BOYD GAMING CORP
For the period ended Sep 30, 2026. Filed Oct 28, 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.
Sep 30, 2026 · Filed Oct 28, 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 2026-06-30; filed 2026-07-30.
0001437749-26-025062
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0001437749-26-033786
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 171 previous paragraphs and 175 current paragraphs.
101 unchanged; 57 reworded; 14 added; 11 removed; 2 previous and 3 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 (14)
Current report
(4)The Company completed the sale of Sam's Town Shreveport, which was located in Shreveport, Louisiana, on August 1, 2026. Property results through the date of sale are included in the Midwest & South segment.
Current report
TotalRevenues
Current report
Operating income increased by $55.1 million, or 39.5%, for the three months ended September 30, 2026, compared to the prior year comparable period, primarily due to (i) a $65.1 million decrease in asset impairment charges, as the Company recognized $65.1 million of long-lived asset impairment charges during the three months ended September 30, 2025 related to property and equipment in the Las Vegas Locals and Midwest & South segments, with no impairment charges recognized during the three months ended September 30, 2026; and (ii) a decrease in project development, preopening and writedowns expense of $9.3 million, which was driven by a $24.2 million gain on the sale of assets during the third quarter of 2026, partially offset by $18.8 million of preopening, demolition and asset writedown costs during the period, including the demolition of Eastside Cannery, Jokers Wild and Sam's Town Tunica, compared to $3.9 million of preopening costs in the three months ended September 30, 2025; partially offset by (iii) an increase in depreciation and amortization expense of $17.5 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, and hotel room renovations and new food & beverage concepts at multiple properties during the latter half of 2025 and into the first half of 2026.
Current report
Net income decreased $1,315.2 million for the three months ended September 30, 2026, compared to the prior year comparable period. In the third quarter of 2025, net income was favorably impacted by a $1,748.0 million gain on the sale of our five percent equity interest in FanDuel ("FanDuel Equity Sale"). Partially offsetting the prior year gain from the FanDuel Equity Sale, was a $55.1 million increase in operating income in the current year, as discussed above, and a $364.5 million decline in the income tax provision as compared to the prior year, as the prior year reflected the tax impact related to the FanDuel Equity Sale.
Current report
Gaming revenues increased $21.3 million, or 1.1%, during thenine months ended September 30, 2026, compared to the prior year comparable period, primarily driven by an increase in slot win of 1.7% and slot handle of 0.8%.
Current report
Food & beverage revenues decreased $1.8 million, or 2.4%, during the three months ended September 30, 2026, compared to the prior year comparable period, primarily due to a 4.9% decrease in food covers. Food & beverage margin for the three months ended September 30, 2026, stayed consistent to the prior year comparable period.
Current report
Room revenues decreased$2.1 million, or 4.7%, during the three months ended September 30, 2026, compared to the prior year comparable period, primarily due to a 2.6% decrease in ADR. Room margin for the three months ended September 30, 2026, decreased to 54.3% from 56.9% for the prior year comparable period, primarily due to a 4.9% increase in cost per room.
Current report
Room revenues decreased $4.6 million, or 3.2%, during the nine months ended September 30, 2026, compared to the prior year comparable period, primarily due to a 1.8% decline in ADR. Room margin for the nine months ended September 30, 2026, decreased to 57.9% from 59.8% for the prior year comparable period, primarily due to a 2.8% increase in cost per room.
Current report
Online revenues increased $6.3 million, or 23.6%, during the three months ended September 30, 2026, compared to the prior year comparable period, due to an increase in Boyd Interactive revenues of $6.3 million, which was primarily driven by the Design Works acquisition on April 1, 2026 and organic growth from existing operations. Online margin for the three months ended September 30, 2026, stayed consistent to the prior year comparable period.
Current report
Total revenues decreased by $11.3 million, or 6.8%, during the nine months ended September 30, 2026, as compared to the prior year comparable period, primarily driven by a $7.1 million decrease in gaming revenues as the segment experienced declines in slot win of 7.1% and slot handle of 6.5%. In addition, food & beverage revenues declined $2.8 million as compared to the prior year comparable period, primarily due to a 10.4% decline in food covers. Overall visitation to Las Vegas and reduced Hawaiian visitation, most notably in the current quarter due to impacts from the four named storms, as discussed above, has continued to have an impact on the current year results.
Current report
Adjusted EBITDAR decreased by $3.3 million, or 20.3%, and $7.8 million, or 13.8%, during the three and nine months ended September 30, 2026, respectively, as compared to the prior year comparable periods, due primarily to the gaming revenues declines, driven by reduced visitation to Las Vegas, including Hawaiian visitation, as discussed above.
Current report
Adjusted EBITDAR increased $1.5 million during the three months ended September 30, 2026, compared to the prior year comparable period, and was driven by the Boyd Interactive revenue increase as discussed above.
Current report
Other, net
Current report
Included within Other, net for the three and nine months ended September 30, 2025, is the gain from the FanDuel Equity Sale.
Removed paragraphs (11)
Previous 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.
Previous report
Total Revenues
Previous 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.
Previous 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.
Previous 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%.
Previous 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.
Previous 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.
Previous report
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 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.
Previous 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.
Previous report
Amounts Outstanding
Reworded paragraphs (57)
Previous 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").
Current wording
We are a geographically diversified operator of 26 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 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 Boyd Interactive and online market access fees through our agreements with third parties throughout the United States. To reconcile Reportable Segments information to the condensed consolidated information, the Company has aggregated nonreportable operating segments into a Managed & Other category. The Managed & Other category includes management fees earned under our management contract with Wilton Rancheria for the management of Sky River Casino in northern California and the operating results of Lattner Entertainment Group Illinois, LLC, our Illinois distributed gaming operator ("Lattner").
Previous wording
(1) 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 wording
(1) The Eastside Cannery Casino and Hotel was closed on March 18, 2020. During the first quarter of 2026, the property was imploded and we began sitework to clear and restore the land. During the third quarter of 2026, we sold the land and there are no remaining assets or operations associated with this property.
Previous wording
(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 wording
(2)Cadence Crossing opened on March 25, 2026 and replaced the Jokers Wild casino. Demolition of Jokers Wild commenced in the first quarter of 2026 and was completed in the third quarter of 2026.
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 and six months ended June 30, 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 nine months ended September 30, 2025 were included in the Midwest & South segment. In 2026, the Company began demolition of Sam's Town Tunica.
Previous wording
(4)Property is subject to a master lease agreement with a real estate investment trust.
Current wording
(5)Property is subject to a master lease agreement with a real estate investment trust.
Previous 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.
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 November 2027.
Previous wording
Our industry is capital intensive, and we rely heavily on the ability of our operations to generate operating cash flow to fund maintenance capital expenditures, pay income taxes, repay debt financing and associated interest costs, repurchase our debt or equity securities, pay dividends, and provide excess cash for future development and to help fund acquisitions.
Current wording
Our industry is capital intensive, and we rely heavily on the ability of our operations to generate operating cash flow to fund maintenance capital expenditures, pay income taxes, repay debt financing and associated interest costs, repurchase shares, pay dividends, provide excess cash for future development and to help fund acquisitions.
Previous wording
Our evaluations of potential investments and growth opportunities are strategic, deliberate, and disciplined. Our goal is to identify and pursue opportunities that grow our business, are available at the right price and deliver a solid return for shareholders. These investments can take the form of expanding and enhancing offerings and amenities at existing properties, developing new properties, expanding and enhancing online sports wagering and online casino offerings as they are legalized in and around the states we operate today, and asset acquisitions.
Current wording
Our evaluations of potential investments and growth opportunities are strategic, deliberate, and disciplined. Our goal is to identify and pursue opportunities that grow our business, are available at the right price and deliver a solid return for shareholders. These investments can take the form of expanding and enhancing offerings and amenities at existing properties, including replacing riverboats with new land-based facilities, developing new properties, expanding and enhancing online sports wagering and online casino offerings as they are legalized in and around the jurisdictions we operate in today, and asset acquisitions.
Previous 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.
Current wording
Total revenues for thenine months ended September 30, 2026 decreasedby$7.7 million, or 0.3%, compared to the prior year comparable period, primarily due to (i) 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 (as defined below) and in some instances, entry into new agreements at lower rates than those terminated; (ii) a decrease in online reimbursements revenue of $19.2 million, which relates to reimbursements of gaming taxes and other expenses paid on behalf of our online partners; and (iii) a decrease in room revenues of $4.6 million, or 3.2%, driven by a 1.8% decrease in ADR; partially offset by (iv) an increase in gaming revenues of $21.3 million, or 1.1%, driven by an increase in slot win of 1.7% and slot handle of 0.8%; (v) an increase in Boyd Interactive revenues of $14.2 million, driven by the Design Works acquisition on April 1, 2026 and organic growth from existing operations; and (vi) an increase of $9.7 million related to the Sky River Casino management fee.
Previous 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.
Current wording
Operating income decreased by $22.4 million, or 3.9%, for the nine months ended September 30, 2026, compared to the prior year comparable period, primarily due to (i) a $28.9 million decrease in revenue from our market access agreements, as discussed above, as 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; (ii) an increase in depreciation and amortization expense of $65.4 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, and hotel room renovations and new food & beverage concepts at multiple properties during the latter half of 2025 and into the first half of 2026; and (iii) an increase of $25.1 million in project development, preopening and writedowns expense, which was driven by $51.2 million of preopening, demolition and asset writedown costs during the period, partially offset by a $20.9 million net gain on the sale of assets during the nine months ended September 30, 2026, compared to $5.2 million of preopening and asset writedown costs during the nine months ended September 30, 2025; partially offset by (iv) a $97.4 million decrease in asset impairment charges, as the Company recorded $97.4 million of long-lived asset impairment charges during the nine months ended September 30, 2025 related to property and equipment in the Las Vegas Locals and Midwest & South segments, with no impairment charges recognized during the nine months ended September 30, 2026.
Previous 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 ").
Current wording
Net income decreased by$1,342.3 million for thenine months ended September 30, 2026, compared to the prior year comparable period, primarily driven by the $1,748.0 million gain on the FanDuel Equity Sale in the third quarter of 2025. Partially offsetting the prior year gain from the FanDuel Equity Sale, was a $375.2 million decrease in the income tax provision as compared to the prior year, as the prior year reflected the tax impact related to the FanDuel Equity Sale, and a $38.6 million decrease in interest expense as compared to the prior year, which was driven by a $681.6 million decrease in the weighted average outstanding debt balance combined with a 50-basis point decline in the weighted average interest rate. The decline in the weighted average outstanding debt balance as compared to the prior year, 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 FanDuel Equity Sale and was partially offset by the $554.9 million of average outstanding principal under the Credit Facility during the nine months ended September 30, 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 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.
Current wording
We derive the majority of our revenues from our gaming operations, which produced approximately 66% of revenues for both the three and nine months ended September 30, 2026 and 65% of revenues for both the three and nine months ended September 30, 2025. Online reimbursements revenues represent our next most significant revenue source, generating 12% and 13% of revenues for thethree and nine months ended September 30, 2026, respectively, and 14% and 13% of revenues for the three and nine months ended September 30, 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$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%.
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 decrease in gaming revenues of $2.3 million, or 0.4%, during the three months ended September 30, 2026, compared to the prior year comparable period, was primarily due to a decrease in table game hold of 4.5% and slot handle of 0.8%.
Previous wording
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 wording
Food & beverage revenues decreased $0.7 million, or 0.3%, during the nine months ended September 30, 2026, compared to the prior year comparable period, primarily due to a 3.1% decrease in food covers. Food & beverage margin for the nine months ended September 30, 2026, decreased to 13.1% from 13.8% for the prior year comparable period, primarily due to a 1.9% increase in cost per guest served.
Previous 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.
Current wording
Online revenues decreased $14.7 million or 13.9%, during the nine months ended September 30, 2026, compared to the prior year comparable period, driven by a decline in revenue from market access agreements of $28.9 million during the nine months ended September 30, 2026, 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 $14.2 million during the nine months ended September 30, 2026, compared to the prior year comparable period primarily driven by the Design Works acquisition on April 1, 2026 and organic growth from existing operations. Online margin for the nine months ended September 30, 2026, decreased to 33.5% from 52.5%, 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** **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.
Current wording
Online reimbursements revenues** **decreased $17.5 million and $19.2 million during the three and nine months ended September 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 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.
Current wording
Management fee revenues during the three months ended September 30, 2026 and 2025 of$27.6 million and$23.7 million, respectively, and during the nine months ended September 30, 2026 and 2025 of $82.3 million and $72.6 million, respectively, relateto our management agreement with Wilton Rancheria to manage the Sky River Casino in northern California.
Previous wording
Other revenues relate to patronage visits at the other amenities at our properties, including entertainment and nightclub revenues, retail sales, theater tickets and other venues. Other revenues increased$0.2 million, or 0.6%, 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.
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 decreased $0.4 million, or 1.0%, and increased$0.5 million, or 0.4%, during thethree and nine months ended September 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, 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.
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 also 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 $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.
Current wording
Total revenues decreased by $3.4 million, or 1.6%, during the three months ended September 30, 2026, as compared to the prior year comparable period. Room revenues declined $2.3 million from the prior year comparable period, primarily due to declines in ADR and hotel occupancy rate of 11.3% and 2.8%, respectively. Gaming revenues declined $0.6 million from the prior year comparable period, primarily due to declines in table game hold of 10.6%, table game drop of 5.4% and slot handle of 1.2%, partially offset by a 1.6% increase in slot win. The current year quarter was impacted overall by increased softness in destination business, which we first experienced beginning in the third quarter of 2025. While we expected destination business trends to improve relative to the third quarter of the prior year, there was incremental softness in destination business at the Orleans as compared to the prior year comparable period. Additionally, the current year quarter was impacted by 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 completion of the project late in the third quarter of 2026.
Previous wording
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 wording
Total revenues decreased by $12.3 million, or 1.9%, during the nine months ended September 30, 2026, as compared to the prior year comparable period. Room revenues declined $7.4 million from the prior year comparable period, primarily due to a decline in ADR and hotel occupancy rate of 6.8% and 4.0%, respectively. Gaming revenues declined $3.0 million from the prior year comparable period, primarily due to declines in table game hold of 7.3%, table game drop of 1.2% and slot handle of 1.7%. Food & beverage revenues declined by $1.8 million from the prior year comparable period, primarily due to a decline in food covers of 1.5% and average guest check of 1.1%. Overall, the current year was impacted by continued softness in destination business, primarily at the Orleans, that began in the third quarter of 2025 and construction disruption at Suncoast from our casino modernization project at the property, both as discussed above.
Previous wording
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 wording
Adjusted EBITDAR decreased by$4.7 million, or 5.1%, and$17.6 million, or 5.7%, during thethree and nine months ended September 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 with food & beverage and hotel margin declines as reduced volumes and lower rates resulted in an increase of 4.9% in cost per guest served during the nine months ended September 30, 2026, as compared to the prior year comparable period, and a 6.8% increase in cost per room during the nine months ended September 30, 2026, as compared to the prior year comparable period.
Previous 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.
Current wording
Total revenues decreasedby$5.8 million, or 10.9%, during the three months ended September 30, 2026, as compared to the prior year comparable period, primarily driven by a $3.0 million decrease in gaming revenues as the segment experienced declines in slot handle of 11.3%, slot win of 9.3% table game hold of 10.9% and table game drop of 10.2%. In addition, food & beverage revenues declined $1.9 million as compared to the prior year comparable period, primarily due to an 18.5% decline in food covers. Similar to the Las Vegas Locals segment, Downtown Las Vegas was also negatively impacted by continued softness in destination business to Las Vegas. In addition, we focus our marketing programs in the Downtown Las Vegas segment on the Hawaiian market and during the three months ended September 30, 2026, Hawaiian visitation was impacted by four named storms around the Hawaiian Islands, including Hurricanes Lala and Lowell and Tropical Storms Moke and Nolo.
Previous wording
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 wording
Total revenues increased by$1.6 million, or 0.3%, during the three months ended September 30, 2026, as compared to the prior year comparable period, reflecting increases in all revenue categories. Room revenues were the largest driver of revenue growth and increased $0.6 million, which was attributable to increases in hotel occupancy rate of 4.7% and ADR of 2.0% over the prior year comparable period.
Previous 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.
Current wording
Total reve nues increased by $39.0 million, or 2.5%, during the nine months ended September 30, 2026, as compared to the prior year comparable period, reflecting increases in all revenue categories. Gaming revenues were the largest driver and increased $30.3 million, over the prior year comparable period, which was attributable to increases in slot win of 2.7% and slot handle of 2.4%.
Previous 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.
Current wording
Adjusted EBITDAR was $201.6 million for both the three months ended September 30, 2026 and 2025. Adjusted EBITDAR increased by $16.8 million, or 2.9%, during the nine months ended September 30, 2026, as compared to the prior year comparable period, due primarily to the gaming revenue increase, as discussed above.
Previous 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.
Current wording
Online segment revenues** **decreased $11.1 million, or 6.7%, during the three months ended September 30, 2026, compared to the prior year comparable period, primarily driven by a $17.5 million decrease in reimbursements of gaming taxes and other expenses paid on behalf of our online partners. Partially offsetting this decline was a $6.3 million increase in revenue from Boyd Interactive's operations for the three months ended September 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
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 wording
Online segment revenues decreased by $33.9 million, or 6.7%, during the nine months ended September 30, 2026, 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, in some instances, entry into certain new agreements at lower rates than those terminated, as discussed above, and a $19.2 million decrease in reimbursements of gaming taxes and other expenses paid on behalf of our online partners. Partially offsetting these declines was a $14.2 million increase in revenue from Boyd Interactive's operations for the nine months ended September 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 $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.
Current wording
Adjusted EBITDAR decreased $25.1 million during the nine months ended September 30, 2026, compared to the prior year comparable period, and was driven by the $28.9 million reduction in revenue from market access agreements for the nine months ended September 30, 2026, compared to the prior year comparable period, as there are minimal costs related to such agreements. Partially offsetting the market access agreement decline was Adjusted EBITDAR growth at Boyd Interactive, driven by the revenue increase discussed above.
Previous 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.
Current wording
During thethree and nine months ended September 30, 2026, Managed & Other revenues increased by$4.8 million and$10.8 million, respectively, and Adjusted EBITDAR increased by$3.5 million and$9.3 million, respectively, as compared to the corresponding periods of the prior year, primarily due to a $3.9 million and $9.7 million increase in Sky River Casino management fees for the three and nine months ended September 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 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.
Current wording
Selling, general and administrative expenses, as a percentage of revenues, remained consistent at 10.6% and 10.4% during the three months ended September 30, 2026 and 2025, respectively, and 10.8% and 10.6% during the nine months ended September 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 $28.9 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.
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$29.0 million and$28.6 million during the three months ended September 30, 2026 and 2025, respectively, and $86.4 million and $85.2 million during the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Maintenance and utilities expenses, as a percentage of revenues, remained generally consistent at 3.7% and 3.6% during the three months ended June 30, 2026 and 2025, respectively, and 3.7% during both the six months ended June 30, 2026 and 2025.
Current wording
Maintenance and utilities expenses, as a percentage of revenues, remained consistent at 4.1% and 4.0% during the three months ended September 30, 2026 and 2025, respectively, and 3.8% during both the nine months ended September 30, 2026 and 2025.
Previous 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.
Current wording
Depreciation and amortization expenses were$91.3 million and$73.7 million during thethree months ended September 30, 2026 and 2025, respectively, and$277.4 million and$212.0 million during the nine months ended September 30, 2026 and 2025, respectively. The increase for the three and nine months ended September 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, and 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, 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.
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 3.0% of revenues during both thethree months ended September 30, 2026 and 2025, and 3.3% and 3.2% of revenues during thenine months ended September 30, 2026 and 2025, respectively.
Previous wording
Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, strategic initiatives, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred in our ongoing efforts to develop gaming activities in new jurisdictions and expenses related to other new business development activities that do not qualify as capital costs; (iii) 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.
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, including demolition 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 unde rlying activities fluctuates. During the three months ended September 30, 2026, project development, preopening and writedowns included a $24.2 million gain on asset sales partially offset by $15.1 million of costs incurred related to demolition and asset writedowns and $3.7 million in preopening costs. 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 thenine months ended September 30, 2026, the Company incurred $39.8 million of costs related to demolition and asset writedowns and $11.3 million in preopening costs which were partially offset by a $20.9 million net gain on asset sales. During thenine months ended September 30, 2025, project development, preopening and writedowns included $6.5 million of preopening expenses and $1.2 million of asset writedowns partially offset by $2.5 million in insurance proceeds related to an asset disposition. During both the three and nine months ended September 30, 2026, the gain on asset sales was driven by the sale of land and the Sam's Town Shreveport sale. In addition, the elevated demolition and asset writedowns for both periods in the current year are driven by the demolition of Sam's Town Tunica, Jokers Wild and Eastside Cannery.
Previous 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.
Current wording
During thethree and nine months ended September 30, 2026, there were no asset impairment charges incurred. 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 long-lived asset impairment charges 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.
Previous 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.
Current wording
Interest expense, net of capitalized interest and interest income, for thenine months ended September 30, 2026, decreased $39.4 million, or 30.6%, from the prior year comparable period and was primarily driven by a decrease in the weighted average debt balance of $681.6 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 for the current year 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
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.
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 $16.3 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 nine months ended September 30, 2026. During the three and nine months ended September 30, 2025, the Company incurred $1.4 million in loss on early extinguishments of debt related to the write-off of unamortized deferred finance charges associated with the full repayment of the senior secured term A loan under the Prior Credit Agreement. 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 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.
Current wording
The effective tax rates during the nine months ended September 30, 2026 and 2025 were 23.8% and 22.3%, respectively. Our tax rate for thenine months ended September 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 thenine months ended September 30, 2025, wasunfavorably 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.
Showing the first 40 of 57 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Total revenues for the three months ended September 30, 2026 decreased by $13.9 million, or 1.4%, compared to the prior year comparable period, primarily due to (i) a decrease in online reimbursements revenue of $17.5 million, which relates to reimbursements of gaming taxes and other expenses paid on behalf of our online partners; and (ii) a decrease in gaming revenues of $2.3 million, or 0.4%, driven by decreases in table game hold of 4.5% and slot handle of 0.8%; primarily offset by (iii) an increase in Boyd Interactive revenues of $6.3 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.
Current report — wording carried from elsewhere
Interest expense, net of capitalized interest and interest income, for the three months ended September 30, 2026, increased$0.8 million, or 2.4%, from the prior year comparable period and was primarily driven by an increase in the weighted average debt balance of $212.0 million and offset by an approximate 30-basis point decrease in the weighted average interest rate.
Current report — wording carried from elsewhere
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 retired or refinanced with a maturity date that is 91 days after the Maturity Date. As of September 30, 2026, the 4.750% Senior Notes due 2027 had not been retired or refinanced. As a result, the Credit Facility was subject to the September 1, 2027 springing maturity provision and all amounts outstanding under the Credit Facility were classified as current maturities of long-term debt in the accompanying condensed consolidated balance sheet as of September 30, 2026. The Company may refinance the 4.750% Senior Notes due 2027 to satisfy the refinancing condition. However, if needed, the Company may use borrowings under the Credit Facility to redeem the 4.750% Senior Notes due 2027 to satisfy the retirement condition. Based on the contractual availability under the Credit Facility as of September 30, 2026, the Company has the ability to retire the 4.750% Senior Notes due 2027 with amounts available under the Credit Facility and satisfy the springing maturity retirement condition. Upon refinancing the 4.750% Senior Notes due 2027 with indebtedness maturing at least 91 days after the Credit Facility’s stated Maturity Date or upon retirement of the 4.750% Senior Notes due 2027 with availability under the Credit Facility, the springing maturity provision will no longer apply and the Credit Facility’s maturity will revert to its stated Maturity Date.
Rearranged previous paragraphs (2)
Previous report — wording carried 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.
Previous report — wording carried 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.