BOYD GAMING CORP
For the period ended Jun 30, 2026. Filed Jul 30, 2026.
View on SEC.govAbout this filing
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.
Jun 30, 2026 · Filed Jul 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 2026-03-31; filed 2026-04-30.
0001437749-26-014192
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0001437749-26-025062
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 171 current paragraphs.
116 unchanged; 40 reworded; 13 added; 5 removed; 0 previous and 2 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 (13)
Current report
Total revenues for the six months ended June 30, 2026 increased by $6.2 million, or 0.3%, compared to the prior year comparable period, primarily due to (i) an increase in gaming revenues of $23.6 million, or 1.8%, driven by an increase in slot win of 2.4% and slot handle of 1.6%; (ii) an increase of $5.8 million related to the Sky River Casino management fee; (iii) an increase in Boyd Interactive revenues of $7.9 million, driven by the Design Works acquisition on April 1, 2026 and organic growth from existing operations; partially offset by (iv) a decrease in revenue from market access agreements of $28.9 million, resulting from 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.
Current report
Net income decreased by $27.0 million, or 10.3%, for the six months ended June 30, 2026, compared to the prior year comparable period, primarily due to the $77.6 million decrease in operating income, as discussed above. Net income was favorably impacted by a $39.1 million decrease in interest expense, which was driven by a $1.1 billion decrease in the weighted average outstanding debt balance, due to debt repayments under the Prior Credit Facility during the third quarter of 2025 as a result of the FanDuel Equity Sale, as discussed above, combined with a 60-basis point decline in the weighted average interest rate. Net income was also favorably impacted by a $10.7 million decrease in the income tax provision driven by the decrease in operating income and interest expense, as discussed above.
Current report
Gaming revenues increased $23.6 million, or 1.8%, during the six months ended June 30, 2026, compared to the prior year comparable period, primarily due to increases in slot win of 2.4% and slot handle of 1.6%.
Current report
Food & beverage revenues decreased$0.5 million, or 0.6%, during thethree months ended June 30, 2026, compared to the prior year comparable period, primarily due to a 2.6% decrease in food covers. Food & beverage margin for the three months ended June 30, 2026, decreased to 13.8% from 16.1% for the prior year comparable period, primarily due to a 2.4% increase in cost per guest served.
Current report
Food & beverage revenues increased$1.1 million, or 0.8%, during the six months ended June 30, 2026, compared to the prior year comparable period, primarily due to an increase in average guest check of 1.4%. Food & beverage margin for the six months ended June 30, 2026, decreased to 14.1% from 15.3% for the prior year comparable period, primarily due to a 2.8% increase in cost per guest served.
Current report
Room revenues decreased$1.0 million, or 2.0%, during the three months ended June 30, 2026, compared to the prior year comparable period, primarily due to a 1.4% decrease in hotel occupancy rate. Room margin for the three months ended June 30, 2026, decreased to 60.7% from 62.1% for the prior year comparable period, primarily due to a 3.1% increase in cost per room.
Current report
Total revenues decreased by $8.9 million, or 2.0%, during the six months ended June 30, 2026, as compared to the prior year comparable period. Room revenues declined $5.2 million from the prior year comparable period, primarily due to a decline in hotel occupancy rate and average daily rate of 4.6% and 5.1%, respectively. Gaming revenues declined $2.4 million from the prior year comparable period, driven primarily by a 1.9% decrease in slot handle. Food & beverage revenues declined by $1.3 million from the prior year comparable period, primarily due to a decline in food covers of 4.6%. The current year 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 during the first quarter of 2026 and continued through the second quarter of 2026.
Current report
Adjusted EBITDAR decreased by$6.3 million, or 5.6%, and$12.9 million, or 5.9%, during thethree and six months ended June 30, 2026, respectively, as compared to the prior year comparable periods, due primarily to the revenue declines, as discussed above. In addition, Adjusted EBITDAR decreased as food & beverage and hotel margins declined with increases in cost per guest served during the three and six months ended June 30, 2026 of 5.2% and 8.3%, respectively, over the prior year comparable periods, and increases in cost per room during the three and six months ended June 30, 2026 of 6.9% and 5.6%, respectively, over the prior year comparable periods.
Current report
Total revenues decreased by $5.5 million, or 4.9%, during the six months ended June 30, 2026, as compared to the prior year comparable period, primarily driven by a $4.1 million decrease in gaming revenues as the segment experienced declines in slot win of 6.0% and slot handle of 4.3%. In addition, food & beverage revenues declined $0.9 million as compared to the prior year comparable period, primarily due to a 6.4% decline in food covers. The Hawaiian market represented approximately 56% and 53% of our occupied rooms in this segment during the six months ended June 30, 2026 and 2025, respectively, with total Hawaiian room nights up 6.5% year over year.
Current report
Adjusted EBITDAR decreased by $2.5 million, or 12.9%, and $4.5 million, or 11.2% , during the three and six months ended June 30, 2026, respectively, as compared to the prior year comparable periods, due primarily to the gaming revenues declines, as discussed above. Similar to the Las Vegas Locals segment, Downtown Las Vegas has also been impacted by continued softness in destination business outside of Hawaii and reduced pedestrian traffic throughout downtown Las Vegas.
Current report
Total revenues increased by $37.3 million, or 3.6%, during the six months ended June 30, 2026, as compared to the prior year comparable period, reflecting increases in all revenue categories. Gaming revenues was the largest driver and increased $30.0 million, which was attributable to increases in slot win of 3.9% and slot handle of 3.5% over the prior year comparable period.
Current report
Online segment revenues decreased by $22.7 million, or 6.6%, during the six months ended June 30, 2026, as compared to the prior year comparable period, primarily due to a $28.9 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, and a $1.7 million decrease in reimbursements of gaming taxes and other expenses paid on behalf of our online partners. Partially offsetting these declines was a $7.9 million increase in revenue from Boyd Interactive's operations for the six months ended June 30, 2026, as compared to the prior year comparable period, which was driven by the Design Works acquisition on April 1, 2026 and organic growth from existing operations.
Current report
During thesix months ended June 30, 2026 and 2025, we generated operating cash flows of$110.8 million and$461.4 million, respectively. The decline is primarily attributable to $341.0 million in payments for transferable federal energy tax credits during the six months ended June 30, 2026 that were used primarily for federal tax obligations associated with the FanDuel Equity Sale.
Removed paragraphs (5)
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Reworded paragraphs (40)
Previous wording
(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 wording
(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 and six months ended June 30, 2025 were included in the Midwest & South segment.
Previous wording
(6) Property opened on November 7, 2025 and is a variable interest entity consolidated in our financial statements.
Current wording
(6) Transitional casino opened on November 7, 2025 and is a variable interest entity consolidated in our financial statements. The full casino resort is expected to open in late 2027.
Previous 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.
Current wording
Total revenues for the three months ended June 30, 2026 increased by$0.4 million compared to the prior year comparable period, primarily due to (i) an increase in gaming revenues of $11.8 million, or 1.8%, driven by an increase in slot win of 2.4% and slot handle of 1.6%; (ii) an increase in management fee revenue of $4.7 million related to our management of Sky River Casino; (iii) an increase in Boyd Interactive revenues of $6.5 million, driven by the acquisition of Design Works Studios, LLC ("Design Works") on April 1, 2026, as discussed in Note 1,Summary of Significant Accounting Policies, and organic growth from existing operations; partially offset by (iv) a decrease in online reimbursements revenue of $7.6 million, which relates to reimbursements of gaming taxes and other expenses paid on behalf of our online partners; and (v) a decrease in revenue from market access agreements of $13.9 million, resulting from 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
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 wording
Operating income decreased by $77.6 million, or 17.5%, for the six months ended June 30, 2026, compared to the prior year comparable period, primarily due to (i) an increase in depreciation and amortization expense of $47.9 million, which was driven by: the completion of our meeting and convention space at Ameristar St. Charles in the third quarter of 2025, the opening of the transitional casino in Norfolk, Virginia in November 2025, the opening of Cadence Crossing in March 2026, investments in technology throughout 2025, hotel room renovations and new food & beverage concepts at multiple properties during the latter half of 2025 and into the first half of 2026; (ii) an increase in project development, preopening and writedowns expense of $34.4 million, which was driven by a $29.5 million increase in costs related to demolition and asset writedowns and a $4.9 million increase in preopening costs; (iii) a $28.9 million decrease in revenue from our market access agreements, as market access fee revenue has minimal expenses associated with it, as discussed above; partially offset by (iv) a $32.3 million decrease in impairment of assets, 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.
Previous wording
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 wording
Net income decreased $20.4 million for the three months ended June 30, 2026, compared to the prior year comparable period, primarily due to the $41.7 million decrease in operating income, as discussed above, partially offset by a $19.1 million decrease in interest expense, which was driven by a $1.1 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 the sale of our 5% equity interest in FanDuel ("FanDuel Equity Sale"), partially offset by the $559.4 million of average outstanding principal under the Credit Facility during the second quarter of 2026 (Prior Credit Facility and Credit Facility are as defined below in "Liquidity and Capital Resources - Indebtedness ").
Previous 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.
Current wording
We derive the majority of our revenues from our gaming operations, which produced approximately 66% of revenues for the three and six months ended June 30, 2026 and 65% of revenues for the three and six months ended June 30, 2025. Online reimbursements revenues represent our next most significant revenue source, generating 12% and 13% of revenues for the three and six months ended June 30, 2026, respectively, and 13% of revenues for both the three and six months ended June 30, 2025. 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$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%.
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 June 30, 2026, compared to the prior year comparable period, was primarily due to increases in slot win of 2.4% and slot handle of 1.6%.
Previous 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.
Current wording
Room revenues decreased $2.5 million, or 2.5%, during the six months ended June 30, 2026, compared to the prior year comparable period, primarily due to a 1.5% decline in average daily rate. Room margin for the six months ended June 30, 2026, decreased to 59.5% from 61.1% for the prior year comparable period, primarily due to a 1.9% increase in cost per room.
Previous 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.
Current wording
Online reve nues** **decreased$7.3 million and $21.0 million during the three and six months ended June 30, 2026, respectively, compared to the prior year comparable periods driven by a decline in revenue from market access agreements of $13.9 million and $28.9 million during the three and six months ended June 30, 2026, respectively, due to the termination of certain market access 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. This decrease was partially offset by an increase in Boyd Interactive revenues of $6.5 million and $7.9 million during the three and six months ended June 30, 2026, respectively, compared to the prior year comparable periods primarily driven by the Design Works acquisition on April 1, 2026 and organic growth from existing operations. Online margins decreased as compared to the prior year comparable periods for the three and six months ended June 30, 2026, to 34.0% from 58.7% and 33.4% from 58.8%, respectively, 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 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$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.
Current wording
Online reimbursements revenues** **decreased$7.6 million and $1.7 million during thethree and six months ended June 30, 2026, respectively, compared to the prior year comparable periods, and represent a decrease in reimbursements of gaming taxes and other expenses paid on behalf of our online partners. The decline was driven by the termination of certain market access agreements as discussed above.
Previous 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.
Current wording
Management fee revenues during the three months ended June 30, 2026 and 2025 of $28.5 million and $23.8 million, respectively, and during the six months ended June 30, 2026 and 2025 of $54.7 million and $48.9 million, respectively, relateto our management agreement with Wilton Rancheria to manage the Sky River Casino in northern California.
Previous wording
Other revenues relate to patronage visits at the other amenities at our properties, including entertainment and nightclub revenues, retail sales, theater tickets and other venues. Other revenues increased$0.6 million, or 1.7%, during thethree months ended March 31, 2026, respectively, as compared to the corresponding periods of the prior year.
Current wording
Other revenues relate to patronage visits at the other amenities at our properties, including entertainment and nightclub revenues, retail sales, theater tickets and other venues. Other revenues increased$0.2 million, or 0.6%, and $0.8 million, or 1.1%, during thethree and six months ended June 30, 2026, respectively, as compared to the prior year comparable periods.
Previous 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.
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, charitable contributions, 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 $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.
Current wording
Total revenues decreased by $3.2 million, or 1.4%, during the three months ended June 30, 2026, as compared to the prior year comparable period. Room revenues declined $2.6 million from the prior year comparable period, primarily due to declines in hotel occupancy rate and average daily rate of 5.4% and 3.5%, respectively. Food & beverage revenues declined by $1.2 million from the prior year comparable period, primarily due to declines in food covers of 2.1% and average guest check of 3.9%. 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 during the first quarter of 2026 and continued through the second quarter of 2026.
Previous 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.
Current wording
Total revenues decreased by $3.1 million, or 5.7%, during the three months ended June 30, 2026, as compared to the prior year comparable period, primarily driven by a $1.8 million decrease in gaming revenues as the segment experienced declines in slot win of 6.9% and slot handle of 4.0%. In addition, food & beverage revenues declined $0.9 million as compared to the prior year comparable period, primarily due to a 10.5% decline in food covers. We continue to tailor our marketing programs in the Downtown Las Vegas segment to focus on the Hawaiian market. The Hawaiian market represented approximately 55% and 53% of our occupied rooms in this segment during thethree months ended June 30, 2026 and 2025, respectively, with total Hawaiian room nights up 3.8% quarter over quarter.
Previous wording
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 wording
Total revenues increased by$16.8 million, or 3.1%, during the three months ended June 30, 2026, as compared to the prior year comparable period, reflecting increases in all revenue categories. Gaming revenues was the largest driver and increased $13.2 million, which was attributable to increases in slot win of 3.6% and slot handle of 3.1% over the prior year comparable period.
Previous 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.
Current wording
Adjusted EBITDAR increased by$7.3 million, or 3.6%, and$16.8 million, or 4.4%, during thethree and six months ended June 30, 2026, respectively, as compared to the prior year comparable periods, due primarily to the gaming revenue increases, as discussed above.
Previous 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.
Current wording
Online segment revenues** **decreased$14.9 million, or 8.6%, during the three months ended June 30, 2026, compared to the prior year comparable period, primarily driven by a $13.9 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, and a $7.6 million decrease in reimbursements of gaming taxes and other expenses paid on behalf of our online partners. Partially offsetting these declines was a $6.5 million increase in revenue from Boyd Interactive's operations for the three months ended June 30, 2026, as compared to the prior year comparable period, which was driven by the Design Works acquisition on April 1, 2026 and organic growth from existing operations.
Previous wording
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 wording
Adjusted EBITDAR decreased $11.7 million and $26.6 million during the three and six months ended June 30, 2026, respectively, as compared to the prior year comparable periods, and was driven by the $13.9 million and $28.9 million reduction in revenue from market access agreements for the three and six months ended June 30, 2026, respectively, as compared to the prior year comparable periods, as there are minimal costs related to such agreements. Partially offsetting the market access agreement declines was Adjusted EBITDAR growth at Boyd Interactive in both periods, driven by the revenue increases discussed above.
Previous 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.
Current wording
During the three and six months ended June 30, 2026, Managed & Other revenues increased by $4.8 million and $6.0 million, respectively, and Adjusted EBITDAR increased by $4.7 million and $5.8 million, respectively, as compared to the corresponding periods of the prior year, primarily due to a $4.7 million and $5.8 million increase in Sky River Casino management fees for the three and six months ended June 30, 2026, respectively, as compared to the prior year comparable periods.
Previous 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.
Current wording
Selling, general and administrative expenses, as a percentage of revenues, remained consistent at 10.7% and 10.6% during the three months ended June 30, 2026 and 2025, respectively, and 10.9% and 10.8% during the six months ended June 30, 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 March 31, 2026 and 2025, 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 $28.9 million and $28.4 million during the three months ended June 30, 2026 and 2025, respectively, and $57.4 million and $56.6 million during the six months ended June 30, 2026 and 2025, respectively.
Previous 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.
Current wording
Maintenance and utilities expenses, as a percentage of revenues, remained generally consistent at 3.7% and 3.6% during the three months ended June 30, 2026 and 2025, respectively, and 3.7% during both the six months ended June 30, 2026 and 2025.
Previous 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.
Current wording
Depreciation and amortization expenses were $91.1 million and $70.0 million during the three months ended June 30, 2026 and 2025, respectively, and $186.1 million and $138.2 million during the six months ended June 30, 2026 and 2025, respectively. The increase for the three and six months ended June 30, 2026 as compared to the prior year comparable periods, was primarily attributable to completion of our meeting and convention space at Ameristar St. Charles in the third quarter of 2025, the opening of the transitional casino in Norfolk, Virginia in November 2025, the opening of Cadence Crossing in March 2026, investments in technology throughout 2025, hotel room renovations and new food & beverage concepts at multiple properties during the latter half of 2025 and into the first half 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 3.7% 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.
Current wording
Corporate expense represents unallocated payroll, professional fees, charitable contributions, 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 3.2% and 3.4% of revenues during the three months ended June 30, 2026 and 2025, respectively, and 3.4% and 3.2% of revenues during the six months ended June 30, 2026 and 2025, respectively. The growth in corporate expense during the six months ended June 30, 2026, as compared to the prior year comparable period, was driven primarily by one-time compensation costs incurred during the first quarter of 2026.
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 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.
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 June 30, 2026, project development, preopening and writedowns included $9.8 million of costs incurred related to demolition and asset writedowns and $5.6 million in preopening costs. During the three months ended June 30, 2025, project development, preopening and writedowns included $1.8 million in preopening costs and $0.9 million related to asset writedowns. During the six months ended June 30, 2026, the Company incurred $28.0 million of costs related to demolition and asset writedowns and $7.6 million in preopening 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 partially offset by $2.5 million in insurance proceeds related to an asset disposition.
Previous 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.
Current wording
During thethree and six months ended June 30, 2026, there were no asset impairment charges incurred. During the six 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.
Previous 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.
Current wording
Interest expense, net of capitalized interest and interest income, for the three months ended June 30, 2026, decreased$19.2 million, or 38.9%, from the prior year comparable period and was primarily driven by a decrease in the weighted average debt balance of $1.1 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 in the third quarter of 2025 of $1,680.9 million of then outstanding debt under the Prior Credit Facility with the proceeds from the FanDuel Equity Sale, as discussed above.
Previous wording
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 wording
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 in accordance with authoritative accounting guidance for debt extinguishments and debt modifications. As a result,$3.3 million of unamortized deferred finance charges related to the Prior Credit Agreement were added to the $16.1 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 six months ended June 30, 2026. There was no loss on early extinguis hments and modifications of debt for the six months ended June 30, 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.
Previous 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.
Current wording
The effective tax rates during the six months ended June 30, 2026 and 2025 were 23.8% and 24.3%, respectively. Our tax rate for thesix months ended June 30, 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 thesix months ended June 30, 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. 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.
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 six months ended June 30, 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 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*.
Current wording
We generally operate with minimal or negative levels of working capital in order to minimize borrowings and related interest costs. At June 30, 2026 and December 31, 2025, we had cash and cash equivalents of$322.7 million and$353.4 million, respectively. In addition, we held restricted cash balances of$6.1 million and$5.4 million at June 30, 2026 and December 31, 2025, respectively. Our working capital deficit at June 30, 2026 and December 31, 2025, was$141.0 million and$448.5 million, respectively. The decrease in our working capital deficit from December 31, 2025 to June 30, 2026 is driven by payments totaling $341.0 million for transferable federal energy tax credits purchased in 2025, as discussed in Note 1,* Summary of Significant Accounting Policies*.
Previous 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.
Current wording
During thesix months ended June 30, 2026, we had net cash outflows used in investing activities of$343.7 million comprised primarily of: (i) capital expenditures of $297.1 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; and (ii) $46.8 million related to the Design Works acquisition. During thesix months ended June 30, 2025, we incurred net cash outflows for investing activities of$375.9 million comprised primarily of: (i)capital expenditures of $294.3 million, which related to our various guest room remodels, meeting and convention space expansion 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 gaming license right of $41.5 million; and (iii) advances made under a note receivable of $31.8 million.
Previous 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.
Current wording
The net cash inflows from financing activities during thesix months ended June 30, 2026 are primarily driven by the net borrowings on the Credit Facility of $566.1 million. In the first quarter of 2026, the Company entered into an Amended and Restated Credit Agreement and used initial borrowings to retire amounts outstanding under the Prior Credit Facility and pay debt financing costs. During the six months ended June 30, 2026, the Company borrowed $400.0 million under the Term A Loan Facility and incurred net borrowings under the Revolving Credit Facility, which were primarily used to fund the transferable federal energy tax credit payments, as discussed above, and share repurchases. See 'Indebtedness' below for further discussion. This net borrowing is partially offset by $311.1 million of share repurchases and $28.8 million of dividends paid. The net cash outflows from financing activities during thesix months ended June 30, 2025, wasprimarily driven by net borrowings under the Prior Credit Facility, partially offset by share repurchases and dividends paid. During the first half of 2025, we increased borrowings under the Prior Credit Facility as we increased our share repurchase activity during the six months ended June 30, 2025, resulting in net borrowings under the Prior Credit Facility of $387.8 million driven by $433.0 million in share repurchases.
Previous wording
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 wording
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 June 30, 2026, the Company has made one borrowing totaling $400.0 million under the Term A Loan Facility. Proceeds from the Credit Agreement on the Closing Date 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. Additional borrowings under the Credit Agreement after the Closing Date may be used for working capital and other general corporate purposes.
Previous 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.
Current wording
With a total revolving credit commitment of $1,450.0 million available under the Revolving Credit Facility, $315.0 million and $26.1 million outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $14.2 million allocated to support various letters of credit, there was a remaining contractual availability under the Revolving Credit Facility of $1,094.7 million as of June 30, 2026. In addition, with $400.0 million drawn on the Term A Loan Facility, the Company had $800.0 million of contractual availability under the Term A Loan Facility as of June 30, 2026, and together with the Revolving Credit Facility, there was remaining contractual availability under the Credit Facility of $1,894.7 million as of June 30, 2026.
Previous 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%.
Current wording
The blended interest rate for outstanding borrowingsat June 30, 2026 under the Credit Facility was 4.9% and at December 31, 2025 under the Prior Credit Facility was 5.3%.
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, 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.
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 June 30, 2026, we were authorized to repurchase up to an additional $551.1 million in shares of our common stock under the Share Repurchase Program. We repurchased 1.9 million shares and 1.5 million shares during the three months ended June 30, 2026 and 2025, respectively, and 3.7 million shares and 5.9 million shares during the six months ended June 30, 2026 and 2025, 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 2026, we expect to spend an additional $50 million in growth projects, which includes completion of Cadence Crossing, which opened on March 25, 2026 and the design and pre-construction activities for the expansion, modernization and transformation of Par-A-Dice into a single-level entertainment facility, as approved by the regulators during the first quarter of 2026.
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 2026, we expect to spend an additional $50 million in growth projects, which includes completion of Cadence Crossing, which opened on March 25, 2026 and the design and pre-construction activities for the expansion and transformation of Par-A-Dice into a single-level entertainment facility, as approved by the regulators during the first quarter of 2026.
Previous wording
During the three months ended March 31, 2026, the Company spent approximately $155 million of the total estimated $650 million to $700 million of capital spend expected in 2026.
Current wording
During thesix months ended June 30, 2026, the Company spent approximately $297 million of the total estimated $650 million to $700 millionof capital spend expected in 2026.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Operating income decreased by$41.7 million, or 17.2%, for the three months ended June 30, 2026, compared to the prior year comparable period, primarily due to (i) an increase in depreciation and amortization expense of $21.1 million, driven by: the completion of our meeting and convention space at Ameristar St. Charles in the third quarter of 2025, the opening of the transitional casino in Norfolk, Virginia in November 2025, the opening of Cadence Crossing in March 2026, investments in technology throughout 2025, hotel room renovations and new food & beverage concepts at multiple properties during the latter half of 2025 and into the first half of 2026; (ii) an increase in project development, preopening and writedowns expense of $12.6 million, which was driven by an $8.8 million increase in costs related to demolition and asset writedowns and a $3.8 million increase in preopening costs; and (iii) a $13.9 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.
Current report — wording carried from elsewhere
Interest expense, net of capitalized interest and interest income, for the six months ended June 30, 2026, decreased $40.2 million, or 41.5%, from the prior year comparable period and was primarily driven by a decrease in the weighted average debt balance of $1.1 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 in the third quarter of 2025 of $1,680.9 million of then outstanding debt under the Prior Credit Facility with the proceeds from the FanDuel Equity Sale, as discussed above.