BOYD GAMING CORP

Previous 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.

Current wording

Total revenues for the three months ended June 30, 2025 increased by$66.5 million, or 6.9%, compared to the prior year comparable period, primarily due to the following: (i) an increase in online revenue of $43.1 million, which was driven by an increase of $30.4 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the three months ended June 30, 2025, as compared to the prior year comparable period and a $10.7 million increase in revenue from Boyd Interactive's operations, which was driven primarily by the acquisition of Resorts Digital Gaming, LLC ("Boyd Digital") on September 1, 2024; (ii) an increase in gaming revenues of $20.6 million, or 3.2%, driven by an increase in slot handle of 3.6%, slot win of 3.5% and table game hold of 7.1%; and (iii) an increase of $2.5 million related to the Sky River Casino management fee.

Previous 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.

Current wording

Operating income decreased by $4.2 million, or 0.9%, for the six months ended June 30, 2025, compared to the prior year comparable period. Operating income was favorably impacted by the $97.5 million revenue growth, as discussed above. While online revenues grew $66.5 million, $44.0 million of the revenue growth is due to reimbursements of gaming taxes and other expenses paid on behalf of our online partners that results in zero operating income as an equal amount is also recorded as an expense. Operating income was unfavorably impacted by a $9.6 million increase in depreciation driven by the new land-based casino at Treasure Chest, which opened in June 2024 and hotel room renovations at multiple properties. Operating income was also 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 six months ended June 30, 2025 related to property and equipment in the Las Vegas Locals segment, compared to a $10.5 million impairment charge during the six months ended June 30, 2024 related to a gaming license right in the Midwest & South segment.

Previous wording

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 wording

Net income increased $10.5 million for the three months ended June 30, 2025, compared to the prior year comparable period, primarily due to the $15.3 million increase in operating income, as discussed above. Net income was unfavorably impacted by an increase in interest expense of $7.6 million primarily due to an increase in the weighted average long-term debt balance of $638.8 million.

Previous 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.

Current wording

We derive the majority of our revenues from our gaming operations, which produced approximately 65% of revenues for the three and six months ended June 30, 2025, respectively, and 67% of revenues for the three and six months ended June 30, 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 13% of revenues for the three months ended June 30, 2025 and 2024, respectively, and 17% and 14% of revenues for the six months ended June 30, 2025 and 2024, respectively. Food & beverage revenues, room revenues, management fee revenues and other revenues each 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. 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%.

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$20.6 million, or 3.2%, during the three months ended June 30, 2025, compared to the prior year comparable period, was primarily due to increases in slot handle of 3.6%, slot win of 3.5% and table game hold of 7.1%.

Previous wording

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 wording

Room revenues decreased$1.1 million, or 2.2%, and$2.7 million, or 2.7% during thethree and six months ended June 30, 2025, respectively, compared to the prior year comparable periods, primarily due to a decline in average daily rate of 2.5% and 2.8%, respectively, over the prior year comparable periods.

Previous 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.

Current wording

Management fee revenues during the three months ended June 30, 2025 and 2024 of $23.8 million and $21.3 million, respectively, and during the six months ended June 30, 2025 and 2024 of$48.9 million and $43.5 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$0.2 million, or 0.6%, as compared to the corresponding period 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 0.5%, and $0.4 million, or 0.6%, during thethree and six months ended June 30, 2025, respectively, as compared to the corresponding periods of the prior year.

Previous wording

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 wording

Total revenues increased by$1.2 million, or 0.3%, during the six months ended June 30, 2025, as compared to the prior year comparable period. Gaming revenues increased $2.8 million primarily due to increases in slot win of 1.8% and slot handle of 1.3%. Food & beverage revenues increased $1.9 million which was attributable to a 3.2% increase in food covers and 5.3% increase in average guest check. Offsetting these revenue increases, was a $3.5 million decline in room revenues. The decrease in room revenues was attributable to declines in average daily rate of 6.2% and hotel occupancy rate of 1.6% 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.

Previous 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.

Current wording

Total revenues decreased by $2.4 million, or 4.2%, during the three months ended June 30, 2025, as compared to the prior year comparable period, driven by a decline in gaming revenues of $2.6 million due to decreases in slot win of 7.6% and slot handle of 6.4%. We continue to tailor our marketing programs in the Downtown Las Vegas segment to focus on the Hawaiian market. The Hawaiian market represented approximately 53% and 56% of our occupied rooms in this segment during the three months ended June 30, 2025 and 2024, respectively. The second quarter of 2024 benefited from increased visitation from our Hawaiian customers, as elevated airfare prices in the first quarter of 2024 due to the Super Bowl in Las Vegas reduced Hawaiian visitation in the first quarter of 2024.

Previous 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.

Current wording

Adjusted EBITDAR decreased by $2.6 million, or 11.9%, and increased by $0.5 million, or 1.2%, during the three and six months ended June 30, 2025, respectively, as compared to the prior year comparable periods, due primarily to the revenue changes for the respective time periods discussed above.

Previous 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.

Current wording

Total revenues increased by $22.1 million, or 2.2%, during thesix months ended June 30, 2025, as compared to the corresponding period of the prior year, reflecting revenue increases in all departmental categories. Gaming revenues increased $20.9 million which was attributable to increases in table game hold of 8.4%, slot handle of 3.4% and slot win of 2.5% over the prior year comparable period. The increases were driven by Treasure Chest, which opened its new land-based casino in June 2024.

Previous wording

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 wording

Adjusted EBITDAR increased by$5.9 million, or 3.0%, and $8.2 million, or 2.2%, during thethree and six months ended June 30, 2025, respectively, as compared to the corresponding prior year periods, due primarily to the gaming revenues increase, as discussed above.

Previous 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.

Current wording

Adjusted EBITDAR increased$5.2 million and $8.0 million during thethree and six months ended June 30, 2025, respectively, as compared to the corresponding periods 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 and six months ended June 30, 2025, is driven primarily by the revenue increase from Boyd Interactive's operations.

Previous 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.

Current wording

During the three and six months ended June 30, 2025, total revenues increased by $3.4 million and $6.3 million, respectively, and Adjusted EBITDAR increased by $2.8 million, and $5.4 million, respectively, as compared to the corresponding period of the prior year, primarily due to a $2.5 million and $5.4 million increase in Sky River Casino management fees for the three and six months ended June 30, 2025, respectively.

Previous 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.

Current wording

Selling, general and administrative expenses, as a percentage of revenues, were 10.6% and 10.9% during the three months ended June 30, 2025 and 2024, respectively, and 10.8% and 11.1% during the six months ended June 30, 2025 and 2024, respectively. 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 March 31, 2025 and 2024, 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 $28.4 million and $27.9 million during the three months ended June 30, 2025 and 2024, respectively, and $56.6 million and $55.1 million during the six months ended June 30, 2025 and 2024, respectively.

Previous 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.

Current wording

Maintenance and utilities expenses, as a percentage of revenues, remained generally consistent at 3.6% and 3.8% during the three months ended June 30, 2025 and 2024, respectively, and 3.7% for both the six months ended June 30, 2025 and 2024.

Previous wording

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 wording

Depreciation and amortization expenses were $70.0 million and $65.7 million during the three months ended June 30, 2025 and 2024, respectively, and $138.2 million and $128.6 million during the six months ended June 30, 2025 and 2024, respectively. The increase for both periods presented is primarily attributable to the new land-based casino at Treasure Chest, which opened in June 2024 and hotel room renovations at multiple properties.

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 3.0% and 3.1% of revenues during the three months ended March 31, 2025 and 2024, 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 3.4% and 3.2% of revenues during the three months ended June 30, 2025 and 2024, respectively, and 3.2% and 3.1% during the six months ended June 30, 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, 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.

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 June 30, 2025, project development, preopening and writedowns included $1.8 million in preopening costs. During the three months ended June 30, 2024, the Company incurred $5.9 million in project development and preopening cost, primarily related to the opening of the Treasure Chest land-based casino, and $1.1 million in demolition costs. During the six months ended June 30, 2025, project development, preopening and writedowns included $2.7 million of preopening expenses and $1.1 million of asset writedowns offset by $2.5 million in insurance proceeds related to an asset disposition. During the six months ended June 30, 2024, the Company incurred $6.9 million in project development and preopening costs, primarily related to the opening of the Treasure Chest land-based casino, and $3.0 million in demolition costs.

Previous 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.

Current wording

During thesix months ended June 30, 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 six months ended June 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.

Previous wording

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 wording

Interest expense, net of capital ized interest and interest income, for the three months ended June 30, 2025, increased$6.8 million, or 15.9%, from the prior year comparable period and is primarily driven by an increase in the weighted average debt balance of $638.8 million offset by an approximate 20 basis point decrease in the weighted average interest rate. Interest expense, net of capitalized interest and interest income, for thesix months ended June 30, 2025, increased $12.5 million, or 14.8%, from the prior year comparable period primarily due to an increase in the weighted average debt balance of $568.9 million offset by an approximate 20 basis point decrease in the weighted average interest rate.

Previous 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.

Current wording

The effective tax rates during the six months ended June 30, 2025 and 2024 were 24.3% and 23.7%, respectively. Our tax rate for thesix months ended June 30, 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 thesix months ended June 30, 2024, wasunfavorably impacted by state taxes, nondeductible expenses, including nondeductible compensation and employee benefit expenses, which were partially offset by 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 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.

Current wording

We generally operate with minimal or negative levels of working capital in order to minimize borrowings and related interest costs. At June 30, 2025 and December 31, 2024, we had cash and cash equivalents of $320.1 million and $316.7 million, respectively. In addition, we held restricted cash balances of $5.9 million and $4.7 million at June 30, 2025 and December 31, 2024, respectively. Our working capital deficitat June 30, 2025 and December 31, 2024, was$88.8 million and $61.2 million, respectively.

Previous wording

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. See "Indebtedness", below, for further detail regarding funds available through our Credit Facility.

Current wording

We believe that current cash balances together with the available borrowing capacity under our Revolving Credit Facility (as defined inIndebtedness 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. SeeIndebtedness below for further detail regarding funds available through our Credit Facility.

Previous 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.

Current wording

During thesix months ended June 30, 2025, we incurred net cash outflows for investing activities of$375.9 million comprised of the following: (i) capital expenditures of $294.3 million, primarily related to our various guest room remodels, meeting and convention space at Ameristar St. Charles, casino development in Norfolk, Virginia and new Cadence Crossing casino, slot machines, land, IT equipment and building projects at various properties; (ii) cash paid for asset acquisitions of $41.5 million; and (iii) advances made under a note receivable of $31.8 million. During thesix months ended June 30, 2024, we incurred net cash outflows for investing activities of$205.5 million comprised of capital expenditures of $204.0 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.

Previous 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.

Current wording

The net cash outflows from financing activities during thesix months ended June 30, 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 half of 2025, we increased borrowings under the Credit Facility as we increased our share repurchase activity, resulting in net borrowings under the Credit Facility during the six months ended June 30, 2025, of $387.8 million driven by the $433.0 million in share repurchases for the six months ended June 30, 2025. The net cash outflows from financing activities during thesix months ended June 30, 2024, primarily reflect share repurchases, incremental borrowings under our Credit Facility, share-based compensation and dividends paid.

Previous 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.

Current wording

With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $905.0 million and $46.1 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 $485.9 million as of June 30, 2025.

Previous wording

The blended interest rate for outstanding borrowings under the Credit Facility was 6.2% at both March 31, 2025 and December 31, 2024.

Current wording

The blended interest rate for outstanding borrowings under the Credit Facility was 6.1% and 6.2%at June 30, 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, 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.

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, December 5, 2024 and July 17, 2025. As of June 30, 2025 and prior to the additional authorization on July 17, 2025, we were authorized to repurchase up to an additional $207.5 million in shares of our common stock under the Share Repurchase Program. We repurchased 1.5 million shares and 3.1 million shares during the three months ended June 30, 2025 and 2024, respectively, and 5.9 million and 4.8 million shares during the six months ended June 30, 2025 and 2024, respectively.

Previous wording

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.

Current wording

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 a 65,000 square-foot casino, 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.

Previous wording

During the three months ended March 31, 2025, the company spent approximately $170 million of the total estimated $600 million to $650 million of capital spend expected in 2025.

Current wording

During the six months ended June 30, 2025, the company spent approximately $294 million of the total estimated $600 million to $650 million of capital spend expected in 2025.