BOYD GAMING CORP (BYD) Business
This page reproduces the company's own Item 1 Business text from the linked SEC filing. It is filer text, not grepcent analysis, scoring, or investment advice.
Informational only - not investment advice. See Disclaimer.
ITEM 1. Business
Overview
Boyd Gaming Corporation (the "Company," the "Registrant," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has been in operation since 1975. Headquartered in Las Vegas, we operate 27 brick-and-mortar gaming entertainment properties ("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 (“B2B”) and business-to-consumer (“B2C”) online casino gaming business in the United States and Canada. Through a management agreement with Wilton Rancheria, we also manage the Sky River Casino, which is located in California. On November 7, 2025, the Company, as developer and manager, opened a transitional casino in Norfolk, Virginia. The permanent casino resort is expected to open in late 2027. On November 9, 2025, the Company permanently closed the Sam's Town Tunica property.
In 2018, we acquired a five percent ownership in FanDuel Group Parent, LLC ("FanDuel"), the nation’s leading sports-betting operator. On July 10, 2025, Boyd Interactive Gaming Holdings, L.L.C. ("Boyd Interactive Holdings"), a wholly owned subsidiary of Boyd Gaming, entered into a definitive agreement ("Purchase Agreement") with TSE Holdings Ltd. ("Parent") and FanDuel, pursuant to which Parent agreed to purchase Boyd Interactive Holding's five percent equity interest (the "Equity Interest") in FanDuel, and Boyd Gaming and FanDuel, or their respective affiliated entities, agreed to enter into certain commercial arrangements. On July 31, 2025, pursuant to the Purchase Agreement, Boyd Interactive Holdings completed the sale of its Equity Interest to Parent for aggregate cash consideration of $1,758.0 million. In connection with the sale of the Equity Interest, Boyd Gaming and FanDuel or their respective affiliated entities terminated certain of their existing agreements related to their strategic partnership and entered into certain new agreements (collectively, the "FanDuel Market Access Agreements").
Through the FanDuel Market Access Agreements and market access agreements with other online operators, and subject to state law and regulatory approvals, we offer online sports wagering in Illinois, Indiana, Iowa, Kansas, Louisiana, Missouri, Ohio (through June 30, 2025) and Pennsylvania as well as online casinos in Pennsylvania.
We continually work to position our Company for greater success by strengthening our existing operations and growing through acquisitions, capital investments and other strategic initiatives. Our operating strategy is focused on building loyalty with core customers, operating efficiently and delivering long-term value for our shareholders. Our operating model is focused on maximizing gaming revenues, streamlining our cost structure, targeting our marketing investments and reducing lower margin offerings, which allows us to flow a higher percentage of our revenues to the bottom line. Through our Team Members' commitment to "Boyd Style" customer service, we believe our business is differentiated from our competitors and that we deliver a customer experience that fosters long-term loyalty.
In addition, we believe the following factors have contributed to our success in the past and are central to our success in the future:
| • | we have an experienced management team; | |
|---|---|---|
| • | our operations are geographically diversified; | |
| • | we are focused on building loyalty and driving growth with our core customers, a valuable customer segment in our business; | |
| • | our Las Vegas Locals properties are well-positioned to capitalize on the attractive Las Vegas locals market; | |
| • | three of our properties are located in the downtown Las Vegas market and also market to a unique niche - Hawaiian customers; | |
| • | we have used our increased free cash flow to strengthen our balance sheet, invest in our properties and return capital to shareholders; and | |
| • | we have the ability to expand certain existing properties, develop new properties and to act opportunistically to make strategic acquisitions. |