BOYD GAMING CORP
For the period ended Sep 30, 2025. Filed Oct 31, 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.
Sep 30, 2025 · Filed Oct 31, 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 2025-06-30; filed 2025-07-30.
0001437749-25-023972
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0001437749-25-032563
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 161 previous paragraphs and 170 current paragraphs.
105 unchanged; 42 reworded; 22 added; 14 removed; 0 previous and 1 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 (22)
Current report
(3) Property will permanently close on November 9, 2025.
Current report
Operating income decreased by$80.2 million, or 36.5%, for the three months ended September 30, 2025, compared to the prior year comparable period, primarily due to a $65.1 million increase in impairment of assets over the prior year comparable period as the Company recorded long-lived asset impairment charges of $65.1 million during the three months ended September 30, 2025 related to property and equipment in the Las Vegas Locals and Midwest & South segments. In addition, while total revenues grew $43.1 million, as noted above, $35.5 million is driven by an increase in online reimbursements revenue, which results in zero operating income as an equal amount is reimbursed to the Company for the amounts paid on behalf of our online partners that are recorded as expense. Operating income was also unfavorably impacted by changes in our market access agreements, as discussed above, that drove a $20.5 million decrease in market access fee revenue.
Current report
Net income increased $1,307.7 million for the three months ended September 30, 2025, compared to the prior year comparable period, primarily due to the following: (i) a $1,748.0 million gain on the FanDuel Equity Sale in the third quarter of 2025; offset by (ii) a $360.3 million increase in the income tax provision primarily driven by the FanDuel Equity Sale; and offset by (iii) the $80.2 million decrease in operating income, as discussed above.
Current report
Net income in creased $1,292.6 million for the nine months ended September 30, 2025, compared to the prior year comparable period, primarily due to the following: (i) a $1,748.0 million gain on the FanDuel Equity Sale in the third quarter of 2025; offset by (ii) a $358.7 million increase in the income tax provision primarily driven by the FanDuel Equity Sale; and offset by (iii) the $84.5 million decrease in operating income, as discussed above.
Current report
Food & beverage revenues increased$2.8 million, or 3.9%, during thethree months ended September 30, 2025, compared to the prior year comparable period, primarily due to an increase in average guest check of 10.1%, offset by a 4.5% decrease in food covers. Food & beverage margin for the three months ended September 30, 2025, decreased to 10.7% from 13.8% for the prior year comparable period, primarily due to a 14.6% increase in cost per cover.
Current report
Food & beverage revenues increased $5.5 million, or 2.5%, during thenine months ended September 30, 2025, compared to the prior year comparable period, primarily due to an increase in average guest check of 6.9%, offset by a 2.4% decrease in food covers. Food & beverage margin for thenine months ended September 30, 2025, decreased to 13.8% from 15.5% for the prior year comparable period, primarily due to a 9.3% increase in cost per cover.
Current report
Room revenues decreased$5.0 million, or 9.9%, during the three months ended September 30, 2025, compared to the prior year comparable period, primarily due to declines in average daily rate and hotel occupancy rate of 3.5% and 2.4%, respectively. Room margin for the three months ended September 30, 2025, decreased to 56.9% from 60.8% for the prior year comparable period, primarily due to a 5.2% increase in cost per room.
Current report
Room revenues decreased$7.7 million, or 5.1%, during thenine months ended September 30, 2025, compared to the prior year comparable period, primarily due to a decline in average daily rate of 3.0%. Room margin for thenine months ended September 30, 2025, declined to 59.8% from 62.0% for the prior year comparable period, primarily due to a 3.3% increase in cost per room.
Current report
Online reve nues** **decreased$11.3 million during the three months ended September 30, 2025, compared to the prior year comparable period, driven by a $20.5 million decrease in revenue related to our market access agreements primarily due to the termination of certain agreements andentry into certain new agreements at lower rates than those terminated. Offsetting this decline is a $9.2 million increase in revenue from Boyd Interactive's operations, which was driven primarily by the acquisition of Boyd Digital on September 1, 2024. Online margins for the three months ended September 30, 2025, decreased to 33.8% from 68.8% for the prior year comparable period, due primarily to the changes in our market access agreements during the current year quarter. The fees we receive under our market access agreements generate high margin revenues as we incur minimal costs related to such agreements. As such, the lower market access fees we now receive from the new agreements entered into during the third quarter of 2025 had an unfavorable impact on margins as compared to the prior year, and we expect these lower margins to continue.
Current report
Online revenues** **increased$11.3 million during thenine months ended September 30, 2025, compared to the prior year comparable period, primarily driven by a $30.8 million increase in revenue from Boyd Interactive's operations, which was driven primarily by the acquisition of Boyd Digital on September 1, 2024 offset by a $19.6 million decrease in revenue related to our market access agreement changes, as discussed above. Similar to the three months ended September 30, 2025, compared to the prior year comparable period, margins declined during the nine months ended September 30, 2025, compared to the prior year comparable period, due to the changes in the market access agreements in the third quarter of 2025 that resulted in lower market access fees, as discussed above.
Current report
Online reimbursements
Current report
Online reimbursements revenues** **increased$35.5 million and$79.5 million during thethree and nine months ended September 30, 2025, respectively, as compared to the prior year comparable periods, and represent an increase in reimbursements of gaming taxes and other expenses paid on behalf of our online partners.
Current report
Total revenues decreased by $1.0 million, or 0.5%, during the three months ended September 30, 2025, as compared to the prior year comparable period. Room revenues declined $4.4 million over the prior year comparable period, primarily due to declines in hotel occupancy rate and average daily rate of 8.1% and 9.4%, respectively. Offsetting the decline, was an increase in gaming revenues of $2.2 million, which was primarily due to increases in slot win of 3.0% and slot handle of 3.2%. The current year quarter was impacted overall by softness in destination business with stronger play from our local customers.
Current report
Total revenues remained generally consistent at $53.2 million and $53.3 million during the three months ended September 30, 2025 and 2024, respectively.
Current report
Adjusted EBITDAR decreased by $0.4 million, or 2.4%, and increased by $0.1 million, or 0.2%, during the three and nine months ended September 30, 2025, respectively, as compared to the prior year comparable periods. While revenues were generally even with the prior year in the third quarter of 2025, Adjusted EBITDAR declined as a decline in higher margin room revenues was partially offset by an increase in lower margin food & beverage revenues.
Current report
Total revenues increased by$16.5 million, or 3.1%, during the three months ended September 30, 2025, as compared to the corresponding period of the prior year. Gaming revenues increased $13.8 million which was attributable to increases in slot handle of 5.0% and slot win of 4.3% over the prior year comparable period.
Current report
Online segment revenues** **increased$24.3 million during the three months ended September 30, 2025, compared to the prior year comparable period, primarily driven by an increase of $35.5 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners and a $9.2 million increase in revenue from Boyd Interactive's operations, driven by the acquisition of Boyd Digital on September 1, 2024. Offsetting these increases is a $20.5 million decrease in revenue related to our market access agreements primarily due to the termination of certain agreements and entry into certain new agreements.
Current report
Online segment revenues** **increased $90.8 million during the nine months ended September 30, 2025, compared to the prior year comparable period, primarily driven by an increase of $79.5 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners and a $30.8 million increase in revenue from Boyd Interactive's operations, driven by the acquisition of Boyd Digital on September 1, 2024. Offsetting these increases, is a $19.6 million decrease in revenue related to the market access agreement changes, as discussed above.
Current report
During the three and nine months ended September 30, 2025, the Company incurred $1.4 million in loss on early extinguishments of debt due to the full repayment and extinguishment of the Term A Loan with proceeds from the FanDuel Equity Sale. The $1.4 million incurred relates to the write-off of unamortized deferred finance charges associated with the Term A Loan.
Current report
Other, net
Current report
Included within Other, net for the three and nine months ended September 30, 2025, is the gain from the FanDuel Equity Sale.
Current report
The Company used the $1,758.0 million cash proceeds from the FanDuel Equity Sale, as discussed in Note 1,Summary of Significant Accounting Policies, to pay down the then outstanding Credit Facility debt, which consisted of $915.0 million on the Revolving Credit Facility, $726.0 million on the Term A Loan and $39.9 million on the Swing Loan. The full repayment of the outstanding Term A Loan extinguished the Term A Loan under the Credit Facility.
Removed paragraphs (14)
Previous report
Operating income increased by$15.3 million, or 6.7%, for the three months ended June 30, 2025, compared to the prior year comparable period, primarily due to the $66.5 million total revenue increase, as discussed above. While online revenues grew $43.1 million, $30.4 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.
Previous report
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 report
Net income de creased $15.1 million for the six months ended June 30, 2025, compared to the prior year comparable period, primarily due to an increase in interest expense of $13.7 million, which was driven by an increase in the weighted average long-term debt balance of $568.9 million, and the $4.2 million operating income decline, as discussed above.
Previous report
Food & beverage revenues increased$1.2 million, or 1.5%, and$2.7 million, or 1.8% during thethree and six months ended June 30, 2025, respectively, compared to the prior year comparable periods, primarily due to increases in average guest check of 5.6% and 5.4%, respectively, over the prior year comparable periods.
Previous report
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 report
Online revenues** **increased$43.1 million during the three months ended June 30, 2025, compared to the prior year comparable period, primarily driven by an increase of $30.4 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners and a $10.7 million increase in revenue from Boyd Interactive's operations, driven by the acquisition of Boyd Digital on September 1, 2024.
Previous report
Online revenues** **increased$66.5 million during thesix months ended June 30, 2025, compared to the prior year comparable period, primarily driven by an increase of $44.0 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners and a $21.6 million increase in revenue from Boyd Interactive's operations, driven by the acquisition of Boyd Digital on September 1, 2024.
Previous report
Total revenues increased by$4.0 million, or 1.8%, during the three months ended June 30, 2025, as compared to the prior year comparable period driven by gaming revenues. Gaming revenues increased $3.5 million primarily due to increases in slot win of 3.2% and slot handle of 2.3%.
Previous report
Adjusted EBITDAR increased by$3.5 million, or 3.2%, and decreased by$0.4 million, or 0.2%, during thethree 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. At our Las Vegas Locals properties, gaming and room revenues are the highest margin revenue streams while food & beverage revenues have the lowest margin and are significantly lower than gaming and room margins. The shift in the revenue growth to higher margin revenue streams for the three months ended June 30, 2025, contributed more favorably to Adjusted EBITDAR growth for this period as compared to the six months ended June 30, 2025.
Previous report
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 report
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 report
Online revenues** **increased$43.1 million during the three months ended June 30, 2025, compared to the prior year comparable period, primarily driven by an increase of $30.4 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners and a $10.7 million increase in revenue from Boyd Interactive's operations, driven by the acquisition of Boyd Digital on September 1, 2024.
Previous report
Online revenues** **increased $66.5 million during the six months ended June 30, 2025, compared to the prior year comparable period, primarily driven by an increase of $44.0 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners and a $21.6 million increase in revenue from Boyd Interactive's operations, driven by the acquisition of Boyd Digital on September 1, 2024.
Previous report
After receiving approval from the City Council of Norfolk, Virginia in October 2024, we are executing on an opportunity for a new casino resort development in Norfolk, Virginia. As discussed above inCapital Spending and Development, we expect to open a modest transitional facility in late 2025 and the resort in late 2027.
Reworded paragraphs (42)
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 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").
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 business ("Boyd Interactive") and online market access fees through our agreements with third parties throughout the United States. 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 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.
Current wording
(1) Company is finalizing plans to demolish the property. Property 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 hold a five percent equity ownership interest in FanDuel Group Parent, LLC ("FanDuel"), the nation's leading sports-betting operator. On July 10, 2025, we entered into a definitive agreement with FanDuel and TSE Holdings Ltd., to sell our equity interest, terminate certain existing market access agreements and enter into certain new market access agreements for aggregate cash consideration of $1.755 billion. See also Note 10*, Subsequent Events.*
Current wording
Until July 31, 2025, we also held a five percent equity ownership interest in FanDuel Group Parent, LLC ("FanDuel"), the nation's leading sports-betting operator. On July 10, 2025, we entered into a definitive agreement with FanDuel and TSE Holdings Ltd., to sell our equity interest, terminate certain market access agreements and enter into certain new market access agreements. The sale of our five percent equity interest in FanDuel closed on July 31, 2025 ("FanDuel Equity Sale"), and the Company received aggregate cash proceeds of $1,758.0 million. See also Note 1*, Summary of Significant Accounting Policies.*
Previous wording
We are committed to maintaining a strong balance sheet and finding opportunities to diversify and increase our cash flow. We are also committed to a balanced capital allocation approach with our cash flows, with a current emphasis on investing in our business and returning capital to shareholders.
Current wording
We are committed to maintaining a strong balance sheet and finding opportunities to diversify and increase our cash flow. We are also committed to a balanced capital allocation approach with our cash flows, with a current emphasis on investing in our business and returning capital to shareholders. The aggregate cash proceeds from the FanDuel Equity Sale during the third quarter of 2025 were used primarily to repay outstanding borrowings under our Credit Facility.
Previous 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.
Current wording
Total revenues for the three months ended September 30, 2025 increased by$43.1 million, or 4.5%, compared to the prior year comparable period, primarily due to the following: (i) an increase in online reimbursements revenue of $35.5 million, which relates to reimbursements of gaming taxes and other expenses paid on behalf of our online partners; (ii) an increase in gaming revenues of $16.8 million, or 2.6%, driven by an increase in slot handle of 4.1% and slot win of 3.9%; and offset by (iii) a decrease in online revenue of $11.3 million which was driven by a $20.5 million decrease in revenue related to our market access agreements primarily due to the termination of certain agreements and entry into certain new agreements at lower rates than those terminated, and offset by a $9.2 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.
Previous wording
Total revenues for thesix months ended June 30, 2025 increased by$97.5 million, or 5.1%, compared to the prior year comparable period, primarily due to the following: (i) an increase in online revenue of $66.5 million, which was driven by an increase of $44.0 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the six months ended June 30, 2025, as compared to the prior year comparable period and a $21.6 million increase in revenue from Boyd Interactive's operations, which was driven primarily by the acquisition of Boyd Digital on September 1, 2024; (ii) an increase in gaming revenues of $25.2 million, or 2.0%, driven by an increase in slot handle of 2.6%, slot win of 2.2% and table game hold of 5.9%; and (iii) an increase of $5.4 million related to the Sky River Casino management fee.
Current wording
Total revenues for thenine months ended September 30, 2025 increased by$140.6 million, or 4.9%, compared to the prior year comparable period, primarily due to the following: (i) an increase in online reimbursements revenue of $79.5 million, which relates to reimbursements of gaming taxes and other expenses paid on behalf of our online partners; (ii) an increase in gaming revenues of $42.0 million, or 2.2%, driven by an increase in slot handle of 3.1% and slot win of 2.7%; (iii) an increase in online revenue of $11.3 million, primarily due to a $30.8 million increase in revenue from Boyd Interactive's operations, which was driven primarily by the acquisition of Boyd Digital on September 1, 2024, offset by a $19.6 million decrease in revenue from our market access agreements driven primarily by the termination of certain agreements and entry into certain new agreements, as noted above; and (iv) an increase of $8.1 million related to the Sky River Casino management fee.
Previous 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.
Current wording
Operating income decreased by$84.5 million, or 12.7%, for thenine months ended September 30, 2025, compared to the prior year comparable period. Operating income was unfavorably impacted by an $86.9 million increase in impairment of assets over the prior year comparable period as the Company recorded long-lived asset impairment charges of $97.4 million during the nine months ended September 30, 2025 related to property and equipment in the Las Vegas Locals and Midwest & South segments, compared to a $10.5 million impairment charge during the nine months ended September 30, 2024 related to a gaming license right in the Midwest & South segment. While we experienced growth in gaming revenues during the nine months ended September 30, 2025, that growth was offset by the $19.6 million decrease in market access fee revenue, as discussed above. In addition, the increase in online reimbursements revenue of $79.5 million resulted in zero operating income as an equal amount is also recorded as expense, as discussed above.
Previous 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.
Current wording
We derive the majority of our revenues from our gaming operations, which produced approximately 65% of revenues for the three and nine months ended September 30, 2025, respectively, and 67% of revenues for the three and nine months ended September 30, 2024, respectively. Online reimbursements revenues, which include reimbursements received from our third-party operators for gaming taxes and other expenses we pay under market access arrangements, represent our next most significant revenue source, generating 14% and 11% of revenues for the three months ended September 30, 2025 and 2024, respectively, and 13% and 11% of revenues for the nine months ended September 30, 2025 and 2024, respectively. Food & beverage revenues, room revenues, online 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$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%.
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$16.8 million, or 2.6%, during the three months ended September 30, 2025, compared to the prior year comparable period, was primarily due toincreases in slot handle of 4.1% and slot win of 3.9%.
Previous wording
Gaming revenues increased$25.2 million, or 2.0%, during thesix months ended June 30, 2025, compared to the prior year comparable period, and was primarily due to increases in slot handle of 2.6%, slot win of 2.2% and table game hold of 5.9%.
Current wording
Gaming revenues increased$42.0 million, or 2.2%, during thenine months ended September 30, 2025, compared to the prior year comparable period, and was primarily due to increases in slot handle of 3.1% and slot win of 2.7%.
Previous 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.
Current wording
Management fee revenues during the three months ended September 30, 2025 and 2024 of $23.7 million and $21.0 million, respectively, and during the nine months ended September 30, 2025 and 2024 of $72.6 million and $64.5 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 0.5%, 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.
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$1.5 million, or 4.1%, and$1.9 million, or 1.7%, during thethree and nine months ended September 30, 2025, respectively, as compared to the corresponding periods of the prior year.
Previous 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.
Current wording
Total revenues remained generally consistent at $662.7 million and $662.6 million during thenine months ended September 30, 2025, as compared to the prior year comparable period. Room revenues decreased $8.0 million primarily due to declines in hotel occupancy rate and average daily rate of 3.8% and 6.8%, respectively. 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 and the softness in destination business during the third quarter of 2025. Offsetting this decline, was an increase in gaming revenues of $4.9 million primarily due to increases in slot win of 2.2% and slot handle of 1.9%. Food & beverage revenues increased $2.4 million which was attributable to a 1.4% increase in food covers and 7.4% increase in average guest check.
Previous 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.
Current wording
Adjusted EBITDAR decreased by $4.3 million, or 4.4%, and $4.7 million, or 1.5%, during the three and nine months ended September 30, 2025, respectively, as compared to the prior year comparable periods, due primarily to the revenue mix changes for the respective time periods discussed above, with higher margin room revenues decreasing from the prior year periods and lower margin food & beverage revenues increasing over the prior year periods.
Previous wording
Total revenues increased by $1.3 million, or 1.2%, during the six months ended June 30, 2025, as compared to the prior year comparable period, reflecting revenue increases in all departmental categories. Room revenues increased by $0.7 million primarily due to an increase in the hotel occupancy rate of 3.3%.
Current wording
Total revenues increased by$1.2 million, or 0.7%, during thenine months ended September 30, 2025, as compared to the prior year comparable period, reflecting revenue increases in all departmental categories. Room revenues increased by $0.4 million primarily due to an increase in the hotel occupancy rate of 2.3%. Food & beverage revenue increased $0.4 million primarily due to an increase in average guest check of 4.7%. Gaming revenue increased $0.3 million, primarily due to an increase in table game drop of 2.3%. We continue to tailor our marketing programs in the Downtown Las Vegas segment to focus on the Hawaiian market. The Hawaiian market represented approximately 54% and 55% of our occupied rooms in this segment during the nine months ended September 30, 2025 and 2024, respectively. Hawaiian visitation increased 2.9% during the nine months ended September 30, 2025, compared to the prior year comparable period.
Previous wording
Total revenues increased by$18.3 million, or 3.5%, during the three months ended June 30, 2025, as compared to the corresponding period of the prior year. Gaming revenues increased $18.9 million which was attributable to increases in table game hold of 10.4%, slot handle of 5.2% and slot win of 4.4% over the prior year comparable period. The increases were primarily driven by Treasure Chest, which opened its new land-based casino in June 2024.
Current wording
Total revenues increased by$38.6 million, or 2.5%, during thenine months ended September 30, 2025, as compared to the corresponding period of the prior year. Gaming revenues increased $34.7 million which was attributable to increases in table game hold of 5.5%, slot handle of 4.0% and slot win of 3.1% over the prior year comparable period. The increases were primarily driven by Treasure Chest, which opened its new land-based casino in June 2024.
Previous 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.
Current wording
Adjusted EBITDAR increased by$4.7 million, or 2.4%, and $12.9 million, or 2.3%, during thethree and nine months ended September 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$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.
Current wording
Adjusted EBITDAR decreased$16.6 million and $8.6 million during thethree and nine months ended September 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 related to the reimbursement of gaming taxes and other expenses, thus resulting in no impact to Adjusted EBITDAR. As such, the Adjusted EBITDAR decrease for the three and nine months ended September 30, 2025, is driven primarily by the reduction in revenue under our market access agreements offset by growth in Boyd Interactive's operations driven by the acquisition of Boyd Digital on September 1, 2024, all as discussed above.
Previous 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.
Current wording
During the three and nine months ended September 30, 2025, total revenues increased by $3.5 million and $9.8 million, respectively, and Adjusted EBITDAR increased by $3.7 million, and $9.1 million, respectively, as compared to the corresponding periods of the prior year, primarily due to a $2.7 million and $8.1 million increase in Sky River Casino management fees for the three and nine months ended September 30, 2025, respectively, as compared to the corresponding prior year periods.
Previous 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.
Current wording
Selling, general and administrative expenses, as a percentage of revenues, were 10.4% and 10.7% during the three months ended September 30, 2025 and 2024, respectively, and 10.6% and 10.9% during the nine months ended September 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 online reimbursements revenues over the prior year comparable period. Absent online reimbursements revenues, selling, general and administrative expenses, as a percentage of revenues, were consistent with prior year for both the three and nine month periods ended September 30, 2025 and 2024.
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 $28.4 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.
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 $28.6 million and $28.2 million during the three months ended September 30, 2025 and 2024, respectively, and $85.2 million and $83.2 million during the nine months ended September 30, 2025 and 2024, respectively.
Previous 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.
Current wording
Maintenance and utilities expenses, as a percentage of revenues, remained generally consistent at 4.0% and 4.2% during the three months ended September 30, 2025 and 2024, respectively, and 3.8% and 3.9% during the nine months ended September 30, 2025 and 2024, respectively. Similar to selling, general and administrative expenses, absent online reimbursements revenue, maintenance and utilities expenses, as a percentage of revenues, were consistent with prior year for both the three and nine month periods ended September 30, 2025 and 2024.
Previous 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.
Current wording
Depreciation and amortization expenses were $73.7 million and $70.3 million during the three months ended September 30, 2025 and 2024, respectively, and $212.0 million and $198.9 million during the nine months ended September 30, 2025 and 2024, respectively. The increase for the three months ended September 30, 2025 as compared to the prior year, is primarily attributable to hotel room renovations at multiple properties with the increase for the nine months ended September 30, 2025, as compared to the prior year, driven by 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 3.4% 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.
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 3.0% and 2.9% of revenues during the three months ended September 30, 2025 and 2024, respectively, and 3.2% and 3.1% during the nine months ended September 30, 2025 and 2024, respectively. The growth in corporate expense was driven primarily by a $0.9 million and $4.7 million increase in share-based compensation expense for the three and nine month periods ended September 30, 2025, respectively, as compared to the prior year periods.
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 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.
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) realized losses arising from asset dispositions and asset disposal costs; 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, 2025, project development, preopening and writedowns included $3.9 million in preopening costs, primarily driven by our Norfolk, Virginia project. 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 nine months ended September 30, 2025, project development, preopening and writedowns included $6.5 million of preopening expenses and $1.2 million of asset writedowns offset by $2.5 million in insurance proceeds related to an asset disposition. 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.
Previous 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.
Current wording
During thenine months ended September 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. In addition, as a result of our third quarter 2025 impairment review, the Company recorded a long-lived asset impairment charge of $47.3 million for property and equipment related to our Midwest & South segment and $17.8 million for property and equipment related to our Las Vegas Locals segment. During the nine 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.
Previous 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.
Current wording
Interest expense, net of capitalized interest and interest income, for the three months ended September 30, 2025, decreased$14.1 million, or 30.7%, from the prior year comparable period and is primarily driven by a decrease in the weighted average debt balance of $549.6 million and an approximate 50 basis point decrease in the weighted average interest rate. Interest expense, net of capitalized interest and interest income, and the weighted average debt balance were favorably impacted during the third quarter 2025 as a result of the FanDuel Equity Sale and the use of the proceeds to repay outstanding borrowings and retire the Term A Loan under the Credit Facility. Interest expense, net of capitalized interest and interest income, for thenine months ended September 30, 2025, decreased$1.5 million, or 1.2%, from the prior year comparable period primarily due to an approximate 30 basis point decrease in the weighted average interest rate offset by an increase in the weighted average debt balance of $192.1 million.
Previous 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.
Current wording
The effective tax rates during the nine months ended September 30, 2025 and 2024 were 22.3% and 24.0%, respectively. Our tax rate for thenine months ended September 30, 2025, was unfavorably impacted by state taxes, and nondeductible compensation, which were partially offset by excess tax benefits*** ***related to equity compensation and tax credits. During the nine months ended September 30, 2025, there was a one-time discrete charge related to the FanDuel Equity Sale which reduced our effective tax rate given specific state taxes that apply to the gain. Our tax rate for thenine months ended September 30, 2024, wasunfavorably impacted by state taxes, nondeductible expenses, including nondeductible compensation and employee benefit expenses, which were partially offset by excess tax benefits and tax credits, as a component of the provision for income taxes.
Previous wording
On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation and the business interest expense limitation, and a broad range of other tax provisions. Accounting Standards Codification 740,Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. As the legislation was signed into law after the close of our second quarter, the impacts are not included in our operating results for the six months ended June 30, 2025.
Current wording
On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act. Accounting Standards Codification 740,Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Certain provisions of the OBBBA such as the modification of limitation on business interest expense and the 100% bonus depreciation were included in our operating results for the nine months ended September 30, 2025. These changes did not have any significant impact to our effective tax rate, however, are expected to result in a reduction to our cash taxes for 2025.
Previous 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.
Current wording
We generally operate with minimal or negative levels of working capital in order to minimize borrowings and related interest costs. At September 30, 2025 and December 31, 2024, we had cash and cash equivalents of $319.1 million and $316.7 million, respectively. In addition, we held restricted cash balances of $4.9 million and $4.7 million at September 30, 2025 and December 31, 2024, respectively. Our working capital deficitat September 30, 2025 and December 31, 2024, was$467.8 million and $61.2 million, respectively. The increase in our working capital deficit from December 31, 2024 to September 30, 2025 is driven by the income taxes on the FanDuel Equity Sale, which were not yet paid as of September 30, 2025.
Previous 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.
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, taxes on the FanDuel Equity Sale and maintenance capital expenditures. SeeIndebtedness below for further detail regarding funds available through our Credit Facility.
Previous wording
During thesix months ended June 30, 2025 and 2024, we generated consistent operating cash flows of$461.4 million and$463.8 million, respectively.
Current wording
During thenine months ended September 30, 2025 and 2024, we generated consistent operating cash flows of$701.4 million and$695.0 million, respectively.
Previous 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.
Current wording
During thenine months ended September 30, 2025, we had net cash inflows provided by investing activities of $1,235.3 million comprised of the following: (i)$1,758.0 million of cash proceeds received from the FanDuel Equity Sale; offset by cash outflows of (ii) capital expenditures of $439.9 million, primarily related to our various guest room remodels, meeting and convention space renovations 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; (iii) cash paid for asset acquisitions of $41.7 million; and (iv) advances made under a note receivable of $31.8 million. 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.
Previous 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.
Current wording
The net cash outflows from financing activities during thenine months ended September 30, 2025 are primarily driven by the net payments on the Credit Facility of $1,291.0 million. During the third quarter of 2025, the Company repaid amounts outstanding under the Revolving Credit Facility, including the full retirement of the Term A Loan, with the proceeds from the FanDuel Equity Sale. This repayment is offset by increased borrowings under the Credit Facility as we increased our share repurchase activity and capital expenditures by a combined total of $260.5 million over the nine months ended September 30, 2024. The net cash outflows from financing activities during thenine months ended September 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, $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.
Current wording
With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $9.3 million in borrowings outstanding on the Swing Loan, and $12.7 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $1,428.0 million as of September 30, 2025.
Previous 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.
Current wording
The blended interest rate for outstanding borrowings under the Credit Facility was 6.2%at both September 30, 2025 and December 31, 2024.
Previous wording
Debt service requirements for the Term A Loan include amortization in an annual amount equal to 5.00% of the original principal amount thereof, payable on a quarterly basis. Additionally, under the Credit Facility we have monthly to quarterly interest payment obligations, depending on the rates we lock in, for the Term A Loan, unused line interest payments and any outstanding borrowings under the Revolving Credit Facility, including the Swing Loan. Debt service requirements under our current outstanding senior notes consist of semi-annual interest payments (based upon a fixed annual interest rate of 4.750%) and principal repayments of our $1.0 billion aggregate principal amount of 4.750% Senior Notes due 2027 ("4.750% Senior Notes due 2027") and our $0.9 billion aggregate principal amount of 4.750% Senior Notes due 2031 ("4.750% Senior Notes due 2031").
Current wording
Debt service requirements under the Credit Facility include monthly to quarterly interest payment obligations, depending on the rates we lock in, for the unused line interest payments and any outstanding borrowings under the Revolving Credit Facility, including the Swing Loan. As of September 30, 2025, the Term A Loan under the Credit Facility was fully repaid. Debt service requirements under our current outstanding senior notes consist of semi-annual interest payments (based upon a fixed annual interest rate of 4.750%) and principal repayments of our $1.0 billion aggregate principal amount of 4.750% Senior Notes due 2027 ("4.750% Senior Notes due 2027") and our $0.9 billion aggregate principal amount of 4.750% Senior Notes due 2031 ("4.750% Senior Notes due 2031").
Previous wording
In connection with the issuance of our 4.750% Senior Notes due 2027 and our 4.750% Senior Notes due 2031 (collectively, the "Guaranteed Notes" or "Senior Notes"), certain of the Company's wholly owned subsidiaries (the "Guarantors") provide guarantees of those indentures. These Guaranteed Notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us.
Current wording
In connection with the issuance of our 4.750% Senior Notes due 2027 and our 4.750% Senior Notes due 2031 (collectively, the "Guaranteed Notes" or "Senior Notes"), certain of the Company's wholly owned subsidiaries (the "Guarantors") provide guarantees under those indentures. These Guaranteed Notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us.
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, 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.
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 September 30, 2025, we were authorized to repurchase up to an additional $547.4 million in shares of our common stock under the Share Repurchase Program. We repurchased 1.9 million shares and 3.5 million shares during the three months ended September 30, 2025 and 2024, respectively, and 7.8 million and 8.3 million shares during the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
In addition to the maintenance capital spending discussed above, we continue to pursue other potential development projects that may require us to invest significant amounts of capital. In 2025, we expect to spend an additional $100 million in growth projects, which includes the expansion of meeting and convention space at Ameristar St. Charles and construction of a new casino, Cadence Crossing. This new 10,000 square foot casino featuring 450 slots and several restaurants will replace our Jokers Wild casino and will be built on the site that currently holds our Jokers Wild casino.
Current wording
In addition to the maintenance capital spending discussed above, we continue to pursue other potential development projects that may require us to invest significant amounts of capital. In 2025, we expect to spend an additional $100 million in growth projects, which includes the recently opened expansion of meeting and convention space at Ameristar St. Charles and construction of a new casino, Cadence Crossing. This new 10,000 square foot casino featuring 450 slots and several restaurants will replace our Jokers Wild casino and will be built on the site that currently holds our Jokers Wild casino.
Showing the first 40 of 42 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Early Extinguishments and Modifications of Debt