificate of Inspection for stabilization and flotation and may also be subject to local zoning codes.
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.
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 facilities, including our riverboats and dockside facilities, are subject to risks relating to mechanical failure and regulatory compliance.
In addition, certain of our properties are in areas that have been identified by the director of the Federal Emergency Management Agency ("FEMA") as a special flood hazard area. Furthermore, our properties in Illinois, Indiana, Iowa, Kansas, Louisiana, Missouri, Ohio and Pennsylvania are at risk of experiencing snowstorms, tornadoes and flooding.
Likewise, some of our properties have been forced to close for extended periods due to floods and hurricanes, and certain of our properties are in areas that have been identified by the director of the Federal Emergency Management Agency ("FEMA") as a special flood hazard area.
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.
Marianne Boyd Johnson, our Executive Chairman of the Board of Directors, together with her immediate family, beneficially owned approximat ely 27% of the Company's outstanding shares of common stock as of December 31, 2024.
We lease certain parcels of land on which our hotels and gaming facilities are located. As a ground lessee, we have the right to use the leased land; however, we do not retain fee ownership in the underlying land.
As a lessee, we have the right to use the leased land, including the structures on such land; however, we do not retain fee ownership in the property. Accordingly, we have no interest in the land or improvements thereon at the expiration of the leases.
In some markets, we face competition from nearby markets in addition to direct competition within our market areas. Furthermore, competition from online platforms continues to increase. With fewer new markets opening for development, competition in existing markets has also intensified in recent years.
With fewer new markets opening for development, competition in existing markets has also intensified in recent years. We and our competitors have invested in expanding existing facilities, developing new facilities, and acquiring established facilities in existing markets.
To date, we have obtained all governmental licenses, findings of suitability, registrations, permits and approvals necessary for the operation of our properties. However, we can give no assurance that any additional licenses, permits and approvals that may be required will be given or that existing ones will be renewed or will not be revoked.
Such requirements could result in increased costs related to regulatory compliance, including potential additional capital expenditures. We can give no assurance that any additional licenses, permits and approvals that may be required will be given or that existing ones will be renewed. Renewal is subject to, among other things, continued satisfaction of suitability requirements.
Removed
Consumer spending habits changed significantly due to the recession in 2008, and we expect that consumer behavior as a result of inflation and the COVID-19 pandemic may be similarly altered for an extended period of time. We cannot say when, if ever, or to what extent, customer behavior in our various markets will fully revert to prior trends.
Added
If we are unable to make such expenditures, our competitive position could be materially adversely affected. 12 Table of Contents We may incur impairments to goodwill, indefinite-lived intangible assets, or long-lived assets.
Removed
As a result of the COVID-19 global pandemic and related measures to prevent its spread, all of our gaming facilities were closed in mid-March 2020 in response to orders from public officials and government regulations.
Added
We are also subject to regulations applicable to businesses generally, including regulation with respect to alcoholic beverages, smoking, currency transactions, taxation, zoning and building codes, anti-money laundering and marketing and advertising. A more detailed description of the governmental gaming regulations to which we are subject is filed as Exhibit 99.1 herewith.
Removed
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.
Added
The USCG requirements establish design standards, set limits on the operation of the vessels and require individual licensing of all personnel involved in the operation of the vessels. 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.
Removed
Our business, operations, financial condition and results have been, and could again be, negatively affected as a result of the COVID-19 pandemic.
Removed
During 2020 and 2021 we were required to reduce or eliminate the offering of certain amenities and otherwise limit the availability of certain offerings to align with public health and safety recommendations and customer preferences as a result of the COVID-19 pandemic, such as deactivating a substantial number of gaming devices to maintain social distancing and limiting restaurant seating, as well as substantially limiting the number of customers we were permitted to admit at any time.
Removed
Such measures necessarily impact business volume and may impact customer behavior and business demand. Our business, operations, financial condition and results may be materially, negatively affected to the extent demand for our casinos and customer preference and behavior is altered as a result of the COVID-19 pandemic.
Removed
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.
Removed
These uncertainties include, among other things: the duration, impact and severity of the COVID-19 pandemic in the locations where our properties are located; additional closures or other actions as mandated or otherwise made necessary by governmental authorities; disruptions in the supply chain and logistics constraints; the duration of the volatility and disruption in the capital markets from the COVID-19 pandemic and its impact on the global economy; and an increasingly competitive labor market due to a sustained labor shortage or increased turnover caused by the COVID-19 pandemic.
Removed
The foregoing has also impacted our workforce, suppliers, contractors and other partners.
Removed
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.
Removed
Additionally, competition may intensify if our competitors commit additional resources to aggressive pricing and promotional activities to attract customers. We also compete with legalized gaming from casinos located on Native American tribal lands.
Removed
If there is any material increase in state and local taxes and fees, our business, financial condition and results of operations could be adversely affected.
Removed
While we maintain insurance coverage that covers certain of the costs and loss of revenue that we incur as a result of some extreme weather conditions, our coverage is subject to deductibles and limits on maximum benefits.
Removed
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.
Removed
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.
Removed
We currently conduct our Treasure Chest, Par-A-Dice, Blue Chip, Sam's Town Shreveport, Amelia Belle and Belterra Resort gaming operations on riverboats. Each of our riverboats must comply with the United States Coast Guard ("USCG") requirements as to boat design, on-board facilities, equipment, personnel and safety.
Removed
The Master Leases include additional provisions that restrict our ability to freely operate and could have an adverse effect on our business and financial condition, including the following: • Escalations in Rent - We are obligated to pay base rent under the Master Leases, and base rent is composed of building base rent and land base rent.
Removed
Every year of a Master Lease's term, building base rent is subject to an annual escalation of up to 2% and we may be required to pay the escalated building base rent regardless of our revenues, profit or general financial condition. • Variable Rent - We are obligated to pay percentage rent under the Master Leases, which is re-calculated every two years.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

18 edited+0 added−3 removed1 unchanged
Biggest changeCybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected the Company, including its business strategy, results of operations, or financial condition. We believe with the cybersecurity and governance program we have in place that we have implemented effective processes and controls to prevent cybersecurity incidents from being reasonably likely to materially affect the Company.
Biggest changeWe believe with the cybersecurity and governance program we have in place that we have and continue to implement effective processes and controls to prevent cybersecurity incidents from being reasonably likely to materially affect the Company. Refer to "Item 1A.
The Board receives regular presentations and reports on cybersecurity risks, which address a wide range of topics including, for example, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties.
Our Board receives regular presentations and reports on cybersecurity risks, which address a wide range of topics including, for example, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties.
We additionally publish an internal newsletter on a monthly and ad-hoc basis for enterprise-wide consumption to promote awareness of trends in cybersecurity threats and attack techniques. ● Incident Response and Recovery Planning: We have established and maintain comprehensive incident response and recovery plans that fully address our response to a cybersecurity incident and the recovery from a cybersecurity incident, and such plans are tested and evaluated on a periodic basis. ● Communication, Coordination and Disclosure: We take a cross-functional approach to address the risk from cybersecurity threats, involving management personnel from our technology, operations, legal, risk management, internal audit and other key business functions and engage with our Board in an ongoing dialogue regarding cybersecurity threats and incidents, while also implementing controls and procedures for the assessment and escalation of cybersecurity incidents pursuant to established thresholds so that decisions regarding the disclosure and reporting of such incidents can be made by management in a timely manner. ● Governance: Our Board regularly interacts with our Chief Information Security Officer and other members of management on cybersecurity risk management.
We also publish an internal newsletter on a monthly and ad-hoc basis for enterprise-wide consumption to promote awareness of trends in cybersecurity threats and attack techniques. • Incident Response and Recovery Planning: We have established and maintain comprehensive incident response and recovery plans that fully address our response to and recovery from a cybersecurity incident, and such plans are tested and evaluated on a periodic basis. • Communication, Coordination and Disclosure: We take a cross-functional approach to address the risk from cybersecurity threats, involving management personnel from our technology, operations, legal, internal audit and other key business functions and engage with our Board in an ongoing dialogue regarding cybersecurity threats and incidents while also implementing controls and procedures for the assessment and escalation of cybersecurity incidents pursuant to established thresholds so that decisions regarding the disclosure and reporting of such incidents can be made by management in a timely manner. • Governance: Our Board regularly interacts with our Chief Information Security Officer and other members of management on cybersecurity risk management.
ITEM 1C. Cybersecurity Cybersecurity represents a critical component of the Company’s overall approach to risk management. The Company’s cybersecurity policies, standards and practices are fully integrated into our enterprise risk management ("ERM") approach, and cybersecurity risks are among the core enterprise risks that are subject to oversight by our Board of Directors (the "Board").
ITEM 1C. Cybersecurity Cybersecurity represents a critical component of the Company’s overall approach to risk management. The Company’s cybersecurity policies, standards and practices are fully integrated into our approach to risk management, and cybersecurity risks are among the core enterprise risks that are subject to oversight by our Board of Directors (the "Board").
We generally approach cybersecurity matters through a cross-functional, multilayered approach, with specific goals of: (i) identifying, preventing and mitigating cybersecurity threats to the Company; (ii) preserving the confidentiality, security and availability of the information that we collect and store to use in our business; (iii) protecting our intellectual property; (iv) maintaining the confidence of our customers, clients and business partners; and (v) providing appropriate public disclosure of cybersecurity risks and incidents when required.
We generally approach cybersecurity matters through a cross-functional, multilayered approach, with specific goals of: (i) identifying, preventing and mitigating cybersecurity threats to the Company; (ii) preserving the confidentiality, integrity and availability of the information that we collect and store to use in our business; (iii) protecting our intellectual property; (iv) maintaining the confidence of our customers, clients and business partners; and (v) providing appropriate public disclosure of cybersecurity risks and incidents when required.
The Company’s President and Chief Executive Officer, Chief Financial Officer, and General Counsel each hold undergraduate and graduate degrees in their respective fields, and each have years of experience with managing risks at the Company and in environments similar to the Company’s, including risks arising from cybersecurity threats.
The Company’s President and Chief Executive Officer, Chief Financial Officer, and General Counsel each hold undergraduate and graduate degrees in their respective fields, and each has years of experience with managing risks at the Company and in environments similar to the Company’s, including risks arising from cybersecurity threats.
A key part of our strategy for managing risks from cybersecurity threats is the ongoing assessment and testing of our processes and practices through auditing, assessments, tabletop exercises, threat modeling, vulnerability testing, and other exercises focused on evaluating the effectiveness of our cybersecurity measures.
A key part of our strategy for managing risks from cybersecurity threats is the ongoing assessment and testing of our processes and practices through auditing, assessments, tabletop exercises, vulnerability testing, and other exercises focused on evaluating our cybersecurity measures effectiveness.
Risk Management and Strategy Consistent with our overall ERM policies and practices, our cybersecurity program focuses on the following areas: ● Vigilance: We maintain an extensive presence, with cybersecurity threat operations functioning continuously and uninterrupted with the specific goal of identifying, preventing, and mitigating cybersecurity threats and responding to cybersecurity incidents in accordance with our established incident response and recovery plans. ● Systems Safeguards: We deploy systems safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through ongoing vulnerability assessments and cybersecurity threat intelligence. ● Collaboration: We use collaboration mechanisms established with public and private entities, including intelligence and enforcement agencies, industry groups and third-party service providers, to identify, assess and respond to cybersecurity risks. ● Third-Party Risk Management: We maintain a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of our systems, as well as third-party systems that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. ● Training: We provide periodic mandatory training for personnel regarding cybersecurity threats, which reinforces our information security policies, standards and practices, and such training is scaled to reflect the roles, responsibilities and information systems access of such personnel.
Risk Management and Strategy Consistent with our Information Security Policies and Standards, our cybersecurity program focuses on the following areas: • Awareness: We maintain an extensive presence with cybersecurity threat operations functioning continuously and uninterrupted with the specific goal of identifying, preventing, and mitigating cybersecurity threats and responding to cybersecurity incidents in accordance with our established incident response and recovery plans. • Systems Safeguards: We deploy systems safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through ongoing vulnerability assessments and cybersecurity threat intelligence. • Collaboration: We use collaboration mechanisms established with public and private entities, including intelligence and enforcement agencies, industry groups and third-party service providers, to identify, assess and respond to cybersecurity risks. • Third-Party Risk Management: We employ a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of our systems, as well as third-party systems that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. • Training: We provide regular mandatory training for personnel regarding cybersecurity threats, which reinforces our information security policies, standards and practices, and such training is scaled to reflect the roles, responsibilities and information systems access of such personnel.
The Board also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding such incident until it has been addressed. At least quarterly each year, the Board discusses the Company’s approach to cybersecurity risk management with our Chief Information Security Officer.
Our Board also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding such incident until it has been addressed. At least quarterly, the Board discusses the Company’s approach to cybersecurity risk management with our Chief Information Security Officer ("CISO").
The results of such assessments, audits and reviews are reported to the Board, and we adjust our cybersecurity policies, standards, processes, and practices as necessary based on the information provided by the assessments, audits and reviews. 18 Table of Contents Governance Our Board oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that management implements to address risks from cybersecurity threats.
The results of such assessments, audits and reviews are reported to the Board, and we adjust our cybersecurity policies, standards, processes, and practices as necessary based on the information provided. 17 Table of Contents Governance Our Board oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that management implements to address risks from cybersecurity threats.
Refer to "Item 1A. Risk Factors" in this annual report on Form 10-K, including “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”, for additional discussion about cybersecurity-related risks. 19 Table of Contents
Risk Factors" in this annual report on Form 10-K, including “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”, for additional discussion about cybersecurity-related risks. 18 Table of Contents
We regularly engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness.
We regularly engage third parties to perform assessments of our cybersecurity program, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness.
The Company’s Chief Technology Officer holds an undergraduate degree in computer science and economics from Northwestern and has served in various roles in information technology for over 33 years with Boyd Gaming and numerous other public companies. The Company’s Chief Digital Officer has served in various roles in information technology and information security for over 25 years.
Our Chief Technology Officer holds an undergraduate degree in computer science and economics from Northwestern and has served in various roles in information technology for over 33 years with Boyd Gaming and numerous other public companies.
To facilitate the success of this program, multidisciplinary teams are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with our incident response and recovery plans.
Our CISO works collaboratively across the Company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. To facilitate the success of this program, multidisciplinary teams are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with our incident response and recovery plans.
Our Chief Information Security Officer is the member of our management team that is principally responsible for overseeing our cybersecurity risk management program, in partnership with other business leaders across the Company. The Company’s Chief Information Security Officer has served in various roles in information technology and information security for over 25 years.
Our CISO is the member of our management team that is principally responsible for overseeing our cybersecurity program, in partnership with other business leaders across the Company.
The Chief Information Security Officer works in coordination with the other members of management, which includes, but is not limited to, the Company’s President and Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, Chief Digital Officer, Chief Information Officer, and General Counsel.
Our CISO also holds advanced certifications as a Certified Information Systems Security Professional and as a Qualified Technology Executive granted by Digital Directors Network and works in coordination with the other members of management, including, but not limited to, the Company’s President and Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, and General Counsel.
Through the ongoing communications from these teams, the Chief Information Security Officer monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents in real time, and reports such incidents to the Board when appropriate.
Through the ongoing communications from these teams, the CISO monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents in real time, and reports such incidents to the Board when appropriate. Cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected the Company, including our business strategy, results of operations, or financial condition.
The Company’s Chief Information Officer has served in various roles in information technology and information security for over 29 years. The Chief Information Officer holds an undergraduate degree in Electronic Engineering from DeVry University and graduate degree in Technology Management.
Our CISO has served in various roles in information technology and information security for over 25 years and holds a degree in Business Administration with a major in Accounting and Finance and a graduate degree in International Management.
Removed
The Chief Information Security Officer holds an undergraduate degree in Business Administration with a major in Accounting and Finance and a graduate degree in International Management. The Chief Information Security Officer also holds advanced certifications as a Certified Information Systems Security Professional and as a Qualified Technology Executive granted by Digital Directors Network.
Removed
The Chief Digital Officer holds a degree in political science with a minor in accounting from Belmont University.
Removed
Our Chief Information Security Officer works collaboratively across the Company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents.

Item 2. Properties

Properties — owned and leased real estate

1 edited+0 added−0 removed3 unchanged
Biggest changeITEM 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.
Biggest changeITEM 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, 2024, 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

8 edited+1 added−0 removed4 unchanged
Biggest changeIn 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.
Biggest changeIn addition, our Board of Directors authorized increases to the Share Repurchase Program of $500.0 million on each of June 1, 2022, May 4, 2023, May 9, 2024 and December 5, 2024. We repurchased 11.1 million shares during the year ended December 31, 2024.
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").
On that date, we had approximately 464 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").
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.
Our Definitive Proxy Statement to be filed in connection with our 2025 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. 20 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 MidCap 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 19, 2024 , the closing sales price of our common stock on the NYSE was $63.37 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 17 , 2025 , the closing sales price of our common stock on the NYSE was $78.53 per share.
The following table discloses share repurchases that we have made pursuant to the Share Repurchase Program during the three months ended December 31, 2023.
As of December 31, 2024, $640.5 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, 2024.
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.
Gambling Index ("Dow Jones US Gambling"). The performance graph assumes that $100 was invested on December 31, 2019 in each of the Company's common stock, the S&P MidCap 400 and Dow Jones US Gambling, and that all dividends were reinvested.
Period 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.
Period 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, 2024 through October 31, 2024 552,958 $ 65.25 552,958 $ 307,006,688 November 1, 2024 through November 30, 2024 1,168,810 72.43 1,168,810 222,348,874 December 1, 2024 through December 31, 2024 1,100,667 74.41 1,100,667 640,453,301 Totals 2,822,435 $ 71.79 2,822,435 $ 640,453,301 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.
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.
S&P MidCap 400 Dow Jones US Gambling December 2020 143.35 113.66 89.66 December 2021 219.00 141.80 78.17 December 2022 184.16 123.28 58.28 December 2023 213.58 143.54 75.96 December 2024 250.18 163.54 75.79 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. 21 Table of Contents ITEM 6.
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The stock price performance shown in this graph is neither necessarily indicative of, nor intended to suggest, future stock price performance. Indexed Returns Boyd Gaming Corp.

Item 6. [Reserved]

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

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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.
Biggest changeOther Information 91 ITEM 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 91 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 91 ITEM 11. Executive Compensation 91 ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 91 ITEM 14.
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 .
ITEM 6. Reserved 22 ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 22 ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 41 ITEM 8. Financial Statements and Supplementary Data 42 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 89 ITEM 9A. Controls and Procedures 89 ITEM 9B .
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
Principal Accounting Fees and Services 91 PART IV ITEM 15. Exhibits, Financial Statement Schedules 92 ITEM 16. Form 10-K Summary 96 SIGNATURES 97 Table of Contents PART I

Item 7. Management's Discussion & Analysis

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

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Biggest changeSlot 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.
Biggest changeSlot win percentage and table game hold percentage are not fully controllable by us, and 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. 24 Table of Contents RESULTS OF OPERATIONS Overview Year Ended December 31, (In millions) 2024 2023 Total revenues $ 3,930.2 $ 3,738.5 Operating income 927.8 901.8 Net income 578.0 620.0 Total Revenues Total revenues increased $191.7 million, or 5.1%, for 2024 as compared to 2023 due primarily to the following: (i) an increase in online revenue of $184.0 million, which was driven by an increase of $122.5 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the year ended December 31, 2024, as compared to the prior year comparable period, a $38.1 million increase in revenue under our market access agreements and a $23.4 million increase in revenue from Boyd Interactive's operations; (ii) an increase in food & beverage revenue of $15.1 million primarily due to an increase in average guest check of 6.1%; (iii) an increase of $11.5 million related to the Sky River Casino management fee; and (iv) offset by a decrease in gaming revenue of $29.4 million.
Impairment of Assets Impairment of assets in 2023 includes non-cash impairment charges of the following: (i) $21.3 million for gaming license rights in our Midwest & South segment primarily due to higher interest rates combined with a decline in operational performance; (ii) $82.0 million for goodwill in our Online segment primarily due to the expectation of an extended timeframe for the legalization of online gaming in the states we operate and a corresponding decline in the expected discounted cash flows; and (iii) $4.5 million for goodwill in our Managed & Other category primarily related to a decline in operational performance.
Impairment of assets in 2023 includes non-cash impairment charges of the following: (i) $21.3 million for gaming license rights in our Midwest & South segment primarily due to higher interest rates combined with a decline in operational performance; (ii) $82.0 million for goodwill in our Online segment primarily due to the expectation of an extended timeframe for the legalization of online gaming in the states we operate and a corresponding decline in the expected discounted cash flows; and (iii) $4.5 million for goodwill in our Managed & Other category primarily related to a decline in operational performance.
We reduce the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on more-likely-than-not realization threshold.
We reduce the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on a more-likely-than-not realization threshold.
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.
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, pay income taxes, repay debt financing and associated interest costs, repurchase our debt or equity securities, pay dividends, and provide excess cash for future development and to help fund acquisitions.
Our Strategy Our strategy is to increase shareholder value by pursuing strategic initiatives that improve and grow our business. Growing Revenues and Operating Efficiently We are committed to growing revenues and building loyalty among core customers through targeted marketing investments and a focus on maximizing gaming revenues while operating as efficiently as possible.
Our Strategy Our strategy is to increase shareholder value by pursuing strategic initiatives that improve and grow our business. Growing Revenues and Operating Efficiently We are committed to growing revenues and building loyalty among core customers through targeted marketing investments with a focus on maximizing gaming revenues while operating as efficiently as possible.
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.
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. 39 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.
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.
The net proceeds from the 4.750% Senior Notes due 2027 were used to finance the redemption of all of our outstanding 6.875% senior notes due 2023 and prepay a portion of our Prior Refinancing Term B Loan.
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.
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. 37 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.
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").
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. 32 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").
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.
Estimated interest payments for variable-rate debt are based on rates at December 31, 2024. (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.
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.
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 "BoydPay" wallets, deposited in table games drop boxes, plus the sum of the markers issued at all table games, are measures of volume and/or market share.
We evaluate quarterly whether any triggering events or changes in circumstances have occurred that would indicate an impairment condition more than likely would not exist.
We evaluate quarterly whether any triggering events or changes in circumstances have occurred that would indicate an impairment condition more than likely would exist.
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.
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 2024 annual impairment test for certain of our indefinite-lived intangible assets.
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.
Other Arrangements We have not entered into any transactions with special purpose entities, nor have we engaged in any derivative transactions. 36 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 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").
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. 34 Table of Contents On October 21, 2021, our Board of Directors authorized a share repurchase program of $300.0 million (the "Share Repurchase Program").
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.
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. 38 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.
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.
For the year ended December 31, 2022, and changes from the year ended December 31, 2022 to the year ended December 31, 2023, 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.
These investments can take the form of expanding and enhancing offerings and amenities at existing properties, development of new properties, expanding and enhancing online sports wagering and online casino offerings as they are legalized in and around the states we operate today, and asset acquisitions.
These investments can take the form of expanding and enhancing offerings and amenities at existing properties, developing new properties, expanding and enhancing online sports wagering and online casino offerings as they are legalized in and around the states we operate today, and asset acquisitions.
Commitment to CSR We fulfill our commitment to CSR through four core pillars: Environment, People, Communities and Corporate Governance.
Commitment to CSR We seek to fulfill our commitment to CSR through four core pillars: Environment, People, Communities and Corporate Governance.
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
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. 40 Table of Contents
Management has historically adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results.
We have historically adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results.
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.
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 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 we believe are a strategic fit and provide an appropriate return to our shareholders.
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.
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 through our "Boyd Rewards" loyalty program.
During 2023, we incurred ne t cash outflows for investing activities of $264.3 million comprised of capital expenditures of $374.0 million, primarily related to our Treasure Chest land-based casino project, Fremont food hall and slot floor expansion and renovation, various guest room remodels, IT equipment and building projects at various properties offset by $113.6 million in payments received related to the outstanding principal on the Wilton Note.
During 2023, we incurred net cas h outflows for investing activities of $264.3 million comprised of capital expenditures of $374.0 million, primarily related to our Treasure Chest land-based casino project, Fremont food hall and slot floor expansion and renovation, various guest room remodels, IT equipment and building projects at various properties offset by $113.6 million in payments received related to the outstanding principal on the Wilton Note.
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.
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, 2024, we had outstanding letters of credit totaling $13.0 million.
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.
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 February 28, 2024 March 15, 2024 April 15, 2024 0.17 May 9, 2024 June 15, 2024 July 15, 2024 0.17 August 20, 2024 September 15, 2024 October 15, 2024 0.17 December 5, 2024 December 16, 2024 January 15, 2025 0.17 February 20, 2025 March 17, 2025 April 15, 2025 0.18 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.
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.
While we do provide casino credit and the ability to transfer digital funds from a player's cashless "BoydPay" wallet, 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.
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.
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 $957.9 million.
Food & beverage revenues, room revenues, management fee revenues and other revenues separately contributed less than 8% of revenues in each of 2023 and 2022.
Food & beverage revenues, room revenues, management fee revenues and other revenues each separately contributed less than 8% of revenues in each of 2024 and 2023.
Online revenues, including reimbursements received from our third-party operators for gaming taxes and other expenses we pay under collaborative arrangements, represent our next most significant revenue source, generating 11% and 7% of revenues in 2023 and 2022, respectively.
Online revenues, including reimbursements received from our third-party operators for gaming taxes and other expenses we pay under collaborative arrangements, represent our next most significant revenue source, generating 15% and 11% of revenues in 2024 and 2023, respectively.
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.
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 promote a culture of conducting business with the highest level of integrity.
Charles, Missouri Belterra Park (2) Cincinnati, Ohio Valley Forge Casino Resort King of Prussia, Pennsylvania (1) Due to the current levels of demand in the market, Eastside Cannery remains closed since it was closed on March 18, 2020, in compliance with orders issued by state officials as precautionary measures intended to slow the spread of the COVID-19 virus.
Charles, Missouri Belterra Park (2) Cincinnati, Ohio Valley Forge Casino Resort King of Prussia, Pennsylvania (1) Due to the current levels of demand in the market, Eastside Cannery has remained closed since March 18, 2020, when it closed in compliance with orders issued by state officials as precautionary measures intended to slow the spread of the COVID-19 virus.
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 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.
In addition, our Board of Directors authorized increases to the Share Repurchase Program of $500.0 million on each of June 1, 2022, May 4, 2023, May 9, 2024 and December 5, 2024. 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.
While we believe our uncertain tax benefits, if any, are adequate to cover reasonably expected tax risks, there can be no assurance that, in all instances, an issue raised by a taxing authority will be resolved at a financial cost that does not exceed its related reserve.
While we believe our reserves are adequate to cover reasonably expected tax risks, there can be no assurance that, in all instances, an issue raised by a taxing authority will be resolved at a financial cost that does not exceed its related reserve.
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.
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 located in Hawaii.
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.
Our working capita l deficit at December 31, 2024 and 2023 was $61.2 million and $67.0 million, respectively. 29 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.
EXECUTIVE OVERVIEW Boyd Gaming Corporation (the "Company," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has been in operation since 1975. As of December 31, 2023, we have 28 wholly owned gaming entertainment properties.
EXECUTIVE OVERVIEW Boyd Gaming Corporation (the "Company," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has been in operation since 1975. As of December 31, 2024, we had 28 wholly owned gaming entertainment 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, 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.
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, 2025 $ 44.0 2026 44.0 2027 2,212.3 2028 — 2029 — Thereafter 900.0 Total outstanding principal of long-term debt $ 3,200.3 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.
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.
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, 2024, resulted in no goodwill impairment charges.
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.
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 $316.7 million and $304.3 million at December 31, 2024 and 2023, respectively.
We currently estimate that our annual cash capital requirements to perform ongoing refurbishment and maintenance at our properties to maintain our quality standards ranges from between $200 million and $250 million . In addition, we expect to spend an additional $100 million in 2024 for hotel room renovation projects at four of our gaming entertainment properties.
We currently estimate that our annual cash capital requirements to perform ongoing refurbishment and maintenance at our properties to maintain our quality standar ds ranges from between $200 million and $250 million. In addition, we expect to spend an additional $100 million in 2025 for hotel room renovation projects at three of our gaming entertainment properties.
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.
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 $3.6 billion at December 31, 2024 , or 56.3% of our consolidated total assets.
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.
The outstanding principal amounts under the Credit Facility are comprised of the following: December 31, December 31, (In millions) 2024 2023 Revolving Credit Facility $ 475.0 $ 180.0 Term A Loan 759.0 803.0 Swing Loan 66.3 63.3 Total outstanding principal amounts $ 1,300.3 $ 1,046.3 With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $475.0 million and $66.3 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.0 million allocated to support various letters of credit, there is a remaining contractual availability under the Credit Facility of $895.7 million as of December 31, 2024. 31 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.
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.
Should this provision prohibit the incurrence of additional debt, the Company may still borrow under its existing credit facility. At December 31, 2024, the available borrowing capacity under our Credit Facility was $895.7 million. 33 Table of Contents Covenant Compliance As of December 31, 2024, we were in compliance with the financial and other covenants of our debt instruments.
At any time prior to June 15, 2026, we may redeem the 4.750% Senior Notes due 2031, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, up to, but excluding, the applicable redemption date, plus a make whole premium.
At any time prior to June 15, 2026, we may redeem the 4.750% Senior Notes due 2031, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, up to, but excluding, the applicable redemption date, plus a make whole premium. 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").
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 assets and liabilities of the acquisition are included in our consolidated balance sheet as of December 31, 2024 and 2023, and the results of its operations and cash flows are reported in our consolidated statements of operations and cash flows, respectively, from the dates of acquisition through December 31, 2024.
Balance Sheet Strength We are committed to maintaining the strength of our balance sheet and finding opportunities to diversify and increase our cash flow. We intend to take a balanced approach to our cash flows, with a current emphasis on investing in our business and returning capital to shareholders.
Balance Sheet Strength We are committed to maintaining a strong balance sheet and finding opportunities to diversify and increase our cash flow. We are also committed to a balanced capital allocation approach with our cash flows, with a current emphasis on investing in our business and returning capital to shareholders.
While revenues grew by $183.1 million, $120.1 million of the revenue growth is due to reimbursements of gaming taxes and other expenses paid on behalf of our online partners that results in zero operating income as an equal amount of the reimbursement is also recorded as expense.
While online revenues grew $184.0 million, $122.5 million of the online revenue growth is due to reimbursements of gaming taxes and other expenses paid on behalf of our online partners that results in zero operating income as an equal amount is also recorded as an expense.
Master Lease Rent Expense Master lease rent expense represents rent expense incurred by four of our properties which are subject to two master lease agreements with a real estate investment trust. Master lease rent expense remained generally flat year over year at $108.4 million and $106.6 million during 2023 and 2022, respectively.
Master Lease Rent Expense Master lease rent expense represents rent expense incurred by four of our properties which are subject to two master lease agreements with a real estate investment trust. Master lease rent e xpense remained generally flat year over year at $111.4 millio n and $108.4 million during 2024 and 2023, respectively.
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.
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) 2024 2023 Selling, general and administrative $ 427.2 $ 389.9 Master lease rent expense 111.4 108.4 Maintenance and utilities 148.4 151.0 Depreciation and amortization 276.6 256.8 Corporate expense 113.9 116.0 Project development, preopening and writedowns 28.6 (8.9 ) Impairment of assets 10.5 107.8 Other operating items, net 5.4 (4.2 ) Selling, General and Administrative Selling, general and administrative expenses include marketing, technology, compliance and risk, surveillance and security.
In addition, we held restricted cash balances of $3.7 million and $11.6 million at December 31, 2023 and 2022, respectively.
In addition, we held restricted cash balances of $4.7 million and $3.7 million at December 31, 2024 and 2023, respectively.
The tax benefits recognized in the consolidated financial statements from such a position are measured as the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution.
The tax benefits recognized in the consolidated financial statements from such a position are measured as the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. We have established contingency reserves for material, known tax exposures.
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.
Net Income For the year ended December 31, 2024, net income was $578.0 million, compared with net income of $620.0 million for the prior year.
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.
Our effective tax rates for 2024 and 2023 were unfavorably impacted by certain nondeductible expenses, including nondeductible compensation and employee benefit expenses, which were partially offset by the inclusion of excess tax benefits related to equity compensation, as a component of the provision for income taxes.
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 .
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, 2024, resulted in no impairment charges.
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.
The blended interest rate for outstanding borrowings under the Credit Facility wa s 6.2% a nd 7.2% at December 31, 2024 and December 31, 2023, respectively.
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.
Summarized combined balance sheet information for the parent company and the Guarantors is as follows: December 31, (In millions) 2024 2023 Current assets $ 493.6 $ 496.0 Noncurrent assets 10,462.7 9,588.6 Current liabilities 543.6 550.6 Noncurrent liabilities 4,198.9 3,944.6 Summarized combined results of operations information for the parent company and the Guarantors is as follows: Year Ended (In millions) December 31, 2024 Revenues $ 3,937.1 Operating income 1,700.7 Income before income taxes 1,524.8 Net income 1,350.9 Dividends Dividends are declared at the discretion of our Board of Directors.
The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.
The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The IRS has selected our federal corporate income tax return for the tax year ended December 31, 2021, for examination.
We repurchased 6.5 million shares and 9.4 million shares during the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, we are authorized to repurchase up to an additional $326.3 million of our common stock under the Share Repurchase Program.
We repurchased 11.1 million shares and 6.5 million shares during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, we were authorized to repurchase up to an additional $640.5 million of our common stock under the Share Repurchase Program.
Depreciation and Amortization Depreciation and amortization expense remained generally consistent at $256.8 million and $258.2 million in 2023 and 2022, respectively. 29 Table of Contents Corporate Expense Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other administrative expenses that are not directly related to our casino, hotel and online operations, in addition to the corporate portion of share-based compensation expense.
Depreciation and Amortization Depreciation and amortization expense, as a percentage of revenues, remained generally consistent at 7.0% and 6.9% in 2024 and 2023, respectively. 28 Table of Contents Corporate Expense Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other administrative expenses that are not directly related to our casino, hotel and online operations, in addition to the corporate portion of share-based compensation expense.
Other 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.
Other significant financing activities during 2023 include $141.5 million in net payments on our Revolving Credit Facility (see " Indebtedness ") as we used cash flow from operations to paydown amounts borrowed in 2022 to fund the Boyd Interactive acquisition. 30 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) 2024 2023 (Decrease) Credit facility $ 1,300.3 $ 1,046.3 $ 254.0 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 (0.5 ) Total long-term debt 3,200.3 2,946.8 253.5 Less current maturities 44.0 44.3 (0.3 ) Long-term debt, net of current maturities $ 3,156.3 $ 2,902.5 $ 253.8 The amount of current maturities include certain non-extending balances scheduled to be repaid within the next twelve months under the Credit Facility.
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.
Other Expense (Income) Interest Expense, Net Year Ended December 31, (In millions) 2024 2023 Interest expense, net of capitalized interest and interest income $ 175.8 $ 147.4 Average long-term debt balance (1) 2,987.4 2,945.2 Weighted average interest rates 5.6 % 5.4 % Mix of Debt at Year End Fixed rate debt 59.4 % 64.5 % Variable rate debt 40.6 % 35.5 % (1) Average debt balance calculation does not include the related discounts or deferred finance charges.
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.
Other revenue s increased by $5.0 million, or 3.6%, during 2024 as compared to the prior year. 26 Table of Contents Revenues and Adjusted EBITDAR by Reportable Segment We determine profitability based on Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Rent ("Adjusted EBITDAR"), which represents earnings before interest expense, interest income, 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.
The $61.4 million, or 2.3%, d ecrease in g aming revenues during 2023 as compared to the prior year, was primarily due to declines in table game hold, table game drop and slot handle of 5.5%, 3.6% and 2.7%, respectively.
The $29.4 million, or 1.1%, decrease in g aming revenues during 2024 as compared to the prior year, was primarily due to declines in table game hold of 1.5%, table game drop of 1.3% and slot handle of 0.3%.
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.
The following table presents our total revenues and Adjusted EBITDAR by Reportable Segment and our Managed & Other category to reconcile to total revenue and total Adjusted EBITDAR: Year Ended December 31, (In millions) 2024 2023 Total revenues Las Vegas Locals $ 894.5 $ 928.1 Downtown Las Vegas 230.1 222.4 Midwest & South 2,063.4 2,042.0 Online 606.2 422.2 Managed & Other 136.0 123.8 Total revenues $ 3,930.2 $ 3,738.5 Adjusted EBITDAR (1) Las Vegas Locals $ 428.4 $ 471.0 Downtown Las Vegas 83.3 85.5 Midwest & South 765.7 781.7 Online 107.6 62.3 Managed & Other 96.2 84.5 Corporate expense (90.6 ) (90.2 ) Adjusted EBITDAR $ 1,390.6 $ 1,394.8 (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.
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.
Cash Flows Summary Year Ended December 31, (In millions) 2024 2023 Net cash provided by operating activities $ 957.1 $ 914.5 Cash flows from investing activities Capital expenditures (400.4 ) (374.0 ) Cash paid for acquisitions, net of cash received (30.3 ) — Payments received on note receivable 0.2 113.6 Other investing activities (3.4 ) (3.9 ) Net cash used in investing activities (433.9 ) (264.3 ) Cash flows from financing activities Net borrowings (payments) under credit facilities 254.0 (141.5 ) Shares repurchased and retired (685.9 ) (412.7 ) Dividends paid (62.7 ) (63.6 ) Share-based compensation activities, net (14.8 ) (19.3 ) Other financing activities (0.2 ) (0.1 ) Net cash used in financing activities (509.6 ) (637.2 ) Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash (0.2 ) (0.1 ) Increase in cash, cash equivalents and restricted cash $ 13.4 $ 12.9 Cash Flows from Operating Activities During 2024 and 2023, we generated net operating cash flow of $957.1 million and $914.5 million, respectively.
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 from our recent acquisition of Pala Interactive and Pala Canada (individually and collectively rebranded, "Boyd Interactive") on November 1, 2022, and such operating results were previously included with the Midwest & South segment.
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 from our acquisitions of Pala Interactive and Pala Canada on November 1, 2022 and Resorts Digital on September 1, 2024 (collectively, "Boyd Interactive").
Las Vegas Locals Total revenues de creased $2.6 million, or 0.3%, during 2023 as compared to the prior year, due primarily to a $15.6 million decline in gaming revenues.
Las Vegas Locals Total revenues decreased $33.6 million, or 3.6%, during 2024 as compared to the prior year, due primarily to a $36.9 million decline in gaming revenues.
Maintenance and Utilities Maintenance and utilities expenses, as a percentage of total revenues, remained consistent at 4.0% for both 2023 and 2022.
Maintenance and Utilities Maintenance and utilities expenses, as a percentage of revenues, remained generally consistent at 3.8% and 4.0% for 2024 and 2023, respectively.
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.
We completed the acquisition of Boyd Interactive in 2022 and Resorts Digital in 2024, as described in Note 2, Acquisitions , to our consolidated financial statements presented in Part II, Item 8, for an aggregate purchase price of approximately $175.2 million and $34.0 million, respectively.
Year Ended December 31, (In millions) 2023 2022 2021 REVENUES Gaming $ 2,613.3 $ 2,674.7 $ 2,705.5 Food & beverage 288.5 276.0 230.0 Room 199.1 189.1 154.2 Online 422.2 253.9 172.5 Management fee 76.9 26.9 — Other 138.5 134.8 107.6 Total revenues $ 3,738.5 $ 3,555.4 $ 3,369.8 DEPARTMENTAL OPERATING EXPENSES Gaming $ 1,000.2 $ 1,005.8 $ 999.5 Food & beverage 240.9 231.4 192.3 Room 73.5 68.4 57.6 Online 359.0 213.9 148.3 Other 46.3 45.6 34.7 Total departmental operating expenses $ 1,719.9 $ 1,565.1 $ 1,432.4 MARGINS Gaming 61.7 % 62.4 % 63.1 % Food & beverage 16.5 % 16.2 % 16.4 % Room 63.1 % 63.8 % 62.6 % Online 15.0 % 15.8 % 14.0 % Other 66.6 % 66.2 % 67.8 % Gaming Gaming revenues are comprised primarily of the net win from our slot machine operations and to a lesser extent from table games win.
Year Ended December 31, (In millions) 2024 2023 REVENUES Gaming $ 2,583.9 $ 2,613.3 Food & beverage 303.5 288.5 Room 204.6 199.1 Online 606.3 422.2 Management fee 88.4 76.9 Other 143.5 138.5 Total revenues $ 3,930.2 $ 3,738.5 DEPARTMENTAL OPERATING EXPENSES Gaming $ 999.8 $ 1,000.2 Food & beverage 253.9 240.9 Room 77.6 73.5 Online 497.8 359.0 Other 51.3 46.3 Total departmental operating expenses $ 1,880.4 $ 1,719.9 MARGINS Gaming 61.3 % 61.7 % Food & beverage 16.3 % 16.5 % Room 62.1 % 63.1 % Online 17.9 % 15.0 % Other 64.3 % 66.6 % Gaming Gaming revenues are comprised primarily of the net win from our slot machine operations and to a lesser extent from table games win.
Corporate expense was generally consistent and represented 3.1% and 3.3% of total revenues for 2023 and 2022, respectively.
Corporate expense wa s generally consistent and represented 2.9% and 3.1% of revenues for 2024 and 2023, respectively.
Other Operating Items, Net Other operating items, net, is generally comprised of miscellaneous non-recurring operating charges, including severance payments to separated employees, natural disasters and severe weather impacts, including hurricane and flood expenses, and subsequent recoveries of such costs, as applicable. The $4.2 million of other operating items, net in 2023, was primarily driven by a one-time settlement payment received.
Other Operating Items, Net Other operating items, net, is generally comprised of miscellaneous non-recurring operating charges, including severance payments to separated employees, certain non-recurring litigation charges, natural disasters and severe weather impact, including hurricane and flood expenses, and subsequent recoveries of such costs, as applicable.
As a result of our fourth quarter 2023 triggering event review, we recorded gaming license right impairment charges of $8.2 million.
As a result of our first quarter 2024 triggering event review, we recorded a gaming license right impairment charge of $10.5 million.
In addition, the determination of multiples, capitalization rates and the discount rates used in the impairment tests are highly judgmental and dependent in large part on expectations of future market conditions.
In particular, future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates. In addition, the determination of multiples, capitalization rates and the discount rates used in the impairment tests are highly judgmental and dependent in large part on expectations of future market conditions.
For the year ended December 31, 2023, the Company recorded $21.3 million of gaming license right impairments, as noted above, related to two gaming license rights in the Midwest & South segment that had estimated fair values that did not exceed their respective carrying values.
For the year ended December 31, 2024, the Company recorded a $10.5 million gaming license right impairment, as noted above, related to one gaming license right in the Midwest & South segment that had an estimated fair value that did not exceed its carrying value.
Although we satisfied the impairment analysis requirements for each reporting unit tested, changes to certain underlying assumptions and variables, many of which are derived from external factors, could greatly impact the results of future tests.
Based upon this quarterly evaluation, we concluded that there had not been a triggering event or change in circumstance that indicated an impairment condition existed. Although we satisfied the impairment analysis requirements for each reporting unit tested, changes to certain underlying assumptions and variables, many of which are derived from external factors, could greatly impact the results of future tests.
Slot win and table game hold , which mean the difference between customer wagers and customer winnings on slot machines and table games, respectively, represent the amount of wagers retained by us and recorded as gaming revenues.
Slot win and table game hold , which refers to the amount of money wagered on slot machines and table games, respectively, that is retained by us and recorded as gaming revenues. This figure represents the difference between total wagers made by customers and the winnings they receive on slot machines and table games.
These nonreportable operating segments were previously aggregated with our Midwest & South segment. 23 Table of Contents The table below lists the Reportable Segment classification of each of our gaming entertainment properties that were aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure.
The Managed & Other category includes management fees earned under our management contract with Wilton Rancheria for the management of Sky River Casino in northern California and the operating results of Lattner, our Illinois distributed gaming operator. 22 Table of Contents The table below lists the Reportable Segment classification of each of our gaming entertainment properties that were aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure.
Management’s Discussion and Analysis of Financial Condition and Results of Operations as included in our Annual Report on Form 10-K for the year ended December 31, 2022.
Management’s Discussion and Analysis of Financial Condition and Results of Operations as included in our Annual Report on Form 10-K for the year ended December 31, 2023. In addition to the historical information, certain statements in this discussion are forward-looking statements based on current expectations that involve risks and uncertainties.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe 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
Biggest changeThe estimated fair values of our Senior Notes are based on quoted market prices as of December 31, 2024. See also "Liquidity and Capital Resources" above. 41 Table of Contents
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.
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) 2025 2026 2027 2028 2029 Thereafter Total Fair Value Long-term debt (including current portion): Fixed-rate $ — $ — $ 1,000.0 $ — $ — $ 900.0 $ 1,900.0 $ 1,801.3 Average interest rate 4.8 % 4.8 % 4.8 % 4.8 % 4.8 % 4.8 % 4.8 % Variable-rate $ 44.0 $ 44.0 $ 1,212.3 $ — $ — $ — $ 1,300.3 $ 1,279.4 Average interest rate 6.2 % 6.2 % 6.2 % — % — % — % 6.2 % As of December 31, 2024, our long-term variable-rate borrowings represented approximately 40.6% of total long-term debt.
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.
While interest rate changes have slowed in 2024 and 2023, with interest rates declining in 2024 and the federal funds rate changing by 100-basis points or less, the 400-basis point federal funds rate increase in 2022 demonstrates significant changes can occur in a short period of time and interest rate change is a risk to us.
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.
Based on December 31, 2024 debt levels, a 100-basis-point change in the interest rate would cause our annual interest costs to change by approximat ely $13.0 million.
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.
The following table provides other information about our long-term debt: December 31, 2024 Outstanding Face Carrying Estimated (In millions) Amount Value Fair Value Credit Facility $ 1,300.3 $ 1,291.2 $ 1,279.4 4.750% senior notes due 2027 1,000.0 994.2 968.8 4.750% senior notes due 2031 900.0 891.2 832.5 Total long-term debt $ 3,200.3 $ 3,176.6 $ 3,080.7 The estimated fair value of our Credit Facility is based on a relative value analysis performed on or about December 31, 2024.

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