BOYD GAMING CORP
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 30, 2026
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 2025-09-30; filed 2025-10-31.
0001437749-25-032563
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0001437749-26-014192
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 170 previous paragraphs and 161 current paragraphs.
97 unchanged; 44 reworded; 20 added; 29 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 16 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (20)
Current report
(1) Property has been closed since March 18, 2020. During the first quarter of 2026, the property was imploded and sitework to clear and restore the land is underway.
Current report
(2)Cadence Crossing opened on March 25, 2026 and replaced the Jokers Wild casino. Demolition activities at Jokers Wild began during the first quarter of 2026.
Current report
(3) Sam's Town Hotel and Gambling Hall Tunica ("Sam's Town Tunica"), which was located in Tunica, Mississippi was permanently closed on November 9, 2025. Property results for Sam's Town Tunica for the three months ended March 31, 2025 were included in the Midwest & South segment.
Current report
(5)The Company entered into an agreement to sell the property in February 2026. The sale is expected to take place in the third quarter of 2026.
Current report
(6) Property opened on November 7, 2025 and is a variable interest entity consolidated in our financial statements.
Current report
Operating income decreased by$35.9 million, or 18.0%, for the three months ended March 31, 2026, compared to the prior year comparable period, primarily due to an increase in depreciation and amortization expense of $26.8 million, which was driven by the completion of our meeting and convention space in the third quarter of 2025, opening of the transitional casino in Norfolk, Virginia in November 2025, investments in technology throughout 2025 and hotel room renovations at multiple properties during 2025 and into the first quarter of 2026. In addition, project development, preopening and writedowns expense increased $21.8 million from the prior year comparable period. During the three months ended March 31, 2026, the Company incurred $18.2 million of costs related to demolition and asset writedowns and $2.0 million of preopening costs. Finally, operating income was unfavorably impacted by the $15.1 million decrease in revenue from our market access agreements, as discussed above. Market access fee revenue has minimal expenses associated with it such that an increase or decrease in market access fee revenue will have a greater impact on operating income than increases or decreases in other revenue streams. Operating income was favorably impacted by a $32.3 million decrease in impairment of assets over the prior year as the Company recorded long-lived asset impairment charges of $32.3 million during the first quarter of 2025 related to property and equipment in the Las Vegas Locals segment.
Current report
Net income decreased $6.6 million for the three months ended March 31, 2026, compared to the prior year comparable period, primarily due to the $35.9 million decrease in operating income, as discussed above, offset by a $20.0 million decrease in interest expense, which was driven by a $1.2 billion decrease in the weighted average outstanding debt balance combined with a 60-basis point decline in the weighted average interest rate. The decline in the weighted average outstanding debt balance was due to the full repayment of the then outstanding balances under the Prior Credit Facility in the third quarter of 2025 totaling $1,680.9 million with the proceeds from our 5% equity sale in FanDuel ("FanDuel Equity Sale"), offset by $400.0 million Term A Loans under the Credit Facility (Prior Credit Facility, Term A Loans and Credit Facility are all as defined below in "Liquidity and Capital Resources -Indebtedness") in the first quarter of 2026. Net income was also favorably impacted by an $8.6 million decrease in the income tax provision driven by the decrease in operating income, as discussed above.
Current report
Food & beverage revenues increased$1.6 million, or 2.2%, during thethree months ended March 31, 2026, compared to the prior year comparable period, primarily due to an increase in food covers of 10.7%, offset by an 8.4% decrease in average guest check.
Current report
Adjusted EBITDAR decreased by$6.6 million, or 6.2%, during thethree months ended March 31, 2026, as compared to the prior year comparable period, due primarily to the revenue decline, as discussed above.
Current report
Adjusted EBITDAR decreased by $2.0 million, or 9.7%, during the three months ended March 31, 2026, as compared to the prior year comparable period, due primarily to the gaming revenues decline, as discussed above.
Current report
Total revenues increased by$20.5 million, or 4.1%, during the three months ended March 31, 2026, as compared to the corresponding period of the prior year, reflecting increases in all revenue categories. Gaming revenues increased $16.8 million, which was attributable to increases in slot win of 4.2% and slot handle of 4.0% over the prior year comparable period.
Current report
Adjusted EBITDAR decreased $15.0 million during the three months ended March 31, 2026, as compared to the corresponding period of the prior year, and was driven by the $15.1 million reduction in revenue from market access agreements as there are minimal costs related to such agreements.
Current report
Other Expense (Income)
Current report
In accordance with authoritative accounting guidance for debt extinguishments and debt modifications, we accounted for the retirement of the Prior Credit Facility as a modification of debt. As the borrowing capacity of the Revolving Credit Facility under the Credit Agreement equals or exceeds that under the Prior Credit Agreement and the lenders under the Credit Agreement are substantially similar to the lenders under the Prior Credit Agreement, we accounted for the Prior Credit Facility termination as a modification of debt and $3.3 million of unamortized deferred finance charges related to the Prior Credit Agreement were added to the $15.1 million of deferred finance charges incurred under the Credit Agreement and are being amortized over the term of the Credit Agreement. The remaining $0.4 million of unamortized deferred finance charges corresponding to the percentage of lenders under the Prior Credit Agreement that did not continue to participate under the Credit Agreement is included in loss on early extinguishments and modifications of debt for the three months ended March 31, 2026. There was no loss on early extinguishments and modifications of debt for the three months ended March 31, 2025. See"Liquidity and Capital Resources -Indebtedness" for further discussion and definitions for Prior Credit Facility, Prior Credit Agreement, Revolving Credit Facility and Credit Agreement.
Current report
During thethree months ended March 31, 2026 and 2025, we generated operating cash flows of$134.3 million and$256.4 million, respectively. The decline is primarily attributable to a $73.8 million payment for transferable federal energy tax credits in the first quarter of 2026. In addition to the transferable federal energy tax credit payment, cash from operating assets and liabilities changes decreased by $47.9 million. This decrease is driven by the timing of payments received from market access fees and online tax reimbursements and a $30.0 million contingent obligation not paid as of March 31, 2025, that favorably impacted operating cash flows in the prior year period.
Current report
Bank Credit Facility
Current report
Credit Agreement
Current report
On January 21, 2026 (the "Closing Date"), the Company entered into an Amended and Restated Credit Agreement (the "Credit Agreement") among the Company, certain direct and indirect subsidiaries of the Company as guarantors (the "Guarantors"), Bank of America, N.A., as administrative agent, collateral agent and letter of credit issuer, Wells Fargo Bank, National Association, as swingline lender, and certain other financial institutions party thereto as lenders. The Credit Agreement amended and restated the Credit Agreement dated as of March 2, 2022 ("Prior Credit Agreement"), among the Company, certain direct and indirect subsidiaries of the Company as guarantors, Bank of America, N.A., as administrative agent, collateral agent and letter of credit issuer, Wells Fargo Bank, National Association, as swingline lender, and certain other financial institutions party thereto as lenders.
Current report
The Credit Agreement provides for (i) a $1,450.0 million senior secured revolving credit facility (the "Revolving Credit Facility") and (ii) a $1,200.0 million senior secured term A loan delayed draw facility (the "Term A Loan Facility", and the loans thereunder, the "Term A Loans", and the Term A Loan Facility collectively with the Revolving Credit Facility, the "Credit Facility"). The Revolving Credit Facility and the Term A Loan Facility mature on the fifth anniversary of the Closing Date ("Maturity Date") or earlier upon the occurrence or non-occurrence of certain events, including a springing maturity on September 1, 2027 ("Springing Maturity Date") if the $1.0 billion aggregate principal amount of 4.750% Senior Notes due 2027 ("4.750% Senior Notes due 2027") have not been refinanced with a maturity date that is 91 days after the Maturity Date. The Company may use availability under the Revolving Credit Facility and the Term A Loan Facility to refinance the 4.750% Senior Notes due 2027 to satisfy the 4.750% Senior Notes due 2027 refinance requirements prior to the Springing Maturity Date and upon doing so, the Springing Maturity Date is no longer applicable and the Credit Facility maturity reverts to the Maturity Date. Term A Loans are available to be drawn until July 1, 2027 in up to a maximum of four borrowings, provided that, on February 1, 2026, the remaining borrowings available under the Term A Loan Facility will be reduced by an amount equal to the greater of Term A Loans previously made and $400.0 million. As of March 31, 2026, the Company has made one borrowing totaling $400.0 million under the Term A Loan Facility. Proceeds from the Credit Agreement were used to refinance all outstanding obligations under the Prior Credit Agreement, including amounts outstanding under the then existing $1,450.0 million senior secured revolving credit facility ("Prior Credit Facility") and to fund transaction costs in connection with the Credit Agreement and may be used for working capital and other general corporate purposes.
Current report
On April 1, 2026, the Company acquired Design Works Studios, LLC ("DWS"), an online game content development company. DWS was acquired to support the Company's Boyd Interactive operations for approximately $53.4 million, inclusive of $5.0 million of contingent consideration and subject to customary working capital adjustments within 90 days of the acquisition date.
Removed paragraphs (29)
Previous report
(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 report
(3) Property will permanently close on November 9, 2025.
Previous report
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 report
Commitment to Corporate Social Responsibility ("CSR")
Previous report
We seek to fulfill our commitment to CSR through four core pillars: Environment, People, Communities and Corporate Governance. We invest in the well-being of our communities and future generations through economic contributions and endeavor to reduce our carbon footprint, strive to be an employer of choice where every Team Member is treated with dignity and respect, and promote a culture of conducting business with the highest level of integrity.
Previous report
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 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.
Previous report
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 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.
Previous 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.
Previous report
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 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
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 report
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 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.
Previous 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.
Previous 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.
Previous report
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 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.
Previous report
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 report
Other Expenses
Previous 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.
Previous report
Other, net
Previous report
Included within Other, net for the three and nine months ended September 30, 2025, is the gain from the FanDuel Equity Sale.
Previous report
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 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.
Reworded paragraphs (44)
Previous wording
We are a geographically diversified operator of 28 gaming entertainment properties. Headquartered in Las Vegas, Nevada, we have gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. In addition, we own and operate Boyd Interactive, a business-to-business 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").
Current wording
We are a geographically diversified operator of 27 gaming entertainment properties. Headquartered in Las Vegas, Nevada, we have gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania and Virginia. 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
(2) Property is subject to a master lease agreement with a real estate investment trust.
Current wording
(4)Property is subject to a master lease agreement with a real estate investment trust.
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. 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.
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.
Previous wording
The ability of our Team Members to deliver great customer service helps distinguish our Company and our brand from our competitors. Our Team Members are an important reason that our customers continue to choose our properties over the competition across the country. In addition, we have established nationwide branding through our "Boyd Rewards" loyalty program. Our players use their Boyd Rewards cards to earn and redeem points at all of our gaming entertainment properties and online casino gaming offerings. Boyd Rewards, among other benefits, rewards players for their loyalty by entitling them to qualify for promotions and monetary discounts, earn rewards toward gaming and nongaming activities and receive benefits such as vacations and luxury gifts.
Current wording
The ability of our Team Members to deliver superior "Boyd Style" customer service helps distinguish our Company and our brands from our competitors. Our Team Members are an important reason that our customers continue to choose our properties over the competition across the country. In addition, we have established nationwide branding through our "Boyd Rewards" loyalty program. Our players use their Boyd Rewards cards to earn and redeem points at all of our gaming entertainment properties and online casino gaming offerings. Boyd Rewards, among other benefits, rewards players for their loyalty by entitling them to qualify for promotions and monetary discounts, earn rewards toward gaming and nongaming activities and receive benefits such as vacations and luxury gifts.
Previous wording
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.
Current wording
Total revenues for the three months ended March 31, 2026 increased by$5.8 million, or 0.6%, compared to the prior year comparable period, primarily due to the following: (i) an increase in gaming revenues of $11.8 million, or 1.8%, driven by an increase in slot win of 2.6% and slot handle of 1.5%; (ii) an increase in online reimbursements revenue of $5.8 million, which relates to reimbursements of gaming taxes and other expenses paid on behalf of our online partners; and offset by (iii) a decrease in online revenue of $13.7 million, which was driven by a $15.1 million decrease in revenue from market access agreements with the termination of certain agreements starting in the third quarter of 2025 in connection with the FanDuel Equity Sale (as defined below) and in some instances, entry into new agreements at lower rates than those terminated.
Previous 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.
Current wording
We derive the majority of our revenues from our gaming operations, which produced approximately 65% and 64% of revenues for the three months ended March 31, 2026 and 2025, 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 13% of revenues for the three months ended March 31, 2026 and 2025, 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$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%.
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$11.8 million, or 1.8%, during the three months ended March 31, 2026, compared to the prior year comparable period, was primarily due to increases in slot win of 2.6% and slot handle of 1.5%.
Previous wording
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 wording
Room revenues decreased$1.4 million, or 3.0%, during the three months ended March 31, 2026, compared to the prior year comparable period, primarily due to a decline in average daily rate of 2.6% offset by a 1.9% increase in hotel occupancy rate.
Previous wording
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 wording
Online reve nues** **decreased$13.7 million during the three months ended March 31, 2026, compared to the prior year comparable period, driven by a $15.1 million decrease in revenue from market access agreements primarily due to the termination of certain agreements starting in the third quarter of 2025 in connection with the FanDuel Equity Sale and in some instances, entry into new agreements at lower rates than those terminated. Online margins for the three months ended March 31, 2026, decreased to 32.7% from 59.0% for the prior year comparable period, due primarily to the changes in our market access agreements starting in the third quarter of 2025. 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 online margins as compared to the prior year, and we expect these lower margins to continue.
Previous wording
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 wording
Online reimbursements revenues** **increased$5.8 million during thethree months ended March 31, 2026, as compared to the prior year comparable period, and represent an increase in reimbursements of gaming taxes and other expenses paid on behalf of our online partners.
Previous 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.
Current wording
Management fee revenues during the three months ended March 31, 2026 and 2025 of $26.2 million and $25.1 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$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.
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$0.6 million, or 1.7%, during thethree months ended March 31, 2026, respectively, as compared to the corresponding periods of the prior year.
Previous wording
We determine profitability based on Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Rent ("Adjusted EBITDAR"), which represents earnings before interest expense, interest income, income taxes, depreciation and amortization, deferred rent, master lease rent expense, other operating items, net, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest and other items, net, as applicable. Reportable Segment Adjusted EBITDAR is the aggregate sum of the Adjusted EBITDAR for each of the gaming entertainment properties included in our Las Vegas Locals, Downtown Las Vegas and Midwest & South segments and our Online segment. Results for Downtown Las Vegas include the results of our travel agency located in Hawaii. Results for our nonreportable operating segments, including Lattner and our Sky River Casino management fees, are aggregated in the Managed & Other category. Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not directly related to our casino, hotel and online operations. Furthermore, for purposes of this presentation, corporate expense excludes its portion of share-based compensation expense.
Current wording
We determine profitability based on Adjusted EBITDAR, which represents earnings before interest expense, interest income, income taxes, depreciation and amortization, deferred rent, master lease rent expense, other operating items, net, share-based compensation expense, project development, preopening and writedowns expense, impairment of assets, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest and other items, net, as applicable ("Adjusted EBITDAR"). Reportable Segment Adjusted EBITDAR is the aggregate sum of the Adjusted EBITDAR for each of the gaming entertainment properties included in our Las Vegas Locals, Downtown Las Vegas and Midwest & South segments and our Online segment. Results for Downtown Las Vegas include the results of our travel agency located in Hawaii. Results for our nonreportable operating segments, including Lattner and our Sky River Casino management fees, are aggregated in the Managed & Other category. Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not directly related to our casino, hotel and online operations. Furthermore, for purposes of this presentation, corporate expense excludes its portion of share-based compensation expense.
Previous wording
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 wording
Total revenues decreased by $5.7 million, or 2.6%, during the three months ended March 31, 2026, as compared to the prior year comparable period. Gaming revenues declined $2.7 million over the prior year comparable period, primarily due to decreases in table game hold of 9.9% and table game drop of 3.3%. Room revenues declined $2.6 million over the prior year comparable period, primarily due to declines in average daily rate and hotel occupancy rate of 6.7% and 3.8%, respectively. The current year quarter was impacted overall by continued softness in destination business that began in the third quarter of 2025 and construction disruption at Suncoast from our casino modernization project at the property as renovation work moved to the most popular part of our casino floor.
Previous 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.
Current wording
Total revenues decreased by $2.3 million, or 4.1%, during the three months ended March 31, 2026, as compared to the prior year comparable period, primarily driven by a $2.4 million decrease in gaming revenues as the segment experienced declines in slot win of 5.2% and slot handle of 4.5%. We continue to tailor our marketing programs in the Downtown Las Vegas segment to focus on the Hawaiian market. The Hawaiian market represented approximately 57% and 52% of our occupied rooms in this segment during the three months ended March 31, 2026 and 2025, respectively, with total Hawaiian room nights consistent year over year.
Previous 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.
Current wording
Adjusted EBITDAR increased by$9.4 million, or 5.1%, during thethree months ended March 31, 2026, as compared to the corresponding prior year period, due primarily to the gaming revenues increase, as discussed above.
Previous wording
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 wording
Online segment revenues** **decreased$7.9 million during the three months ended March 31, 2026, compared to the prior year comparable period, primarily driven by a $15.1 million decrease in revenue from market access agreements primarily due to the termination of certain agreements and entry into certain new agreements, as discussed above. Offsetting this decrease is a $5.8 million increase in reimbursements of gaming taxes and other expenses paid on behalf of our online partners and a $1.4 million increase in revenue from Boyd Interactive's operations.
Previous 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.
Current wording
During the three months ended March 31, 2026, total revenues increased by $1.2 million , and Adjusted EBITDAR increased by $1.1 million , as compared to the corresponding period of the prior year, primarily due to a $1.1 million increase in Sky River Casino management fees for the three months ended March 31, 2026, as compared to the corresponding prior year period.
Previous 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.
Current wording
Selling, general and administrative expenses, as a percentage of revenues, remained consistent at 11.0% and 10.9% during the three months ended March 31, 2026 and 2025, respectively. We continue to focus on our disciplined operating model and targeted marketing approach.
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 $28.6 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.
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 March 31, 2026 and 2025, respectively.
Previous 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.
Current wording
Maintenance and utilities expenses, as a percentage of revenues, remained generally consistent at 3.6% and 3.7% during the three months ended March 31, 2026 and 2025, respectively.
Previous 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.
Current wording
Depreciation and amortization expenses were $95.0 million and $68.2 million during the three months ended March 31, 2026 and 2025, respectively. The increase for the three months ended March 31, 2026 as compared to the prior year, is primarily attributable tocompletion of our meeting and convention space in the third quarter of 2025, opening of the transitional casino in Norfolk, Virginia in November 2025, investments in technology throughout 2025 and hotel room renovations at multiple properties during 2025 and into the first quarter of 2026.
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 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.
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 3.7% and 3.0% of revenues during the three months ended March 31, 2026 and 2025, respectively . The growth in corporate expense was driven primarily by the timing of charitable donations and one-time compensation costs for the three months ended March 31, 2026, as compared to the prior year period.
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) 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.
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 March 31, 2026, project development, preopening and writedowns included $18.2 million of costs incurred related to demolition and asset writedowns and $2.0 million in preopening costs. 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.
Previous 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.
Current wording
During thethree months ended March 31, 2026, there were no asset impairment charges incurred. During the three 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.
Previous 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.
Current wording
Interest expense, net of capitalized interest and interest income, for the three months ended March 31, 2026, decreased$21.0 million, or 44.2%, from the prior year comparable period and is primarily driven by a decrease in the weighted average debt balance of $1.2 billion and an approximate 60-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 by the retirement of $1,680.9 million of then outstanding debt under the Prior Credit Facility with the proceeds from the FanDuel Equity Sale in the third quarter of 2025, as discussed above.
Previous 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.
Current wording
The effective tax rates during the three months ended March 31, 2026 and 2025 were 23.9% and 27.1%, respectively. Our tax rate for thethree months ended March 31, 2026, was unfavorably impacted by state taxes, nondeductible compensation and company provided benefits, which were partially offset by excess tax benefits*** ***related to equity compensation and tax credits. Our tax rate for thethree months ended March 31, 2025, wasunfavorably 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.
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. 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.
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. Certain provisions of the OBBBA such as the modification of limitation on business interest expense, 100% bonus depreciation and disallowance of business-related meals were included in our operating results for the three months ended March 31, 2026. Overall, these changes did not have a significant impact to our effective tax rate.
Previous wording
We generally operate with minimal or negative levels of working capital in order to minimize borrowings and related interest costs. At September 30, 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.
Current wording
We generally operate with minimal or negative levels of working capital in order to minimize borrowings and related interest costs. At March 31, 2026 and December 31, 2025, we had cash and cash equivalents of $372.7 million and $353.4 million, respectively. In addition, we held restricted cash balances of $5.6 million and $5.4 million at March 31, 2026 and December 31, 2025, respectively. Our working capital deficitat March 31, 2026 and December 31, 2025, was$353.0 million and $448.5 million, respectively. The decrease in our working capital deficit from December 31, 2025 to March 31, 2026 is driven by the payment of a portion of transferable federal energy tax credits purchased in 2025, as discussed in Note 1,* Summary of Significant Accounting Policies*.
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, taxes on the FanDuel Equity Sale 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 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 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.
Current wording
During thethree months ended March 31, 2026, we had net cash outflows used in investing activities of $156.2 million comprised primarily ofcapital expenditures of $155.2 million, which related to our casino developments in Norfolk, Virginia and new Cadence Crossing casino, guestroom renovations, primarily at the Orleans, Suncoast casino modernization, slot machines, IT equipment and building projects at various properties. During thethree months ended March 31, 2025, we incurred net cash outflows for investing activities of$250.4 million comprised of: (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.
Previous 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.
Current wording
The net cash inflows from financing activities during thethree months ended March 31, 2026 are primarily driven by the net borrowings on the Credit Facility of $225.0 million. In the first quarter of 2026, the Company entered into an Amended and Restated Credit Agreement, of which the Company borrowed $400.0 million under the Term A Loan Facility. In addition, during the first quarter of 2026 the Company repaid amounts outstanding under the Prior Credit Facility and debt financing costs. See 'Indebtedness' below for further discussion. This net borrowing is offset by share repurchase activity and dividends paid. The net cash outflows from financing activities during thethree months ended March 31, 2025, wasprimarily driven by share repurchases and dividends paid. During the first quarter of 2025, we increased borrowings under the Prior Credit Facility as we increased our share repurchase activity for the quarter, resulting in net borrowings under the Prior Credit Facility of $338.1 million driven by $328.0 million in share repurchases.
Previous wording
The outstanding principal amounts under the Credit Facility are comprised of the following:
Current wording
The outstanding principal amounts under the Credit Facility as of March 31, 2026 and under the Prior Credit Agreement as of December 31, 2025 are comprised of the following:
Previous 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.
Current wording
With a total revolving credit commitment of $1,450.0 million available under the Revolving Credit Facility, no borrowings outstanding on the Swing Loan, and $14.2 million allocated to support various letters of credit, there was a remaining contractual availability under the Revolving Credit Facility of $1,435.8 million as of March 31, 2026. In addition, with only $400.0 million drawn on the Term A Loan Facility, the Company had $800.0 million of availability under the Term A Loan Facility as of March 31, 2026, and together with the Revolving Credit Facility, there was remaining contractual availability under the Credit Facility of $2,235.8 million as of March 31, 2026.
Previous wording
The blended interest rate for outstanding borrowings under the Credit Facility was 6.2%at both September 30, 2025 and December 31, 2024.
Current wording
The blended interest rate for outstanding borrowingsat March 31, 2026 under the Credit Facility was 5.1% and at December 31, 2025 under the Prior Credit Facility was 5.3%.
Previous 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").
Current wording
Pursuant to the terms of the Credit Agreement (i) the loans under the Term A Loan Facility will amortize in an annual amount equal to 5.00% of the original principal amount thereof, commencing with the first full fiscal quarter ending after the earlier of (x) the date the Term A Loans have been fully funded and (y) July 1, 2027, payable on a quarterly basis, and (ii) beginning with the fiscal year ending December 31, 2026, the Company will be required to use a portion of its annual excess cash flow to prepay loans outstanding under the Credit Agreement if the Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) exceeds certain thresholds set forth in the Credit Agreement. Additionally, under the Credit Facility, we have monthly to quarterly interest payment obligations, depending on the rates we lock in, for the Term A Loans, 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 4.750% Senior Notes due 2027 and our $900.0 million 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 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.
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 "Senior Notes 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
Summarized combined balance sheet information for the parent company and the Guarantors is as follows:
Current wording
Summarized combined balance sheet information for the parent company and the Senior Notes Guarantors is as follows:
Previous wording
Summarized combined results of operations for the parent company and the Guarantors is as follows:
Current wording
Summarized combined results of operations for the parent company and the Senior Notes Guarantors is as follows:
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 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.
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, July 17, 2025 and April 8, 2026. As of March 31, 2026 and prior to the additional authorization on April 8, 2026, we were authorized to repurchase up to an additional $207.1 million in shares of our common stock under the Share Repurchase Program. We repurchased 1.8 million shares and 4.5 million shares during the three months ended March 31, 2026 and 2025, respectively.
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