BOYD GAMING CORP
For the period ended Mar 31, 2025. Filed May 2, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 2, 2025
BYD$76.57-0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-10-31.
0001437749-24-032790
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-02.
0001437749-25-014323
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 162 previous paragraphs and 150 current paragraphs.
95 unchanged; 44 reworded; 11 added; 23 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 16 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Net income de creased $25.6 million for the three months ended March 31, 2025, compared to the prior year comparable period, primarily due to the$19.5 million decrease in operating income, as discussed above. In addition, interest expense unfavorably impacted net income and increased $6.1 million primarily due to an increase in the weighted average long-term debt balance of $498.1 million.
Current report
Food & beverage revenues increased$1.5 million, or 2.1%, during the three months ended March 31, 2025, compared to the prior year comparable period, with margins staying consistent at 14.7% for the three months ended March 31, 2025, as compared to 14.6% for the prior year comparable period.
Current report
Room revenues decreased$1.6 million, or 3.2%, during the three months ended March 31, 2025, compared to the prior year comparable period, primarily due to a decline of 3.1% in average daily rate.
Current report
Online revenues** **increased$23.4 million during the three months ended March 31, 2025, compared to the prior year comparable period, primarily driven by an increase of $13.6 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners and a $10.9 million increase in revenue from Boyd Interactive's operations, driven by the acquisition of Resorts Digital on September 1, 2024.
Current report
Total revenues decreased by$2.8 million, or 1.3%, during the three months ended March 31, 2025, as compared to the prior year comparable period, due primarily to a $2.6 million decline in room revenues. The decrease in room revenues was attributable to declines in average daily rate of 6.8% and hotel occupancy rate of 3.1% over the prior year comparable period. The reduction in average daily rate and hotel occupancy rate was driven primarily from the prior year benefiting from the Super Bowl held in Las Vegas during the first quarter of 2024.
Current report
Adjusted EBITDAR increased by$2.2 million, or 1.2%, during thethree months ended March 31, 2025, as compared to the corresponding prior year period, due primarily to the gaming revenues increase, as discussed above.
Current report
Online revenues increased$23.4 million during thethree months ended March 31, 2025, as compared to the prior year comparable period, primarily due to an increase of$13.6 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners and a $10.9 million increase in revenue from Boyd Interactive's operations, driven by the acquisition of Resorts Digital on September 1, 2024.
Current report
Depreciation and amortization expenses were $68.2 million and $62.9 million during the three months ended March 31, 2025 and 2024, respectively . The increase is primarily attributable to the new land-based casino at Treasure Chest, that opened in June 2024.
Current report
Interest expense, net of capitalized interest and interest income, for the three months ended March 31, 2025, increased$5.8 million, or 13.8%, from the prior year comparable period primarily due to an increase in the weighted average debt balance of $498.1 million offset by an approximate 20 basis point decrease in the weighted average interest rate.
Current report
During thethree months ended March 31, 2025 and 2024, we generated operating cash flows of$256.4 million and$250.7 million, respectively. Generally, operating cash flows increased during 2025 as compared to the prior year comparable period due to revenue increases, after excluding the $13.6 million increase from online revenue reimbursements of gaming taxes and other expenses as an equal amount was paid out as expenses.
Current report
Finally, we are expanding our portfolio with a $750 million resort development in Norfolk, Virginia. 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 expect to spend between $150 million and $200 million on this project in 2025.
Removed paragraphs (23)
Previous report
Total revenues for the nine months ended September 30, 2024 increased by $105.2 million, or 3.8%, compared to the prior year comparable period, primarily due to the following: (i) an increase in online revenue of $119.3 million, which was driven by an increase of $92.0 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the nine months ended September 30, 2024, as compared to the prior year comparable period, a $14.9 million increase in revenue under our market access agreements and a $12.4 million increase in revenue from Boyd Interactive's operations; (ii) an increase in food & beverage revenue of $9.4 million primarily due to an increase in average guest check of 6.4%; (iii) an increase of $9.9 million related to the Sky River Casino management fee; and (iv) offset by a decrease in gaming revenue of $40.7 million. The gaming revenue decline was primarily driven by the first quarter, which contributed to $30.2 million of the gaming revenue decline for the first nine months of the year. Further, more than half of the $40.7 million gaming revenue decline, or $23.0 million, was related to January as severe winter storms impacted the Midwest & South segment in January. In addition, gaming revenues were down from the prior year due to decreased visitation in the current year in our Las Vegas segments as the first quarter of 2023, and January in particular, was strengthened by increased visitation to Las Vegas. We also saw competitive pressures from a new competitor that opened in our Las Vegas Locals market contribute to the year over year gaming revenue declines. Year over year gaming revenue trends improved in the third quarter of 2024 as the increase in gaming revenue from our new land-based Treasure Chest casino that opened in June 2024 offset the competitive pressures in the Las Vegas Locals market.
Previous report
Operating income for thenine months ended September 30, 2024 decreased by$80.3 million, or 10.8%, compared to the prior year comparable period, primarily due to the $40.7 million gaming revenue decline, as discussed above. In addition, while online revenues grew $119.3 million, $92.0 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. Operating income was also unfavorably impacted by: (i) $10.1 million in project development and preopening costs, of which $4.9 million related to the opening of the Treasure Chest land-based casino; (ii) $3.0 million of demolition costs; (iii) $9.0 million in asset writedowns and (iv) a $6.0 million increase in impairment of assets over the prior year comparable period as the Company recorded an impairment charge of $10.5 million during thenine months ended September 30, 2024 related to a gaming license right in the Midwest & South segment, compared to a $4.5 million impairment charge related to goodwill in the Managed & Other category during the nine months ended September 30, 2023. Finally, in the prior year, operating income was favorably impacted by a $20.1 million reduction of the allowance on a note receivable with Wilton Rancheria ("Wilton Note") for development advances over the 10 years prior to the Sky River Casino opening as we evaluated the current expected credit losses after an amendment to Wilton Rancheria’s third-party construction loan in March 2023 that allowed for payments to us to begin in March 2023.
Previous report
Net income de creased $4.1 million for the three months ended September 30, 2024, compared to the prior year comparable period, primarily due to the following: (i) $3.9 million increase in interest expense from the prior year comparable period due to an increase in the weighted average long-term debt balance of $120.6 million; (ii) $1.2 million interest income decline due to a reduction in interest earned on the Wilton Note during the three months ended September 30, 2024, as the principal outstanding under the Wilton Note was fully repaid in the first quarter of 2024; (iii) $1.0 million increase in the income tax provision; offset by (iv) an increase in operating income of $2.1 million, as discussed above.
Previous report
Net income de creased$120.0 million for the nine months ended September 30, 2024 , compared to the prior year comparable period, primarily due to the $80.3 million decrease in operating income, as discussed above. In addition, interest income decreased $21.2 million during the nine months ended September 30, 2024, due to an adjustment to the expected loss for interest on the Wilton Note that impacted interest income favorably during the nine months ended September 30, 2023 and interest earned on the Wilton Note during the nine months ended September 30, 2023. Finally, net income decreased due to a $16.2 million increase in the income tax provision as the nine months ended September 30, 2023 benefited from the release of state tax valuation allowances of $35.9 million in the prior year and was offset by the operational performance decline and lower resulting taxes during the nine months ended September 30, 2024.
Previous report
The decrease in gaming revenues of$40.7 million, or 2.1%, during thenine months ended September 30, 2024, compared to the prior year comparable period, was primarily due to declines in slot handle of 1.4%, slot win of 0.8% and table game hold of 2.2%. Gaming revenues were impacted by winter storms throughout the Midwest & South in January, market softness during the first quarter in our Las Vegas Locals segment, competitive pressures through all three quarters in the Las Vegas Locals segment after a new competitor entered the market in December 2023, and increased visitation in our Las Vegas segments in the prior year, particularly in the first quarter, all as discussed above.
Previous report
Food & beverage revenues increased$1.7 million, or 2.5%, and$9.4 million, or 4.4%, during the three andnine months ended September 30, 2024, respectively, compared to the prior year comparable periods, primarily due to an increase in average guest check of 7.0% and 6.4%, respectively, offset by a decline in food covers of 5.9% and 4.7%, respectively.
Previous report
Room revenues increased$1.5 million, or 3.1%, and$3.2 million, or 2.2%, during the three and nine months ended September 30, 2024, compared to the prior year comparable periods, primarily due to an increase in hotel occupancy rate of 1.7% and 1.0%, respectively.
Previous report
Online revenues****increased$51.0 million during the three months ended September 30, 2024, compared to the prior year comparable period, primarily driven by an increase of $31.8 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, a $13.2 million increase in revenue under our market access agreements and a $6.1 million increase in revenue from Boyd Interactive's operations, inclusive of Resorts Digital upon acquisition on September 1, 2024 ("Acquisition").
Previous report
Online revenues increased$119.3 million, during the nine months ended September 30, 2024, compared to the prior year comparable period, primarily driven by an increase of $92.0 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, a $14.9 million increase in revenue under our market access agreements and a $12.4 million increase in revenue from Boyd Interactive's operations, inclusive of Resorts Digital upon Acquisition.
Previous report
Total revenues decreased by$10.0 million, or 4.5%, during the three months ended September 30, 2024, as compared to the prior year comparable period, due primarily to a $9.5 million decline in gaming revenues. The decrease in gaming revenues was attributable to declines in table game hold of 3.1%, table game drop of 6.0%, slot handle of 6.4% and slot win of 5.0% from the prior year comparable period. As discussed earlier, the Las Vegas Locals segment was impacted by competitive pressures with a new competitor entering the market in December 2023. Absent these competitive pressures that have impacted two of our properties, the rest of the Las Vegas Locals segment performed in-line with the overall same-store market.
Previous report
Total revenues decreased by $30.5 million, or 4.4%, during the nine months ended September 30, 2024, compared to the prior year comparable period, due primarily to a $33.4 million decline in gaming revenues. The decrease in gaming revenues was attributable to declines in table game hold of 8.9%, table game drop of 2.3%, slot handle of 5.1% and slot win of 4.3% from the prior year comparable period. As discussed earlier, the Las Vegas Locals segment was impacted by competitive pressures with a new competitor entering the market in December 2023 and overall market softness in the first quarter. Offsetting the decline in gaming revenues, was an increase in room revenue of $2.2 million, which was driven by an increase in hotel occupancy rate of 1.7%.
Previous report
Total revenues increased by $5.4 million, or 3.4%, during the nine months ended September 30, 2024, compared to the prior year comparable period, reflecting revenue increases in all departmental categories. Room revenues increased $2.0 million as the hotel occupancy rate increased 8.3% and food & beverage revenues increased $1.6 million as average guest check increased 4.1%. In addition, gaming revenues increased $1.3 million primarily due to increases in table game drop of 12.3%, slot win of 4.5% and slot handle of 3.2%. These increases were primarily attributable to our recently completed renovation and expansion at the Fremont Hotel & Casino and the hotel remodel at Main Street Station Hotel and Casino.
Previous report
Adjusted EBITDAR increased by $0.7 million, or 4.1%, during the three months ended September 30, 2024, as compared to the prior year comparable period, primarily due to the revenue increase discussed above as the segment benefited from our recent property investments and growth in Hawaiian visitation, both as discussed above.
Previous report
Adjusted EBITDAR decreased by $1.5 million, or 2.6%, during the nine months ended September 30, 2024, compared to the prior year comparable period, primarily due to wage increases as we completed our efforts in 2023 to increase the hourly minimum rate to $15 per hour for all non-tipped, non-represented positions and also property insurance cost increases.
Previous report
Total revenues increased by$0.9 million, or 0.1%, during thenine months ended September 30, 2024, compared to the prior year comparable period, primarily due to a $7.9 million increase in food & beverage revenues. The increase in food & beverage revenues was primarily attributable to a 7.4% increase in average guest check. Offsetting the food & beverage revenue increase, was a gaming revenue decrease of $7.8 million, which was primarily driven by the severe winter storms across the segment in the first quarter of 2024, specifically January.
Previous report
Adjusted EBITDAR decreased by$17.8 million, or 3.0%, during thenine months ended September 30, 2024, compared to the prior year comparable period, primarily due to gaming revenue declines, property insurance increases and wage increases as we increased the minimum wage in the prior year, all as discussed above.
Previous report
Online revenue increased** **$51.0 million during the three months ended September 30, 2024, compared to the prior year comparable period, primarily driven by an increase of $31.8 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, a $13.2 million increase in revenue under our market access agreements and a $6.1 million increase in revenue from Boyd Interactive's operations, inclusive of Resorts Digital upon Acquisition.
Previous report
Online revenues increased$119.3 million, during thenine months ended September 30, 2024, compared to the prior year comparable period, primarily driven by an increase of $92.0 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, a $14.9 million increase in revenue under our market access agreements and a $12.4 million increase in revenue from Boyd Interactive's operations, inclusive of Resorts Digital upon Acquisition.
Previous report
Maintenance and utilities expenses, as a percentage of revenues, were 4.2% and 4.6% during the three months ended September 30, 2024 and 2023, respectively, and 3.9% and 4.1% during thenine months ended September 30, 2024 and 2023, respectively. The decline in maintenance and utilities expenses, as a percentage of revenues, for both periods presented was primarily driven by an increase in revenues.
Previous report
Interest expense, net of capitalized interest and interest income, for the three months ended September 30, 2024, increased$5.0 million, or 12.4%, from the prior year comparable period primarily due to a $3.9 million increase in interest expense, which was attributable to an increase in the weighted average long-term debt balance of $120.6 million. In addition, interest income declined $1.2 million due to a reduction in interest earned on the Wilton Note during the three months ended September 30, 2024, as the principal outstanding under the Wilton Note was fully repaid in the first quarter of 2024.
Previous report
Interest expense, net of capitalized interest and interest income for thenine months ended September 30, 2024, increased$23.7 million, or 22.3%, from the prior year comparable period primarily due to a $21.2 million interest income decline driven by a reduction of the allowance for the expected loss for interest on the Wilton Note and interest earned on such note during thenine months ended September 30, 2023. With the full repayment of outstanding principal under the Wilton Note during the first quarter of 2024, interest earnings related to the Wilton Note were minimal in the current year.
Previous report
The Internal Revenue Service ("IRS") has 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 is early in the process. As of September 30, 2024, and for the three and nine months then ended, there were no changes to our unrecognized tax benefits to date.
Previous report
During thenine months ended September 30, 2024 and 2023, we generated consistent operating cash flows of$695.0 million and$697.3 million, respectively.
Reworded paragraphs (44)
Previous wording
We are a geographically diversified operator of 28 gaming entertainment properties. Headquartered in Las Vegas, Nevada, we have gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. In addition, we own and operate Boyd Interactive, a business-to-business ("B2B") and business-to-consumer ("B2C") online gaming business. We also manage the Sky River Casino located in California under a management agreement with Wilton Rancheria. 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 table below lists the Reportable Segment classification of each of our gaming entertainment properties, which are each also operating segments, that were aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure. The Online segment includes the operating results of Boyd Interactive, including the operating results of Resorts Digital Gaming, LLC ("Resorts Digital") upon acquisition on September 1, 2024, and our online gaming operations through collaborative arrangements with third parties throughout the United States, both of which are also operating segments. To reconcile Reportable Segments information to the condensed consolidated information, the Company has aggregated nonreportable operating segments into a Managed & Other category. The Managed & Other category includes management fees earned under our management contract with Wilton Rancheria for the management of Sky River Casino in northern California and the operating results of Lattner Entertainment Group Illinois, LLC, our Illinois distributed gaming operator ("Lattner").
Current wording
We are a geographically diversified operator of 28 gaming entertainment properties. Headquartered in Las Vegas, Nevada, we have gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. In addition, we own and operate Boyd Interactive, a business-to-business and business-to-consumer online casino gaming business. We also manage the Sky River Casino located in California under a management agreement with Wilton Rancheria. 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 table below lists the Reportable Segment classification of each of our gaming entertainment properties that were aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure. The 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 condensed consolidated information, the Company has aggregated nonreportable operating segments into a Managed & Other category. The Managed & Other category includes management fees earned under our management contract with Wilton Rancheria for the management of Sky River Casino in northern California and the operating results of Lattner Entertainment Group Illinois, LLC, our Illinois distributed gaming operator ("Lattner").
Previous wording
(1) Due to the current levels of demand in the market, Eastside Cannery has remained closed since March 18, 2020, when it closed in compliance with orders issued by state officials as precautionary measures intended to slow the spread of the COVID-19 virus.
Current wording
(1) Due to the current levels of demand in the market, Eastside Cannery remains closed since it was closed on March 18, 2020, in compliance with orders issued by state officials as precautionary measures intended to slow the spread of the COVID-19 virus.
Previous wording
We also own a travel agency and a captive insurance company, each located in Hawaii. As our Downtown Las Vegas properties focus their marketing efforts on gaming customers from Hawaii, financial results for these operations are included in our Downtown Las Vegas segment.
Current wording
We also own a travel agency located in Hawaii. As our Downtown Las Vegas properties focus their marketing efforts on gaming customers from Hawaii, financial results for our travel agency are included in our Downtown Las Vegas segment.
Previous wording
Most of our gaming entertainment properties also include hotel, restaurants, bars, sportsbook, retail and other amenities. Our main business emphasis is on slot revenues, which highly depends on the number of visits and spending levels of customers at our properties.
Current wording
Most of our gaming entertainment properties also include a hotel, restaurants, bars, a sportsbook, retail and other amenities. Our main business emphasis is on slot revenues, which are highly dependent upon the number of visits and spending levels of customers at our properties.
Previous wording
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. Our players use their Boyd Rewards cards to earn and redeem points at all of our gaming entertainment properties and online casino gaming offerings. Boyd Rewards, among other benefits, rewards players for their loyalty by entitling them to qualify for promotions and monetary discounts, earn rewards toward gaming and nongaming activities and receive benefits such as vacations and luxury gifts.
Current wording
The ability of our Team Members to deliver great customer service helps distinguish our Company and our brand 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. Our players use their Boyd Rewards cards to earn and redeem points at all of our gaming entertainment properties and online casino gaming offerings. Boyd Rewards, among other benefits, rewards players for their loyalty by entitling them to qualify for promotions and monetary discounts, earn rewards toward gaming and nongaming activities and receive benefits such as vacations and luxury gifts.
Previous wording
Corporate Social Responsibility ("CSR")
Current wording
Commitment to Corporate Social Responsibility ("CSR")
Previous wording
We seek to fulfill our commitment to CSR initiatives through four core pillars: Environment, People, Communities and Corporate Governance. We invest in the well-being of our communities and future generations through economic contributions and endeavor to reduce our carbon footprint, strive to be an employer of choice where every Team Member is treated with dignity and respect, and promote a culture of conducting business with the highest level of integrity.
Current wording
We seek to fulfill our commitment to CSR through four core pillars: Environment, People, Communities and Corporate Governance. We invest in the well-being of our communities and future generations through economic contributions and endeavor to reduce our carbon footprint, strive to be an employer of choice where every Team Member is treated with dignity and respect, and promote a culture of conducting business with the highest level of integrity.
Previous wording
Total revenues for the three months ended September 30, 2024 increased by$58.1 million, or 6.4%, compared to the prior year comparable period, primarily due to an increase in online revenue of $51.0 million, which was driven by the following: (i) an increase of $31.8 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the three months ended September 30, 2024, as compared to the prior year comparable period; (ii) a $13.2 million increase in revenue under our market access agreements; and (iii) a $6.1 million increase in revenue from Boyd Interactive's operations.
Current wording
Total revenues for the three months ended March 31, 2025 increased by$31.0 million, or 3.2%, compared to the prior year comparable period, primarily dueto the following: (i) an increase in online revenue of $23.4 million, which was driven by an increase of $13.6 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the three months ended March 31, 2025, as compared to the prior year comparable period and a $10.9 million increase in revenue from Boyd Interactive's operations, which was driven primarily by the acquisition of Resorts Digital Gaming, LLC ("Resorts Digital") on September 1, 2024; (ii) an increase in gaming revenues of $4.6 million, or 0.7%, driven by an increase in slot handle of 1.5% and table game hold of 4.8%; and (iii) an increase of $2.9 million related to the Sky River Casino management fee.
Previous wording
Operating income increased by$2.1 million, or 1.0%, for the three months ended September 30, 2024, compared to the prior year comparable period. While online revenues grew $51.0 million, $31.8 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 recorded as an expense. Operating income was unfavorably impacted by an increase in depreciation expense of $5.6 million over the prior year comparable period which is primarily driven by the opening of the new land-based Treasure Chest casino in June 2024. Operating income was also unfavorably impacted by $11.3 million in project development, preopening and writedowns, primarily related to $8.1 million in asset writedowns and $3.2 million in project development and preopening costs.
Current wording
Operating income decreased by$19.5 million, or 8.9%, for the three months ended March 31, 2025, compared to the prior year comparable period. Operating income was unfavorably impacted by a $21.8 million increase in impairment of assets over the prior year comparable period as the Company recorded a long-lived asset impairment charge of $32.3 million during the three months ended March 31, 2025 related to property and equipment in the Las Vegas Locals segment, compared to a $10.5 million impairment charge during the three months ended March 31, 2024 related to a gaming license right in the Midwest & South segment. While online revenues grew $23.4 million, $13.6 million of the revenue growth is due toreimbursements 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.
Previous wording
We derive the majority of our revenues from our gaming operations, which produced approximately 67% of revenues for the three andnine months ended September 30, 2024 and 71% of revenues for the three and nine months ended September 30, 2023. Online revenues, including reimbursements received from our third-party operators for gaming taxes and other expenses we pay under collaborative arrangements, represent our next most significant revenue source, generating 15% and 10% of revenues for the three months ended September 30, 2024 and 2023, respectively, and 14% and 11% of revenues forthe nine months ended September 30, 2024 and 2023, respectively. Food & beverage revenues, room revenues, management fee revenues and other revenues separately contributed 8% or less of revenues during these periods.
Current wording
We derive the majority of our revenues from our gaming operations, which produced approximately 64% and 66% of revenues for the three months ended March 31, 2025 and 2024, respectively. Online revenues, including reimbursements received from our third-party operators for gaming taxes and other expenses we pay under collaborative arrangements, represent our next most significant revenue source, generating 17% and 15% of revenues for the three months ended March 31, 2025 and 2024, respectively . Food & beverage revenues, room revenues, management fee revenues and other revenues separately contributed 8% or less of revenues during these periods.
Previous wording
Gaming revenues are comprised primarily of the net win from our slot machine operations and to a lesser extent from table games win. Gaming revenues were essentially flat at $640.5 million and $641.2 million during the three months ended September 30, 2024 and 2023, respectively.
Current wording
Gaming revenues are comprised primarily of the net win from our slot machine operations and to a lesser extent from table games win. The increase in gaming revenues of$4.6 million, or 0.7%, during the three months ended March 31, 2025, compared to the prior year comparable period, was primarily due to increases in slot handle of 1.5% and table game hold of 4.8%.
Previous wording
Management fee revenues during the three months ended September 30, 2024 and 2023 of $21.0 million and $17.2 million, respectively, and during thenine months ended September 30, 2024 and 2023 of $64.5 million and $54.6 million, respectively, relateto our management agreement with Wilton Rancheria to manage the Sky River Casino in northern California.
Current wording
Management fee revenues during thethree months ended March 31, 2025 and 2024 of $25.1 million and $22.2 million, respectively, relateto our management agreement with Wilton Rancheria to manage the Sky River Casino in northern California.
Previous wording
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. Other revenues increased$0.6 million, or 1.6%, and $4.1 million, or 4.0%, during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods of the prior year.
Current wording
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. Other revenues increased$0.2 million, or 0.6%, as compared to the corresponding period of the prior year.
Previous wording
We determine each property's 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. Reportable Segment Adjusted EBITDAR is the aggregate sum of the Adjusted EBITDAR for each of the gaming entertainment properties comprising our Las Vegas Locals, Downtown Las Vegas and Midwest & South segments and our Online segment. Results for Downtown Las Vegas include the results of our travel agency and captive insurance company in Hawaii. Results for our nonreportable operating segments, including Lattner and our Sky River Casino management fees, are aggregated in the Managed & Other category. Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not directly related to our casino, hotel and online operations. Furthermore, for purposes of this presentation, corporate expense excludes its portion of share-based compensation expense.
Current wording
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. Reportable Segment Adjusted EBITDAR is the aggregate sum of the Adjusted EBITDAR for each of the gaming entertainment properties included in our Las Vegas Locals, Downtown Las Vegas and Midwest & South segments and our Online segment. Results for Downtown Las Vegas include the results of our travel agency located in Hawaii. Results for our nonreportable operating segments, including Lattner and our Sky River Casino management fees, are aggregated in the Managed & Other category. Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not directly related to our casino, hotel and online operations. Furthermore, for purposes of this presentation, corporate expense excludes its portion of share-based compensation expense.
Previous wording
EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), facilitates comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes. Management has historically adjusted EBITDAR when evaluating operating performance because we believe that the exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results.
Current wording
EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), facilitates comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes. Management has historically adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results.
Previous wording
The following table presents total revenues and Adjusted EBITDAR by our Reportable Segments and our Managed & Other category to reconcile to total revenues and total Adjusted EBITDAR:
Current wording
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:
Previous wording
(1) Refer to Note 10,Segment Information, in the notes to the condensed consolidated financial statements (unaudited) for a reconciliation of Adjusted EBITDAR to net income, as reported in accordance with GAAP in our accompanying condensed consolidated statements of operations.
Current wording
(1) Refer to Note 9,Segment Information, in the notes to the condensed consolidated financial statements (unaudited) for a reconciliation of Adjusted EBITDAR to net income attributable to Boyd Gaming, as reported in accordance with GAAP in our accompanying condensed consolidated statements of operations.
Previous wording
Adjusted EBITDAR decreased by$9.6 million, or 9.0%, and $34.4 million, or 9.8%, during the three and nine months ended September 30, 2024, as compared to the prior year comparable period, due primarily to the gaming revenues decline discussed above.
Current wording
Adjusted EBITDAR decreased by $3.9 million, or 3.5%, during the three months ended March 31, 2025, as compared to the prior year comparable period, due primarily to the room revenues decline discussed above.
Previous wording
Total revenues increased by $3.8 million, or 7.6%, during the three months ended September 30, 2024, as compared to the prior year comparable period, reflecting revenue increases in all departmental categories. Gaming revenues increased $1.7 million primarily due to increases in table game hold of 2.2%, table game drop of 14.1%, slot win of 8.3% and slot handle of 8.2%. Food & beverage revenue increased $0.7 million as average guest check increased 4.0%. In addition, room revenue increased $1.0 million, which was driven by an 11.5% increase in rooms occupied by the Hawaiian customer. We continue to tailor our marketing programs in the Downtown Las Vegas segment to focus on the Hawaiian market.
Current wording
Total revenues increased by $3.8 million, or 7.0%, during the three months ended March 31, 2025, as compared to the prior year comparable period, reflecting revenue increases in all departmental categories. Gaming revenue growth of $2.9 million drove the increase which was primarily attributable to increases in slot handle of 5.5% and slot win of 6.8% over the prior year comparable period. We continue to tailor our marketing programs in the Downtown Las Vegas segment to focus on the Hawaiian market. The Hawaiian market represented approximately 52% of our occupied rooms in this segment during both the three months ended March 31, 2025 and 2024. Occupied rooms by Hawaiian guests increased 7.8% from the prior year comparable period as airfare from Hawaii decreased from the prior year's elevated levels driven by the Super Bowl in Las Vegas.
Previous wording
Adjusted EBITDAR increased by$6.3 million, or 3.3%, during the three months ended September 30, 2024, as compared to the corresponding prior year period, primarily due to the gaming revenue increase discussed above.
Current wording
Adjusted EBITDAR increased by $3.1 million, or 17.4%, during the three months ended March 31, 2025, as compared to the prior year comparable period, primarily due to the gaming revenues increase discussed above.
Previous wording
Total revenues increased by$9.4 million, or 1.8%, during the three months ended September 30, 2024, as compared to the corresponding period of the prior year, reflecting revenue increases in all departmental categories. Gaming revenues increased $7.2 million primarily due to increases in table game hold of 9.5%. Food & beverage revenue increased $1.9 million, which was driven by a 9.7% increase in average guest check, offset by a 7.1% decrease in food covers. These increases were driven by a record third quarter performance at Treasure Chest, which opened its new land-based casino in June 2024.
Current wording
Total revenues increased by$3.8 million, or 0.8%, during the three months ended March 31, 2025, as compared to the corresponding period of the prior year, reflecting revenue increases in all departmental categories. Gaming revenues increased $1.9 million which was attributable to increases in table game hold of 6.3% and slot handle of 1.6% over the prior year comparable period. The increases were driven by Treasure Chest, which opened its new land-based casino in June 2024. Offsetting the strong performance at Treasure Chest, was an increase in weather-impacted days during the first quarter of 2025 of 28%, as compared to the prior year comparable period.
Previous wording
Adjusted EBITDAR increased$15.0 million and$18.5 million during thethree and nine months ended September 30, 2024, respectively, as compared to the corresponding periods of the prior year, due primarily to revenues under our market access agreements and continued growth from Boyd Interactive. We received non-recurring market access fees of $10.0 million during the third quarter of 2024 that contributed to the year over year Adjusted EBITDAR growth. 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.
Current wording
Adjusted EBITDAR increased $2.8 million during thethree months ended March 31, 2025, as compared to the corresponding period of the prior year. 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. As such, the Adjusted EBITDAR increase for the three months ended March 31, 2025, is driven by the revenue increase from Boyd Interactive's operations.
Previous wording
During the three and nine months ended September 30, 2024, total revenues increased by $3.9 million and $10.1 million, respectively, and Adjusted EBITDAR increased by $3.5 million and $10.4 million, respectively, as compared to the corresponding periods of the prior year, primarily due to a $3.9 million and $9.9 million increase in Sky River Casino management fees for the three and nine months ended September 30, 2024, respectively, compared to the prior year comparable periods.
Current wording
During the three months ended March 31, 2025, total revenues increased by $2.9 million and Adjusted EBITDAR increased by $2.5 million, as compared to the corresponding period of the prior year, primarily due to a $2.9 million increase in Sky River Casino management fees.
Previous wording
Selling, general and administrative expenses, as a percentage of revenues, were 10.7% and 11.1% during the three months ended September 30, 2024 and 2023, respectively, and 10.9% and 10.8% during thenine months ended September 30, 2024 and 2023, respectively. The decline in selling, general and administrative expenses, as a percentage of revenues, for the three months ended September 30, 2024, compared to the prior year comparable period is primarily driven by an increase in revenues as selling, general and administrative expenses remained relatively flat at $102.4 million and $99.9 million for the three months ended September 30, 2024 and 2023, respectively. While we continue to focus on our disciplined operating model and targeted marketing approach, and selling, general and administrative expenses as a percentage of revenues was consistent year over year, selling, general and administrative expenses were impacted by increased wages and property insurance costs during the nine months ended September 30, 2024.
Current wording
Selling, general and administrative expenses, as a percentage of revenues, were 10.9% and 11.3% during the three months ended March 31, 2025 and 2024, respectively, and essentially flat to prior year. While we continue to focus on our disciplined operating model and targeted marketing approach, selling, general and administrative expenses, as a percentage of revenues, were favorably impacted by the increase in revenues over the prior year comparable period.
Previous wording
Master lease rent expense represents rent expense incurred by four of our properties which are subject to two master lease agreements with a real estate investment trust. Master lease rent expense remained generally flat period over period at $28.2 million and $27.2 million during the three months ended September 30, 2024 and 2023, respectively, and $83.2 million and $81.2 million during thenine months ended September 30, 2024 and 2023, respectively.
Current wording
Master lease rent expense represents rent expense incurred by four of our properties which are subject to two master lease agreements with a real estate investment trust. Master lease rent expense remained generally flat period over period at $28.2 million and $27.2 million during the three months ended March 31, 2025 and 2024, respectively.
Previous wording
Depreciation and amortization expenses, as a percentage of revenues, remained generally consistent at 7.3% and 7.2% during the three months ended September 30, 2024 and 2023, respectively, and 6.9% and 6.8% during the nine months ended September 30, 2024 and 2023, respectively.
Current wording
Maintenance and utilities expenses, as a percentage of revenues, remained generally consistent at 3.7% and 3.6% during the three months ended March 31, 2025 and 2024, respectively.
Previous wording
Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not directly related to our casino, hotel and online operations, in addition to the corporate portion of share-based compensation expense. Corporate expense was generally consistent and represented 2.9% and 3.1% of revenues during the three months ended September 30, 2024 and 2023, respectively, and 3.1% and 3.2% of revenues during the nine months ended September 30, 2024 and 2023, respectively.
Current wording
Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not directly related to our casino, hotel and online operations, in addition to the corporate portion of share-based compensation expense. Corporate expense was generally consistent and represented 3.0% and 3.1% of revenues during the three months ended March 31, 2025 and 2024, respectively.
Previous wording
Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, stra tegic initiatives, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred in our ongoing efforts to develop gaming activities in new jurisdictions and expenses related to other new business development activities that do not qualify as capital costs; (iii) asset writedowns; and (iv) realized gains arising from asset dispositions. Such costs are generally nonrecurring in nature and vary from period to period as the volume of underlying activities fluctuates. During the three months ended September 30, 2024, the Company incurred $8.1 million in asset writedowns and $3.2 million in project development and preopening cost. During the three months ended September 30, 2023, the Company incurred $2.6 million related to preopening costs. During the nine months ended September 30, 2024, the Company incurred $10.1 million in project development and preopening costs, primarily related to the opening of the Treasure Chest land-based casino, $9.0 million in asset writedowns and $3.0 million in demolition costs. During the nine months ended September 30, 2023, the Company benefited from a $20.1 million reduction of the allowance on the Wilton Note for development advances over the 10 years prior to Sky River Casino opening offset by preopening costs of $7.6 million.
Current wording
Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, strategic initiatives, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred in our ongoing efforts to develop gaming activities in new jurisdictions and expenses related to other new business development activities that do not qualify as capital costs; (iii) asset writedowns; and (iv) realized gains arising from asset dispositions. Such costs are generally nonrecurring in nature and vary from period to period as the volume of underlying activities fluctuates. During the three months ended March 31, 2025, project development, preopening and writedowns were favorably impacted from $2.5 million in insurance proceeds related to an asset disposition and offset by $0.9 million related to preopening costs. During the three months ended March 31, 2024, the Company incurred $1.8 million in demolition costs and $0.9 million related to preopening costs.
Previous wording
During thenine months ended September 30, 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. During the nine months ended September 30, 2023, as a result of our first quarter impairment review, the Company recorded an impairment charge of $4.5 million for goodwill related to our Managed & Other category.
Current wording
During thethree months ended March 31, 2025, as a result of our first quarter impairment review, the Company recorded a long-lived asset impairment charge of $32.3 million for property and equipment related to our Las Vegas Locals segment. During the three months ended March 31, 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.
Previous wording
Other operating items, net, is generally comprised of miscellaneous non-recurring operating charges, including severance payments to separated employees, certain non-recurring litigation charges, natural disasters and severe weather impact, including hurricane and flood expenses, and subsequent recoveries of such costs, as applicable.
Current wording
Other operating items, net, is generally comprised of miscellaneous non-recurring operating charges, including severance payments to separated employees, natural disasters and severe weather impact, including hurricane and flood expenses, and subsequent recoveries of such costs, as applicable.
Previous wording
The effective tax rates during the nine months ended September 30, 2024 and 2023 were 24.0% and 17.6%, respectively. Our tax rate for thenine months ended September 30, 2024, was unfavorably impacted by state taxes, nondeductible expenses, including nondeductible compensation and employee benefit expenses, which were partially offset by excess tax benefits and tax credits. Our tax rate for thenine months ended September 30, 2023, was favorably impacted by a second quarter 2023 release of state valuation allowances and the inclusion of excess tax benefits which were partially offset by the unfavorable impact of state taxes and certain nondeductible expenses, as a component of the provision for income taxes.
Current wording
The effective tax rates during the three months ended March 31, 2025 and 2024 were 27.1% and 23.1%, respectively. Our tax rate for thethree months ended March 31, 2025, was unfavorably impacted by state taxes, nondeductible compensation, including a one-time discrete charge which was partially offset by excess tax benefits*** ***related to equity compensation and tax credits. Our tax rate for thethree months ended March 31, 2024, wasunfavorably impacted by state taxes, certain nondeductible expenses which were partially offset by the inclusion of excess tax benefits related to equity compensation and tax credits, as a component of the provision for income taxes.
Previous wording
We generally operate with minimal or negative levels of working capital in order to minimize borrowings and related interest costs. At September 30, 2024 and December 31, 2023, we had balances of cash and cash equivalents of $286.3 million and $304.3 million, respectively. In addition, we held restricted cash balances of $3.9 million and $3.7 million at September 30, 2024 and December 31, 2023, respectively. Our working capital deficitat September 30, 2024 and December 31, 2023, was$108.7 million and $67.0 million, respectively.
Current wording
We generally operate with minimal or negative levels of working capital in order to minimize borrowings and related interest costs. At March 31, 2025 and December 31, 2024, we had cash and cash equivalents of $311.5 million and $316.7 million, respectively. In addition, we held restricted cash balances of $5.3 million and $4.7 million at March 31, 2025 and December 31, 2024, respectively. Our working capital deficitat March 31, 2025 and December 31, 2024, was$127.9 million and $61.2 million, respectively.
Previous wording
The Company may also seek to secure additional working capital, repay respective current debt maturities, or fund respective maintenance capital or 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.
Current wording
The 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.
Previous wording
During thenine months ended September 30, 2024, we incurred net cash outflows for investing activities of$320.5 million comprised of capital expenditures of $289.2 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. Investing cash outflow was also impacted by net cash paid of $28.8 million related to the acquisition of Resorts Digital. During thenine months ended September 30, 2023, we incurred net cash outflows for investing activities of$199.6 million comprised of capital expenditures of $279.0 million, primarily related to our Treasure Chest land-based casino project, Fremont food hall and slot floor expansion and renovation, various guest room remodels, IT equipment and building projects at various properties, offset by $82.4 million in payments received related to the outstanding principal on the Wilton Note.
Current wording
During thethree months ended March 31, 2025, we incurred net cash outflows for investing activities of$250.4 million comprised of the following: (i) capital expenditures of $169.9 million, primarily related to our various guest room remodels, meeting and convention space at Ameristar St. Charles, slot machines, land, IT equipment and building projects at various properties; (ii) cash paid for asset acquisitions of $41.4 million; and (iii) advances made under a note receivable of $31.8 million. During thethree months ended March 31, 2024, we incurred net cash outflows for investing activities of$90.3 million comprised of capital expenditures of $89.6 million, primarily related to our Treasure Chest land-based casino project, various guest room remodels, IT equipment and building projects at various properties.
Previous wording
The net cash outflows from financing activities during thenine months ended September 30, 2024 and 2023, primarily reflect share repurchases, net payments on the outstanding principal under our Credit Facility or incremental borrowings under our Credit Facility, share-based compensation and dividends paid. During the second and third quarters of 2024, we increased borrowings under the Credit Facility as we increased our share repurchase activity during the same periods, resulting in net borrowings under the Credit Facility for thenine months ended September 30, 2024.
Current wording
The net cash outflows from financing activities during thethree months ended March 31, 2025 is primarily driven by share repurchases and dividends paid, reflecting the priority of our capital return program and focus on returning capital to shareholders. During the first quarter of 2025, we increased borrowings under the Credit Facility as we increased our share repurchase activity, resulting in net borrowings under the Credit Facility in the first quarter of 2025 of $338.1 million driven by the $328.0 million in share repurchases for the quarter. The net cash outflows from financing activities during the three months ended March 31, 2024, primarily reflect share repurchases, payments on the outstanding principal under our Credit Facility, dividends paid and share-based compensation.
Previous wording
With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $380.0 million and $44.6 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.0 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $1,012.4 million as of September 30, 2024.
Current wording
With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $825.0 million and $65.4 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.0 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $546.6 million as of March 31, 2025.
Previous wording
The blended interest rate for outstanding borrowings under the Credit Facility was 6.7% and 7.2% at September 30, 2024 and December 31, 2023, respectively.
Current wording
The blended interest rate for outstanding borrowings under the Credit Facility was 6.2% at both March 31, 2025 and December 31, 2024.
Previous wording
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 and May 9, 2024. As of September 30, 2024, we were authorized to repurchase up to an additional $343.1 million in shares of our common stock under the Share Repurchase Program. We repurchased 3.5 million and 1.6 million shares during the three months ended September 30, 2024 and 2023, respectively, and 8.3 million and 4.8 million shares during the nine months ended September 30, 2024 and 2023, respectively.
Current wording
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. As of March 31, 2025, we were authorized to repurchase up to an additional $312.5 million in shares of our common stock under the Share Repurchase Program. We repurchased 4.5 million shares and 1.7 million shares during the three months ended March 31, 2025 and 2024, respectively.
Previous wording
We anticipate funding our capital requirements using cash on hand, cash being generated from our operations and availability under our Credit Facility, to the extent borrowing capacity exists after we meet our working capital needs for the next twelve months. Any additional financing that is needed may not be available to us or, if available, may not be on terms favorable to us. The outcome of the specific matters discussed herein, including our commitments and contingencies, may also affect our liquidity.
Current wording
We anticipate funding our capital requirements using cash on hand, cash being generated from our operations and availability under our Credit Facility, to the extent availability exists after we meet our working capital needs for the next twelve months. Any additional financing that is needed may not be available to us or, if available, may not be on terms favorable to us. The outcome of the specific matters discussed herein, including our commitments and contingencies, may also affect our liquidity.
Previous wording
We currently estimate that our annual cash capital requirements to perform ongoing refurbishment and maintenance at our properties is approximately $200 million to $250 million. In addition, we expect to spend an additional $75 million in 2024 for hotel renovation projects at six of our gaming entertainment properties. We intend to fund our capital expenditures through cash on hand, operating cash flows and availability under our Credit Facility.
Current wording
We currently estimate that our annual cash capital requirements to perform ongoing refurbishment and maintenance at our properties is approximately $250 million. In addition, we expect to spend an additional $100 million in 2025 for hotel renovation projects at three of our gaming entertainment properties. We intend to fund our capital expenditures through cash on hand, our Credit Facility and operating cash flows.
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