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What changed in BOYD GAMING CORP's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of BOYD GAMING CORP's 2024 and 2025 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 2025 report.

+312 added−284 removedSource: 10-K (2026-02-20) vs 10-K (2025-02-21)

Top changes in BOYD GAMING CORP's 2025 10-K

312 paragraphs added · 284 removed · 232 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

59 edited+13 added−12 removed68 unchanged
Biggest changeFood & 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.
Biggest changeFood & beverage revenues, room revenues, online revenues, management fee revenues and other revenues separately contributed 8% or less of revenues in each of 2025 and 2024 . 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, 2025: 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 1,424 43 705 54 % $ 61 The Orleans Hotel and Casino Las Vegas, NV 2004 135,460 1,840 51 1,885 62 % $ 66 Sam's Town Hotel and Gambling Hall Las Vegas, NV 1979 120,681 1,399 12 645 46 % $ 72 Suncoast Hotel and Casino Las Vegas, NV 2004 95,898 958 20 427 68 % $ 93 Eastside Cannery Casino and Hotel (2) Las Vegas, NV 2016 N/A N/A N/A N/A N/A N/A Aliante Casino + Hotel + Spa North Las Vegas, NV 2016 125,000 1,373 25 202 88 % $ 102 Cannery Casino Hotel North Las Vegas, NV 2016 86,000 1,129 18 200 66 % $ 80 Jokers Wild Henderson, NV 1993 23,698 335 N/A N/A N/A N/A Downtown Las Vegas California Hotel and Casino Las Vegas, NV 1975 34,403 770 18 779 78 % $ 52 Fremont Hotel & Casino Las Vegas, NV 1985 43,414 778 21 447 75 % $ 55 Main Street Station Hotel and Casino Las Vegas, NV 1993 26,918 503 7 406 65 % $ 53 Midwest & South Par-A-Dice Casino (1) East Peoria, IL 1996 26,116 565 18 202 59 % $ 87 Belterra Casino Resort (1)(3) Florence, IN 2018 70,232 823 25 662 39 % $ 97 Blue Chip Casino Hotel Spa (1) Michigan City, IN 1999 65,000 1,307 22 486 51 % $ 95 Diamond Jo Casino (1) Dubuque, IA 2012 41,408 706 17 N/A N/A N/A Diamond Jo Worth (1) Northwood, IA 2012 38,630 799 19 102 55 % $ 112 Kansas Star Casino (1) Mulvane, KS 2012 70,010 1,246 42 N/A N/A N/A Amelia Belle Casino (1) Amelia, LA 2012 27,484 599 11 N/A N/A N/A Delta Downs Racetrack Hotel & Casino (1) Vinton, LA 2001 45,000 1,434 N/A 370 49 % $ 79 Evangeline Downs Racetrack & Casino (1) Opelousas, LA 2012 39,208 1,026 N/A N/A N/A N/A Sam's Town Shreveport (1) Shreveport, LA 2004 29,285 754 14 514 40 % $ 83 Treasure Chest Casino (1) Kenner, LA 1997 47,000 955 33 N/A N/A N/A IP Casino Resort Spa (1) Biloxi, MS 2011 85,340 1,171 43 1,088 67 % $ 81 Sam's Town Hotel and Gambling Hall Tunica (1)(4) Tunica, MS 1994 N/A N/A N/A N/A N/A N/A Ameristar Casino * Hotel Kansas City (3) Kansas City, MO 2018 140,000 1,597 45 184 72 % $ 93 Ameristar Casino * Resort * Spa St.
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.
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 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.
The 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.
The 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; • 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; • 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; • impacts caused by public health emergencies and man-made or natural disasters we may encounter; • our ability to incur additional indebtedness, our ability to refinance or pay amounts outstanding under our credit agreement and our unsecured notes when they become due, our compliance with related covenants, and our expectation that we will need to refinance all or a portion of our 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; and • the likelihood of interruptions to our rights in the land we lease under long-term leases for certain of our hotels and casinos.
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.
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 or existing competitors expand their operations.
We believe that increased legalized gaming in other states, particularly in areas close to our existing gaming properties, and the development or expansion of Native American gaming in or near the states in which we operate, could create additional competition for us and could adversely affect our operations or future development projects.
We believe that increased legalized gaming in other states, particularly in areas close to our existing gaming entertainment properties, and the development or expansion of Native American gaming in or near the states in which we operate, could create additional competition for us and could adversely affect our operations or future development projects.
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.
Gold Coast's amenities include 705 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.
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").
Properties We view each of our 27 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").
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.
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 2025. Additionally, our Company's CSR initiatives were recognized by Newsweek magazine, which named us one of "America's Most Responsible Companies" in 2025.
Available Information We file annual, quarterly, current and special reports, proxy statements and other information with the Securities and Exchange Commission (the "SEC"). In addition, the SEC maintains an Internet site, at http://www.sec.gov, containing reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
Available Information We file annual, quarterly, current and special reports, proxy statements and other information with the Securities and Exchange Commission (the "SEC"). In addition, the SEC maintains an Internet site, at https://www.sec.gov, containing reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
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 .
For financial information related to our segments as of and for the three years in the period ended December 31, 2025, see Note 14, Segment Information, to our consolidated financial statements presented in Part II, Item 8 .
The Cal and Main Street Station are connected by an indoor pedestrian bridge. Fremont Hotel & Casino Fremont is adjacent to the principal pedestrian thoroughfare in downtown Las Vegas, known as the Fremont Street Experience. The property's amenities include 447 hotel rooms, a FanDuel branded sportsbook, a contemporary new food hall and other dining options and meeting space.
The Cal and Main Street Station are connected by an indoor pedestrian bridge. Fremont Hotel & Casino Fremont is adjacent to the principal pedestrian thoroughfare in downtown Las Vegas, known as the Fremont Street Experience. The property's amenities include 447 hotel rooms, a contemporary new food hall and other dining options and meeting space.
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.
Cadence Crossing will feature a 10,000 square foot casino, 450 slots and several restaurants, and is expected to open in late March 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.
Benefits for certain tiers of our loyalty program include annual cruises, vacations, and gifts of luxury jewelry and electronics. Through the Boyd Rewards card, players may link their card to our digital cashless wallet "BoydPay", in jurisdictions with regulatory approval, providing players with a cashless gaming experience.
Benefits for certain tiers of our loyalty program include annual vacations and gifts of luxury jewelry, electronics and other items. Through the Boyd Rewards card, players may link their card to our digital cashless wallet "BoydPay", in jurisdictions with regulatory approval, providing players with a cashless gaming experience.
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.
Midwest & South Properties Our Midwest & South properties consist of six land-based casinos, five dockside riverboat casinos, three racinos and three barge-based casinos that operate in ten 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.
ITEM 1. Business Overview Boyd Gaming Corporation (the "Company," the "Registrant," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has been in operation since 1975. Headquartered in Las Vegas, we operate 28 wholly owned brick-and-mortar gaming entertainment properties ("gaming entertainment properties") in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania.
ITEM 1. Business Overview Boyd Gaming Corporation (the "Company," the "Registrant," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has been in operation since 1975. Headquartered in Las Vegas, we operate 27 brick-and-mortar gaming entertainment properties ("gaming entertainment properties") in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania and Virginia.
Evangeline Downs operates three Off Track Betting ("OTB") locations in Henderson, Eunice and St. Martinville, Louisiana. Each OTB offers simulcast pari-mutuel wagering and video poker.
Evangeline Downs operates two Off Track Betting ("OTB") locations in Henderson and St. Martinville, Louisiana. Each OTB offers simulcast pari-mutuel wagering and video poker.
The Online segment includes the operating results of our online gaming operations through collaborative arrangements with third parties throughout the United States and the operations of Boyd Interactive. To reconcile Reportable Segments information to the consolidated information, the Company has aggregated nonreportable operating segments into a Managed & Other category.
The Online segment includes the operating results of our online gaming operations through market access agreements with third parties throughout the United States and the operations of Boyd Interactive. To reconcile Reportable Segments information to the consolidated information, the Company has aggregated nonreportable operating segments into a Managed & Other category.
Las Vegas has historically been characterized by a vibrant economy and strong demographics that include a large population of retirees and other active gaming customers. In recent years, the Las Vegas economy has strengthened, as reflected in the positive trends in employment, construction activity and visitation.
Las Vegas has historically been characterized by a vibrant economy and strong demographics that include a large population of retirees and other active gaming customers. In recent years, the Las Vegas economy has strengthened, as reflected in the positive trends in employment, construction activity and average weekly wage growth.
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.
During the year ended December 31, 2025 , patrons from Hawaii comprised approximately 75% of the occupied room nights at the Cal, 37% 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.
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.
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 973 gaming units in 177 locations across the state of Illinois as of December 31, 2025.
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.
In our most recent survey, 78% of Team Members reported high levels of job satisfaction. 8 Table of Contents Corporate Social Responsibility ("CSR") We believe our Company's CSR initiatives are consistent with our values and an integral part of our success as a Company.
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.
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 seven operating casinos and one closed casino that primarily serve the resident population in the Las Vegas metropolitan area.
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.
We derive the majority of our revenues from gaming at our gaming entertainment properties and Lattner, which generated approximately 64% and 66% of our revenues in 2025 and 2024, respectively.
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.
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, including the rapidly growing adjacent community of Cadence. The Company is in the process of building a new casino on the current Jokers Wild site.
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.
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, 2025, we had 16,009 employees ("Team Members"), including 15,170 Team Members at our properties and 839 Team Members in our corporate function. We have collective bargaining agreements with six unions coverin g 989 employees.
Our commitment to Team Member engagement is evidenced by our average Team Member service tenure of 8.5 years.
Our commitment to Team Member engagement is evidenced by our average Team Member service tenure of 7.9 years.
In addition, we own and operate Boyd Interactive, a business-to-business (“B2B”) and business-to-consumer (“B2C”) online casino gaming business in the United States and Canada. Through a management agreement with Wilton Rancheria, we also manage the Sky River Casino, which is located in California.
In addition, we own and operate Boyd Interactive, a business-to-business (“B2B”) and business-to-consumer (“B2C”) online casino gaming business in the United States and Canada. Through a management agreement with Wilton Rancheria, we also manage the Sky River Casino, which is located in California. On November 7, 2025, the Company, as developer and manager, opened a transitional casino in Norfolk, Virginia.
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.
Online reimbursements revenues, which include reimbursements received from our third-party operators for gaming taxes and other expenses we pay u nder the market access agreements, represent our next most significant revenue source, generating 14% and 11% of our revenues in 2025 and 2024 , respectively.
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.
We look to invest in our communities, providing donations each year to non-profit organizations across the United States. When crises or natural disasters impact our communities, we have actively supported our neighbors and Team Members in need. We strive to be an employer of choice and create a welcoming workplace environment.
Par-A-Dice is strategically located near Interstate 74, a major east-west interstate highway, and it is the only casino gaming facility located within an approximately 90-mile radius of Peoria, Illinois.
Located adjacent to the Par-A-Dice riverboat is a land-based pavilion, which includes multiple restaurants and a gift shop. Par-A-Dice is strategically located near Interstate 74, a major east-west interstate highway, and it is the only casino gaming facility located within an approximately 90-mile radius of Peoria, Illinois.
The property includes 1,088 hotel rooms and suites, a FanDuel branded sportsbook, convention and meeting space, a spa and salon, an entertainment venue, and multiple restaurants and bars. 5 Table of Contents Sam's Town Hotel and Gambling Hall Tunica Sam's Town Hotel and Gambling Hall Tunica ("Sam's Town Tunica") is a barge-based casino located in Tunica County, Mississippi.
The property includes 1,088 hotel rooms and suites, a FanDuel branded sportsbook, convention and meeting space, a spa and salon, an entertainment venue, and multiple restaurants and bars. 5 Table of Contents Sam's Town Hotel and Gambling Hall Tunica Sam's Town Hotel and Gambling Hall Tunica ("Sam's Town Tunica") was permanently closed on November 9, 2025.
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.
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.
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 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.
Charles convention facility, is located along the western bank of the Missouri River. The property features a AAA Four Diamond full-service luxury suite hotel with 397 rooms, an indoor-outdoor pool, several dining venues and bars, an entertainment venue, a full-service luxury day spa, two TopGolf Swing Suites and a conference center. The real estate utilized by Ameristar St.
The property features a AAA Four Diamond full-service luxury suite hotel with 397 rooms, an indoor-outdoor pool, several dining venues and bars, an entertainment venue, a full-service luxury day spa, a TopGolf Swing Suite and a newly remodeled and expanded conference and meeting center. The real estate utilized by Ameristar St. Charles is subject to a Master Lease with GLPI.
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.
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, dining options and a banquet room.
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.
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, operating efficiently and delivering long-term value for our shareholders.
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.
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 believe our long-term success is intertwined with healthy and vibrant communities.
Blue Chip Casino Hotel Spa Blue Chip Casino Hotel Spa ("Blue Chip") is a dockside riverboat casino located in Michigan City, Indiana, which is 40 miles west of South Bend, Indiana and 60 miles east of Chicago, Illinois.
Ogle Haus Inn, a 54-room boutique hotel that we lease from GLPI, is operated by us and located near Belterra Resort. Blue Chip Casino Hotel Spa Blue Chip Casino Hotel Spa ("Blue Chip") is a dockside riverboat casino located in Michigan City, Indiana, which is 40 miles west of South Bend, Indiana and 60 miles east of Chicago, Illinois.
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.
The single-level facility features a 47,000-square-foot casino, several new restaurants and bars, nearly 7,300 square feet of convention and meeting space and a FanDuel branded sportsbook.
Delta Downs is approximately 25 miles closer to Houston than the next closest gaming properties. Located near Lake Charles, Louisiana, Delta Downs is conveniently near a route taken by customers traveling between Houston, Beaumont and other parts of southeastern Texas to Lake Charles, Louisiana.
Located near Lake Charles, Louisiana, Delta Downs is conveniently near a route taken by customers traveling between Houston, Beaumont and other parts of southeastern Texas to Lake Charles, Louisiana. Evangeline Downs Racetrack & Casino Evangeline Downs Racetrack & Casino ("Evangeline Downs") is a land-based racino located in Opelousas, Louisiana and approximately 20 miles north of Lafayette, Louisiana.
Charles ("Ameristar St. Charles") is a barge-based casino located in St. Charles along the Missouri River, strategically situated to attract guests from the St. Charles and the greater St. Louis areas, as well as tourists from outside the region. The property, which is in close proximity to the St.
Louis areas, as well as tourists from outside the region. The property, which is in close proximity to the St. Charles convention facility, is located along the western bank of the Missouri River.
Valley Forge Casino Resort Valley Forge Casino Resort ("Valley Forge") is a land-based casino hotel located in King of Prussia, Pennsylvania. The property features meeting, conference and banquet facilities and two hotel towers with 445 rooms total. The property also includes multiple dining options, a FanDuel branded sportsbook and an entertainment venue.
The real estate utilized by Belterra Park is subject to a Master Lease with GLPI. Valley Forge Casino Resort Valley Forge Casino Resort ("Valley Forge") is a land-based casino hotel located in King of Prussia, Pennsylvania. The property features meeting, conference and banquet facilities and two hotel towers with 445 rooms total.
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.
Under the Stardust brand, we offer B2C online casino gaming in New Jersey, Pennsylvania and the Canadian province of Ontario. Through Boyd Digital, we also offer online casino gaming under the Resorts Casino and Mohegan Sun brands. We also offer online social gaming via the Boyd Interactive platform in the United States and Ontario.
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.
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. 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.
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.
We provide support to problem gambling and responsible gaming organizations across the country, require all Team Members to participate in annual responsible gaming awareness training and post prominent signage throughout our properties providing problem gambling helpline information. We also ensure all advertising and marketing includes information on problem gambling and additional information is available to our customers at our properties.
The property competes primarily with five casinos in the Kansas City area and bordering eastern Kansas market. The property features 184 guest rooms, several restaurants and a concert venue. The real estate utilized by Ameristar Kansas City is subject to a Master Lease with GLPI. Ameristar Casino * Resort * Spa St. Charles Ameristar Casino * Resort * Spa St.
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 competes primarily with five casinos in the Kansas City area and bordering eastern Kansas market. The property features 184 guest rooms, several restaurants and a concert venue.
The property is a gaming and entertainment center offering live racing, pari-mutuel wagering, video lottery terminal gaming, a FanDuel branded sportsbook, several restaurants and the only grass horse racing track in Ohio. The real estate utilized by Belterra Park is subject to a Master Lease with GLPI.
Belterra Park Belterra Park is a land-based racino located in Cincinnati, Ohio, situated on approximately 160 acres of land, 40 of which are undeveloped. The property is a gaming and entertainment center offering live racing, pari-mutuel wagering, video lottery terminal gaming, a FanDuel branded sportsbook, several restaurants and the only grass horse racing track in Ohio.
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.
Our properties compete directly with other gaming properties in each state in which we operate, as well as in adjacent states. We also compete for customers with other casino operators in and around our markets, including Native American casinos and online gaming operators, and other forms of gaming, such as lotteries.
Evangeline Downs Racetrack & Casino Evangeline Downs Racetrack & Casino ("Evangeline Downs") is a land-based racino located in Opelousas, Louisiana and approximately 20 miles north of Lafayette, Louisiana. The racino currently includes a casino with a convention center, a FanDuel branded sportsbook and multiple food venues and bars.
The racino currently includes a casino with a convention center, a FanDuel branded sportsbook and multiple food venues and bars.
Diamond Jo Dubuque is a two-story property that includes several dining outlets and bars.
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.
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.
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. We are currently modernizing the public spaces at Suncoast with nearly half of the casino floor completed.
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.
Treasure Chest Casino Treasure Chest Casino ("Treasure Chest") is a land-based casino facility located near Lake Pontchartrain in the western suburbs of New Orleans, Louisiana. Located approximately five miles from the New Orleans International Airport, Treasure Chest primarily serves residents of suburban New Orleans.
Online sportsbooks are operated under the respective property gaming license of certain of our Midwest & South properties pursuant to collaborative arrangements with FanDuel or one of our other market access partners.
Online sportsbooks are operated under the respective property gaming license of certain of our Midwest & South properties pursuant to market access agreements with other online partners. Par-A-Dice Casino Par-A-Dice Casino ("Par-A-Dice") is a dockside riverboat casino located on the Illinois River in East Peoria, Illinois that features a FanDuel branded sportsbook and a 202 -room hotel.
Online Boyd Interactive On November 1, 2022, the Company completed the acquisition of Pala Interactive and Pala Canada (individually and collectively rebranded, "Boyd Interactive"). Boyd Interactive is an innovative online gaming technology company that provides proprietary solutions on both a B2B and B2C basis in regulated markets across the United States and Canada.
The permanent casino resort, featuring a 65,000 square-foot casino, a 200-room hotel, multiple food and beverage outlets and other amenities is expected to open in late 2027. Online Boyd Interactive Boyd Interactive is an innovative online gaming technology company that provides proprietary solutions on both a B2B and B2C basis in regulated markets across the United States and Canada.
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.
As of December 31, 2025, we operated 27 gaming entertainment properties offering a total of 1,730,321 square feet of casino space, 27,267 slot machines, 600 table games and 10,146 hotel rooms.
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.
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. Sky River Casino has over 2,100 slot machines and over 80 table games with 18 food and beverage options and live entertainment.
The real estate utilized by Belterra Resort is subject to a Master Lease with Gaming and Leisure Properties, Inc. ("GLPI"). Ogle Haus Inn, a 54-room boutique hotel that we lease from GLPI, is operated by us and located near Belterra Resort.
Belterra Resort features 608 hotel rooms, a FanDuel branded sportsbook, a spa, a 1,600-seat showroom, banquet room and an 18-hole championship golf course. The real estate utilized by Belterra Resort is subject to a Master Lease with Gaming and Leisure Properties, Inc. ("GLPI").
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.
Charles, MO 2018 128,758 1,774 46 397 76 % $ 100 Belterra Park (1)(3) Cincinnati, OH 2018 56,863 1,020 N/A N/A N/A N/A Valley Forge Casino Resort (1) King of Prussia, PA 2018 36,000 850 50 445 29 % $ 109 The Interim Gaming Hall (5) Norfolk, VA 2025 3,600 132 N/A N/A N/A N/A Total 1,730,321 27,267 600 10,146 N/A = Not Applicable (1) These properties feature FanDuel-branded sportsbooks.
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.
The property was a barge-based casino located in Tunica County, Mississippi. At the time of closure, Sam's Town Tunica offered 39,740 square feet of casino space with 534 slots and seven table games, 335 hotel rooms, a FanDuel branded sportsbook, multiple dining venues, a recreational vehicle park, and entertainment venues.
Removed
We have a strategic partnership with and are a 5% equity owner of FanDuel Group, the nation’s leading sports-betting operator. Through our strategic partnership, we pursue sports-betting opportunities, both at our properties and online, across the country. We operate FanDuel-branded sportsbooks at 16 of our properties.
Added
The permanent casino resort is expected to open in late 2027. On November 9, 2025, the Company permanently closed the Sam's Town Tunica property. In 2018, we acquired a five percent ownership in FanDuel Group Parent, LLC ("FanDuel"), the nation’s leading sports-betting operator. On July 10, 2025 , Boyd Interactive Gaming Holdings, L.L.C.
Removed
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.
Added
("Boyd Interactive Holdings"), a wholly owned subsidiary of Boyd Gaming, entered into a definitive agreement ("Purchase Agreement") with TSE Holdings Ltd. ("Parent") and FanDuel, pursuant to which Parent agreed to purchase Boyd Interactive Holding's five percent equity interest (the "Equity Interest") in FanDuel, and Boyd Gaming and FanDuel, or their respective affiliated entities, agreed to enter into certain commercial arrangements.
Removed
Eastside Cannery is located directly south of Sam's Town Las Vegas at the intersection of Boulder Highway and Harmon Avenue in Las Vegas. Its location offers easy access for both the Las Vegas and Henderson valleys.
Added
On July 31, 2025 , pursuant to the Purchase Agreement, Boyd Interactive Holdings completed the sale of its Equity Interest to Parent for aggregate cash consideration of $1,758.0 million.
Removed
At the time of its closure in March 2020, Eastside Cannery offered 63,879 square feet of casino space with 881 slots and eight table games, 306 hotel rooms, a restaurant and bars, meeting and ballroom space, and an entertainment lounge.
Added
In connection with the sale of the Equity Interest, Boyd Gaming and FanDuel or their respective affiliated entities terminated certain of their existing agreements related to their strategic partnership and entered into certain new agreements (collectively, the "FanDuel Market Access Agreements").
Removed
Par-A-Dice Casino Par-A-Dice Casino ("Par-A-Dice") is a dockside riverboat casino located on the Illinois River in East Peoria, Illinois that features a FanDuel branded sportsbook and a 202 -room hotel. Located adjacent to the Par-A-Dice riverboat is a land-based pavilion, which includes multiple restaurants and a gift shop.
Added
Through the FanDuel Market Access Agreements and market access agreements with other online operators, and subject to state law and regulatory approvals, we offer online sports wagering in Illinois, Indiana, Iowa, Kansas, Louisiana, Missouri, Ohio (through June 30, 2025 ) and Pennsylvania as well as online casinos in Pennsylvania.
Removed
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.
Added
Through our Team Members' commitment to "Boyd Style" customer service, we believe our business is differentiated from our competitors and that we deliver a customer experience that fosters long-term loyalty.
Removed
Charles is subject to a Master Lease with GLPI. Belterra Park Belterra Park is a land-based racino located in Cincinnati, Ohio, situated on approximately 160 acres of land, 40 of which are undeveloped.
Added
(2) Company began demolition of the property during the fourth quarter of 2025. (3) Property is subject to a master lease agreement with a real estate investment trust. (4) Property permanently closed on November 9, 2025. (5) Property opened on November 7, 2025 and is a variable interest entity consolidated in our financial statements.
Removed
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.
Added
Eastside Cannery Casino and Hotel Eastside Cannery Casino and Hotel ("Eastside Cannery") has been closed to the public since March 18, 2020. During the fourth quarter of 2025, the Company began demolition of the proeprty.
Removed
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.
Added
The real estate utilized by Ameristar Kansas City is subject to a Master Lease with GLPI. Ameristar Casino * Resort * Spa St. Charles Ameristar Casino * Resort * Spa St. Charles ("Ameristar St. Charles") is a barge-based casino located in St. Charles along the Missouri River, strategically situated to attract guests from the St. Charles and the greater St.
Removed
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.
Added
The property also includes multiple dining options, a FanDuel branded sportsbook and an entertainment venue. The Interim Gaming Hall The Interim Gaming Hall is a variable interest entity consolidated in our financials and is a land-based casino located in Norfolk, Virginia. The transitional casino opened on November 7, 2025 with 132 slot machines.
Removed
Through these efforts, we endeavor to find ways to continue to reduce our carbon footprint, lower water stress on our communities and reduce the amount of waste sent to the landfills, helping ensure the health of our shared environment for future generations. We believe our long-term success is intertwined with healthy and vibrant communities.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeEach 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.
Biggest changeEach 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.
The collection and use of personal data are governed by privacy laws and regulations enacted by the various states, the federal government of the United States, and various foreign jurisdictions. Privacy laws and regulations continue to evolve and on occasion may be inconsistent between jurisdictions.
The collection and use of personal data are governed by privacy laws and regulations enacted by the various states, the United States federal government, and various foreign jurisdictions. Privacy laws and regulations continue to evolve and on occasion may be inconsistent between jurisdictions.
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.
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, which could adversely affect our business.
These obligations, should the circumstances arise, could significantly impact free cash flow and could adversely impact our ability to invest in our operations or seek additional development or strategic opportunities.
These obligations, should the circumstances arise, could significantly impact free cash flow and adversely impact our ability to invest in our operations or seek additional development or strategic opportunities.
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 rely on proprietary and commercially available systems, software, tools and monitoring to provide security for processing, transmitting, and storing customer information, such as payment card, employee information and other confidential or proprietary information.
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.
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 granted or that existing ones will be renewed. Renewal is subject to, among other things, continued satisfaction of suitability requirements.
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.
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 a long-term lease. While such interruption is unlikely, such events are beyond our control.
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 also test our long-lived assets for impairment if a triggering event occurs. We perform our annual impairment testing for goodwill and indefinite-lived intangible assets as of October 1.
In 2008, we experienced a profound reduction in consumer demand as a result of the economic recession in the U.S. economy, and we are now experiencing the impacts of inflation, which are significantly impacting customer visitations and business revenue.
In 2008, we experienced a profound reduction in consumer demand as a result of the economic recession in the U.S. economy, and we are now experiencing the impacts of inflation and other economic factors, which are significantly impacting customer visitations and business revenue.
We also compete with other non-gaming resorts and vacation destinations and with various other casino and entertainment businesses, including online gaming websites, and could compete with any new forms of gaming that may be legalized in the future.
We also compete with other non-gaming resorts and vacation destinations and with various other casino and entertainment businesses, including online gaming websites and mobile applications, and could compete with any new forms of gaming that may be legalized in the future.
For example, our obligations under the Master Leases may: • limit our ability to prepay or repay our long-term debt and to obtain additional indebtedness; • limit our ability to fund working capital, capital expenditures and other general corporate purposes; and • limit our ability to respond to changes in our business and the industry in which we operate, including pursuing new markets and additional lines of business, development opportunities, acquisitions and other strategic investments that we would otherwise pursue.
For example, our obligations under the Master Leases may limit our ability to: • prepay or repay our long-term debt or to obtain additional indebtedness; • fund working capital, capital expenditures and other general corporate activities; and • respond to changes in our business and the industry in which we operate, including pursuing new markets and additional lines of business, development opportunities, acquisitions and other strategic investments that we might otherwise pursue.
The California, Fremont and Main Street Station draw a substantial portion of their customers from the Hawaiian market, with such customers historically comprising more than half of the room nights sold at each property.
The California, Fremont and Main Street Station draw a substantial portion of their customers from the Hawaiian market, with such customers historically comprising approximately half of the room nights sold at each property.
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.
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.
Current and future economic, capital and credit market conditions could adversely affect our ability to service our substantial indebtedness and significant financial commitments or make planned expenditures .
Current and future economic, capital and credit market conditions could adversely affect our ability to service our indebtedness and other financial commitments or make planned expenditures .
Our operations require that we collect and store customer data, including credit card numbers and other personal information, for various business purposes, including marketing and promotional purposes. We also collect and store personal information about our employees.
Our operations require that we collect and store customer and employee data, including credit card numbers and other personal information, for various business purposes, including marketing and promotional purposes.
Capital market volatility and prevailing high interest rates increases our cost of capital. Additionally, borrowings under certain of our facilities are at variable rates of interest and expose us to interest rate volatility. If interest rates increase, our debt service obligations on certain of our variable rate indebtedness will increase even though the amount borrowed remains the same.
Additionally, borrowings under certain of our facilities are at variable rates of interest and expose us to interest rate volatility. If interest rates increase, our debt service obligations on certain of our variable rate indebtedness will increase even though the amount borrowed remains the same.
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.
Impairment charges of $128.4 million, $10.5 million and $107.8 million were recorded as a result of our 2025, 2024 and 2023 impairment tests and triggering event reviews, respectively.
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
As such, the Boyd family could 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
It is unlikely that our business will generate sufficient cash flows from operations or that future borrowings will be available to us under the Credit Facility in amounts sufficient for us to retire our current indebtedness as such indebtedness matures, and to fund our other liquidity needs.
Our business may not generate sufficient cash flows from operations, and future borrowings may not be available to us under the Credit Facility in amounts sufficient for us to retire our current indebtedness as such indebtedness matures and to fund our other liquidity needs.
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.
Marianne Boyd Johnson, our Chairman, together with her immediate family, beneficially owned approximat ely 30% of the Company's outstanding shares of common stock as of December 31, 2025.
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.
We lease certain property on which our hotels and gaming facilities are located. 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 lease.
Our ability to make payments on our substantial indebtedness and other significant financial commitments, including the rent payments under our leases, and to fund planned or committed capital expenditures and other investments depends on our ability to generate cash flow, borrow under the Credit Facility or incur new indebtedness.
Our ability to make payments on our indebtedness and other financial commitments, including the rent payments under our leases, and to fund planned or committed capital expenditures and other investments depends on our ability to generate cash flow, borrow under the Credit Facility or incur new indebtedness. Capital market volatility and prevailing high interest rates increases our cost of capital.
Failure to comply with these covenants could result in an event of default, which, if not cured or waived, could have a significant adverse effect on our business, results of operations and financial condition.
Failure to comply with these covenants could result in an event of default, which, if not cured or waived, could result in the acceleration of our indebtedness and have a significant adverse effect on our business, results of operations and financial condition. 15 Table of Contents We require a significant amount of cash to service our debt.
In addition, worsening economic conditions could intensify the efforts of state and local governments to raise revenues through increases in gaming taxes, property taxes and/or by authorizing additional gaming properties each subject to payment of a new license fee.
In addition, worsening economic conditions could intensify the efforts of state and local governments to raise revenues through increases in gaming taxes, property taxes and/or by authorizing additional gaming properties each subject to payment of a new license fee. It is not possible to determine with certainty the likelihood of changes in the applicability or administration of such laws.
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.
We lease the real estate of Ameristar Kansas City, Ameristar St. 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 $113.8 million, with rental increases over time.
Our current debt instruments contain, and any future debt instruments likely will contain, a number of restrictive covenants that impose significant operating and financial restrictions on us, including restrictions on our ability to, among other things: incur additional debt, including providing guarantees or credit support; incur liens securing indebtedness or other obligations; make certain investments; dispose of assets; make certain acquisitions; pay dividends or make distributions and make other restricted payments; enter into sale and leaseback transactions; engage in any new businesses; and enter into transactions with our stockholders and our affiliates.
These covenants restrict our ability to, among other things: incur additional debt, including providing guarantees or credit support; incur liens securing indebtedness or other obligations; make certain investments; dispose of assets; make certain acquisitions; pay dividends or make distributions and make other restricted payments; enter into sale and leaseback transactions; engage in new businesses; and enter into transactions with our stockholders and our affiliates.
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.
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.
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.
For example, the California Consumer Privacy Act of 2018 (as amended by the California Privacy Rights Act of 2020, collectively, the "CCPA"), 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.
The Master Leases also include substantial additional obligations that may require future uses of free cash flow, including obligations to maintain and repair the properties, including minimum annual capital investment requirements, and provides that we have assumed the risk of loss with respect to any casualty or condemnation event, including the obligation to repair or rebuild the facility.
The Master Leases also include substantial additional obligations that may require future uses of free cash flow, including obligations to maintain and repair the properties and minimum annual capital investment requirements.
In addition, if some of our leased facilities should prove to be unprofitable, we could remain obligated for lease payments and other obligations under the leases even if we decided to withdraw from those locations. Risks Related to our Indebtedness We have a significant amount of indebtedness.
In addition, if some of our leased facilities are unprofitable, we could remain obligated for lease payments and other obligations under the leases even if we withdrew from those locations.
In addition, our Credit Facility contains certain financial covenants, including, without limitation, various covenants: (i) requiring the maintenance of a minimum consolidated interest coverage ratio on a quarterly basis of 2.50 to 1.00 , (ii) requiring the maintenance of a maximum Consolidated Total Net Leverage Ratio ("CTNL Ratio") on a quarterly basis, (iii) imposing limitations on the incurrence of indebtedness and liens, (iv) imposing limitations on transfers, sales and other dispositions and (v) imposing restrictions on investments, dividends and certain other payments.
In addition, our Credit Facility contains certain financial covenants, including, without limitation, covenants requiring us to maintain: (i) a minimum consolidated interest coverage ratio on a quarterly basis of 2.50 to 1.00 , and (ii) a maximum Consolidated Total Net Leverage Ratio ("CTNL Ratio") on a quarterly basis.
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.
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.
Our ability to make payments on and to refinance our indebtedness and to fund planned capital expenditures and expansion efforts depends on our ability to generate cash. This, to a certain extent, is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our control, including rising interest rates.
This, to a certain extent, is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our control, including interest rates.
The terms of our Credit Facility and the indentures governing our senior notes do not fully prohibit us or our subsidiaries from doing so. Borrowings under the Credit Facility are effectively senior to our senior notes and the guarantees of our subsidiary guarantors to the extent of the value of the collateral securing such borrowings.
The terms of our Credit Facility and other debt instruments do not fully prohibit us or our subsidiaries from incurring additional indebtedness, and borrowings under the Credit Facility could be effectively senior to other indebtedness to the extent of the value of the collateral securing such borrowings.
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.
The CTNL Ratio is calculated as Consolidated Net Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Credit Agreement and must be no higher than 4.50 to 1.00. Our Credit Facility also imposes limitations on the incurrence of indebtedness and liens, transfers, sales and other dispositions, and restrictions on investments, dividends and certain other payments.
We are required to pay a substantial amount of rent pursuant to our Master Lease agreements with GLPI, which impacts free cash flow and could limit our ability to invest in our operations or seek additional development or strategic opportunities. We lease the real estate of Ameristar Kansas City, Ameristar St.
There is no assurance that any of these alternatives would be available to us, if at all, on satisfactory terms. We are required to pay a substantial amount of rent pursuant to our Master Lease agreements with GLPI, which impacts free cash flow and could limit our ability to invest in our operations or seek additional development or strategic opportunities.
Consumer 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.
Consumer spending habits changed significantly due to the recession in 2008, and we expect that consumer behavior due to inflation and other economic factors may be similarly altered for an extended period of time.
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.
We and our subsidiaries had approximately $2.1 billion of long-term debt on a consolidated basis as of December 31, 2025, which approximately $0.2 billion was outstanding under the Credit Facility (as defined below in "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Indebtedness "), and excluded approximately $12.7 million in aggregate outstanding letters of credit.
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.
Such taxes and fees are subject to increase at any time and increases may be retroactive to prior years.
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.
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. 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.
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.
Loss of a vessel's Certificate of Inspection would preclude its use as a casino. 14 Table of Contents Some of our hotels and casinos are located on leased property. If we default on one or more leases, the applicable lessors could terminate the affected leases, and we could lose possession of the affected hotel and/or casino.
In addition, an aggregate amount of approximately $895.7 million was available for borrowing under the Revolving Credit Facility as of December 31, 2024.
In addition, an aggregate amount of approximately $1,276.6 million was available for borrowing under the Revolving Credit Facility (as defined below in "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Indebtedness ") as of December 31, 2025.
Note 7, Long-Term Debt, included in the notes to our audited consolidated financial statements presented in Part II, Item 8, contains further disclosure regarding our current outstanding debt. We require a significant amount of cash to service our debt. Our ability to generate cash depends on many factors beyond our control.
Note 7, Long-Term Debt , included in the notes to our audited consolidated financial statements presented in Part II, Item 8, contains further disclosure regarding our current outstanding debt. In addition, Note 16, Subsequent Events , includes further disclosure regarding our Amended and Restated Credit Agreement entered into on January 21, 2026 .
It is not possible to determine with certainty the likelihood of changes in such laws or in the administration of such laws. Such changes, if adopted, could have a material adverse effect on our financial condition, results of operations, and cash flows.
Such changes, if adopted, could have a material adverse effect on our financial condition, results of operations, and cash flows. 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.
Removed
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.
Added
We currently conduct our 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 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.
Added
Risks Related to our Indebtedness We have incurred a significant amount of indebtedness in the past and may incur significant indebtedness in the future, which could adversely affect our business and financial condition. In the past, we have incurred significant indebtedness to fund the growth and development of our business.
Removed
We believe that we will need to refinance all or a portion of our current indebtedness at or before maturity and cannot provide assurances that we will be able to refinance any of our current indebtedness, including amounts borrowed under the Credit Facility on commercially reasonable terms, or at all.
Added
We and our subsidiaries may incur substantial additional indebtedness in the future, including under our Credit Facility or in connection with expansion, development, investment or other strategic initiatives. Our future ability to satisfy any debt obligations is subject, to some extent, to financial, market, competitive, legislative, regulatory, and other factors that are beyond our control.
Removed
We may have to adopt one or more alternatives, such as reducing or delaying planned expenses and capital expenditures, selling assets, restructuring debt, or obtaining additional equity or debt financing or joint venture partners. These financing strategies may not be achieved on satisfactory terms, or at all.
Added
If new debt is added to our consolidated debt levels, the risks associated with our indebtedness could increase, and substantial debt obligations could have negative consequences to our business, including increasing our vulnerability to adverse economic or industry conditions and requiring us to dedicate a significant portion of our cash flows to debt service rather than to operating or growth initiatives.
Removed
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.
Added
The restrictive covenants in our Credit Facility and other debt instruments may limit our operational and financial flexibility, and failure to comply with these covenants could adversely impact our business. Our current debt instruments contain, and any future debt instruments are likely to contain, a number of restrictive covenants that impose significant operating and financial restrictions on us.
Removed
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.
Added
Our ability to generate cash depends on many factors beyond our control. Our ability to make payments, refinance, or otherwise service our indebtedness and to fund planned capital expenditures and expansion efforts depends on our ability to generate cash.
Removed
This indebtedness could have important consequences, including: difficulty in satisfying our obligations under our current indebtedness; increasing our vulnerability to adverse economic and industry conditions; requiring us to dedicate a substantial portion of our cash flows from operations to payments on our indebtedness, which would reduce the availability of our cash flows to fund working capital, capital expenditures, expansion efforts and other general corporate purposes; limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; placing us at a disadvantage compared to our competitors that have less debt; and limiting, along with the financial and other restrictive covenants in our indebtedness, among other things, our ability to borrow additional funds.
Added
If our cash flows from operations are insufficient, or if access to capital under our Credit Facility or other financing sources is limited, we may be required to refinance all or a portion of our indebtedness as it matures or seek alternative sources of liquidity.
Added
There can be no assurance that refinancing or other financing will be available on commercially reasonable terms, or at all. In such circumstances, we may be required to adjust our operating plans, including by reducing or delaying capital expenditures, disposing of assets, or pursuing alternative financing arrangements.
Added
The Master Leases also provide that we assume the risk of loss with respect to any casualty or condemnation event, and we may be required to repair or rebuild the facility in such event.

Item 2. Properties

Properties — owned and leased real estate

2 edited+0 added−0 removed2 unchanged
Biggest changeIn addition, all or a portion of the sites for the following properties are leased: • Suncoast, located on 49 acres of leased land. • Eastside Cannery, located on 30 acres of leased land. • California, located on 13.9 acres of owned land and 1.6 acres of leased land. • Fremont, located on 1.4 acres of owned land and 0.9 acres of leased land. • IP, located on 24 acres of owned land and 3.9 acres of leased land. • Treasure Chest, located on 13 acres of leased land. • Sam's Town Shreveport, located on 18 acres of leased land. • Diamond Jo Dubuque, located on 7 acres of owned land and approximately 2 acres of leased parking surfaces. • Evangeline Downs, which leases the facilities that comprise the Henderson, Eunice and St.
Biggest changeIn addition, all or a portion of the sites for the following properties are leased: • Suncoast, located on 49 acres of leased land. • California, located on 13.9 acres of owned land and 1.6 acres of leased land. • Fremont, located on 1.4 acres of owned land and 0.9 acres of leased land. • IP, located on 24 acres of owned land and 3.9 acres of leased land. • Treasure Chest, located on 13 acres of leased land. • Sam's Town Shreveport, located on 18 acres of leased land. • Diamond Jo Dubuque, located on 7 acres of owned land and approximately 2 acres of leased parking surfaces. • Evangeline Downs, which leases the facilities that comprise the Henderson and St.
ITEM 2. Properties Information relating to the location and general characteristics of our properties is provided in Part I, Item 1, Business - Properties , and is incorporated herein by reference. As of December 31, 2024, some of our properties utilized leased property in their operations.
ITEM 2. Properties Information relating to the location and general characteristics of our properties is provided in Part I, Item 1, Business - Properties , and is incorporated herein by reference. As of December 31, 2025, 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+0 added−0 removed5 unchanged
Biggest changePeriod Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of a Publicly Announced Plan Approximate Dollar Value That May Yet Be Purchased Under the Plan October 1, 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.
Biggest changePeriod Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of a Publicly Announced Plan Approximate Dollar Value That May Yet Be Purchased Under the Plan October 1, 2025 through October 31, 2025 821,270 $ 81.71 821,270 $ 480,343,128 November 1, 2025 through November 30, 2025 1,017,267 79.93 1,017,267 399,037,406 December 1, 2025 through December 31, 2025 444,172 83.09 444,172 362,129,334 Totals 2,282,709 $ 81.18 2,282,709 $ 362,129,334 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.
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.
Our Definitive Proxy Statement to be filed in connection with our 2026 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.
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.
Gambling Index ("Dow Jones US Gambling"). The performance graph assumes that $100 was invested on December 31, 2020 in each of the Company's common stock, the S&P MidCap 400 and Dow Jones US Gambling, and that all dividends were reinvested.
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").
On that date, we had 421 h olders of record of our common stock and our directors and executive officers owned approximately 31% 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").
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 repurchased 11.1 million shares during the year ended December 31, 2024.
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, December 5, 2024 and July 17, 2025. We repurchased 10.1 million shares during the year ended December 31, 2025.
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.
As of December 31, 2025, $362.1 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, 2025.
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.
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 16 , 2026 , the closing sales price of our common stock on the NYSE was $81.99 per share.
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.
S&P MidCap 400 Dow Jones US Gambling December 2021 152.77 124.76 87.18 December 2022 128.47 108.47 65.00 December 2023 148.99 126.29 84.71 December 2024 174.52 143.88 84.53 December 2025 206.98 154.68 81.82 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.

Item 6. [Reserved]

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

1 edited+1 added−2 removed0 unchanged
Biggest changeITEM 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 .
Biggest changeITEM 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 42 ITEM 8. Financial Statements and Supplementary Data 43 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92 ITEM 9A. Controls and Procedures 92 ITEM 9B .
Removed
Other 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.
Added
Other Information 94 ITEM 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 94 PART III
Removed
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

110 edited+56 added−30 removed120 unchanged
Biggest changeCash 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.
Biggest changeThe Company may also seek to secure additional working capital, repay respective current debt maturities, or fund respective development projects, in whole or in part, through incremental bank financing and additional debt or equity offerings, to the extent such offerings are allowed under our debt agreements. 30 Table of Contents Cash Flows Summary Year Ended December 31, (In millions) 2025 2024 Net cash provided by operating activities $ 976.7 $ 957.1 Cash flows from investing activities Capital expenditures (588.2 ) (400.4 ) Cash paid for acquisitions, net of cash received — (30.3 ) Cash paid for gaming license right intangible asset (85.0 ) — Payments received on note receivable — 0.2 Advances made under note receivable (31.8 ) — Proceeds from sale of investment 1,758.0 — Other investing activities (10.2 ) (3.4 ) Net cash provided by (used in) investing activities 1,042.8 (433.9 ) Cash flows from financing activities Net (payments) borrowings under credit facility (1,139.6 ) 254.0 Share-based compensation activities, net (6.2 ) (14.8 ) Shares repurchased and retired (778.3 ) (685.9 ) Dividends paid (58.2 ) (62.7 ) Other financing activities — (0.2 ) Net cash used in financing activities (1,982.3 ) (509.6 ) Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash 0.2 (0.2 ) Increase in cash, cash equivalents and restricted cash $ 37.4 $ 13.4 Cash Flows from Operating Activities During 2025 and 2024, we generated operating cash flow of $976.7 million and $957.1 million, respectively.
The net proceeds from the 4.750% Senior Notes due 2031 and cash on hand were used to finance the redemption of our outstanding $750.0 million aggregate principal amount of 6.375% Senior Notes due 2026 ("6.375% Senior Notes") and $700.0 million aggregate principal amount of 6.000% Senior Notes due 2026 ("6.000% Senior Notes").
The net proceeds from the 4.750% Senior Notes due 2031 and cash on hand were used to finance the redemption of our outstanding $750.0 million aggregate principal amount of 6.375% Senior Notes due 2026 and $700.0 million aggregate principal amount of 6.000% Senior Notes due 2026.
Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada Eastside Cannery Casino and Hotel (1) Las Vegas, Nevada Aliante Casino + Hotel + Spa North Las Vegas, Nevada Cannery Casino Hotel North Las Vegas, Nevada Jokers Wild Henderson, Nevada Downtown Las Vegas California Hotel and Casino Las Vegas, Nevada Fremont Hotel & Casino Las Vegas, Nevada Main Street Station Hotel and Casino Las Vegas, Nevada Midwest & South Par-A-Dice Casino East Peoria, Illinois Belterra Casino Resort (2) Florence, Indiana Blue Chip Casino Hotel Spa Michigan City, Indiana Diamond Jo Casino Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Kansas Star Casino Mulvane, Kansas Amelia Belle Casino Amelia, Louisiana Delta Downs Racetrack Hotel & Casino Vinton, Louisiana Evangeline Downs Racetrack & Casino Opelousas, Louisiana Sam's Town Shreveport Shreveport, Louisiana Treasure Chest Casino Kenner, Louisiana IP Casino Resort Spa Biloxi, Mississippi Sam's Town Hotel and Gambling Hall Tunica Tunica, Mississippi Ameristar Casino * Hotel Kansas City (2) Kansas City, Missouri Ameristar Casino * Resort * Spa St.
Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada Eastside Cannery Casino and Hotel (1) Las Vegas, Nevada Aliante Casino + Hotel + Spa North Las Vegas, Nevada Cannery Casino Hotel North Las Vegas, Nevada Jokers Wild Henderson, Nevada Downtown Las Vegas California Hotel and Casino Las Vegas, Nevada Fremont Hotel & Casino Las Vegas, Nevada Main Street Station Hotel and Casino Las Vegas, Nevada Midwest & South Par-A-Dice Casino East Peoria, Illinois Belterra Casino Resort (2) Florence, Indiana Blue Chip Casino Hotel Spa Michigan City, Indiana Diamond Jo Casino Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Kansas Star Casino Mulvane, Kansas Amelia Belle Casino Amelia, Louisiana Delta Downs Racetrack Hotel & Casino Vinton, Louisiana Evangeline Downs Racetrack & Casino Opelousas, Louisiana Sam's Town Shreveport Shreveport, Louisiana Treasure Chest Casino Kenner, Louisiana IP Casino Resort Spa Biloxi, Mississippi Sam's Town Hotel and Gambling Hall Tunica (3) Tunica, Mississippi Ameristar Casino * Hotel Kansas City (2) Kansas City, Missouri Ameristar Casino * Resort * Spa St.
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.
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 selected our federal corporate income tax return for the tax year ended December 31, 2021, for examination.
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.
Maintaining our Brand The ability of our Team Members to deliver great "Boyd Style" 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.
On an ongoing basis, management reviews and refines those estimates, the following of which could materially impact our consolidated financial statements: the recoverability of long-lived assets; valuation of indefinite-lived intangible assets; valuation of goodwill; accounting for leases; provisions for deferred tax assets, certain tax liabilities and uncertain tax positions; and application of acquisition method of accounting.
On an ongoing basis, management reviews and refines those estimates, the following of which could materially impact our consolidated financial statements: the recoverability of long-lived assets; valuation of indefinite-lived intangible assets; valuation of goodwill; accounting for leases; provisions for deferred tax assets, certain tax liabilities and uncertain tax positions and tax credits; and application of acquisition method of accounting.
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.
Estimated interest payments for variable-rate debt are based on rates at December 31, 2025. (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.
The Credit Agreement provides for (i) a $1,450.0 million senior secured revolving credit facility (the "Revolving Credit Facility") and (ii) an $ 880.0 million senior secured term A loan (the "Term A Loan," collectively with the Revolving Credit Facility, the "Credit Facility").
The Credit Agreement (i) provides for a $1,450.0 million senior secured revolving credit facility (the "Revolving Credit Facility") and (ii) provided for an $ 880.0 million senior secured term A loan (the "Term A Loan," collectively with the Revolving Credit Facility, the "Credit Facility").
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.
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 2025 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. 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.
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.
As discussed above in Capital Spending and Development , we expect to open a modest transitional facility in late 2025 and the resort in late 2027. Off Balance Sheet Arrangements Our off balance sheet arrangements consist of the following: Indemnification We have entered into certain agreements that contain indemnification provisions involving certain of our executive officers and directors.
As discussed above in Capital Spending and Development , we opened a modest transitional facility in November 2025 and expect to open the resort in late 2027. Off Balance Sheet Arrangements Our off balance sheet arrangements consist of the following: Indemnification We have entered into certain agreements that contain indemnification provisions involving certain of our executive officers and directors.
If certain future operating results do not meet current expectations it could cause carrying values of the intangibles to exceed their fair values in future periods, resulting in an impairment charge of trademarks and gaming license rights in an amount up to its book value of $1.3 billion.
If certain future operating results do not meet current expectations it could cause carrying values of the intangibles to exceed their fair values in future periods, resulting in an impairment charge of trademarks and gaming license rights in an amount up to its book value of $1.4 billion.
We are subject to certain limitations regarding the repurchase of common stock, such as restricted payment limitations related to our outstanding Senior Notes and our Credit Facility. Purchases under our share repurchase program can be discontinued at any time that we feel additional purchases are not warranted.
We are subject to certain limitations regarding the repurchase of common stock, such as restricted payment limitations related to our outstanding Senior Notes, our Credit Facility and New Credit Agreement. Purchases under our share repurchase program can be discontinued at any time that we feel additional purchases are not warranted.
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.
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 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.
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, 2025, resulted in no impairment charges.
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.
For the year ended December 31, 2023, and changes from the year ended December 31, 2023 to the year ended December 31, 2024, management’s discussion and analysis pertaining to our financial condition, changes in our financial condition, and the results of our operations have been omitted from this MD&A and may be found in Item 7.
The 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.
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, 2025, resulted in no goodwill impairment charges.
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
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
The Credit Agreement includes an accordion feature which permits the incurrence of one or more new tranches of revolving credit commitments or term loans and increases to the Revolving Credit Facility and Term A Loan in an aggregate amount up to the sum of (i) $1,000.0 million, (ii) the amount of certain voluntary prepayments of senior secured indebtedness of the Company, and (iii) the maximum amount of incremental commitments which, after giving effect thereto, would not cause the Consolidated First Lien Net Leverage Ratio (as defined in the Credit Agreement) to exceed 3.00 to 1.00 on a pro forma basis, in each case, subject to the satisfaction of certain conditions.
The Credit Agreement includes an accordion feature which permits the incurrence of one or more new tranches of revolving credit commitments in an aggregate amount up to the sum of (i) $1,000.0 million, (ii) the amount of certain voluntary prepayments of senior secured indebtedness of the Company, and (iii) the maximum amount of incremental commitments which, after giving effect thereto, would not cause the Consolidated First Lien Net Leverage Ratio (as defined in the Credit Agreement) to exceed 3.00 to 1.00 on a pro forma basis, in each case, subject to the satisfaction of certain conditions.
Other Items Affecting Liquidity We anticipate funding our capital requirements using cash on hand, cash generated from operations and availability under our Credit Facility, to the extent availability exists after we meet our working capital needs for the next twelve months.
Other Items Affecting Liquidity We anticipate funding our capital requirements using cash on hand, cash generated from operations and availability under our Credit Facility or New Credit Agreement, to the extent availability exists after we meet our working capital needs for the next twelve months.
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.
The dividends declared by the Board of Directors under this program are: Declaration date Record date Payment date Amount per share 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 May 8, 2025 June 16, 2025 July 15, 2025 0.18 August 12, 2025 September 15, 2025 October 15, 2025 0.18 December 4, 2025 December 15, 2025 January 15, 2026 0.18 February 19, 2026 March 16, 2026 April 15, 2026 0.20 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.
We are subject to certain limitations regarding payment of dividends, such as restricted payment limitations related to our outstanding Senior Notes and our Credit Facility.
We are subject to certain limitations regarding payment of dividends, such as restricted payment limitations related to our outstanding Senior Notes, our Credit Facility and our New Credit Agreement.
The net cash outflows o f $509.6 million for financing activities in 2024 is primarily driven by $685.9 million in share repurchases and $62.7 million in dividends paid, reflecting the priority of our capital return program and focus on returning capital to shareholders.
The net cash outflows of $509.6 million for financing activities in 2024 was primarily driven by $685.9 million in share repurchases and $62.7 million in dividends paid, reflecting the priority of our capital return program and focus on returning capital to shareholders.
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.
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 $958.0 million.
Additional projects may require us to make substantial investments or may cause us to incur substantial costs related to the investigation and pursuit of such opportunities, which investments and costs we may fund through cash flow from operations or availability under our Credit Facility.
Additional projects may require us to make substantial investments or may cause us to incur substantial costs related to the investigation and pursuit of such opportunities, which investments and costs we may fund through cash flows from operations or availability under our Credit Facility or New Credit Agreement.
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.
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 a Term B loan under our Prior Credit Facility.
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 intend to fund the repurchases under the stock repurchase program with existing cash resources, cash generated from operations and availability under our Credit Facility or New Credit Agreement. 35 Table of Contents On October 21, 2021, our Board of Directors authorized a share repurchase program of $300.0 million (the "Share Repurchase Program").
The 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.
The assets and liabilities of the acquisition are included in our consolidated balance sheet as of December 31, 2025 and 2024, and the results of its operations and cash flows are reported in our consolidated statements of operations and cash flows, respectively, from the date of acquisition through December 31, 2025.
During 2024, we incurred ne t cash outflows for investing activities of $433.9 million comprised of capital expenditures of $400.4 million, primarily related to our Treasure Chest land-based casino project, various guest room remodels, slot machines, IT equipment and building projects at various properties.
During 2024, we incurred net cas h outflows for investing activities of $433.9 million comprised of capital expenditures of $400.4 million, primarily related to our Treasure Chest land-based casino project, various guest room remodels, slot machines, IT equipment and building projects at various properties.
LIQUIDITY AND CAPITAL RESOURCES Financial Position We generally operate with minimal or negative levels of working capital in order to minimize borrowings and related interest costs. Our cash and cash equivalents balances were $316.7 million and $304.3 million at December 31, 2024 and 2023, 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 $353.4 million and $316.7 million at December 31, 2025 and 2024, respectively.
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.
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, 2025, we had outstanding letters of credit totaling $12.7 million.
Management Fee Management fee revenues of $88.4 million and $76.9 million in 2024 and 2023, respectively, relate to our management agreement with Wilton Rancheria to manage the Sky River Casino in northern Califo rnia. Other Other revenues relate to patronage visits at the other amenities at our properties, including entertainment and nightclub revenues, retail sales, theater tickets and other venues.
Management Fee Management fee revenues of $98.9 million and $88.4 million in 2025 and 2024, respectively, relate to our management agreement with Wilton Rancheria to manage the Sky River Casino in northern Califo rnia. 26 Table of Contents Other Other revenues relate to patronage visits at the other amenities at our properties, including entertainment and nightclub revenues, retail sales, theater tickets and other venues.
Proceeds from the Credit Agreement were used to refinance all outstanding obligations under the Prior Credit Facility, including a senior secured term loan A facility and senior secured term loan B facility (the "Prior Refinancing Term B Loan"), to fund transaction costs in connection with the Credit Agreement, and for general corporate purposes.
The Term A Loan was fully funded on the Closing Date and proceeds from the Credit Agreement were used to refinance all outstanding obligations under the Prior Credit Facility, including a senior secured term loan A facility and senior secured term loan B facility (the "Prior Refinancing Term B Loan"), to fund transaction costs in connection with the Credit Agreement, and for general corporate purposes.
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.
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, 2026 $ — 2027 1,160.7 2028 — 2029 — 2030 — Thereafter 900.0 Total outstanding principal of long-term debt $ 2,060.7 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 "Senior Notes Guarantors") provide guarantees of those indentures.
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.
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 $3.7 billion at December 31, 2025 , or 56.5% of our consolidated total assets.
The Revolving Credit Facility and the Term A Loan mature on the fifth anniversary of the Closing Date (or earlier upon the occurrence or non-occurrence of certain events). The Term A Loan was fully funded on the Closing Date.
The New Revolving Credit Facility and the New Term A Loan Facility mature on the fifth anniversary of the New Closing Date (or earlier upon the occurrence or non-occurrence of certain events).
For the year ended December 31, 2024, the Company recorded no goodwill impairment charges. However, a reporting unit in the Midwest & South segment had an estimated fair value that did not significantly exceed its carrying value. Management makes significant judgments and estimates as part of these analyses that are inherent in evaluating these reporting units for impairment.
For the year ended December 31, 2025, the Company recorded no goodwill impairment charges. However, reporting units in the Midwest & South segment had estimated fair values that did not significantly exceed their carrying value. Management makes significant judgments and estimates as part of these analyses that are inherent in evaluating these reporting units for impairment.
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.
Should this provision prohibit the incurrence of additional debt, the Company may still borrow under its existing credit facility. At December 31, 2025, the available borrowing capacity under our Credit Facility was $1,276.6 million. 34 Table of Contents Covenant Compliance As of December 31, 2025, we were in compliance with the financial and other covenants of our debt instruments.
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.
Other Expense (Income) Interest Expense, Net Year Ended December 31, (In millions) 2025 2024 Interest expense, net of capitalized interest and interest income $ 152.8 $ 175.8 Average long-term debt balance (1) 2,844.2 2,987.4 Weighted average interest rates 5.0 % 5.6 % Mix of Debt at Year End Fixed rate debt 92.2 % 59.4 % Variable rate debt 7.8 % 40.6 % (1) Average debt balance calculation does not include the related discounts or deferred finance charges.
The blended interest rate for outstanding borrowings under the Credit Facility wa s 6.2% a nd 7.2% at December 31, 2024 and December 31, 2023, respectively.
The blended interest rate for outstanding borrowings under the Credit Facility wa s 5.3% a nd 6.2% at December 31, 2025 and December 31, 2024, 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) 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.
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) 2025 2024 Selling, general and administrative $ 433.1 $ 427.2 Master lease rent expense 113.8 111.4 Maintenance and utilities 151.2 148.4 Depreciation and amortization 302.7 276.6 Corporate expense 121.9 113.9 Project development, preopening and writedowns 12.4 28.6 Impairment of assets 128.4 10.5 Other operating items, net 15.4 5.4 Selling, General and Administrative Selling, general and administrative expenses include marketing, technology, compliance and risk, surveillance and security.
Corporate expense wa s generally consistent and represented 2.9% and 3.1% of revenues for 2024 and 2023, respectively.
Corporate expense wa s generally consistent and represented 3.0% and 2.9% of revenues for 2025 and 2024, respectively.
Slot 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.
Slot 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) 2025 2024 Total revenues $ 4,092.0 $ 3,930.2 Operating income 748.4 927.8 Net income 1,838.9 578.0 Total Revenues Total revenues increased $161.8 million, or 4.1%, for 2025 as compared to 2024 due primarily to the following: (i) an increase in online reimbursements revenue of $125.7 million, which relates to reimbursements of gaming taxes and other expenses paid on behalf of our online partners; (ii) an increase in gaming revenues of $54.2 million, or 2.1%, driven by an increase in slot handle of 2.8% and slot win of 2.5%; and (iii) an increase in management fees of $10.5 million related to our management of Sky River Casino; offset by (iv) a decrease in online revenue of $23.6 million, which was driven by a $56.5 million decrease in revenue from market access agreements and offset by a $32.9 million increase in revenue from Boyd Interactive's operations, which was driven primarily by the acquisition of Boyd Digital on September 1, 2024.
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.
Food & beverage revenues, room revenues, online revenues, management fee revenues and other revenues separately contributed 8% or less of revenues in each of 2025 and 2024 .
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").
The maximum Consolidated Total Net Leverage Ratio must be no higher than 4.50 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").
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.
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; (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) investing in our existing operations to enhance our offerings and remain positioned for growth; and (vi) 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.
Managed & Other In 2024, total revenues increased by $12.1 million and Adjusted EBITDAR increased b y $11.7 million, as compared to 2023, primarily due to an $11.5 million increase in Sky River Casino management fees for 2024 compared to 2023.
Managed & Other In 2025, total revenues increased by $12.4 million and Adjusted EBITDAR increased b y $12.0 million, as compared to 2024, primarily due to a $10.5 million increase in Sky River Casino management fees for 2025 compared to 2024.
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.
Net Income For the year ended December 31, 2025, net income was $1,838.9 million, compared with net income of $578.0 million for the prior year.
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.
The following table presents total revenues and Adjusted EBITDAR by Reportable Segment and our Managed & Other category to reconcile to total revenues and total Adjusted EBITDAR: Year Ended December 31, (In millions) 2025 2024 Total revenues Las Vegas Locals $ 890.0 $ 894.5 Downtown Las Vegas 228.7 230.1 Midwest & South 2,116.6 2,063.4 Online 708.3 606.2 Managed & Other 148.4 136.0 Total revenues $ 4,092.0 $ 3,930.2 Adjusted EBITDAR (1) Las Vegas Locals $ 420.5 $ 428.4 Downtown Las Vegas 80.5 83.3 Midwest & South 777.7 765.7 Online 63.1 107.6 Managed & Other 108.1 96.2 Corporate expense (96.1 ) (90.6 ) Adjusted EBITDAR $ 1,353.8 $ 1,390.6 (1) Refer to Note 14, Segment Information , in the notes to the consolidated financial statements for a reconciliation of Adjusted EBITDAR to net income attributable to Boyd Gaming, as reported in accordance with GAAP in our accompanying consolidated statements of operations.
Credit Facility Credit Agreement On March 2, 2022 (the "Closing Date"), the Company entered into a credit agreement (the "Credit Agreement") among the Company, certain direct and indirect subsidiaries of the Company as guarantors (the "Guarantors"), Bank of America, N.A., as administrative agent, collateral agent and letter of credit issuer, Wells Fargo Bank, National Association, as swingline lender, and certain other financial institutions party thereto as lenders.
On January 21, 2026 (the “New Closing Date”), the Company entered into an Amended and Restated Credit Agreement (the “New Credit Agreement”) among the Company, certain direct and indirect subsidiaries of the Company as guarantors (the “New Guarantors”), Bank of America, N.A., as administrative agent, collateral agent and letter of credit issuer, Wells Fargo Bank, National Association, as swingline lender, and certain other financial institutions party thereto as lenders.
Food & beverage revenue increased $12.9 million, which was driven by a 7.2% increase in average guest check, offset by a 5.0% decrease in food covers. Gaming revenues increased $6.0 million primarily due to increases in table game hold of 1.4% and slot win of 1.0%.
Gaming revenues increased $47.4 million which was attributable to increases in table game hold of 4.1%, slot handle of 3.8% and slot win of 2.9% over the prior year. Food & beverage revenue increased $3.4 million, which was driven by a 7.5% increase in average guest check, offset by a 4.7% decrease in food covers.
The Company has determined that each of its properties is a reporting unit for goodwill impairment testing, since discrete financial information is available at the property level.
Valuation of Goodwill The authoritative guidance related to goodwill impairment requires goodwill to be tested for impairment at the reporting unit level at least annually. The Company has determined that each of its properties is a reporting unit for goodwill impairment testing, since discrete financial information is available at the property level.
Such costs are generally nonrecurring in nature and vary from period to period as the volume of underlying activities fluctuates. During 2024, the Company incurred $15.0 million in project development and preopening costs, primarily related to the opening of the Treasure Chest land-based casino and other development projects, $10.7 million in asset writedowns and $3.0 million in demolition costs.
During 2024, the Company incurred $15.0 million in project development and preopening costs, primarily related to the opening of the Treasure Chest land-based casino and other development projects, $10.7 million in asset writedowns and $3.0 million in demolition costs.
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.
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, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest and other items, net, as applicable.
As discussed earlier, there is an equal amount of expense recorded for the revenue recorded related to the reimbursement of gaming taxes and other expenses, thus resulting in no impact to Adjusted EBITDAR.
There was an equal amount of expense recorded for the revenue related to the reimbursement of gaming taxes and other expenses, and thus online reimbursements revenue growth resulted in no impact to Adjusted EBITDAR.
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.
Summarized combined balance sheet information for the parent company and the Senior Notes Guarantors is as follows: December 31, (In millions) 2025 2024 Current assets $ 487.8 $ 493.6 Noncurrent assets 12,868.1 10,462.7 Current liabilities 910.6 543.6 Noncurrent liabilities 2,994.9 4,198.9 Summarized combined results of operations information for the parent company and the Senior Notes Guarantors is as follows: Year Ended (In millions) December 31, 2025 Revenues $ 3,969.9 Operating income 1,317.3 Income before income taxes 2,924.9 Net income 2,470.6 Dividends Dividends are declared at the discretion of our Board of Directors.
Evaluating Acquisition and Growth Opportunities Our evaluations of potential investments and growth opportunities are strategic, deliberate, and disciplined. Our goal is to identify and pursue opportunities that grow our business, are available at the right price and deliver a solid return for shareholders.
Our goal is to identify and pursue opportunities that grow our business, are available at the right price and deliver a solid return for shareholders.
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.
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.
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.
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 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 $34.0 million.
We plan to open a modest transitional casino in late 2025 and the resort, featuring 1,500 slots, 50 table games, a 200-room hotel, eight food and beverage outlets and other amenities, in late 2027.
We opened a modest transitional casino in November 2025 and plan to open the resort, featuring a 65,000-square foot casino, a 200-room hotel, eight food and beverage outlets and other amenities, in late 2027.
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.
Our effective tax rate for 2024 was 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. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law.
To the extent such sources of funds are not sufficient, we may also seek to raise such additional funds through public or private equity, debt financings or from other sources. No assurance can be given that additional financing will be available or that, if available, such financing will be obtainable on terms favorable to us.
To the extent such sources of funds are not sufficient, we may also seek to raise such additional funds through public or private equity or debt financings or from other sources to the extent such financing is available.
Optional and Mandatory Prepayments Pursuant to the terms of the Credit Agreement (i) the loans under the Term A Loan will amortize in an annual amount equal to 5.00% of the original principal amount thereof, commencing June 30, 2022, payable on a quarterly basis, and (ii) the Company is required to use a portion of its annual excess cash flow to prepay loans outstanding under the Credit Agreement if the Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) exceeds certain thresholds set forth in the Credit Agreement.
Optional and Mandatory Prepayments Pursuant to the terms of the Credit Agreement, the Company is required to use a portion of its annual excess cash flow to prepay loans outstanding under the Credit Agreement if the Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) exceeds certain thresholds set forth in the Credit Agreement.
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.
Online reimbursements revenues, which include reimbursements received from our third-party operators for gaming taxes and other expenses we pay u nder the market access agreements, represent our next most significant revenue source, generating 14% and 11% of our revenues in 2025 and 2024 , respectively.
The IRS examination began in the second quarter of 2024 and is still ongoing. As of December 31, 2024, and for the year then ended, there were no changes to our unrecognized tax benefits to date.
The IRS examination began in the second quarter of 2024 and was closed in the second quarter of 2025 with no significant adjustments. As of December 31, 2025, there were no changes to our unrecognized tax benefits to date.
We intend to fund such capital expenditures through cash on hand, our Credit Facility and operating cash flows. In addition to the maintenance capital spending discussed above, we continue to pursue other potential development projects that may require us to invest significant amounts of capital.
In addition to the maintenance capital spending discussed above, we continue to pursue other potential development projects that may require us to invest significant amounts of capital.
These costs, as a percentage of revenues, were 10.9% and 10.4% for 2024 and 2023, respectively. While we continue to focus on our disciplined operating model and targeted marketing approach, selling, general and administrative expenses were impacted in 2024 by increased wages as a result of our minimum wage increase to $15 per hour and property insurance costs.
These costs, as a percentage of revenues, were 10.6% and 10.9% for 2025 and 2024, respectively. While we continue to focus on our disciplined operating model and targeted marketing approach, selling, general and administrative expenses were favorably impacted by the increase in online reimbursements revenues over the prior year.
At any time after December 1, 2022, we may redeem all or a portion of the 4.750% Senior Notes due 2027 at redemption prices (expressed as percentages of the principal amount) ranging from 102.375% to 100% in 2024 and thereafter, plus accrued and unpaid interest and Additional Interest.
We may redeem all or a portion of the 4.750% Senior Notes due 2027 at redemption prices equal to 100% of the principal amount, plus accrued and unpaid interest and Additional Interest.
The IRS examination began in the second quarter of 2024 and is still ongoing. As of December 31, 2024, and for the year then ended, there were no changes to our unrecognized tax benefits to date.
The IRS selected our federal corporate income tax return for the tax year ended December 31, 2021, for examination. The IRS examination began in the second quarter of 2024 and was closed in the second quarter of 2025 with no significant adjustments. As of December 31, 2025, there were no changes to our unrecognized tax benefits to date.
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.
Year Ended December 31, (In millions) 2025 2024 REVENUES Gaming $ 2,638.2 $ 2,583.9 Food & beverage 310.2 303.5 Room 191.3 204.6 Online 132.1 155.8 Online reimbursements 576.2 450.5 Management fee 98.9 88.4 Other 145.1 143.5 Total revenues $ 4,092.0 $ 3,930.2 DEPARTMENTAL OPERATING EXPENSES Gaming $ 1,026.6 $ 999.8 Food & beverage 265.6 253.9 Room 77.1 77.6 Online 68.2 47.3 Online reimbursements 576.2 450.5 Other 51.2 51.3 Total departmental operating expenses $ 2,064.9 $ 1,880.4 MARGINS Gaming 61.1 % 61.3 % Food & beverage 14.4 % 16.3 % Room 59.7 % 62.1 % Online 48.4 % 69.6 % Online reimbursements 0.0 % 0.0 % Other 64.7 % 64.3 % Gaming Gaming revenues are comprised primarily of the net win from our slot machine operations and to a lesser extent from table games win.
We expect to spend between $150 million and $200 million on this project in 2025. 35 Table of Contents CONTRACTUAL OBLIGATIONS The following summarizes our undiscounted contractual obligations as of December 31, 2024: Year Ending December 31, (In millions) Total 2025 2026 2027 2028 2029 Thereafter CONTRACTUAL OBLIGATIONS Long-Term Debt Credit Facility $ 1,300.3 $ 44.0 $ 44.0 $ 1,212.3 $ — $ — $ — 4.750% senior notes due 2027 1,000.0 — — 1,000.0 — — — 4.750% senior notes due 2031 900.0 — — — — — 900.0 Total long-term debt 3,200.3 44.0 44.0 2,212.3 — — 900.0 Interest on Fixed Rate Debt (1) 414.6 90.3 90.3 86.3 42.7 42.7 62.3 Interest on Variable Rate Debt (1) 166.9 78.5 75.8 12.6 — — — Operating Leases - Master Leases 140.8 112.6 28.2 — — — — Operating Leases - Other 382.2 24.2 22.0 20.4 18.9 17.0 279.7 Purchase Obligations (2) 151.3 63.7 23.9 17.6 6.3 5.8 34.0 TOTAL CONTRACTUAL OBLIGATIONS $ 4,456.1 $ 413.3 $ 284.2 $ 2,349.2 $ 67.9 $ 65.5 $ 1,276.0 (1) Estimated interest payments are based on principal amounts and scheduled maturities of debt outstanding at December 31, 2024.
We expect to spend approximately $250 million to $300 million on this project in 2026. 36 Table of Contents CONTRACTUAL OBLIGATIONS The following summarizes our undiscounted contractual obligations as of December 31, 2025: Year Ending December 31, (In millions) Total 2026 2027 2028 2029 2030 Thereafter CONTRACTUAL OBLIGATIONS Long-Term Debt Credit facility $ 160.7 $ — $ 160.7 $ — $ — $ — $ — 4.750% senior notes due 2027 1,000.0 — 1,000.0 — — — — 4.750% senior notes due 2031 900.0 — — — — — 900.0 Total long-term debt 2,060.7 — 1,160.7 — — — 900.0 Interest on Fixed Rate Debt (1) 324.3 90.3 86.3 42.7 42.7 42.7 19.6 Interest on Variable Rate Debt (1) 10.0 8.5 1.5 — — — — Operating Leases - Master Leases 537.1 102.3 102.3 102.3 102.3 102.3 25.6 Operating Leases - Other 316.0 23.5 21.9 20.3 15.5 15.4 219.4 Purchase Obligations (2) 149.5 44.5 36.1 17.4 15.1 5.8 30.6 TOTAL CONTRACTUAL OBLIGATIONS $ 3,397.6 $ 269.1 $ 1,408.8 $ 182.7 $ 175.6 $ 166.2 $ 1,195.2 (1) Estimated interest payments are based on principal amounts and scheduled maturities of debt outstanding at December 31, 2025.
We have the following four reportable segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest & South; and (iv) Online, (collectively "Reportable Segments"). The Las Vegas Locals, Downtown Las Vegas and Midwest & South segments include the operating results of our gaming entertainment properties.
The Las Vegas Locals, Downtown Las Vegas and Midwest & South segments include the operating results of our gaming entertainment properties.
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.
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, December 5, 2024 and July 17, 2025.
Cash Flows from Financing Activities We rely upon our financing cash flows to provide funding for investment opportunities, returning capital to shareholders, repayments of obligations and ongoing operations.
Investing cash outflows were also impacted by net cash paid of $30.3 million related to the acquisition of Boyd Digital. Cash Flows from Financing Activities We rely upon our financing cash flows to provide funding for investment opportunities, returning capital to shareholders, repayments of obligations and ongoing operations.
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").
The Online segment includes the operating results of our online gaming business, including the acquisition on September 1, 2024 of Boyd Digital (collectively, "Boyd Interactive"), and online market access fees from our agreements with third parties throughout the United States.
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.
Our review performed during the fourth quarter of 2025, resulted in an operating lease right-of-use asset impairment charge of $6.0 million. 40 Table of Contents Provisions for Deferred Tax Assets, Certain Tax Liabilities and Uncertain Tax Positions and Tax Credits 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.
Food & Beverage Food & beverage revenues increased $15.1 million, or 5.2% , during 2024 as compared to prior year, primarily due to an increase in average guest check of 6.1%. Room Room revenues increased $5.5 million, or 2.8% , in 2024 compared to 2023 due primarily to an increase in hotel occupancy rate of 1.5%.
Food & Beverage Food & beverage revenues increased $6.7 million, or 2.2% , during 2025 as compared to prior year, primarily due to an increase in average guest check of 7.0%, offset by a 2.8% decrease in food covers.
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.
In addition, the increase in online reimbursements revenue of $125.7 million, as discussed above, resulted in zero operating income as an equal amount representing the amount of gaming taxes and other expenses paid on behalf of our online partners is also recorded as expense.
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.
As of December 31, 2025, we were authorized to repurchase up to an additional $362.1 million of our common stock under the Share Repurchase Program.
Impairment of Assets Impairment of assets in 2024 includes non-cash impairment charges of $10.5 million for a gaming license right related to our Midwest & South segment primarily related to a decline in operational performance.
During 2024, as a result of our first quarter impairment review, the Company recorded an impairment charge of $10.5 million for a gaming license right related to our Midwest & South segment primarily related to a decline in operational performance.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

8 edited+1 added−1 removed2 unchanged
Biggest changeWe attempt to limit our exposure to interest rate risk by managing the mix of our long-term fixed-rate borrowings and short-term borrowings under our Credit Facility. We are also exposed to a lesser extent to foreign currency exchange risk for funds held in our Canadian operating and restricted cash accounts.
Biggest changeWe attempt to limit our exposure to interest rate risk by managing the mix of our long-term fixed-rate borrowings and short-term borrowings under our Credit Facility. We are also exposed to commodity prices and potential tariffs on goods purchased from outside the U.S.
Our primary exposure to market risk is interest rate risk, specifically long-term U.S. treasury rates and the applicable spreads in the high-yield investment market, short-term and long-term SOFR rates, and their potential impact on our long-term debt.
Our primary exposure to market risk is interest rate risk, specifically long-term United States ("U.S.") treasury rates and the applicable spreads in the high-yield investment market, short-term and long-term SOFR rates, and their potential impact on our long-term debt.
A weakening or strengthening of the United States dollar to the Canadian dollar by 2x the current conversion rate, would not cause the value of the funds held in Canadian operating and restricted cash accounts to change significantly. We do not currently utilize derivative financial instruments for trading or speculative purposes.
A weakening or strengthening of the U.S. dollar to the Canadian dollar by 2x the current conversion rate, would not cause the value of the funds held in Canadian operating and restricted cash accounts to change significantly. We do not currently utilize derivative financial instruments for trading or speculative purposes.
While there is risk of fluctuations in the foreign exchange rate between the Canadian dollar and United States dollar, our exposure is limited given the size of our Canadian operations and the minimal amount of cash held in Canadian bank accounts.
While there is risk of fluctuations in the foreign exchange rate between the Canadian dollar and U.S. dollar, our exposure is limited given the size of our Canadian operations and the minimal amount of cash held in Canadian bank accounts.
The 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 estimated fair values of our Senior Notes are based on quoted market prices as of December 31, 2025. See also "Liquidity and Capital Resources" above. 42 Table of Contents
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.
Based on December 31, 2025 debt levels, a 100-basis-point change in the interest rate would cause our annual interest costs to change by approximat ely $1.6 million.
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.
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) 2026 2027 2028 2029 2030 Thereafter Total Fair Value Long-term debt (including current portion): Fixed-rate $ — $ 1,000.0 $ — $ — $ — $ 900.0 $ 1,900.0 $ 1,873.8 Average interest rate 4.8 % 4.8 % 4.8 % 4.8 % 4.8 % 4.8 % 4.8 % Variable-rate $ — $ 160.7 $ — $ — $ — $ — $ 160.7 $ 160.7 Average interest rate 5.3 % 5.3 % — % — % — % — % 5.3 % As of December 31, 2025, our long-term variable-rate borrowings represented approximately 7.8% of total long-term debt.
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.
The following table provides other information about our long-term debt: December 31, 2025 Outstanding Face Carrying Estimated (In millions) Amount Value Fair Value Credit facility $ 160.7 $ 156.9 $ 160.7 4.750% senior notes due 2027 1,000.0 996.1 996.3 4.750% senior notes due 2031 900.0 892.6 877.5 Total long-term debt $ 2,060.7 $ 2,045.6 $ 2,034.5 The estimated fair value of our Credit Facility is based on a relative value analysis performed on or about December 31, 2025.
Removed
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.
Added
Our exposure is mitigated as a significant majority of our purchases, both operating and for our construction projects, are from U.S. based suppliers. Finally, we are also exposed to a lesser extent to foreign currency exchange risk for funds held in our Canadian operating and restricted cash accounts.

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