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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________________________________________

FORM 10-Q

 ____________________________________________________

(Mark One)

 

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2024

OR

 

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to              

Commission file number: 1-12882

___________________________________________________

 

logo1.jpg

BOYD GAMING CORPORATION

(Exact name of registrant as specified in its charter)

 ____________________________________________________

 

Nevada

88-0242733

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

6465 South Rainbow Boulevard, Las Vegas, NV 89118

(Address of principal executive offices) (Zip Code)

(702) 792-7200

(Registrant's telephone number, including area code)

 ____________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

 

 

Common stock, $0.01 par value

 

BYD

 

New York Stock Exchange

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "non-accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

☒

Accelerated filer

☐

 

 

 

 

Non-accelerated filer

☐ 

Smaller reporting company

☐

 

 

 

 

 

 

Emerging growth company

☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

 

The number of shares outstanding of the registrant’s common stock as of July 29, 2024 was 91,762,642.

 

 
Table of Contents

 

 

 

BOYD GAMING CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED JUNE 30, 2024

TABLE OF CONTENTS

 

 

 

Page

No.

PART I. FINANCIAL INFORMATION

 

 

 

Item 1.

Financial Statements (Unaudited)

3

 

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023

3

 

 

 

 

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023

5

 

 

 

 

Condensed Consolidated Statements of Changes in Stockholders' Equity for each of the quarters within the six months ended June 30, 2024 and 2023

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements

8
     
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22
     

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

33

 

 

 

Item 4.

Controls and Procedures

34

 

 

 

PART II. OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

35

 

 

 

Item 1A.

Risk Factors

35
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35
     
Item 5. Other Information 35

 

 

 

Item 6.

Exhibits

36

 

 

 

Signature Page

37

 

 

 
Table of Contents

 

 

PART I. Financial Information

 

Item 1.        Financial Statements (Unaudited)

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

 

  

June 30,

  

December 31,

 

(In thousands, except share data)

 

2024

  

2023

 

ASSETS

        

Current assets

        

Cash and cash equivalents

 $280,783  $304,271 

Restricted cash

  3,946   3,659 

Accounts receivable, net

  109,740   137,892 

Inventories

  21,177   20,692 

Prepaid expenses and other current assets

  52,045   59,293 

Income taxes receivable

  19,367   3,508 

Total current assets

  487,058   529,315 

Property and equipment, net

  2,626,127   2,542,512 

Operating lease right-of-use assets

  760,077   793,335 

Other assets, net

  65,333   67,779 

Intangible assets, net

  1,375,544   1,392,844 

Goodwill, net

  947,281   947,341 

Total assets

 $6,261,420  $6,273,126 

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Current liabilities

        

Accounts payable

 $128,398  $124,668 

Current maturities of long-term debt

  44,416   44,275 

Accrued liabilities

  416,281   427,379 

Total current liabilities

  589,095   596,322 

Long-term debt, net of current maturities and debt issuance costs

  2,916,096   2,871,223 

Operating lease liabilities, net of current portion

  679,955   711,387 

Deferred income taxes

  305,299   288,826 

Other liabilities

  59,262   61,266 

Commitments and contingencies (Note 6)

          

Stockholders' equity

        

Preferred stock, $0.01 par value, 5,000,000 shares authorized

  —   — 

Common stock, $0.01 par value, 200,000,000 shares authorized; 92,309,009 and 96,832,453 shares outstanding

  923   968 

Additional paid-in capital

  —   — 

Retained earnings

  1,712,488   1,744,232 

Accumulated other comprehensive loss

  (1,698)  (1,098)

Total stockholders' equity

  1,711,713   1,744,102 

Total liabilities and stockholders' equity

 $6,261,420  $6,273,126 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 
3
Table of Contents

 

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 

   

Three Months Ended

    

Six Months Ended

  
   

June 30,

    

June 30,

  

(In thousands, except per share data)

  

2024

    

2023

    

2024

    

2023

  

Revenues

                                

Gaming

   $ 650,827     $ 660,729     $ 1,284,958     $ 1,325,037  

Food & beverage

     76,994       70,366       149,633       141,950  

Room

     52,595       49,761       101,542       99,826  

Online

     129,930       85,002       276,100       207,865  

Management fee

     21,252       17,446       43,497       37,476  

Other

     35,914       33,646       72,303       68,762  

Total revenues

     967,512       916,950       1,928,033       1,880,916  

Operating costs and expenses

                                

Gaming

     252,067       249,999       497,753       499,794  

Food & beverage

     63,182       58,622       125,139       117,951  

Room

     19,342       18,580       38,054       35,700  

Online

     112,675       71,393       238,150       173,398  

Other

     13,248       11,003       26,161       22,570  

Selling, general and administrative

     105,134       99,070       213,318       199,389  

Master lease rent expense

     27,852       27,099       55,087       53,927  

Maintenance and utilities

     36,946       37,591       71,690       73,617  

Depreciation and amortization

     65,677       62,220       128,590       123,780  

Corporate expense

     31,255       31,705       60,640       60,360  

Project development, preopening and writedowns

     7,586       5,201       10,607       (13,673 )

Impairment of assets

     —       —       10,500       4,537  

Other operating items, net

     5,442       438       5,853       658  

Total operating costs and expenses

     740,406       672,921       1,481,542       1,352,008  

Operating income

     227,106       244,029       446,491       528,908  

Other expense (income)

                                

Interest income

     (403 )     (2,715 )     (849 )     (20,860 )

Interest expense, net of amounts capitalized

     42,949       42,715       85,258       86,581  

Other, net

     50       522       100       626  

Total other expense, net

     42,596       40,522       84,509       66,347  

Income before income taxes

     184,510       203,507       361,982       462,561  

Income tax provision

     (44,665 )     (11,053 )     (85,664 )     (70,376 )

Net income

   $ 139,845     $ 192,454     $ 276,318     $ 392,185  
                                 
                                 

Basic net income per common share

   $ 1.47     $ 1.89     $ 2.87     $ 3.81  

Weighted average basic shares outstanding

     95,042       102,025       96,238       102,818  
                                 
                                 

Diluted net income per common share

   $ 1.47     $ 1.89     $ 2.87     $ 3.81  

Weighted average diluted shares outstanding

     95,080       102,071       96,280       102,867  

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

 

   

Three Months Ended

    

Six Months Ended

  
   

June 30,

    

June 30,

  

(In thousands)

  

2024

    

2023

    

2024

    

2023

  

Net income

   $ 139,845     $ 192,454     $ 276,318     $ 392,185  

Other comprehensive income (loss), net of tax:

                                

Fair value adjustments to available-for-sale securities

     (394 )     112       (144 )     586  

Foreign currency translation adjustments

     (138 )     196       (456 )     200  

Comprehensive income

   $ 139,313     $ 192,762     $ 275,718     $ 392,971  

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

5
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BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)

 

                  

Accumulated Other

     
  

Common Stock

  

Additional

  

Retained

  

Comprehensive

     

(In thousands, except share data)

 

Shares

  

Amount

  

Paid-in Capital

  

Earnings

  

Loss

  

Total

 

Balances, January 1, 2024

  96,832,453  $968  $—  $1,744,232  $(1,098) $1,744,102 

Net income

  —   —   —   136,473   —   136,473 

Comprehensive income, net of tax

  —   —   —   —   250   250 

Foreign currency translation adjustments

  —   —   —   —   (318)  (318)

Release of restricted stock units, net of tax

  85,597   1   (1,586)  (2,049)  —   (3,634)

Release of performance stock units, net of tax

  150,063   2   (119)  (6,091)  —   (6,208)

Shares repurchased and retired

  (1,658,377)  (17)  (5,155)  (101,133)  —   (106,305)

Dividends declared ($0.17 per share)

  —   —   —   (16,264)  —   (16,264)

Share-based compensation costs

  —   —   6,860   —   —   6,860 

Balances, March 31, 2024

  95,409,736   954   —   1,755,168   (1,166)  1,754,956 

Net income

  —   —   —   139,845   —   139,845 

Comprehensive loss, net of tax

  —   —   —   —   (394)  (394)

Foreign currency translation adjustments

  —   —   —   —   (138)  (138)

Stock options exercised

  23,431   —   271   —   —   271 

Release of restricted stock units, net of tax

  19,837   —   (1)  (33)  —   (34)

Shares repurchased and retired

  (3,143,995)  (31)  (10,635)  (166,756)  —   (177,422)

Dividends declared ($0.17 per share)

  —   —   —   (15,736)  —   (15,736)

Share-based compensation costs

  —   —   10,365   —   —   10,365 

Balances, June 30, 2024

  92,309,009  $923  $—  $1,712,488  $(1,698) $1,711,713 

 

 

                  

Accumulated Other

     
  

Common Stock

  

Additional

  

Retained

  

Comprehensive

     

(In thousands, except share data)

 

Shares

  

Amount

  

Paid-in Capital

  

Earnings

  

Loss

  

Total

 

Balances, January 1, 2023

  102,816,110  $1,028  $305,152  $1,285,827  $(1,382) $1,590,625 

Net income

  —   —   —   199,731   —   199,731 

Comprehensive income, net of tax

  —   —   —   —   474   474 

Foreign currency translation adjustments

  —   —   —   —   4   4 

Stock options exercised

  32,000   —   315   —   —   315 

Release of restricted stock units, net of tax

  45,942   1   (1,926)  —   —   (1,925)

Release of performance stock units, net of tax

  318,878   3   (12,777)  —   —   (12,774)

Shares repurchased and retired

  (1,726,308)  (17)  (106,994)  —   —   (107,011)

Dividends declared ($0.16 per share)

  —   —   —   (16,289)  —   (16,289)

Share-based compensation costs

  —   —   7,819   —   —   7,819 

Balances, March 31, 2023

  101,486,622   1,015   191,589   1,469,269   (904)  1,660,969 

Net income

  —   —   —   192,454   —   192,454 

Comprehensive income, net of tax

  —   —   —   —   112   112 

Foreign currency translation adjustments

  —   —   —   —   196   196 

Release of restricted stock units, net of tax

  17,871   —   (63)  —   —   (63)

Shares repurchased and retired

  (1,492,451)  (15)  (101,001)  —   —   (101,016)

Dividends declared ($0.16 per share)

  —   —   —   (16,041)  —   (16,041)

Share-based compensation costs

  —   —   12,198   —   —   12,198 

Balances, June 30, 2023

  100,012,042  $1,000  $102,723  $1,645,682  $(596) $1,748,809 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

   

Six Months Ended

  
   

June 30,

  

(In thousands)

  

2024

    

2023

  

Cash Flows from Operating Activities

                

Net income

   $ 276,318     $ 392,185  

Adjustments to reconcile net income to net cash provided by operating activities:

                

Depreciation and amortization

     128,590       123,780  

Amortization of debt financing costs and discounts on debt

     3,803       3,944  

Non-cash operating lease expense

     44,482       40,256  

Non-cash expected credit loss (income) on note receivable

     —       (34,371 )

Share-based compensation expense

     17,225       20,017  

Deferred income taxes

     16,497       (10,015 )

Non-cash impairment of assets

     10,500       4,537  

Other operating activities

     2,328       205  

Changes in operating assets and liabilities:

                

Accounts receivable, net

     28,107       4,739  

Inventories

     (485 )     765  

Prepaid expenses and other current assets

     7,884       (2,220 )

Income taxes receivable, net

     (15,859 )     (6,266 )

Other assets, net

     2,059       223  

Accounts payable and accrued liabilities

     (13,686 )     (38,185 )

Operating lease liabilities

     (44,482 )     (40,256 )

Other liabilities

     531       3,937  

Net cash provided by operating activities

     463,812       463,275  

Cash Flows from Investing Activities

                

Capital expenditures

     (204,031 )     (171,386 )

Payments received on note receivable

     208       49,720  

Other investing activities

     (1,702 )     (2,255 )

Net cash used in investing activities

     (205,525 )     (123,921 )

Cash Flows from Financing Activities

                

Borrowings under credit facility

     820,900       753,200  

Payments under credit facility

     (779,600 )     (862,500 )

Share-based compensation activities

     (9,605 )     (14,447 )

Shares repurchased and retired

     (281,186 )     (206,356 )

Dividends paid

     (31,774 )     (31,764 )

Other financing activities

     (89 )     (87 )

Net cash used in financing activities

     (281,354 )     (361,954 )

Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash

     (134 )     (63 )

Change in cash, cash equivalents and restricted cash

     (23,201 )     (22,663 )

Cash, cash equivalents and restricted cash, beginning of period

     307,930       295,065  

Cash, cash equivalents and restricted cash, end of period

   $ 284,729     $ 272,402  

Supplemental Disclosure of Cash Flow Information

                

Cash paid for interest, net of amounts capitalized

   $ 84,300     $ 84,121  

Cash received for interest

     213       8,513  

Cash paid for income taxes

     85,830       86,208  

Supplemental Schedule of Non-cash Investing and Financing Activities

                

Payables incurred for capital expenditures

   $ 23,541     $ 7,693  

Dividends declared not yet paid

     15,736       16,041  

Expected credit loss (income) on note receivable

     —       (34,371 )

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

as of June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

 

NOTE 1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "Boyd," "Boyd Gaming," "we" or "us") was incorporated in the state of Nevada in 1988 and has been operating since 1975. The Company's common stock is traded on the New York Stock Exchange under the symbol "BYD".

 

We are a geographically diversified operator of 28 wholly owned brick-and-mortar gaming entertainment properties ("gaming entertainment properties"). Headquartered in Las Vegas, Nevada, we have gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. In addition, we own and operate Boyd Interactive, a business-to-business ("B2B") and business-to-consumer ("B2C") online gaming business. We also manage the Sky River Casino located in California under a management agreement with Wilton Rancheria. 

 

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and footnote disclosures necessary for complete financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"). These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes for the year ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission ("SEC") on February 26, 2024.

 

The results for the periods indicated are unaudited but reflect all adjustments, consisting only of normal recurring adjustments, that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods.

 

The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% or less owned and where we have significant influence and do not meet the controlling financial interest consolidation criteria of the authoritative accounting guidance for voting interest or variable interest entities, are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation.

 

Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three months or less at their date of purchase. The instruments are not restricted as to withdrawal or use and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand.

 

Restricted Cash

Restricted cash consists primarily of: (i) amounts restricted by regulation for gaming and racing purposes; (ii) amounts restricted by regulation for the value in players' online casino gaming accounts; and (iii) advance payments received for future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying values of these instruments approximate their fair values due to their short maturities.

 

The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows.

 

  

June 30,

  

December 31,

  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

  

2023

  

2022

 

Cash and cash equivalents

 $280,783  $304,271  $260,787  $283,472 

Restricted cash

  3,946   3,659   11,615   11,593 

Total cash, cash equivalents and restricted cash

 $284,729  $307,930  $272,402  $295,065 

 

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

Leases

Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For our operating leases for which the rate implicit in the lease is not readily determinable, we generally use an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. The incremental borrowing rate is determined based on the weighted average incremental borrowing rate at the lease commencement or modification date that is commensurate with the rate of interest in a similar economic environment that we would have to pay to borrow an amount equal to our future lease payments on a collateralized basis over a similar term, including reasonably certain options to extend or terminate. The determination of the incremental borrowing rate could materially impact our lease liabilities. Operating right-of-use ("ROU") assets and finance lease assets are recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term. Lease and non-lease components are accounted for separately.

 

Revenue Recognition

The Company’s revenue contracts with customers consist of gaming wagers (including both those made at our gaming entertainment properties and online B2C wagers), hotel room sales, food & beverage offerings and other amenity transactions. See Collaborative Arrangements below for further discussion of revenues earned under our online collaborative arrangements. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gaming revenues. The transaction price for hotel, food & beverage and other contracts is the net amount collected from the customer for such goods and services. Hotel, food & beverage and other services have been determined to be separate, stand-alone performance obligations and the transaction price for such contracts is recorded as revenue as the good or service is transferred to the customer over their stay at the hotel, when the delivery is made for the food & beverage or when the service is provided for other amenity transactions.


We have established a player loyalty point program to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food & beverage, hotel rooms and other free goods and services.


Gaming wager contracts involve two performance obligations for those customers earning points under the Company’s player loyalty program and a single performance obligation for customers who do not participate in the program. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the player loyalty contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a point that can be redeemed for a hotel room stay, food & beverage or other amenities. Sales and usage-based taxes are excluded from revenues. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers, excluding race and sports wagers, is recognized when the wagers occur as all such wagers settle immediately. The allocated revenue for race and sports wagers is recognized when the specific event or game occurs. The player loyalty contract liability amount is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, food & beverage or other amenities and such goods or services are delivered to the customer. See Note 4, Accrued Liabilities, for the balance outstanding related to the player loyalty program.

 

The Company collects advance deposits from hotel customers for future hotel reservations and other future events such as banquets and ticketed events. These advance deposits represent obligations of the Company until the hotel room stay is provided to the customer or the banquet or ticketed event occurs. See Note 4, Accrued Liabilities, for the balance outstanding related to advance deposits.

 

The Company's outstanding chip liability represents the amounts owed in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. See Note 4, Accrued Liabilities, for the balance related to outstanding chips.

 

The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our player loyalty program and the estimated retail value of complimentary goods and services provided to customers (such as complimentary rooms and food & beverage). The estimated retail values related to goods and services provided to customers without charge or upon redemption of points under our player loyalty program, included in departmental revenues, and therefore reducing our gaming revenues, are as follows:

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Food & beverage

 $31,785  $29,336  $62,453  $57,595 

Room

  15,668   15,346   30,340   30,494 

Other

  2,348   2,061   4,373   3,937 

 

9
Table of Contents

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

Gaming Taxes

We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded in the condensed consolidated statements of operations as a gaming expense for gaming entertainment properties and online expense for Boyd Interactive operations. Gaming taxes recorded as gaming expense totaled approximately $130.2 million and $129.7 million for the three months ended June 30, 2024 and 2023, respectively, and were $256.9 million and $259.8 million for the six months ended June 30, 2024 and 2023, respectively. Gaming taxes recorded as online expense, excluding taxes paid under collaborative arrangements (see Collaborative Arrangements below for further discussion), totaled $3.1 million and $1.2 million for the three months ended June 30, 2024 and 2023, respectively, and $5.6 million and $1.8 million for the six months ended June 30, 2024 and 2023, respectively.

 

Income Taxes

Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. Accordingly, the need to establish valuation allowances for deferred tax assets is continually assessed at a minimum quarterly, and as facts and circumstances change, based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of profitability and taxable income, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified.

 

In performing our second quarter 2023 valuation allowance analysis, we determined that the positive evidence in favor of releasing a portion of our valuation allowance for certain state jurisdictions, outweighed the negative evidence. We utilize a rolling twelve quarters of pre-tax income adjusted for permanent book to tax differences as a measure of cumulative results in recent years. We transitioned from a cumulative loss position to a cumulative income position over the rolling twelve quarters ended June 30, 2023. Other evidence considered in the analysis included, but was not limited to, a trend reflective of improvement in recent earnings, forecasts of profitability and taxable income and the reversal of existing temporary differences. The change in these conditions during the three months ended June 30, 2023 provided positive evidence that supported the release of the valuation allowance against a significant portion of our state deferred tax assets. As such, we concluded that it was more likely than not that the benefit from our deferred tax assets would be realized. As a result, during the second quarter of 2023, we released $35.9 million of valuation allowance on our state income tax net operating loss carryforwards and other deferred tax assets.

 

Other Long-Term Tax Liabilities

The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.

 

Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement.

 

Tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period that they meet the "more likely than not" standard. If it is subsequently determined that a previously recognized tax position no longer meets the "more likely than not" standard, it is required that the tax position is derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. If applicable, accrued interest and penalties are included in other long-term tax liabilities on the consolidated balance sheets.

 

The IRS has selected our federal corporate income tax return for the tax year ended December 31, 2021, for examination. The IRS examination began in the second quarter of 2024 and is early in the process. As of  June 30, 2024, and for the three and six months then ended, there were no changes to our unrecognized tax benefits to date.

 

Collaborative Arrangements

We hold a five percent equity ownership in and have a strategic partnership with FanDuel Group ("FanDuel"), the nation's leading sports-betting operator, to pursue sports-betting opportunities across the country, both at our gaming entertainment properties and online. Subject to state law and regulatory approvals, we have established a presence in the sports wagering industry, both at our gaming entertainment properties and online, by leveraging FanDuel's technology and related services. We offer online sports wagering under the FanDuel brand or under market access agreements with other companies in Illinois, Indiana, Iowa, Kansas, Louisiana, Ohio and Pennsylvania. We also operate sportsbooks under the FanDuel brand at one of our Downtown Las Vegas gaming entertainment properties, our gaming entertainment properties in Mississippi and all of the gaming entertainment properties in the states where we offer online sports wagering. Under our online collaborative arrangements with FanDuel and other third parties, we receive a revenue share from FanDuel or the other third-party operators based on actual wagering wins and losses. The activities under these collaborative arrangements related to online wagering, are recorded in online revenue and online expense on the condensed consolidated statements of operations. The activities under these collaborative arrangements related to sportsbooks at our gaming entertainment properties, are recorded in gaming revenue and gaming expense.

 

Under certain of our collaborative arrangements, we are the primary obligor and are responsible for paying gaming taxes and other license payments owed as the gaming licensee for the related online gaming activities. We are reimbursed for these taxes and other payments by the third-party operators. We report these gaming taxes and other expenses paid as online expense and the reimbursements we receive as online revenues. These taxes and other payments totaled approximately $103.5 million and $63.3 million for the three months ended June 30, 2024 and 2023, respectively, and $219.5 million and $159.3 million for the six months ended June 30, 2024 and 2023, respectively.

 

Our five percent equity ownership in FanDuel is recorded at cost in accordance with the measurement alternative allowed under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 321, Accounting for Investments in Equity Securities. We do not have the ability to exercise significant influence over FanDuel's operating and financial policies. We evaluate the investment for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We evaluate the recorded value of the investment when any observable price changes in orderly transactions for an identical or similar investment would require an adjustment of the investment to fair value.

 

10
Table of Contents

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

Currency Translation

The Company translates the financial statements of its foreign subsidiary that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. If a material income statement event occurs, the transaction would be translated at the exchange rate in effect on the date of occurrence. Translation adjustments are recorded in other comprehensive income (loss). Gains or losses from foreign currency transaction remeasurements are recorded as other non-operating income (expense).

 

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

 

Recently Issued Accounting Pronouncements

A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our condensed consolidated financial statements.

 

 

NOTE 2.    PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

 

  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Land

 $338,469  $338,469 

Buildings and improvements

  3,361,145   3,237,863 

Furniture and equipment

  1,844,689   1,742,666 

Riverboats and barges

  241,825   241,826 

Construction in progress

  149,124   182,710 

Total property and equipment

  5,935,252   5,743,534 

Less accumulated depreciation

  (3,309,125)  (3,201,022)

Property and equipment, net

 $2,626,127  $2,542,512 

 

Depreciation expense is as follows:

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Depreciation expense

 $61,553  $58,066  $120,376  $115,465 

 

11
 

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 
 

NOTE 3.    GOODWILL AND INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following:

 

  

June 30, 2024

 
  

Weighted

                     
  

Useful Life

  

Gross

      

Accumulated

  

Effect of Foreign

     
  

Remaining

  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Intangible

 

(In thousands)

 

(in years)

  

Value

  

Amortization

  

Losses

  

Exchange

  

Assets, Net

 

Amortizing intangibles

                        

Customer relationships

  0.5  $3,925  $(3,905) $—  $—  $20 

Host agreements

  8.9   58,000   (23,522)  —   —   34,478 

Development agreement

  5.1   21,373   (5,724)  —   —   15,649 

Developed technology

  7.9   41,684   (6,704)  —   (22)  34,958 

B2B relationships

  5.5   28,000   (6,523)  —   (4)  21,473 

B2C relationships

  10.3   13,000   (1,806)  —   —   11,194 
       165,982   (48,184)  —   (26)  117,772 
                         

Indefinite lived intangible assets

                        

Trademarks

 

Indefinite

   199,900   —   (32,275)  —   167,625 

Gaming license rights

 

Indefinite

   1,378,081   (33,960)  (253,974)  —   1,090,147 
       1,577,981   (33,960)  (286,249)  —   1,257,772 

Balances, June 30, 2024

     $1,743,963  $(82,144) $(286,249) $(26) $1,375,544 

 

  

December 31, 2023

 
  

Weighted

                     
  

Useful Life

  

Gross

      

Accumulated

  

Effect of Foreign

     
  

Remaining

  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Intangible

 

(In thousands)

 

(in years)

  

Value

  

Amortization

  

Losses

  

Exchange

  

Assets, Net

 

Amortizing intangibles

                        

Customer relationships

  0.1  $35,050  $(35,010) $—  $—  $40 

Host agreements

  9.4   58,000   (21,589)  —   —   36,411 

Development agreement

  5.6   21,373   (4,198)  —   —   17,175 

Developed technology

  8.5   39,981   (4,482)  —   225   35,724 

B2B relationships

  6.0   28,000   (4,566)  —   52   23,486 

B2C relationships

  10.8   13,000   (1,264)  —   —   11,736 
       195,404   (71,109)  —   277   124,572 
                         

Indefinite lived intangible assets

                        

Trademarks

 

Indefinite

   199,900   —   (32,275)  —   167,625 

Gaming license rights

 

Indefinite

   1,378,081   (33,960)  (243,474)  —   1,100,647 
       1,577,981   (33,960)  (275,749)  —   1,268,272 

Balances, December 31, 2023

     $1,773,385  $(105,069) $(275,749) $277  $1,392,844 

 

The following table presents the future amortization expense for our amortizing intangible assets as of  June 30, 2024:

 

(In thousands)

 

Customer Relationships

  

Host Agreements

  

Development Agreement

  

Developed Technology

  

B2B Relationships

  

B2C Relationships

  

Total

 

For the year ending December 31,

                            

2024 (excluding six months ended June 30, 2024)

 $20  $1,934  $1,527  $2,380  $1,953  $541  $8,355 

2025

  —   3,867   3,053   4,718   3,914   1,083   16,635 

2026

  —   3,867   3,053   4,623   3,914   1,083   16,540 

2027

  —   3,867   3,053   4,622   3,914   1,083   16,539 

2028

  —   3,867   3,053   4,365   3,914   1,083   16,282 

Thereafter

  —   17,076   1,910   14,250   3,864   6,321   43,421 

Total future amortization

 $20  $34,478  $15,649  $34,958  $21,473  $11,194  $117,772 

 

 

12
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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

During the six months ended June 30, 2024, as a result of our first quarter 2024 impairment review, the Company recorded an impairment charge of $10.5 million for a gaming license right related to our Midwest & South segment. This noncash impairment charge is recorded in impairment of assets on the condensed consolidated statement of operations.

 

Goodwill consists of the following:

 

  June 30, 2024 
              

Effect of

     
  

Gross

      

Accumulated

  

Foreign

     
  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Goodwill,

 

(In thousands)

 

Value

  

Amortization

  

Losses

  

Exchange

  

Net

 

Goodwill, net by Segment

                    

Las Vegas Locals

 $593,567  $—  $(188,079) $—  $405,488 

Downtown Las Vegas

  6,997   (6,134)  —   —   863 

Midwest & South

  636,269   —   (107,470)  —   528,799 

Online

  94,037   —   (82,000)  94   12,131 

Managed & Other

  30,529   —   (30,529)  —   — 

Balances, June 30, 2024

 $1,361,399  $(6,134) $(408,078) $94  $947,281 

 

 

  

December 31, 2023

 
              

Effect of

     
  

Gross

      

Accumulated

  

Foreign

     
  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Goodwill,

 

(In thousands)

 

Value

  

Amortization

  

Losses

  

Exchange

  

Net

 

Goodwill, net by Segment

                    

Las Vegas Locals

 $593,567  $—  $(188,079) $—  $405,488 

Downtown Las Vegas

  6,997   (6,134)  —   —   863 

Midwest & South

  636,269   —   (107,470)  —   528,799 

Online

  94,037   —   (82,000)  154   12,191 

Managed & Other

  30,529   —   (30,529)  —   — 

Balances, December 31, 2023

 $1,361,399  $(6,134) $(408,078) $154  $947,341 

 
 

NOTE 4.    ACCRUED LIABILITIES

Accrued liabilities consist of the following:

 

  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Payroll and related

 $65,829  $82,327 

Interest

  17,951   17,841 

Gaming

  68,810   68,749 

Player loyalty program

  19,784   23,850 

Advance deposits

  15,969   15,511 

Outstanding chips

  6,772   8,164 

Dividends payable

  15,736   15,508 

Operating leases

  98,622   98,867 

Other

  106,808   96,562 

Total accrued liabilities

 $416,281  $427,379 

 

 

13
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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 
 

NOTE 5.    LONG-TERM DEBT

Long-term debt, net of current maturities and debt issuance costs, consists of the following:

 

  

June 30, 2024

 
  

Interest

      

Unamortized

     
  

Rates at

      

Origination

     
  

June 30,

  

Outstanding

  

Fees and

  

Long-Term

 

(In thousands)

 

2024

  

Principal

  

Costs

  

Debt, Net

 

Credit facility

  7.161% $1,087,600  $(11,249) $1,076,351 

4.750% senior notes due 2027

  4.750%  1,000,000   (6,818)  993,182 

4.750% senior notes due 2031

  4.750%  900,000   (9,437)  890,563 

Other

  5.208%  416   —   416 

Total long-term debt

      2,988,016   (27,504)  2,960,512 

Less current maturities

      44,416   —   44,416 

Long-term debt, net

     $2,943,600  $(27,504) $2,916,096 

 

  

December 31, 2023

 
  

Interest

      

Unamortized

     
  

Rates at

      

Origination

     
  

December 31,

  

Outstanding

  

Fees and

  

Long-Term

 

(In thousands)

 

2023

  

Principal

  

Costs

  

Debt, Net

 

Credit facility

  7.164% $1,046,300  $(13,403) $1,032,897 

4.750% senior notes due 2027

  4.750%  1,000,000   (7,792)  992,208 

4.750% senior notes due 2031

  4.750%  900,000   (10,111)  889,889 

Other

  5.208%  504   —   504 

Total long-term debt

      2,946,804   (31,306)  2,915,498 

Less current maturities

      44,275   —   44,275 

Long-term debt, net

     $2,902,529  $(31,306) $2,871,223 

  

The outstanding principal amounts under the Credit Facility are comprised of the following:

 

  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Revolving Credit Facility

 $255,000  $180,000 

Term A Loan

  781,000   803,000 

Swing Loan

  51,600   63,300 

Total outstanding principal amounts

 $1,087,600  $1,046,300 

 

With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $255.0 million and $51.6 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.4 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $1,130.0 million as of June 30, 2024. 

 

Covenant Compliance

As of  June 30, 2024, we were in compliance with the financial covenants of our debt instruments.

 

   

14
 

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

___________________________________________________________________________________________________

___

 

 

NOTE 6.    COMMITMENTS AND CONTINGENCIES

Wilton Rancheria Agreements
In 2012, the Company entered into a development agreement and a management agreement with Wilton Rancheria. The development agreement obligated us to fund certain pre-development costs to assist Wilton Rancheria in its development and oversight of the gaming facility construction. The pre-development costs financed by us were to be repaid under the terms of a note receivable with Wilton Rancheria bearing interest at 12.5% with payment timing and the payment amount subject to an excess cash flow waterfall payment prioritization and maintenance of a certain leverage ratio, among other restrictions under Wilton Rancheria’s third-party credit agreement that provided funding for the construction project. Given the significant barriers of the project, a majority of the advances made during the 10-year period prior to the Sky River Casino opening were historically reserved in full when advanced. The Sky River Casino opened on August 15, 2022 and after generating cash flows from operations, we updated our evaluation of expected losses on the note receivable which resulted in a partial release of the allowance during the fourth quarter of 2022. The Wilton Rancheria amended their third-party credit agreement in March 2023 and such amendment effectively allowed Sky River Casino to begin making previously disallowed distributions, under the excess cash flow waterfall. Given the amendment in the first quarter of 2023, the Company updated its evaluation of its expected losses on the note receivable. As the amendment allowed for quarterly payments to begin and given the sustained operating strength of the recently opened property, the Company concluded it expected to receive all payments due under the note receivable. As such, the Company removed the remaining allowance on the note receivable in the first quarter of 2023, which represented a reserve on both the development advances and interest on the note. The allowance reduction was thus allocated accordingly and $20.1 million is recorded in project development, preopening and writedowns and  $14.3 million is recorded in interest income, both reflected in the condensed consolidated statement of operations for the six months ended June 30, 2023. The Company received  $0.2  million in principal payments and $0.2  million in interest due under the note receivable during the  six months ended June 30, 2024, and  $49.7  million in principal payments and $8.5  million in interest due under the note receivable during the  six months ended June 30, 2023. As of  June 30, 2024, the principal and interest outstanding on the note receivable was fully repaid. Separately, the management agreement provides for us to manage the gaming facility upon opening for a period of seven years and receive a monthly management fee for our services based on the monthly performance of the gaming facility. The management fee of $21.3 million and  $17.4 million for our management services for the three months ended June 30, 2024 and 2023, respectively, and  $43.5 million and  $37.5 million for the six months ended June 30, 2024 and 2023, respectively, is paid monthly and recorded in management fee revenue on the condensed consolidated statements of operations.
 
Commitments
As of June 30, 2024, there have been no material changes to our commitments described under Note 9, Commitments and Contingencies, in our Annual Report on Form  10-K for the year ended December 31, 2023, as filed with the SEC on February 26, 2024.
 
Contingencies
Legal Matters
We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material effect on our business, financial position, results of operations or cash flows.
 
 

NOTE 7.    STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS

Share Repurchase Program
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 and May 9, 2024. As of  June 30, 2024,  $545.1 million remains available under the Share Repurchase Program. Under the Share Repurchase Program, the Company may repurchase shares of its common stock from time to time on the open market or in privately negotiated transactions. Repurchases of common stock may also be made under Rule 10b5- 1 plans, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. We are not obligated to repurchase any shares under this program. The timing, volume and nature of share repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws and other factors, and may be suspended or discontinued at any time.
 
The following table provides information regarding share repurchases during the referenced periods  (1).
 
 
  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands, except per share data)

 

2024

  

2023

  

2024

  

2023

 

Shares repurchased (2)

  3,144   1,492   4,802   3,219 

Total cost, including brokerage fees (3)

 $175,686  $100,028  $281,186  $206,356 

Average repurchase price per share (4)

 $55.88  $67.02  $58.55  $64.11 

 

(1) Shares repurchased reflect repurchases settled during the three and six months ended June 30, 2024 and 2023. These amounts exclude repurchases, if any, traded but not yet settled on or before June 30, 2024 and 2023, respectively.

(2) All shares repurchased have been retired and constitute authorized but unissued shares.

(3) Costs exclude 1% excise tax on corporate stock buybacks.

(4) Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers and excludes the 1% excise tax.

 

 

15
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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

Dividends

The dividends declared by the Board of Directors and reflected in the periods presented are:

 

Declaration date

 

Record date

 

Payment date

 

Amount per share

 

December 8, 2022

 

December 19, 2022

 

January 15, 2023

 $0.15 

February 14, 2023

 

March 15, 2023

 

April 15, 2023

  0.16 

May 4, 2023

 

June 15, 2023

 

July 15, 2023

  0.16 

December 7, 2023

 

December 22, 2023

 

January 15, 2024

  0.16 

February 28, 2024

 

March 15, 2024

 

April 15, 2024

  0.17 

May 9, 2024

 

June 15, 2024

 

July 15, 2024

  0.17 

  

Share-Based Compensation

We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period.

 

The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations.

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Gaming

 $289  $307  $524  $528 

Food & beverage

  55   59   100   101 

Room

  27   28   48   48 

Selling, general and administrative

  1,471   1,563   2,663   2,683 

Corporate expense

  8,523   10,241   13,890   16,657 

Total share-based compensation expense

 $10,365  $12,198  $17,225  $20,017 

 

Performance Shares

Our stock incentive plan provides for the issuance of Performance Share Units ("PSU") grants which may be earned, in whole or in part, upon the passage of time and the attainment of performance criteria. We periodically review our estimates of performance against the defined criteria to assess the expected payout of each outstanding PSU grant and adjust our stock compensation expense accordingly.

 

The PSU grants awarded in third quarter 2021 and fourth quarter 2019 fully vested during the first quarter of 2024 and 2023, respectively. Common shares under the 2021 grant were issued based on the determination by the Compensation Committee of the Board of Directors ("Compensation Committee") of our actual achievement of Earnings Before Interest, Taxes, Depreciation and Amortization and Rent under master leases ("EBITDAR") and return on invested capital for the two-year performance period from July 2021 to June 2023. Common shares under the 2019 grant were issued based on the determination by the Compensation Committee of net revenue growth and EBITDAR growth for the three-year performance period of the grant. As provided under the provisions of our stock incentive plan, certain of the participants elected to surrender a portion of the shares to be received to pay the withholding and other payroll taxes payable on the compensation resulting from the vesting of the PSUs.

 

The PSU grant awarded in July 2021 resulted in a total of 241,277 shares being issued during the first quarter of 2024, representing approximately 1.94 shares per PSU. Of the 241,277 shares issued, a total of 94,862 were surrendered by the participants for payroll taxes, resulting in a net issuance of 146,415 shares due to the vesting of the 2021 grant. The actual achievement level under the award metrics approximated the estimated performance as of the year-end 2023; therefore, the vesting of the PSUs had minimal impact to compensation costs of $0.8 million in our condensed consolidated statement of operations for the six months ended June 30, 2024.

 

The PSU grant awarded in December 2019 resulted in a total of 519,782 shares being issued during the first quarter of 2023, representing approximately 2.00 shares per PSU. Of the 519,782 shares issued, a total of 200,904 were surrendered by the participants for payroll taxes, resulting in a net issuance of 318,878 shares due to the vesting of the 2019 grant. The actual achievement level under the award metrics equaled the estimated performance as of the year-end 2022; therefore, the vesting of the PSUs did not impact compensation costs in our 2023 condensed consolidated statement of operations.

 

Unamortized Stock Compensation Expense and Recognition Period

As of June 30, 2024, there was approximately $15.6 million, $5.7 million and $1.7 million of total unrecognized share-based compensation costs related to unvested restricted stock units ("RSUs"), PSUs and career shares, respectively. As of June 30, 2024, the unrecognized share-based compensation costs related to our RSUs, PSUs and career shares are expected to be recognized over approximately 2.3 years, 2.3 years and 3.5 years, respectively.

 

 

NOTE 8.     FAIR VALUE MEASUREMENTS

We have adopted the authoritative accounting guidance for fair value measurements, which does not determine or affect the circumstances under which fair value measurements are used, but defines fair value, expands disclosure requirements around fair value and specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions.

 

16
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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

These inputs create the following fair value hierarchy:

 

Level 1: Quoted prices for identical instruments in active markets.

 

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

 

Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

As required by the guidance for fair value measurements, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels.

 

Balances Measured at Fair Value

The following tables show the fair values of certain of our financial instruments:

 

  

June 30, 2024

 

(In thousands)

 

Balance

  

Level 1

  

Level 2

  

Level 3

 

Assets

                

Cash and cash equivalents

 $280,783  $280,783  $—  $— 

Restricted cash

  3,946   3,946   —   — 

Investment available for sale

  12,495   —   —   12,495 

 

  

December 31, 2023

 

(In thousands)

 

Balance

  

Level 1

  

Level 2

  

Level 3

 

Assets

                

Cash and cash equivalents

 $304,271  $304,271  $—  $— 

Restricted cash

  3,659   3,659   —   — 

Investment available for sale

  13,327   —   —   13,327 

 

Cash and Cash Equivalents and Restricted Cash

The fair values of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, are based on statements received from our banks as of  June 30, 2024 and December 31, 2023.

 

Investment Available for Sale

We have an investment in a single municipal bond issuance of $16.4 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 that is classified as available for sale with a maturity date of June 1, 2037. We are the only holder of this instrument and there is no quoted market price for this instrument. As such, the fair value of this investment is classified as Level 3 in the fair value hierarchy. The estimate of the fair value of such investment was determined using a combination of current market rates and estimates of market conditions for instruments with similar terms, maturities and degrees of risk and a discounted cash flows analysis as of  June 30, 2024 and December 31, 2023. The significant unobservable input used to determine fair value of the instrument in the discounted cash flows analysis at  June 30, 2024 and  December 31, 2023 is a discount rate of 12.8% and 12.4%, respectively. Unrealized gains and losses on this instrument resulting from changes in the fair value of the instrument are not charged to earnings, but rather are recorded as other comprehensive income (loss) in the stockholders' equity section of the condensed consolidated balance sheets and in the condensed consolidated statements of other comprehensive income. As of  June 30, 2024 and December 31, 2023, $0.8 million and $0.7 million, respectively, of the carrying value of the investment available for sale is included as a current asset in prepaid expenses and other current assets, and at  June 30, 2024 and December 31, 2023, $11.7 million and $12.6 million, respectively, is included in other assets, net on the condensed consolidated balance sheets. The discount associated with this investment of $1.9 million and $2.0 million as of  June 30, 2024 and December 31, 2023, respectively, is netted with the investment balance and is being accreted over the life of the investment using the effective interest method. The accretion of such discount is included in interest income on the condensed consolidated statements of operations.

 

The following table summarizes the changes in fair value of the Company's Level 3 investment available for sale asset:

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Balance at beginning of reporting period

 $13,550  $14,348  $13,327  $13,670 

Total gains (realized or unrealized):

                

Included in interest income

  45   44   89   87 

Included in other comprehensive income (loss)

  (370)  (497)  (191)  138 

Purchases, sales, issuances and settlements:

                

Settlements

  (730)  (680)  (730)  (680)

Balance at end of reporting period

 $12,495  $13,215  $12,495  $13,215 

 

17
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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

We are exposed to valuation risk on our Level 3 financial instruments. We estimate our risk exposure using a sensitivity analysis of potential changes in the significant unobservable inputs of our fair value measurements. Our Level 3 financial instruments are most susceptible to valuation risk caused by changes in the discount rate. If the discount rate in our fair value measurements increased or decreased by 100 basis points, the change would not cause the value of our fair value measurements to change significantly.

 

The fair value of indefinite-lived intangible assets, classified in the fair value hierarchy as Level 3, is utilized in performing the Company's impairment analyses. The value of our gaming licenses is determined using a multi-period excess earnings method, which is a specific discounted cash flow model which utilized Level 3 inputs.

 

Balances Disclosed at Fair Value

The following tables provide the fair value measurement information about our obligation under assessment agreements and note receivable. As of June 30, 2024, the outstanding principal balance under the note receivable was paid in full.

 

  

June 30, 2024

  Outstanding  Carrying  Estimated 

Fair Value

(In thousands)

 

Face Amount

  

Value

  

Fair Value

 

Hierarchy

Liabilities

             

Obligation under assessment arrangements

 $19,121  $16,924  $22,101 

Level 3

   

  

December 31, 2023

  Outstanding  Carrying  Estimated 

Fair Value

(In thousands)

 

Face Amount

  

Value

  

Fair Value

 

Hierarchy

Asset

             

Note receivable

 $419  $419  $419 

Level 3

Liabilities

             

Obligation under assessment arrangements

  20,199   17,752   23,282 

Level 3

 

The following tables provide the fair value measurement information about our long-term debt:

 

  

June 30, 2024

  Outstanding  Carrying  Estimated 

Fair Value

(In thousands)

 

Face Amount

  

Value

  

Fair Value

 

Hierarchy

Credit facility

 $1,087,600  $1,076,351  $1,066,123 

Level 2

4.750% senior notes due 2027

  1,000,000   993,182   957,500 

Level 1

4.750% senior notes due 2031

  900,000   890,563   815,625 

Level 1

Other

  416   416   416 

Level 3

Total debt

 $2,988,016  $2,960,512  $2,839,664  

 

  

December 31, 2023

  Outstanding  Carrying  Estimated 

Fair Value

(In thousands)

 

Face Amount

  

Value

  

Fair Value

 

Hierarchy

Credit facility

 $1,046,300  $1,032,897  $1,021,206 

Level 2

4.750% senior notes due 2027

  1,000,000   992,208   957,500 

Level 1

4.750% senior notes due 2031

  900,000   889,889   819,000 

Level 1

Other

  504   504   504 

Level 3

Total debt

 $2,946,804  $2,915,498  $2,798,210  

 

The estimated fair value of our obligation under assessment arrangements is based on a discounted cash flows approach after giving consideration to the changes in market rates of interest, creditworthiness of both parties and credit spread. The fair value of our note receivable as of  December 31, 2023, was estimated to equal its carrying value after consideration of the expected repayment timing of the remaining balance. The estimated fair value of our Credit Facility is based on a relative value analysis performed on or about  June 30, 2024 and December 31, 2023. The estimated fair values of our senior notes are based on quoted market prices as of  June 30, 2024 and December 31, 2023. The other debt is fixed-rate debt consisting of finance leases with various maturity dates from 2024 to 2025. The other debt is not traded and does not have an observable market input; therefore, we have estimated fair value to be equal to the carrying value for these obligations.

 

There were no transfers between Level 1, Level 2 and Level 3 measurements during the six months ended June 30, 2024 and 2023.

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 
 

NOTE 9.    SEGMENT INFORMATION

The Company has 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, which are each also operating segments, 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 our online gaming operations through collaborative arrangements with third parties throughout the United States, both of which are also operating segments. 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. 

 

Las Vegas Locals

  

Gold Coast Hotel and Casino

 

Las Vegas, Nevada

The Orleans Hotel and Casino

 

Las Vegas, Nevada

Sam's Town Hotel and Gambling Hall

 

Las Vegas, Nevada

Suncoast Hotel and Casino

 

Las Vegas, Nevada

Eastside Cannery Casino and Hotel (1)

 

Las Vegas, Nevada

Aliante Casino + Hotel + Spa

 

North Las Vegas, Nevada

Cannery Casino Hotel

 

North Las Vegas, Nevada

Jokers Wild

 

Henderson, Nevada

Downtown Las Vegas

  

California Hotel and Casino

 

Las Vegas, Nevada

Fremont Hotel & Casino

 

Las Vegas, Nevada

Main Street Station Hotel and Casino

 

Las Vegas, Nevada

Midwest & South

  

Par-A-Dice Casino

 

East Peoria, Illinois

Belterra Casino Resort (2)

 

Florence, Indiana

Blue Chip Casino Hotel Spa

 

Michigan City, Indiana

Diamond Jo Casino

 

Dubuque, Iowa

Diamond Jo Worth

 

Northwood, Iowa

Kansas Star Casino

 

Mulvane, Kansas

Amelia Belle Casino

 

Amelia, Louisiana

Delta Downs Racetrack Hotel & Casino

 

Vinton, Louisiana

Evangeline Downs Racetrack & Casino

 

Opelousas, Louisiana

Sam's Town Shreveport

 

Shreveport, Louisiana

Treasure Chest Casino

 

Kenner, Louisiana

IP Casino Resort Spa

 

Biloxi, Mississippi

Sam's Town Hotel and Gambling Hall Tunica

 

Tunica, Mississippi

Ameristar Casino * Hotel Kansas City (2)

 

Kansas City, Missouri

Ameristar Casino * Resort * Spa St. Charles (2)

 

St. Charles, Missouri

Belterra Park (2)

 

Cincinnati, Ohio

Valley Forge Casino Resort

 

King of Prussia, Pennsylvania

 

(1) Due to the current levels of demand in the market, Eastside Cannery has remained closed since March 18, 2020, when it closed in compliance with orders issued by state officials as precautionary measures intended to slow the spread of the COVID-19 virus.

(2) Property is subject to a master lease agreement with a real estate investment trust.

 

Results of Operations - Total Reportable Segment Revenues and Adjusted EBITDAR

We evaluate profitability based on Adjusted EBITDAR, which represents earnings before interest expense, interest income, income taxes, depreciation and amortization, deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, other items, net and master lease rent expense, as applicable. Total 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 Adjusted EBITDAR related to the online operations in our Online segment. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company as our Downtown Las Vegas properties focus their marketing efforts on gaming customers from Hawaii. 

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with GAAP, facilitates comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes. Management has historically adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results.

 

The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments and our Managed & Other category to reconcile to total revenues:

 

  

Three Months Ended June 30, 2024

 
      

Food &

          

Management

         
  

Gaming

  

Beverage

  

Room

  

Online

  

Fee

  

Other

  

Total

 

(In thousands)

 

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

 

Revenues

                            

Las Vegas Locals

 $162,915  $23,373  $24,697  $—  $—  $14,069  $225,054 

Downtown Las Vegas

  36,725   11,085   6,893   —   —   2,998   57,701 

Midwest & South

  440,296   42,536   21,005   —   —   17,913   521,750 

Online

  —   —   —   129,930   —   —   129,930 

Managed & Other

  10,891   —   —   —   21,252   934   33,077 

Total Revenues

 $650,827  $76,994  $52,595  $129,930  $21,252  $35,914  $967,512 

 

  

Three Months Ended June 30, 2023

 
      

Food &

          

Management

         
  

Gaming

  

Beverage

  

Room

  

Online

  

Fee

  

Other

  

Total

 

(In thousands)

 

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

 

Revenues

                            

Las Vegas Locals

 $171,986  $22,219  $23,295  $—  $—  $13,440  $230,940 

Downtown Las Vegas

  34,432   10,142   5,636   —   —   2,781   52,991 

Midwest & South

  443,440   38,005   20,830   —   —   16,571   518,846 

Online

  —   —   —   85,002   —   —   85,002 

Managed & Other

  10,871   —   —   —   17,446   854   29,171 

Total Revenues

 $660,729  $70,366  $49,761  $85,002  $17,446  $33,646  $916,950 

 

  

Six Months Ended June 30, 2024

 
      

Food &

          

Management

         
  

Gaming

  

Beverage

  

Room

  

Online

  

Fee

  

Other

  

Total

 

(In thousands)

 

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

 

Revenues

                            

Las Vegas Locals

 $324,371  $45,795  $50,453  $—  $—  $30,057  $450,676 

Downtown Las Vegas

  70,446   21,500   13,461   —   —   5,825   111,232 

Midwest & South

  868,537   82,338   37,628   —   —   34,013   1,022,516 

Online

  —   —   —   276,100   —   —   276,100 

Managed & Other

  21,604   —   —   —   43,497   2,408   67,509 

Total Revenues

 $1,284,958  $149,633  $101,542  $276,100  $43,497  $72,303  $1,928,033 

 

  

Six Months Ended June 30, 2023

 
      

Food &

          

Management

         
  

Gaming

  

Beverage

  

Room

  

Online

  

Fee

  

Other

  

Total

 

(In thousands)

 

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

 

Revenues

                            

Las Vegas Locals

 $348,307  $44,982  $48,676  $—  $—  $29,245  $471,210 

Downtown Las Vegas

  70,849   20,639   12,485   —   —   5,575   109,548 

Midwest & South

  883,525   76,329   38,665   —   —   32,500   1,031,019 

Online

  —   —   —   207,865   —   —   207,865 

Managed & Other

  22,356   —   —   —   37,476   1,442   61,274 

Total Revenues

 $1,325,037  $141,950  $99,826  $207,865  $37,476  $68,762  $1,880,916 

   

20
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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

The following table reconciles, for the periods indicated, our Reportable Segments and our Managed & Other category Adjusted EBITDAR to net income, as reported in our accompanying condensed consolidated statements of operations:

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Adjusted EBITDAR

                

Las Vegas Locals

 $109,253  $118,395  $219,691  $244,555 

Downtown Las Vegas

  22,018   19,652   39,833   42,019 

Midwest & South

  195,455   201,833   376,449   400,517 

Online

  17,057   13,400   37,533   34,023 

Managed & Other

  23,140   19,546   47,921   41,097 

Corporate expense

  (22,732)  (21,464)  (46,750)  (43,703)

Adjusted EBITDAR

  344,191   351,362   674,677   718,508 

Other operating costs and expenses

                

Deferred rent

  163   177   324   354 

Master lease rent expense

  27,852   27,099   55,087   53,927 

Depreciation and amortization

  65,677   62,220   128,590   123,780 

Share-based compensation expense

  10,365   12,198   17,225   20,017 

Project development, preopening and writedowns

  7,586   5,201   10,607   (13,673)

Impairment of assets

  —   —   10,500   4,537 

Other operating items, net

  5,442   438   5,853   658 

Total other operating costs and expenses

  117,085   107,333   228,186   189,600 

Operating income

  227,106   244,029   446,491   528,908 

Other expense (income)

                

Interest income

  (403)  (2,715)  (849)  (20,860)

Interest expense, net of amounts capitalized

  42,949   42,715   85,258   86,581 

Other, net

  50   522   100   626 

Total other expense, net

  42,596   40,522   84,509   66,347 

Income before income taxes

  184,510   203,507   361,982   462,561 

Income tax provision

  (44,665)  (11,053)  (85,664)  (70,376)

Net income

 $139,845  $192,454  $276,318  $392,185 

 

For purposes of this presentation, corporate expense excludes its portion of share-based compensation expense. 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.

 

Total Reportable Segment Assets

The Company's assets by Reportable Segment and Managed & Other category consisted of the following amounts:

 

  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Assets

        

Las Vegas Locals

 $1,625,829  $1,634,732 

Downtown Las Vegas

  289,557   295,494 

Midwest & South

  3,829,675   3,805,301 

Online

  135,816   155,356 

Managed & Other

  118,122   124,161 

Corporate

  262,421   258,082 

Total Assets

 $6,261,420  $6,273,126 

 

 

 

NOTE 10.    SUBSEQUENT EVENTS

We have evaluated all events or transactions that occurred after June 30, 2024. During this period, up to the filing date, we did not identify any subsequent events, the effects of which would require disclosure or adjustment to our financial position or results of operations.

 

21
Table of Contents
 
 

Item 2.         Management's Discussion and Analysis of Financial Condition and Results of Operations

Executive Overview

Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "Boyd," "Boyd Gaming," "we" or "us") was incorporated in the state of Nevada in 1988 and has been operating since 1975. The Company's common stock is traded on the New York Stock Exchange under the symbol "BYD".

 

We are a geographically diversified operator of 28 gaming entertainment properties. Headquartered in Las Vegas, Nevada, we have gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. In addition, we own and operate Boyd Interactive, a business-to-business ("B2B") and business-to-consumer ("B2C") online 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, which are each also operating segments, 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 our online gaming operations through collaborative arrangements with third parties throughout the United States, both of which are also operating segments. 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"). 

 

     

Las Vegas Locals

    

Gold Coast Hotel and Casino

  

Las Vegas, Nevada

The Orleans Hotel and Casino

  

Las Vegas, Nevada

Sam's Town Hotel and Gambling Hall

  

Las Vegas, Nevada

Suncoast Hotel and Casino

  

Las Vegas, Nevada

Eastside Cannery Casino and Hotel (1)

  

Las Vegas, Nevada

Aliante Casino + Hotel + Spa

  

North Las Vegas, Nevada

Cannery Casino Hotel

  

North Las Vegas, Nevada

Jokers Wild

  

Henderson, Nevada

Downtown Las Vegas

    

California Hotel and Casino

  

Las Vegas, Nevada

Fremont Hotel & Casino

  

Las Vegas, Nevada

Main Street Station Hotel and Casino

  

Las Vegas, Nevada

Midwest & South

    

Par-A-Dice Casino

  

East Peoria, Illinois

Belterra Casino Resort (2)

  

Florence, Indiana

Blue Chip Casino Hotel Spa

  

Michigan City, Indiana

Diamond Jo Casino

  

Dubuque, Iowa

Diamond Jo Worth

  

Northwood, Iowa

Kansas Star Casino

  

Mulvane, Kansas

Amelia Belle Casino

  

Amelia, Louisiana

Delta Downs Racetrack Hotel & Casino

  

Vinton, Louisiana

Evangeline Downs Racetrack & Casino

  

Opelousas, Louisiana

Sam's Town Shreveport

  

Shreveport, Louisiana

Treasure Chest Casino

  

Kenner, Louisiana

IP Casino Resort Spa

  

Biloxi, Mississippi

Sam's Town Hotel and Gambling Hall Tunica

  

Tunica, Mississippi

Ameristar Casino * Hotel Kansas City (2)

  

Kansas City, Missouri

Ameristar Casino * Resort * Spa St. Charles (2)

  

St. Charles, Missouri

Belterra Park (2)

  

Cincinnati, Ohio

Valley Forge Casino Resort

  

King of Prussia, Pennsylvania

 

(1) Due to the current levels of demand in the market, Eastside Cannery has remained closed since March 18, 2020, when it closed in compliance with orders issued by state officials as precautionary measures intended to slow the spread of the COVID-19 virus.

(2) Property is subject to a master lease agreement with a real estate investment trust.

 

We also own a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii. As our Downtown Las Vegas properties focus their marketing efforts on gaming customers from Hawaii, financial results for these operations are included in our Downtown Las Vegas segment.

 

 

22
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Most of our gaming entertainment properties also include hotel, dining, sportsbook, retail and other amenities. Our main business emphasis is on slot revenues, which highly depends on the number of visits and spending levels of customers at our properties.

 

Our gaming entertainment properties have historically generated significant operating cash flow, with the majority of our revenue being cash-based. While we do provide casino credit and the ability to transfer digital funds from a player's cashless "BoydPay" wallet, subject to certain gaming regulations and jurisdictions, most of our customers wager with cash and pay for non-gaming services with cash or by credit card.

 

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.

 

Our Strategy

Our strategy is to increase shareholder value by pursuing strategic initiatives that improve and grow our business.

 

Growing Revenues and Operating Efficiently

We are committed to growing revenues and building loyalty among core customers through targeted marketing investments with a focus on maximizing gaming revenues while operating as efficiently as possible. 

 

Balance Sheet Strength

We are committed to maintaining a strong balance sheet and finding opportunities to diversify and increase our cash flow. We are also committed to a balanced capital allocation approach with our cash flows, with a current emphasis on investing in our business and returning capital to shareholders.

 

Evaluating Acquisition and Growth Opportunities

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.

 

Maintaining Our Brand

The ability of our Team Members to deliver great customer service helps distinguish our Company and our brands from our competitors. Our Team Members are an important reason that our customers continue to choose our properties over the competition across the country. In addition, we have established nationwide branding through our "Boyd Rewards" loyalty program. Our players use their Boyd Rewards cards to earn and redeem points at all of our gaming entertainment properties and online casino gaming offerings. Boyd Rewards, among other benefits, rewards players for their loyalty by entitling them to qualify for promotions and monetary discounts, earn rewards toward gaming and nongaming activities and receive benefits such as vacations and luxury gifts.

 

Commitment to Corporate Social Responsibility ("CSR") 

We fulfill our commitment to CSR through four core pillars: Environment, People, Communities and Corporate Governance. We invest in the well-being of our communities and future generations through economic contributions and endeavor to reduce our carbon footprint, strive to be an employer of choice where every Team Member is treated with dignity and respect, and promote a culture of conducting business with the highest level of integrity.

 

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Our Key Performance Indicators

We use several key performance measures to evaluate the operations of our gaming entertainment properties. These key performance measures include the following:

 

•

Gaming revenue measures: slot handle, which means the dollar amount wagered in slot machines, and table game drop, which means the total amount of cash, including digital funds transferred from the players' cashless "BoydPay" wallet, deposited in table games drop boxes, plus the sum of markers issued at all table games, are measures of volume and/or market share. Slot win and table game hold, which means the amount of wagers on slot machines and table games, respectively, retained by us and recorded as gaming revenues, and represents the difference between customer wagers and customer winnings on slot machines and table games, respectively. Slot win percentage and table game hold percentage, which are not fully controllable by us, represent the relationship between slot handle to slot win and table game drop to table game hold, respectively.
   

•

Food & beverage revenue measures: average guest check, which means the average amount spent per customer visit and is a measure of volume and product offerings; number of guests served ("food covers"), which is an indicator of volume; and the cost per guest served, which is a measure of operating margin.
   

•

Room revenue measures: hotel occupancy rate, which measures the utilization of our available rooms; and average daily rate ("ADR"), which is a price measure; and the cost per room, which is a measure of operating margin.

 

RESULTS OF OPERATIONS

Overview

 

   

Three Months Ended

    

Six Months Ended

  
   

June 30,

    

June 30,

  

(In millions)

  

2024

    

2023

    

2024

    

2023

  

Total revenues

   $ 967.5     $ 917.0     $ 1,928.0     $ 1,880.9  

Operating income

     227.1       244.0       446.5       528.9  

Net income

     139.8       192.5       276.3       392.2  

 

Total Revenues

Total revenues for the three months ended June 30, 2024 increased by $50.6 million, or 5.5%, compared to the prior year comparable period, primarily due to an increase in online revenue of $44.9 million, which was driven by an increase of $40.3 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the three months ended June 30, 2024, as compared to the prior year comparable period. While gaming revenues declined by $9.9 million for the three months ended June 30, 2024, compared to the prior year comparable period, and had the second largest impact on revenues, food & beverage revenues increased by $6.6 million over the same period and helped offset the gaming revenue decline. 

 

Total revenues for the six months ended June 30, 2024 increased by $47.1 million, or 2.5%, compared to the prior year comparable period, primarily due to the following: (i) an increase in online revenue of $68.2 million, which was driven by an increase of $60.3 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the six months ended June 30, 2024, as compared to the prior year comparable period; (ii) an increase in food & beverage revenue of $7.7 million primarily due to an increase in average guest check of 6.1%; (iii) an increase of $6.0 million related to the Sky River Casino management fee; and (iv) offset by a decrease in gaming revenue of $40.1 million. The gaming revenue decline was primarily driven by the first quarter, which contributed to $30.2 million of the gaming revenue decline for the first six months of the year. Further, more than half of the $40.1 million gaming revenue decline through the first six months of the year, or $23.0 million, was related to January as severe winter storms impacted the Midwest & South segment in January. In addition, gaming revenues were down from the prior year due to decreased visitation in the current year in our Las Vegas segments as the first quarter of 2023, and January in particular, was strengthened by increased visitation to Las Vegas. We also saw the competitive pressures from the first quarter driven by a new competitor that opened in our Las Vegas Locals market continue into the second quarter and contribute to the year over year gaming revenue declines. Excluding impacts in January and competitive pressures in the Las Vegas Locals market, for the remainder of the six months ended June 30, 2024, we saw growth in play from our core customer while the retail customer was relatively flat over the prior year.

 

Operating Income

Operating income decreased by $16.9 million, or 6.9%, for the three months ended June 30, 2024, compared to the prior year comparable period, primarily due to the gaming revenue decline of $9.9 million. While food & beverage revenue growth over the same period helped offset the gaming revenue decline, the significantly lower margin on food & beverage was not able to offset the gaming operating income decline. In addition, while online revenues grew $44.9 million, $40.3 million of the online revenue growth is due to reimbursements of gaming taxes and other expenses paid on behalf of our online partners that results in zero operating income as an equal amount is recorded as an expense. Operating income was also unfavorably impacted by $3.9 million in project development expenses related to the opening of the Treasure Chest land-based casino and $1.1 million of demolition costs.  

 

Operating income for the six months ended June 30, 2024 decreased by $82.4 million, or 15.6%, compared to the prior year comparable period, primarily due to the $40.1 million gaming revenue decline, as discussed above. In addition, while online revenues grew $68.2 million, $60.3 million of the online revenue growth is due to reimbursements of gaming taxes and other expenses paid on behalf of our online partners that results in zero operating income as an equal amount is also recorded as an expense. Operating income was also unfavorably impacted by: (i) $4.1 million in project development expenses related to the opening of the Treasure Chest land-based casino; (ii) $3.0 million of demolition costs; and (iii) a $6.0 million increase in impairment of assets over the prior year comparable period as the Company recorded an impairment charge of $10.5 million during the six months ended June 30, 2024 related to a gaming license right in the Midwest & South segment, compared to a $4.5 million impairment charge related to goodwill in the Managed & Other category during the six months ended June 30, 2023. Finally, in the prior year, operating income was favorably impacted by a $20.1 million reduction of the allowance on a note receivable with Wilton Rancheria ("Wilton Note") for development advances over the 10 years prior to the Sky River Casino opening as we evaluated the current expected credit losses after an amendment to Wilton Rancheria’s third-party construction loan in March 2023 that allowed for payments to us to begin in March 2023.

 

Net Income
Net income de creased  $52.6  million for the three months ended  June 30, 2024 , compared to the prior year comparable period, primarily due to an increase in the income tax provision of $33.6 million due to the release of state tax valuation allowances of $35.9 million in the prior year and the $16.9 million decrease in operating income, as discussed above.
  
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Net income de creased $115.9  million for the six months ended June 30, 2024 , compared to the prior year comparable period, primarily due to the $82.4 million decrease in operating income, as discussed above. In addition, interest income decreased $20.0 million during the six months ended June 30, 2024, due to an adjustment to the expected loss for interest on the Wilton Note that impacted interest income favorably during the six months ended June 30, 2023 and interest earned on the Wilton Note during the six months ended June 30, 2023. Finally, net income decreased due to a $15.3 million increase in the income tax provision as the six months ended June 30, 2023 benefited from the release of state tax valuation allowances of $35.9 million in the prior year and was offset by the operational performance decline and lower resulting taxes during the six months ended June 30, 2024.
 
Operating Revenues
We derive the majority of our revenues from our gaming operations, which produced approximately  67% and 72% of revenues for the three months ended  June 30, 2024 and 2023, respectively, and  67% and  70% of revenues for the  six months ended June 30, 2024 and 2023, respectively.  Online revenues, including reimbursements received from our third-party operators for gaming taxes and other expenses we pay under collaborative arrangements, represent our next most significant revenue source, generating  13% and  9% of revenues for the three months ended  June 30, 2024  and 2023 , respectively, and 14% and 11% of revenues for the  six months ended June 30, 2024 and 2023, respectively.  Food & beverage revenues, room revenues, management fee revenues and other revenues separately contributed 8% or less of revenues during these periods. 

  

   

Three Months Ended

    

Six Months Ended

  
   

June 30,

    

June 30,

  

(In millions)

  

2024

    

2023

    

2024

    

2023

  

REVENUES

                                

Gaming

   $ 650.8     $ 660.7     $ 1,285.0     $ 1,325.0  

Food & beverage

     77.0       70.4       149.6       141.9  

Room

     52.6       49.8       101.5       99.8  

Online

     129.9       85.0       276.1       207.9  

Management fee

     21.3       17.4       43.5       37.5  

Other

     35.9       33.7       72.3       68.8  

Total revenues

   $ 967.5     $ 917.0     $ 1,928.0     $ 1,880.9  
                                 

DEPARTMENTAL OPERATING EXPENSES

                                

Gaming

   $ 252.1     $ 250.0     $ 497.8     $ 499.8  

Food & beverage

     63.2       58.6       125.1       118.0  

Room

     19.3       18.6       38.1       35.7  

Online

     112.7       71.4       238.2       173.4  

Other

     13.2       11.0       26.2       22.6  

Total departmental operating expenses

   $ 460.5     $ 409.6     $ 925.4     $ 849.5  
                                 

MARGINS

                                

Gaming

     61.3 %     62.2 %     61.3 %     62.3 %

Food & beverage

     17.9 %     16.8 %     16.4 %     16.8 %

Room

     63.3 %     62.7 %     62.5 %     64.2 %

Online

     13.2 %     16.0 %     13.7 %     16.6 %

Other

     63.2 %     67.4 %     63.8 %     67.2 %

 

Gaming

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 $9.9 million, or 1.5%, during the three months ended June 30, 2024, compared to the prior year comparable period, was primarily due to a decline in table game hold of 5.8%. 

 

The decrease in gaming revenues of $40.1 million, or 3.0%, during the six months ended June 30, 2024, compared to the prior year comparable period, was primarily due to declines in slot handle of 1.7%, slot win of 1.1% and table game hold of 5.7%. Gaming revenues were impacted by winter storms throughout the Midwest & South in January, market softness during the first quarter in our Las Vegas Locals segment, competitive pressures through the first two quarters in the Las Vegas Locals segment after a new competitor entered the market in December 2023, and increased visitation in our Las Vegas segments in the prior year, particularly in the first quarter, all as discussed above.

 

Food & Beverage

Food & beverage revenues increased $6.6 million, or 9.4%, and $7.7 million, or 5.4%, during the three and six months ended June 30, 2024, respectively, compared to the prior year comparable periods, primarily due to an increase in average guest check of 6.0% and 6.1%, respectively.

 

Room

Room revenues increased $2.8 million, or 5.7%, and $1.7 million, or 1.7%, during the three and six months ended June 30, 2024, compared to the prior year comparable periods, primarily due to an increase in hotel occupancy rate of 2.0% and 0.6%, respectively.

 

 

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Online

Online revenuesincreased $44.9 million and $68.2 million during the three and six months ended June 30, 2024, respectively, compared to the prior year comparable periods, primarily driven by an increase of $40.3 million and $60.3 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the three and six months ended June 30, 2024, respectively, as compared to the prior year comparable periods.

 

Management fee

Management fee revenues during the three months ended June 30, 2024 and 2023 of $21.3 million and $17.4 million, respectively, and during the six months ended June 30, 2024 and 2023 of $43.5 million and $37.5 million, respectively, relate to our management agreement with Wilton Rancheria to manage the Sky River Casino in northern California.

 

Other

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 $2.3 million, or 6.7%, and $3.5 million, or 5.1%, during the three and six months ended June 30, 2024, respectively, as compared to the corresponding periods of the prior year.

 

Revenues and Adjusted EBITDAR by Reportable Segment

We determine each property's profitability based on Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Rent ("Adjusted EBITDAR"), which represents earnings before interest expense, interest income, income taxes, depreciation and amortization, deferred rent, master lease rent expense, other operating items, net, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, loss on early extinguishments and modifications of debt and other items, net, as applicable. Reportable Segment Adjusted EBITDAR is the aggregate sum of the Adjusted EBITDAR for each of the gaming entertainment properties comprising 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 and captive insurance company 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.

 

EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), facilitates comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes. Management has historically adjusted EBITDAR when evaluating operating performance because we believe that the exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results.

 

The following table presents total revenues and Adjusted EBITDAR by our Reportable Segments and our Managed & Other category to reconcile to total revenues and total Adjusted EBITDAR:

 

   

Three Months Ended

    

Six Months Ended

  
   

June 30,

    

June 30,

  

(In millions)

  

2024

    

2023

    

2024

    

2023

  

Total revenues

                                

Las Vegas Locals

   $ 225.1     $ 230.9     $ 450.7     $ 471.2  

Downtown Las Vegas

     57.7       53.0       111.2       109.5  

Midwest & South

     521.7       518.9       1,022.5       1,031.0  

Online

     129.9       85.0       276.1       207.9  

Managed & Other

     33.1       29.2       67.5       61.3  

Total revenues

   $ 967.5     $ 917.0     $ 1,928.0     $ 1,880.9  
                                 

Adjusted EBITDAR (1)

                                

Las Vegas Locals

   $ 109.2     $ 118.4     $ 219.7     $ 244.6  

Downtown Las Vegas

     22.0       19.7       39.8       42.0  

Midwest & South

     195.5       201.8       376.5       400.5  

Online

     17.1       13.4       37.5       34.0  

Managed & Other

     23.1       19.6       47.9       41.1  

Corporate expense

     (22.7 )     (21.5 )     (46.7 )     (43.7 )

Adjusted EBITDAR

   $ 344.2     $ 351.4     $ 674.7     $ 718.5  

 

(1) Refer to Note 9, Segment Information, in the notes to the condensed consolidated financial statements (unaudited) for a reconciliation of Adjusted EBITDAR to net income, as reported in accordance with GAAP in our accompanying condensed consolidated statements of operations.

 

Las Vegas Locals 

Total revenues decreased by $5.9 million, or 2.5%, during the three months ended June 30, 2024, as compared to the prior year comparable period, due primarily to a $9.1 million decline in gaming revenues. The decrease in gaming revenues was attributable to declines in table game hold of 11.9%, table game drop of 2.1%, slot handle of 2.8% and slot win of 2.3% from the prior year comparable period. As discussed earlier, the Las Vegas Locals segment was impacted by competitive pressures with a new competitor recently entering the market. Absent these competitive pressures, the Las Vegas Locals segment performed in-line with the overall market on a same-store basis. Offsetting the decline in gaming revenues, was an increase in room revenue of $1.4 million, which was driven by an increase in hotel occupancy rate of 2.6%, and an increase in food & beverage revenue of $1.2 million, which was primarily due to an increase in average guest check of 7.3%.

 

Total revenues decreased by $20.5 million, or 4.4%, during the six months ended June 30, 2024, compared to the prior year comparable period, due primarily to a $23.9 million decline in gaming revenues. The decrease in gaming revenues was attributable to declines in table game hold of 11.5%, slot handle of 4.4% and slot win of 3.9% from the prior year comparable period. As discussed earlier, the Las Vegas Locals segment was impacted by competitive pressures with a new competitor recently entering the market and overall market softness in the first quarter. Offsetting the decline in gaming revenues, was an increase in room revenue of $1.8 million, which was driven by an increase in hotel occupancy rate of 1.7%.

  

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Adjusted EBITDAR decreased by  $9.1  million, or 7.7%, and $24.9  million, or 10.2%, during the three and six months ended June 30, 2024 , as compared to the prior year comparable period, due primarily to the gaming revenues decline discussed above.
 
Downtown Las Vegas

Total revenues increased by $4.7 million, or 8.9%, during the three months ended June 30, 2024, as compared to the prior year comparable period, reflecting revenue increases in all departmental categories. Gaming revenues increased $2.3 million primarily due to increases in table game drop of 17.4%, slot win of 10.3% and slot handle of 7.3%. In addition, room revenue increased $1.3 million, which was driven by a 7.6% increase in occupied rooms by the Hawaiian customer. As airfares normalized from the elevated levels that occurred in the first quarter, Hawaiian visitation recovered in the second quarter. We continue to tailor our marketing programs in the Downtown Las Vegas segment to focus on the Hawaiian market. 

 
Total revenues increased by  $1.7  million, or 1.5%, during the six months ended June 30, 2024, compared to the prior year comparable period, reflecting revenue increases in all departmental categories, except for gaming revenues which declined by $0.4 million. Room revenues increased $1.0 million as the hotel occupancy rate increased 6.3% and food & beverage revenues increased $0.9 million as average guest check increased 4.2%. These increases were primarily attributable to our recently completed renovation and expansion at the Fremont Hotel & Casino and the hotel remodel at Main Street Station Hotel and Casino.
 
Adjusted EBITDAR increased by $2.4  million, or 12.0% , during the three months ended  June 30, 2024 , as compared to the prior year comparable period, primarily due to the revenue increase discussed above as the segment benefited from our recent property investments and Hawaiian visitation recovery, both as discussed above.
 
Adjusted EBITDAR decreased by  $2.2  million, or 5.2% , during the six months ended June 30, 2024 , compared to the prior year comparable period, primarily due to wage increases as we completed our efforts in 2023 to increase the hourly minimum rate to $15 per hour for all non-tipped, non-represented positions in the prior year and also property insurance cost increases.
 

Midwest & South 

Total revenues increased by $2.9 million, or 0.6%, during the three months ended June 30, 2024, as compared to the corresponding period of the prior year, due primarily to a $4.5 million increase in food & beverage revenue, which was driven by a 6.3% increase in average guest check. Offsetting the increase in food & beverage revenue, is a $3.1 million decline in gaming revenues, which was primarily due to a decline in table game hold of 3.8%. 

 

Total revenues decreased by $8.5 million, or 0.8%, during the six months ended June 30, 2024, compared to the prior year comparable period, primarily due to a $15.0 million decline in gaming revenues. The gaming revenues decline is primarily driven by the severe winter storms across the segment in the first quarter of 2024, specifically January. Offsetting the gaming revenue decline, is a food & beverage revenue increase of $6.0 million, which is driven by a 6.2% increase in average guest check.

 

Adjusted EBITDAR decreased by $6.4 million, or 3.2%, during the three months ended June 30, 2024, as compared to the corresponding prior year period, due primarily to continued cost pressures and specifically an increase in property insurance and wages, as we completed our efforts in 2023 to increase the hourly minimum rate to $15 per hour for all non-tipped, non-represented positions throughout the prior year.

 

Adjusted EBITDAR decreased by $24.1 million, or 6.0%, during the six months ended June 30, 2024, compared to the prior year comparable period, primarily due to the gaming revenues decline, as discussed above, as well as property insurance and wage increases as we increased the minimum wage in the prior year, as discussed above.

 

Online

Online revenues increased $44.9 million and $68.2 million during the three and six months ended June 30, 2024, respectively, as compared to the prior year comparable periods, primarily driven by an increase of $40.3 million and $60.3 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the three and six months ended June 30, 2024, respectively, as compared to the prior year comparable periods.

 

Adjusted EBITDAR increased $3.7 million and $3.5 million during the three and six months ended June 30, 2024, respectively, as compared to the corresponding periods of the prior year, due primarily to continued growth in revenues under our market access agreements, particularly in Pennsylvania. As discussed earlier, there is an equal amount of expense recorded for the revenue recorded related to the reimbursement of gaming taxes and other expenses, thus resulting in no impact to EBITDAR.

 

Managed & Other
During the  three and six months ended June 30, 2024 , total revenues increased by  $3.9 million and  $6.2 million, respectively, and Adjusted EBITDAR increased by $3.6 million and  $6.8 million, respectively, as compared to the corresponding period of the prior year, primarily due to a $3.8 million and $6.0 million increase in Sky River Casino management fees for the  three and six months ended June 30, 2024 , respectively, compared to the prior year comparable periods.
 
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Other Operating Costs and Expenses 

The following costs and expenses, as presented in our condensed consolidated statements of operations, are further discussed below:

 

   

Three Months Ended

    

Six Months Ended

  
   

June 30,

    

June 30,

  

(In millions)

  

2024

    

2023

    

2024

    

2023

  

Selling, general and administrative

   $ 105.1     $ 99.1     $ 213.3     $ 199.4  

Master lease rent expense

     27.9       27.1       55.1       53.9  

Maintenance and utilities

     36.9       37.6       71.7       73.6  

Depreciation and amortization

     65.7       62.2       128.6       123.8  

Corporate expense

     31.3       31.7       60.6       60.4  

Project development, preopening and writedowns

     7.6       5.2       10.6       (13.7 )

Impairment of assets

     —       —       10.5       4.5  

Other operating items, net

     5.4       0.4       5.9       0.7  

 

Selling, General and Administrative

Selling, general and administrative expens es,  as a percentage of revenues, were  10.9% and 10.8% during the three months ended June 30, 2024 and 2023, respectively, and  11.1% and  10.6% during the six months ended June 30, 2024  and 2023 , respectively. While we continue to focus on our disciplined operating model and targeted marketing approach, selling, general and administrative expenses were impacted by increased wages and property insurance costs during the three and six months ended June 30, 2024 . 
 
Master Lease Rent Expense
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 $27.9 million and $27.1 million during the three months ended June 30, 2024 and 2023, respectively, and  $55.1 million and  $53.9 million during the six months ended June 30, 2024 and 2023, respectively. 
 
Maintenance and Utilities
Maintenance and utilities expenses, as a percentage of re venues, remained generally consistent at 3.8% and  4.1% during the three months ended June 30, 2024 and 2023, respectively, and  3.7% and  3.9% during the six months ended June 30, 2024 and 2023, respectively. 
 
Depreciation and Amortization
Depreciation and amortization expenses, as a percentage of revenues, remained generally consistent at 6.8% during both the  three months ended June 30, 2024 and 2023 , and 6.7% and 6.6% during the six months ended June 30, 2024 and 2023 , respectively. 
 
Corporate Expense
Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not directly related to our casino, hotel and online operations, in addition to the corporate portion of share-based compensation expense. Corporate expense was generally consistent and represented  3.2%  and  3.5% of revenues during the three months ended June 30, 2024 and 2023 , respectively, and 3.1% and 3.2% of revenues during the six months ended June 30, 2024 and 2023 , respectively. 
 
Project Development, Preopening and Writedowns
Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, strategic initiatives, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred in our ongoing efforts to develop gaming activities in new jurisdictions and expenses related to other new business development activities that do not qualify as capital costs; (iii) asset writedowns; and (iv) realized gains arising from asset dispositions. Such costs are generally nonrecurring in nature and vary from period to period as the volume of underlying activities fluctuates. During the three months ended June 30, 2024 , the Company incurred $5.9 million in project development and preopening cost, primarily related to the opening of the Treasure Chest land-based casino, and $1.1 million in demolition costs. During the three months ended  June 30, 2023 , the Company incurred $4.1 million related to preopening costs. During the six months ended June 30, 2024 , the Company incurred $6.9 million in project development and preopening costs, primarily related to the opening of the Treasure Chest land-based casino, and $3.0 million in demolition costs. During the six months ended June 30, 2023 , the Company benefited from a $20.1 million reduction of the allowance on the Wilton Note for development advances over the 10 years prior to Sky River Casino opening offset by preopening costs of $5.0 million.
 
Impairment of Assets

During the six months ended June 30, 2024, as a result of our first quarter impairment review, the Company recorded an impairment charge of $10.5 million for a gaming license right related to our Midwest & South segment. During the six months ended June 30, 2023, as a result of our first quarter impairment review, the Company recorded an impairment charge of $4.5 million for goodwill related to our Managed & Other category.

 
Other Operating Items, net

Other operating items, net, is generally comprised of miscellaneous non-recurring operating charges, including severance payments to separated employees, certain non-recurring litigation charges, natural disasters and severe weather impact, including hurricane and flood expenses, and subsequent recoveries of such costs, as applicable.

 

 

28
 

 

Other Expenses

Interest Expense, net

The following table summarizes information with respect to our interest expense on outstanding indebtedness:

 

   

Three Months Ended

    

Six Months Ended

  
   

June 30,

    

June 30,

  

(In millions)

  

2024

    

2023

    

2024

    

2023

  

Interest expense, net of capitalized interest and interest income

   $ 42.5     $ 40.0     $ 84.4     $ 65.7  

Average long-term debt balance (1)

     2,917.0       2,966.0       2,906.0       3,000.6  

Weighted average interest rates

     5.6 %     5.4 %     5.6 %     5.4 %

(1) Average debt balance calculation does not include the related discounts or deferred finance charges.

 

Interest expense, net of capitalized interest and interest income, for the three months ended June 30, 2024, increased $2.5 million, or 6.4%, from the prior year comparable period primarily due to a $2.3 million interest income decline due to a reduction in interest earned on the Wilton Note during the three months ended June 30, 2024, as the principal outstanding under the Wilton Note was fully repaid in the first quarter of 2024. Interest expense, net of capitalized interest and interest income for the six months ended June 30, 2024, increased $18.7 million, or 28.4%, from the prior year comparable period primarily due to a $20.0 million interest income decline driven by a reduction of the allowance for the expected loss for interest on the Wilton Note and interest earned on such note during the six months ended June 30, 2023. With the full repayment of outstanding principal under the Wilton Note during the first quarter of 2024, interest earnings related to the Wilton Note were minimal in the current year. 

 

Income Taxes 

The effective tax rates during the six months ended June 30, 2024 and 2023 were 23.7% and 15.2%, respectively. Our tax rate for the six months ended June 30, 2024, was unfavorably impacted by state taxes, nondeductible expenses, including nondeductible compensation and employee benefit expenses, which were partially offset by excess tax benefits and tax credits. Our tax rate for the six months ended June 30, 2023, was favorably impacted by a $35.9 million release of state valuation allowances, the inclusion of excess tax benefits which were partially offset by the unfavorable impact of state taxes and certain nondeductible expenses, as a component of the provision for income taxes.

 

The Internal Revenue Service ("IRS") has selected our federal corporate income tax return for the tax year ended December 31, 2021, for examination. The IRS examination began in the second quarter of 2024 and is early in the process. As of June 30, 2024, and for the three and six months then ended, there were no changes to our unrecognized tax benefits to date.

 

LIQUIDITY AND CAPITAL RESOURCES

Financial Position

We generally operate with minimal or negative levels of working capital in order to minimize borrowings and related interest costs. At June 30, 2024 and December 31, 2023, we had balances of cash and cash equivalents of $280.8 million and $304.3 million, respectively. In addition, we held restricted cash balances of $3.9 million and $3.7 million at June 30, 2024 and December 31, 2023, respectively. Our working capital deficit at June 30, 2024 and December 31, 2023, was $102.0 million and $67.0 million, respectively.

 

We believe that current cash balances together with the available borrowing capacity under our Revolving Credit Facility (as defined in "Indebtedness" below) and cash flows from operating activities will be sufficient to meet our liquidity and capital resource needs for the next twelve months, including our projected operating requirements and maintenance capital expenditures. See "Indebtedness", below, for further detail regarding funds available through our Credit Facility.

 

The Company may also seek to secure additional working capital, repay respective current debt maturities, or fund respective maintenance capital or development projects, in whole or in part, through incremental bank financing and additional debt or equity offerings, to the extent such offerings are allowed under our debt agreements.

 

 

29
 

 

Cash Flows Summary

 

   

Six Months Ended

  
   

June 30,

  

(In millions)

  

2024

    

2023

  

Net cash provided by operating activities

   $ 463.8     $ 463.3  
                 

Cash flows from investing activities

                

Capital expenditures

     (204.0 )     (171.4 )

Payments received on note receivable

     0.2       49.7  

Other investing activities

     (1.7 )     (2.3 )

Net cash used in investing activities

     (205.5 )     (124.0 )
                 

Cash flows from financing activities

                

Net borrowings (payments) under credit facility

     41.3       (109.3 )

Share-based compensation activities

     (9.6 )     (14.4 )

Shares repurchased and retired

     (281.2 )     (206.4 )

Dividends paid

     (31.8 )     (31.8 )

Other financing activities

     (0.1 )     (0.1 )

Net cash used in financing activities

     (281.4 )     (362.0 )

Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash

     (0.1 )     —  

Decrease in cash, cash equivalents and restricted cash

   $ (23.2 )   $ (22.7 )

 

Cash Flows from Operating Activities

During the six months ended June 30, 2024 and 2023, we generated consistent operating cash flows of $463.8 million and $463.3 million, respectively.

 

Cash Flows from Investing Activities

Our industry is capital intensive and we use cash flows for acquisitions, facility expansions, investments in future development or business opportunities and maintenance capital expenditures.

 

During the six months ended June 30, 2024, we incurred net cash outflows for investing activities of $205.5 million comprised of capital expenditures of $204.0 million, primarily related to our Treasure Chest land-based casino project, various guest room remodels, slot machines, IT equipment and building projects at various properties. During the six months ended June 30, 2023, we incurred net cash outflows for investing activities of $124.0 million comprised of capital expenditures of $171.4 million, primarily related to our Treasure Chest land-based casino project, Fremont food hall, slot floor expansion and renovation, various guest room remodels, slot machines, IT equipment and building projects at various properties, offset by $49.7 million in payments received related to the outstanding principal on the Wilton Note.

 

Cash Flows from Financing Activities

We rely on our financing cash flows to provide funding for investment opportunities, repayments of obligations, returning capital to shareholders and ongoing operations.

 

The net cash outflows from financing activities during the six months ended June 30, 2024 and 2023, primarily reflect share repurchases, net payments on the outstanding principal under our Credit Facility or incremental borrowings under our Credit Facility, share-based compensation and dividends paid. During the second quarter of 2024, we increased borrowings under the Credit Facility as we increased our share repurchase activity during the same period, resulting in net borrowings under the Credit Facility for the six months ended June 30, 2024.

 

Indebtedness

The outstanding principal balances of long-term debt, before unamortized discounts and fees, and the changes in those balances are as follows:

 

(In millions)

  

June 30, 2024

    

December 31, 2023

    

Increase / (Decrease)

  

Credit facility

   $ 1,087.6     $ 1,046.3     $ 41.3  

4.750% senior notes due 2027

     1,000.0       1,000.0       —  

4.750% senior notes due 2031

     900.0       900.0       —  

Other

     0.4       0.5       (0.1 )

Total long-term debt

     2,988.0       2,946.8       41.2  

Less current maturities

     44.4       44.3       0.1  

Long-term debt, net

   $ 2,943.6     $ 2,902.5     $ 41.1  

 

 

30
 

 

Amounts Outstanding

The outstanding principal amounts under the Credit Facility are comprised of the following:

 

   

June 30,

    

December 31,

  

(In millions)

  

2024

    

2023

  

Revolving Credit Facility

   $ 255.0     $ 180.0  

Term A Loan

     781.0       803.0  

Swing Loan

     51.6       63.3  

Total outstanding principal amounts

   $ 1,087.6     $ 1,046.3  

 

With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $255.0 million and $51.6 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.4 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $1,130.0 million as of June 30, 2024. 

 

The blended interest rate for outstanding borrowings under the Credit Facility was 7.2% at both June 30, 2024 and December 31, 2023, respectively.

 

Debt Service Requirements

Debt service requirements for the Term A Loan include amortization in an annual amount equal to 5.00% of the original principal amount thereof, payable on a quarterly basis. Additionally, under the Credit Facility we have monthly to quarterly interest payment obligations, depending on the rates we lock in, for the Term A Loan, unused line interest payments and any outstanding borrowings under the Revolving Credit Facility, including the Swing Loan. Debt service requirements under our current outstanding senior notes consist of semi-annual interest payments (based upon a fixed annual interest rate of 4.750%) and principal repayments of our $1.0 billion aggregate principal amount of 4.750% Senior Notes due 2027 ("4.750% Senior Notes due 2027") and our $0.9 billion aggregate principal amount of 4.750% Senior Notes due 2031 ("4.750% Senior Notes due 2031").

 

Covenant Compliance

As of June 30, 2024, we were in compliance with the financial covenants of our debt instruments.

 

The indentures governing the senior notes contain provisions that allow for the incurrence of additional indebtedness, if after giving effect to such incurrence, the fixed charge coverage ratio (as defined in the respective indentures, which is a ratio of our consolidated EBITDA to fixed charges, including interest) for the trailing four quarter period on a pro forma basis would be at least 2.0 to 1.0. Should this provision prohibit the incurrence of additional debt, we may still borrow under our existing Credit Facility to the extent that borrowing capacity remains under that agreement, as well as from other funding sources as provided under our debt agreements.

 

Guarantor Financial Information

In connection with the issuance of our 4.750% Senior Notes due 2027 and our 4.750% Senior Notes due 2031 (collectively, the "Guaranteed Notes" or "Senior Notes"), certain of the Company's wholly owned subsidiaries (the "Guarantors") provide guarantees of those indentures. These Guaranteed Notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us.

 

Summarized combined balance sheet information for the parent company and the Guarantors is as follows:

 

   

June 30,

    

December 31,

  

(In millions)

  

2024

    

2023

  

Current assets

   $ 437.5     $ 496.0  

Noncurrent assets

     10,043.8       9,588.6  

Current liabilities

     526.8       550.6  

Noncurrent liabilities

     3,973.1       3,944.6  

 

Summarized combined results of operations for the parent company and the Guarantors is as follows:

 

   

Six Months Ended

  

(In millions)

  

June 30, 2024

  

Revenues

   $ 1,937.6  

Operating income

     826.4  

Income before income taxes

     741.8  

Net income

     655.3  

 

Share Repurchase Program

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 and May 9, 2024. As of June 30, 2024, we were authorized to repurchase up to an additional $545.1 million in shares of our common stock under the Share Repurchase Program. We repurchased 3.1 million and 1.5 million shares during the three months ended June 30, 2024 and 2023, respectively, and 4.8 million and 3.2 million shares during the six months ended June 30, 2024 and 2023, respectively.

 

Subject to applicable laws, repurchases under the Share Repurchase Program may be made at such times and in such amounts as we deem appropriate. We are subject to certain limitations regarding the repurchase of common stock, such as restricted payment limitations related to our outstanding Senior Notes and our Credit Facility. We are not obligated to repurchase any shares under this program, and purchases under the Share Repurchase Program can be discontinued at any time at our sole discretion. We intend to fund the repurchases under the Share Repurchase Program with existing cash resources, cash generated from operations and availability under our Credit Facility.

 

We have in the past, and may in the future, acquire our debt or equity securities, through open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or otherwise, upon such terms and at such prices as we may determine.

 

31
 

 

Quarterly Dividend Program

Dividends are declared at the discretion of our Board of Directors. We are subject to certain limitations regarding payment of dividends, such as restricted payment limitations related to our outstanding Senior Notes and our Credit Facility.

 

The dividends declared by the Board of Directors under this program are:

 

Declaration date

  

Record date

  

Payment date

  

Amount per share

  

December 8, 2022

  

December 19, 2022

  

January 15, 2023

   $ 0.15  

February 14, 2023

  

March 15, 2023

  

April 15, 2023

     0.16  

May 4, 2023

  

June 15, 2023

  

July 15, 2023

     0.16  

December 7, 2023

  

December 22, 2023

  

January 15, 2024

     0.16  

February 28, 2024

  

March 15, 2024

  

April 15, 2024

     0.17  

May 9, 2024

  

June 15, 2024

  

July 15, 2024

     0.17  

 

Other Items Affecting Liquidity

We anticipate funding our capital requirements using cash on hand, cash being generated from our operations and availability under our Credit Facility, to the extent borrowing capacity exists after we meet our working capital needs for the next twelve months. Any additional financing that is needed may not be available to us or, if available, may not be on terms favorable to us. The outcome of the specific matters discussed herein, including our commitments and contingencies, may also affect our liquidity.

 

Commitments

Capital Spending and Development

We currently estimate that our annual cash capital requirements to perform ongoing refurbishment and maintenance at our properties is approximately $200 million to $250 million. In addition, we expect to spend an additional $100 million in 2024 for hotel renovation projects at six of our gaming entertainment properties. We intend to fund our capital expenditures through cash on hand, operating cash flows and availability under our Credit Facility.

 

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 as well as capital spend required for identified growth projects. We expect to spend an additional $100 million in 2024 on such growth projects, which includes the completion of the new land-based facility at Treasure Chest, which opened in June 2024, the expansion of meeting and convention space at Ameristar St. Charles and the start of construction of a new casino, Cadence Crossing. This new 10,000 square foot casino will be built on the site that currently holds our Jokers Wild Casino and will feature 450 slots and several dining options.

 

During the six months ended June 30, 2024, the company spent approximately $204 million of the total estimated $400 million to $450 million of capital spend expected in 2024.

 

Other Opportunities

We regularly investigate and pursue additional expansion opportunities in markets where casino gaming, including online gaming, is currently permitted. We also pursue expansion opportunities in jurisdictions where casino and online gaming is not currently permitted in order to be prepared to develop projects upon approval of casino or online gaming. Such expansions will be affected and determined by several key factors, which may include the following:

 

 

•

the outcome or anticipated outcome of gaming license selection processes;
 

•

the approval of gaming in jurisdictions where we have been active but where casino or online gaming is not currently permitted;
 

•

identification of additional suitable investment opportunities in current gaming jurisdictions; and
 

•

availability of acceptable financing.

 

Additional projects may require us to make substantial investments or may cause us to incur substantial costs related to the investigation and pursuit of such opportunities, which we may fund through cash on hand, cash flow from operations or availability under our Credit Facility. To the extent such sources of funds are not sufficient, we may also seek to raise additional funds through public or private equity or debt financings or from other sources to the extent such financing is available.

 

Contingencies

Legal Matters

We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material effect on our business, financial position, results of operations or cash flows.

 

Off Balance Sheet Arrangements 

There have been no material changes to our off balance sheet arrangements described under Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 26, 2024.

 

Critical Accounting Estimates

There have been no material changes to our critical accounting policies described under Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 26, 2024.

 

Recently Issued Accounting Pronouncements

For information with respect to recent accounting pronouncements and the impact of these pronouncements on our condensed consolidated financial statements, see Note 1, Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements, in the notes to the condensed consolidated financial statements (unaudited).

 

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Important Information Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "pursue," "target," "project," "intend," "plan," "seek," "should," "assume," and "continue," or the negative thereof or comparable terminology. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Factors that could cause actual results to differ materially from such forward-looking statements include:

 

  • the general effect, and expectation, of the national and global economy on our business, including but not limited to interest rates and inflationary pressures, as well as the economies where each of our properties are located;
  • the factors that contribute to our ongoing success and our ability to be successful in the future;
  • our business model, areas of focus and strategy for driving business results;
  • our ability to maintain the integrity of our information technology systems and to protect our internal information;
  • impacts caused by public health emergencies and man-made or natural disasters we may encounter;
  • competition, including expansion of gaming into additional markets including online gaming, the impact of competition on our operations, our ability to respond to such competition, and our expectations regarding continued competition in the markets in which we compete;
 

•

our expectation regarding the trends that will affect the gaming industry over the next few years and the impact of these trends on growth of the gaming industry, future development opportunities and merger and acquisition activity in general;
 

•

our intention to pursue expansion opportunities, including acquisitions, that are a good fit for our business, deliver a solid return for stockholders, and are available at the right price;
  • our compliance with government regulations, including our ability to receive and maintain necessary approvals for our projects;
 

•

that our credit agreement and our cash flows from operating activities will be sufficient to meet our respective projected operating and maintenance capital expenditures for the next twelve months;
  • indebtedness, including our ability to refinance or pay amounts outstanding under our credit agreement and our unsecured notes, when they become due and our compliance with related covenants, and our expectation that we will need to refinance all or a portion of our respective indebtedness at or before maturity;
 

•

 our belief that all pending litigation claims, if adversely decided, will not have a material effect on our business, financial position, results of operations or cash flows;
 

•

 our estimates and expectations regarding anticipated taxes, tax credits or tax refunds;
 

•

 our expectations regarding the expansion of sports betting and online wagering;
 

•

our asset impairment analyses and our intangible asset and goodwill impairment tests;
 

•

the likelihood of interruptions to our rights in the land we lease under long-term leases for certain of our hotels and casinos;
 

•

 that estimates and assumptions made in the preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles may differ from actual results; and
 

•

 our estimates as to the effect of any changes in our Consolidated EBITDA on our ability to remain in compliance with certain covenants in the credit agreement.

 

Additional factors that could cause actual results to differ are discussed in Part I. Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2023, and in other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this document are made as of the date hereof, based on information available to us as of the date hereof, and we assume no obligation to update any forward-looking statement.

 

Item 3.        Quantitative and Qualitative Disclosures about Market Risk

Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices. We do not hold any market risk sensitive instruments for trading purposes. Our primary exposure to market risk is interest rate risk, specifically long-term U.S. treasury rates and the applicable spreads in the high-yield investment market, short-term and long-term SOFR rates, and their potential impact on our long-term debt. We are exposed to a lesser extent to foreign currency exchange risk for funds held in our Canadian operating and restricted cash accounts. While there is risk of fluctuations in the foreign exchange rate between the Canadian dollar and US dollar, our exposure is limited given the size of our Canadian operations and the minimal amount of cash held in Canadian bank accounts. A weakening or strengthening of the US dollar to the Canadian dollar by 2x the current conversion rate, would not cause the value of the funds held in the Canadian operating and restricted cash accounts to change significantly. We do not currently utilize derivative financial instruments for trading or speculative purposes.

 

As of June 30, 2024, our long-term variable-rate borrowings represented approximately 36.4% of total long-term debt. Based on June 30, 2024 debt levels, a 100 basis point change in the interest rate would cause our annual interest costs on variable-rate borrowings to change by approximately $10.9 million. We believe there have been no other material changes in our exposure to market risks as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 26, 2024.

 

See also "Liquidity and Capital Resources" above.

 

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Item 4.        Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q (the "Report"), we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our disclosure controls and procedures are designed to ensure that information required to be disclosed in our reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information we are required to disclose in reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on the evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that due to the identification of the material weakness in our internal control over financial reporting previously disclosed in our 2023 Annual Report on Form 10-K as filed with the SEC on February 26, 2024, and as further discussed below, our disclosure controls and procedures were not effective as of June 30, 2024. Notwithstanding the material weakness in our internal control over financial reporting, the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented in conformity with accounting principles generally accepted in the United States of America.

 

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

 

During the second quarter of 2024 evaluation, management concluded that the material weakness identified in the fourth quarter of 2023 related to the preparation and independent review of journal entries, which results in a lack of segregation of duties over the preparation, review, and recording of journal entries was not yet fully remediated. The failure to maintain appropriate segregation of duties has a pervasive impact and consequently, this deficiency impacts control activities over all financial statement account balances, classes of transactions, and disclosures.

 

Remediation Efforts to Address the Material Weakness

We are committed to maintaining a strong internal control environment and during the first quarter of 2024 executed on all elements of our remediation plan as defined below and in our 2023 Annual Report on Form 10-K as filed with the SEC on February 26, 2024. We continued to reinforce remediation efforts during the second quarter of 2024. With the oversight of senior management, subsequent to December 31, 2023, a plan to remediate the underlying cause of the material weakness and improve the operating effectiveness of internal control over financial reporting and our disclosure controls was developed and was implemented. Specifically, the following remediation efforts occurred and will continue to occur to ensure there are appropriate levels of independent reviews of journal entries, in order to address proper segregation of duties, including:

 

 

●

Educating control owners to ensure that all design elements of the journal entry control are performed;  

 

 

●

Implementing additional attestations within our existing quarterly self-assessment process that address and reinforce proper segregation of duties over journal entries; and

 

 

●

Enhancing our monitoring control that verifies that journal entries have a separate preparer and independent reviewer.

 

We believe these actions have meaningfully strengthened our internal control over financial reporting, but we will not be able to conclude whether the material weakness has been remediated until sufficient time has elapsed to provide evidence that the enhanced controls are operating effectively. 

 

Changes in Internal Control over Financial Reporting

Except as disclosed above, there were no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2024, that materially affected, or were reasonably likely to materially affect, our internal control over financial reporting.

 

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PART II. Other Information

 

Item 1.        Legal Proceedings

We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material adverse effect on our business, financial position, results of operations or cash flows.

 

Item 1A.     Risk Factors

There were no material changes from the risk factors previously disclosed in Part I. Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 26, 2024.

 

Item 2.       Unregistered Sales of Equity Securities and Use of Proceeds

The following table discloses share repurchases that we have made pursuant to our share repurchase program during the three months ended June 30, 2024.

 

Period

  

Total Number of Shares Purchased (1)

    

Average Price Paid Per Share

    

Total Number of Shares Purchased as Part of a Publicly Announced Plan

    

Approximate Dollar Value That May Yet Be Purchased Under the Plan

  

April 1, 2024 through April 30, 2024

     565,187     $ 64.44       565,187     $ 184,387,140  

May 1, 2024 through May 31, 2024

     1,996,955       54.08       1,996,955       576,397,320  

June 1, 2024 through June 30, 2024

     581,853       53.76       581,853       545,119,056  

Total

     3,143,995     $ 55.88       3,143,995     $ 545,119,056  

 

(1) All shares repurchased are covered by our share repurchase program as approved by our Board of Directors (the "Share Repurchase Program"). The Board of Directors approved $300.0 million for our Share Repurchase Program on October 21, 2021, and an additional $500.0 million to the Share Repurchase Program on each of June 1, 2022, May 4, 2023 and May 9, 2024 for a total authorization of $1.8 billion. The Share Repurchase Program has no expiration date.

 

 

Item 5.       Other Information

None of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended June 30, 2024, as such terms are defined under Item 408(a) of Regulation S-K.

 

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Item 6.

Exhibits

 

Exhibit Number

 

Document of Exhibit

 

Method of Filing
22   List of Guarantor Subsidiaries of Boyd Gaming Corporation.   Incorporated by reference to Exhibit 22 of the Registrant's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024
         

31.1

 

Certification of the Chief Executive Officer of the Registrant pursuant to Exchange Act rule 13a-14(a).

 

Filed electronically herewith

 

 

 

 

 

31.2

 

Certification of the Chief Financial Officer of the Registrant pursuant to Exchange Act rule 13a-14(a).

 

Filed electronically herewith

 

 

 

 

 

32.1

 

Certification of the Chief Executive Officer of the Registrant pursuant to Exchange Act Rule 13a-14(b) and 18 U.S.C. § 1350.

 

Furnished electronically herewith

 

 

 

 

 

32.2

 

Certification of the Chief Financial Officer of the Registrant pursuant to Exchange Act Rule 13a-14(b) and 18 U.S.C. § 1350.

 

Furnished electronically herewith

 

 

 

 

 

101

 

The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, (ii) Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023, (iii) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023, (iv) Condensed Consolidated Statements of Changes in Stockholders' Equity for each of the quarters within the six months ended June 30, 2024 and 2023, (v) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023, and (vi) Notes to Condensed Consolidated Financial Statements.

 

Filed electronically herewith
         
104  

Inline XBRL for cover page of the Company's Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.

   Filed electronically herewith

 

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Table of Contents

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on August 1, 2024.

 

 

 

BOYD GAMING CORPORATION

 

 

 

 

By:

/s/ Lori M. Nelson

 

 

Lori M. Nelson

 

 

Senior Vice President Financial Operations and Reporting and
    Chief Accounting Officer

 

 

37

Exhibit 31.1

 

BOYD GAMING CORPORATION

CERTIFICATION

 

I, Keith E. Smith, certify that:  

 

1. I have reviewed this quarterly report on Form 10-Q of Boyd Gaming Corporation;
   

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   

4.

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

a.

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
 

b.

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
 

c.

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
 

d.

disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

 

a.

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
     
  b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 
       
Date: August 1, 2024

By: 

 /s/ Keith E. Smith

 

 

 

Keith E. Smith

 

 

 

President and Chief Executive Officer

 

 

Exhibit 31.2

 

BOYD GAMING CORPORATION

CERTIFICATION

 

I, Josh Hirsberg, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Boyd Gaming Corporation;
   

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   

4.

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

a.

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
 

b.

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
 

c.

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
 

d.

disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

 

a.

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
     
  b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 
       

Date: 

 August 1, 2024

By: 

 /s/ Josh Hirsberg 

 

 

 

Josh Hirsberg

 

 

 

Executive Vice President, Chief Financial Officer and Treasurer
 

Exhibit 32.1

 

 

BOYD GAMING CORPORATION

 

CERTIFICATION

 

In connection with the periodic report of Boyd Gaming Corporation (the "Company") on Form 10-Q for the period ended June 30, 2024, as filed with the Securities and Exchange Commission (the "Report"), I, Keith E. Smith, President and Chief Executive Officer of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:

 

  (1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and
     
 

(2) 

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

This Certification has not been, and shall not be deemed, "filed" with the Securities and Exchange Commission.

 

 
       

Date: 

 August 1, 2024

By: 

 /s/ Keith E. Smith  

 

 

 

Keith E. Smith

 

 

 

President and Chief Executive Officer

 

 

 

 

Exhibit 32.2

 

 

BOYD GAMING CORPORATION

 

CERTIFICATION

 

In connection with the periodic report of Boyd Gaming Corporation (the "Company") on Form 10-Q for the period ended June 30, 2024, as filed with the Securities and Exchange Commission (the "Report"), I, Josh Hirsberg, Executive Vice President, Chief Financial Officer and Treasurer of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:

 

  (1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and
     
 

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

This Certification has not been, and shall not be deemed, "filed" with the Securities and Exchange Commission.

 

 
       

Date:

 August 1, 2024

By: 

 /s/ Josh Hirsberg 

 

  

 

Josh Hirsberg

 

 

 

Executive Vice President, Chief Financial Officer and Treasurer

 

 

 

 
v3.24.2.u1
Document And Entity Information - shares
 6 Months Ended
Jun. 30, 2024
Jul. 29, 2024
Document Information [Line Items]    
Entity Central Index Key 0000906553  
Entity Registrant Name BOYD GAMING CORP  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2024  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 1-12882  
Entity Incorporation, State or Country Code NV  
Entity Tax Identification Number 88-0242733  
Entity Address, Address Line One 6465 South Rainbow Boulevard  
Entity Address, City or Town Las Vegas  
Entity Address, State or Province NV  
Entity Address, Postal Zip Code 89118  
City Area Code 702  
Local Phone Number 792-7200  
Title of 12(b) Security Common stock, $0.01 par value  
Trading Symbol BYD  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   91,762,642
v3.24.2.u1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 280,783 $ 304,271
Restricted cash 3,946 3,659
Accounts receivable, net 109,740 137,892
Inventories 21,177 20,692
Prepaid expenses and other current assets 52,045 59,293
Income taxes receivable 19,367 3,508
Total current assets 487,058 529,315
Property and equipment, net 2,626,127 2,542,512
Operating lease right-of-use assets 760,077 793,335
Other assets, net 65,333 67,779
Intangible assets, net 1,375,544 1,392,844
Goodwill, net 947,281 947,341
Total assets 6,261,420 6,273,126
Current liabilities    
Accounts payable 128,398 124,668
Current maturities of long-term debt 44,416 44,275
Accrued liabilities 416,281 427,379
Total current liabilities 589,095 596,322
Long-term debt, net of current maturities and debt issuance costs 2,916,096 2,871,223
Operating lease liabilities, net of current portion 679,955 711,387
Deferred income taxes 305,299 288,826
Other liabilities 59,262 61,266
Commitments and contingencies (Note 6)
Stockholders' equity    
Preferred stock, $0.01 par value, 5,000,000 shares authorized 0 0
Common stock, $0.01 par value, 200,000,000 shares authorized; 92,309,009 and 96,832,453 shares outstanding 923 968
Additional paid-in capital 0 0
Retained earnings 1,712,488 1,744,232
Accumulated other comprehensive loss (1,698) (1,098)
Total stockholders' equity 1,711,713 1,744,102
Total liabilities and stockholders' equity $ 6,261,420 $ 6,273,126
v3.24.2.u1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Jun. 30, 2024
Dec. 31, 2023
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares outstanding (in shares) 92,309,009 96,832,453
v3.24.2.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Total revenues $ 967,512 $ 916,950 $ 1,928,033 $ 1,880,916
Operating costs and expenses        
Selling, general and administrative 105,134 99,070 213,318 199,389
Master lease rent expense 27,852 27,099 55,087 53,927
Maintenance and utilities 36,946 37,591 71,690 73,617
Depreciation and amortization 65,677 62,220 128,590 123,780
Corporate expense 31,255 31,705 60,640 60,360
Project development, preopening and writedowns 7,586 5,201 10,607 (13,673)
Impairment of assets 0 0 10,500 4,537
Other operating items, net 5,442 438 5,853 658
Total operating costs and expenses 740,406 672,921 1,481,542 1,352,008
Operating income 227,106 244,029 446,491 528,908
Other expense (income)        
Interest income (403) (2,715) (849) (20,860)
Interest expense, net of amounts capitalized 42,949 42,715 85,258 86,581
Other, net 50 522 100 626
Total other expense, net 42,596 40,522 84,509 66,347
Income before income taxes 184,510 203,507 361,982 462,561
Income tax provision (44,665) (11,053) (85,664) (70,376)
Net income $ 139,845 $ 192,454 $ 276,318 $ 392,185
Basic net income per common share (in dollars per share) $ 1.47 $ 1.89 $ 2.87 $ 3.81
Weighted average basic shares outstanding (in shares) 95,042 102,025 96,238 102,818
Diluted net income per common share (in dollars per share) $ 1.47 $ 1.89 $ 2.87 $ 3.81
Weighted average diluted shares outstanding (in shares) 95,080 102,071 96,280 102,867
Casino [Member]        
Total revenues $ 650,827 $ 660,729 $ 1,284,958 $ 1,325,037
Operating costs and expenses        
Cost of revenue 252,067 249,999 497,753 499,794
Food and Beverage [Member]        
Total revenues 76,994 70,366 149,633 141,950
Operating costs and expenses        
Cost of revenue 63,182 58,622 125,139 117,951
Occupancy [Member]        
Total revenues 52,595 49,761 101,542 99,826
Operating costs and expenses        
Cost of revenue 19,342 18,580 38,054 35,700
Online [Member]        
Total revenues 129,930 85,002 276,100 207,865
Operating costs and expenses        
Cost of revenue 112,675 71,393 238,150 173,398
Management Service [Member]        
Total revenues 21,252 17,446 43,497 37,476
Product and Service, Other [Member]        
Total revenues 35,914 33,646 72,303 68,762
Operating costs and expenses        
Cost of revenue $ 13,248 $ 11,003 $ 26,161 $ 22,570
v3.24.2.u1
Comprehensive Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net income $ 139,845 $ 192,454 $ 276,318 $ 392,185
Other comprehensive income (loss), net of tax:        
Fair value adjustments to available-for-sale securities (394) 112 (144) 586
Foreign currency translation adjustments (138) 196 (456) 200
Comprehensive income $ 139,313 $ 192,762 $ 275,718 $ 392,971
v3.24.2.u1
Condensed Consolidated Statements of Changes In Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Total
Balances (in shares) at Dec. 31, 2022 102,816,110        
Balances at Dec. 31, 2022 $ 1,028 $ 305,152 $ 1,285,827 $ (1,382) $ 1,590,625
Net income 0 0 199,731 0 199,731
Comprehensive income (loss), net of tax 0 0 0 474 474
Foreign currency translation adjustments $ 0 0 0 4 4
Release of restricted stock units, net of tax (in shares) 45,942        
Release of restricted stock units, net of tax $ 1 (1,926) 0 0 (1,925)
Release of performance stock units, net of tax (in shares) 318,878        
Release of performance stock units, net of tax $ 3 (12,777) 0 0 (12,774)
Shares repurchased and retired (in shares) (1,726,308)        
Shares repurchased and retired $ (17) (106,994) 0 0 (107,011)
Dividends declared 0 0 (16,289) 0 (16,289)
Share-based compensation costs $ 0 7,819 0 0 7,819
Stock options exercised (in shares) 32,000        
Stock options exercised $ 0 315 0 0 315
Balances (in shares) at Mar. 31, 2023 101,486,622        
Balances at Mar. 31, 2023 $ 1,015 191,589 1,469,269 (904) 1,660,969
Balances (in shares) at Dec. 31, 2022 102,816,110        
Balances at Dec. 31, 2022 $ 1,028 305,152 1,285,827 (1,382) 1,590,625
Net income         392,185
Foreign currency translation adjustments         $ 200
Shares repurchased and retired (in shares) [1],[2]         (3,219,000)
Balances (in shares) at Jun. 30, 2023 100,012,042        
Balances at Jun. 30, 2023 $ 1,000 102,723 1,645,682 (596) $ 1,748,809
Balances (in shares) at Mar. 31, 2023 101,486,622        
Balances at Mar. 31, 2023 $ 1,015 191,589 1,469,269 (904) 1,660,969
Net income 0 0 192,454 0 192,454
Comprehensive income (loss), net of tax 0 0 0 112 112
Foreign currency translation adjustments $ 0 0 0 196 196
Release of restricted stock units, net of tax (in shares) 17,871        
Release of restricted stock units, net of tax $ 0 (63) 0 0 $ (63)
Shares repurchased and retired (in shares) (1,492,451)       (1,492,000) [1],[2]
Shares repurchased and retired $ (15) (101,001) 0 0 $ (101,016)
Dividends declared 0 0 (16,041) 0 (16,041)
Share-based compensation costs $ 0 12,198 0 0 12,198
Balances (in shares) at Jun. 30, 2023 100,012,042        
Balances at Jun. 30, 2023 $ 1,000 102,723 1,645,682 (596) $ 1,748,809
Balances (in shares) at Dec. 31, 2023 96,832,453       96,832,453
Balances at Dec. 31, 2023 $ 968 0 1,744,232 (1,098) $ 1,744,102
Net income 0 0 136,473 0 136,473
Comprehensive income (loss), net of tax 0 0 0 250 250
Foreign currency translation adjustments $ 0 0 0 (318) (318)
Release of restricted stock units, net of tax (in shares) 85,597        
Release of restricted stock units, net of tax $ 1 (1,586) (2,049) 0 (3,634)
Release of performance stock units, net of tax (in shares) 150,063        
Release of performance stock units, net of tax $ 2 (119) (6,091) 0 (6,208)
Shares repurchased and retired (in shares) (1,658,377)        
Shares repurchased and retired $ (17) (5,155) (101,133) 0 (106,305)
Dividends declared 0 0 (16,264) 0 (16,264)
Share-based compensation costs $ 0 6,860 0 0 6,860
Balances (in shares) at Mar. 31, 2024 95,409,736        
Balances at Mar. 31, 2024 $ 954 0 1,755,168 (1,166) $ 1,754,956
Balances (in shares) at Dec. 31, 2023 96,832,453       96,832,453
Balances at Dec. 31, 2023 $ 968 0 1,744,232 (1,098) $ 1,744,102
Net income         276,318
Foreign currency translation adjustments         $ (456)
Shares repurchased and retired (in shares) [1],[2]         (4,802,000)
Balances (in shares) at Jun. 30, 2024 92,309,009       92,309,009
Balances at Jun. 30, 2024 $ 923 0 1,712,488 (1,698) $ 1,711,713
Balances (in shares) at Mar. 31, 2024 95,409,736        
Balances at Mar. 31, 2024 $ 954 0 1,755,168 (1,166) 1,754,956
Net income 0 0 139,845 0 139,845
Comprehensive income (loss), net of tax 0 0 0 (394) (394)
Foreign currency translation adjustments $ 0 0 0 (138) (138)
Release of restricted stock units, net of tax (in shares) 19,837        
Release of restricted stock units, net of tax $ 0 (1) (33) 0 $ (34)
Shares repurchased and retired (in shares) (3,143,995)       (3,144,000) [1],[2]
Shares repurchased and retired $ (31) (10,635) (166,756) 0 $ (177,422)
Dividends declared 0 0 (15,736) 0 (15,736)
Share-based compensation costs $ 0 10,365 0 0 10,365
Stock options exercised (in shares) 23,431        
Stock options exercised $ 0 271 0 0 $ 271
Balances (in shares) at Jun. 30, 2024 92,309,009       92,309,009
Balances at Jun. 30, 2024 $ 923 $ 0 $ 1,712,488 $ (1,698) $ 1,711,713
[1] All shares repurchased have been retired and constitute authorized but unissued shares.
[2] Shares repurchased reflect repurchases settled during the three and six months ended June 30, 2024 and 2023. These amounts exclude repurchases, if any, traded but not yet settled on or before June 30, 2024 and 2023, respectively.
v3.24.2.u1
Condensed Consolidated Statements of Changes In Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares
 3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Dividends per share (in dollars per share) $ 0.17 $ 0.17 $ 0.16 $ 0.16
v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities    
Net income $ 276,318 $ 392,185
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 128,590 123,780
Amortization of debt financing costs and discounts on debt 3,803 3,944
Non-cash operating lease expense 44,482 40,256
Non-cash expected credit loss (income) on note receivable 0 (34,371)
Share-based compensation expense 17,225 20,017
Deferred income taxes 16,497 (10,015)
Non-cash impairment of assets 10,500 4,537
Other operating activities 2,328 205
Changes in operating assets and liabilities:    
Accounts receivable, net 28,107 4,739
Inventories (485) 765
Prepaid expenses and other current assets 7,884 (2,220)
Income taxes receivable, net (15,859) (6,266)
Other assets, net 2,059 223
Accounts payable and accrued liabilities (13,686) (38,185)
Operating lease liabilities (44,482) (40,256)
Other liabilities 531 3,937
Net cash provided by operating activities 463,812 463,275
Cash Flows from Investing Activities    
Capital expenditures (204,031) (171,386)
Payments received on note receivable 208 49,720
Other investing activities (1,702) (2,255)
Net cash used in investing activities (205,525) (123,921)
Cash Flows from Financing Activities    
Borrowings under credit facility 820,900 753,200
Payments under credit facility (779,600) (862,500)
Share-based compensation activities (9,605) (14,447)
Shares repurchased and retired (281,186) (206,356)
Dividends paid (31,774) (31,764)
Other financing activities (89) (87)
Net cash used in financing activities (281,354) (361,954)
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash (134) (63)
Change in cash, cash equivalents and restricted cash (23,201) (22,663)
Cash, cash equivalents and restricted cash, beginning of period 307,930 295,065
Cash, cash equivalents and restricted cash, end of period 284,729 272,402
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest, net of amounts capitalized 84,300 84,121
Cash received for interest 213 8,513
Cash paid for income taxes 85,830 86,208
Supplemental Schedule of Non-cash Investing and Financing Activities    
Payables incurred for capital expenditures 23,541 7,693
Dividends declared not yet paid 15,736 16,041
Expected credit loss (income) on note receivable $ 0 $ (34,371)
v3.24.2.u1
Note 1 - Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Significant Accounting Policies [Text Block]

NOTE 1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "Boyd," "Boyd Gaming," "we" or "us") was incorporated in the state of Nevada in 1988 and has been operating since 1975. The Company's common stock is traded on the New York Stock Exchange under the symbol "BYD".

 

We are a geographically diversified operator of 28 wholly owned brick-and-mortar gaming entertainment properties ("gaming entertainment properties"). Headquartered in Las Vegas, Nevada, we have gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. In addition, we own and operate Boyd Interactive, a business-to-business ("B2B") and business-to-consumer ("B2C") online gaming business. We also manage the Sky River Casino located in California under a management agreement with Wilton Rancheria. 

 

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and footnote disclosures necessary for complete financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"). These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes for the year ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission ("SEC") on February 26, 2024.

 

The results for the periods indicated are unaudited but reflect all adjustments, consisting only of normal recurring adjustments, that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods.

 

The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% or less owned and where we have significant influence and do not meet the controlling financial interest consolidation criteria of the authoritative accounting guidance for voting interest or variable interest entities, are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation.

 

Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three months or less at their date of purchase. The instruments are not restricted as to withdrawal or use and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand.

 

Restricted Cash

Restricted cash consists primarily of: (i) amounts restricted by regulation for gaming and racing purposes; (ii) amounts restricted by regulation for the value in players' online casino gaming accounts; and (iii) advance payments received for future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying values of these instruments approximate their fair values due to their short maturities.

 

The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows.

 

  

June 30,

  

December 31,

  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

  

2023

  

2022

 

Cash and cash equivalents

 $280,783  $304,271  $260,787  $283,472 

Restricted cash

  3,946   3,659   11,615   11,593 

Total cash, cash equivalents and restricted cash

 $284,729  $307,930  $272,402  $295,065 

 

Leases

Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For our operating leases for which the rate implicit in the lease is not readily determinable, we generally use an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. The incremental borrowing rate is determined based on the weighted average incremental borrowing rate at the lease commencement or modification date that is commensurate with the rate of interest in a similar economic environment that we would have to pay to borrow an amount equal to our future lease payments on a collateralized basis over a similar term, including reasonably certain options to extend or terminate. The determination of the incremental borrowing rate could materially impact our lease liabilities. Operating right-of-use ("ROU") assets and finance lease assets are recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term. Lease and non-lease components are accounted for separately.

 

Revenue Recognition

The Company’s revenue contracts with customers consist of gaming wagers (including both those made at our gaming entertainment properties and online B2C wagers), hotel room sales, food & beverage offerings and other amenity transactions. See Collaborative Arrangements below for further discussion of revenues earned under our online collaborative arrangements. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gaming revenues. The transaction price for hotel, food & beverage and other contracts is the net amount collected from the customer for such goods and services. Hotel, food & beverage and other services have been determined to be separate, stand-alone performance obligations and the transaction price for such contracts is recorded as revenue as the good or service is transferred to the customer over their stay at the hotel, when the delivery is made for the food & beverage or when the service is provided for other amenity transactions.


We have established a player loyalty point program to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food & beverage, hotel rooms and other free goods and services.


Gaming wager contracts involve two performance obligations for those customers earning points under the Company’s player loyalty program and a single performance obligation for customers who do not participate in the program. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the player loyalty contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a point that can be redeemed for a hotel room stay, food & beverage or other amenities. Sales and usage-based taxes are excluded from revenues. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers, excluding race and sports wagers, is recognized when the wagers occur as all such wagers settle immediately. The allocated revenue for race and sports wagers is recognized when the specific event or game occurs. The player loyalty contract liability amount is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, food & beverage or other amenities and such goods or services are delivered to the customer. See Note 4, Accrued Liabilities, for the balance outstanding related to the player loyalty program.

 

The Company collects advance deposits from hotel customers for future hotel reservations and other future events such as banquets and ticketed events. These advance deposits represent obligations of the Company until the hotel room stay is provided to the customer or the banquet or ticketed event occurs. See Note 4, Accrued Liabilities, for the balance outstanding related to advance deposits.

 

The Company's outstanding chip liability represents the amounts owed in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. See Note 4, Accrued Liabilities, for the balance related to outstanding chips.

 

The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our player loyalty program and the estimated retail value of complimentary goods and services provided to customers (such as complimentary rooms and food & beverage). The estimated retail values related to goods and services provided to customers without charge or upon redemption of points under our player loyalty program, included in departmental revenues, and therefore reducing our gaming revenues, are as follows:

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Food & beverage

 $31,785  $29,336  $62,453  $57,595 

Room

  15,668   15,346   30,340   30,494 

Other

  2,348   2,061   4,373   3,937 

 

Gaming Taxes

We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded in the condensed consolidated statements of operations as a gaming expense for gaming entertainment properties and online expense for Boyd Interactive operations. Gaming taxes recorded as gaming expense totaled approximately $130.2 million and $129.7 million for the three months ended June 30, 2024 and 2023, respectively, and were $256.9 million and $259.8 million for the six months ended June 30, 2024 and 2023, respectively. Gaming taxes recorded as online expense, excluding taxes paid under collaborative arrangements (see Collaborative Arrangements below for further discussion), totaled $3.1 million and $1.2 million for the three months ended June 30, 2024 and 2023, respectively, and $5.6 million and $1.8 million for the six months ended June 30, 2024 and 2023, respectively.

 

Income Taxes

Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. Accordingly, the need to establish valuation allowances for deferred tax assets is continually assessed at a minimum quarterly, and as facts and circumstances change, based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of profitability and taxable income, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified.

 

In performing our second quarter 2023 valuation allowance analysis, we determined that the positive evidence in favor of releasing a portion of our valuation allowance for certain state jurisdictions, outweighed the negative evidence. We utilize a rolling twelve quarters of pre-tax income adjusted for permanent book to tax differences as a measure of cumulative results in recent years. We transitioned from a cumulative loss position to a cumulative income position over the rolling twelve quarters ended June 30, 2023. Other evidence considered in the analysis included, but was not limited to, a trend reflective of improvement in recent earnings, forecasts of profitability and taxable income and the reversal of existing temporary differences. The change in these conditions during the three months ended June 30, 2023 provided positive evidence that supported the release of the valuation allowance against a significant portion of our state deferred tax assets. As such, we concluded that it was more likely than not that the benefit from our deferred tax assets would be realized. As a result, during the second quarter of 2023, we released $35.9 million of valuation allowance on our state income tax net operating loss carryforwards and other deferred tax assets.

 

Other Long-Term Tax Liabilities

The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.

 

Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement.

 

Tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period that they meet the "more likely than not" standard. If it is subsequently determined that a previously recognized tax position no longer meets the "more likely than not" standard, it is required that the tax position is derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. If applicable, accrued interest and penalties are included in other long-term tax liabilities on the consolidated balance sheets.

 

The IRS has selected our federal corporate income tax return for the tax year ended December 31, 2021, for examination. The IRS examination began in the second quarter of 2024 and is early in the process. As of  June 30, 2024, and for the three and six months then ended, there were no changes to our unrecognized tax benefits to date.

 

Collaborative Arrangements

We hold a five percent equity ownership in and have a strategic partnership with FanDuel Group ("FanDuel"), the nation's leading sports-betting operator, to pursue sports-betting opportunities across the country, both at our gaming entertainment properties and online. Subject to state law and regulatory approvals, we have established a presence in the sports wagering industry, both at our gaming entertainment properties and online, by leveraging FanDuel's technology and related services. We offer online sports wagering under the FanDuel brand or under market access agreements with other companies in Illinois, Indiana, Iowa, Kansas, Louisiana, Ohio and Pennsylvania. We also operate sportsbooks under the FanDuel brand at one of our Downtown Las Vegas gaming entertainment properties, our gaming entertainment properties in Mississippi and all of the gaming entertainment properties in the states where we offer online sports wagering. Under our online collaborative arrangements with FanDuel and other third parties, we receive a revenue share from FanDuel or the other third-party operators based on actual wagering wins and losses. The activities under these collaborative arrangements related to online wagering, are recorded in online revenue and online expense on the condensed consolidated statements of operations. The activities under these collaborative arrangements related to sportsbooks at our gaming entertainment properties, are recorded in gaming revenue and gaming expense.

 

Under certain of our collaborative arrangements, we are the primary obligor and are responsible for paying gaming taxes and other license payments owed as the gaming licensee for the related online gaming activities. We are reimbursed for these taxes and other payments by the third-party operators. We report these gaming taxes and other expenses paid as online expense and the reimbursements we receive as online revenues. These taxes and other payments totaled approximately $103.5 million and $63.3 million for the three months ended June 30, 2024 and 2023, respectively, and $219.5 million and $159.3 million for the six months ended June 30, 2024 and 2023, respectively.

 

Our five percent equity ownership in FanDuel is recorded at cost in accordance with the measurement alternative allowed under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 321, Accounting for Investments in Equity Securities. We do not have the ability to exercise significant influence over FanDuel's operating and financial policies. We evaluate the investment for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We evaluate the recorded value of the investment when any observable price changes in orderly transactions for an identical or similar investment would require an adjustment of the investment to fair value.

 

Currency Translation

The Company translates the financial statements of its foreign subsidiary that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. If a material income statement event occurs, the transaction would be translated at the exchange rate in effect on the date of occurrence. Translation adjustments are recorded in other comprehensive income (loss). Gains or losses from foreign currency transaction remeasurements are recorded as other non-operating income (expense).

 

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

 

Recently Issued Accounting Pronouncements

A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our condensed consolidated financial statements.
v3.24.2.u1
Note 2 - Property and Equipment, Net
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 2.    PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

 

  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Land

 $338,469  $338,469 

Buildings and improvements

  3,361,145   3,237,863 

Furniture and equipment

  1,844,689   1,742,666 

Riverboats and barges

  241,825   241,826 

Construction in progress

  149,124   182,710 

Total property and equipment

  5,935,252   5,743,534 

Less accumulated depreciation

  (3,309,125)  (3,201,022)

Property and equipment, net

 $2,626,127  $2,542,512 

 

Depreciation expense is as follows:

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Depreciation expense

 $61,553  $58,066  $120,376  $115,465 

 
v3.24.2.u1
Note 3 - Goodwill and Intangible Assets, Net
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 3.    GOODWILL AND INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following:

 

  

June 30, 2024

 
  

Weighted

                     
  

Useful Life

  

Gross

      

Accumulated

  

Effect of Foreign

     
  

Remaining

  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Intangible

 

(In thousands)

 

(in years)

  

Value

  

Amortization

  

Losses

  

Exchange

  

Assets, Net

 

Amortizing intangibles

                        

Customer relationships

  0.5  $3,925  $(3,905) $—  $—  $20 

Host agreements

  8.9   58,000   (23,522)  —   —   34,478 

Development agreement

  5.1   21,373   (5,724)  —   —   15,649 

Developed technology

  7.9   41,684   (6,704)  —   (22)  34,958 

B2B relationships

  5.5   28,000   (6,523)  —   (4)  21,473 

B2C relationships

  10.3   13,000   (1,806)  —   —   11,194 
       165,982   (48,184)  —   (26)  117,772 
                         

Indefinite lived intangible assets

                        

Trademarks

 

Indefinite

   199,900   —   (32,275)  —   167,625 

Gaming license rights

 

Indefinite

   1,378,081   (33,960)  (253,974)  —   1,090,147 
       1,577,981   (33,960)  (286,249)  —   1,257,772 

Balances, June 30, 2024

     $1,743,963  $(82,144) $(286,249) $(26) $1,375,544 

 

  

December 31, 2023

 
  

Weighted

                     
  

Useful Life

  

Gross

      

Accumulated

  

Effect of Foreign

     
  

Remaining

  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Intangible

 

(In thousands)

 

(in years)

  

Value

  

Amortization

  

Losses

  

Exchange

  

Assets, Net

 

Amortizing intangibles

                        

Customer relationships

  0.1  $35,050  $(35,010) $—  $—  $40 

Host agreements

  9.4   58,000   (21,589)  —   —   36,411 

Development agreement

  5.6   21,373   (4,198)  —   —   17,175 

Developed technology

  8.5   39,981   (4,482)  —   225   35,724 

B2B relationships

  6.0   28,000   (4,566)  —   52   23,486 

B2C relationships

  10.8   13,000   (1,264)  —   —   11,736 
       195,404   (71,109)  —   277   124,572 
                         

Indefinite lived intangible assets

                        

Trademarks

 

Indefinite

   199,900   —   (32,275)  —   167,625 

Gaming license rights

 

Indefinite

   1,378,081   (33,960)  (243,474)  —   1,100,647 
       1,577,981   (33,960)  (275,749)  —   1,268,272 

Balances, December 31, 2023

     $1,773,385  $(105,069) $(275,749) $277  $1,392,844 

 

The following table presents the future amortization expense for our amortizing intangible assets as of  June 30, 2024:

 

(In thousands)

 

Customer Relationships

  

Host Agreements

  

Development Agreement

  

Developed Technology

  

B2B Relationships

  

B2C Relationships

  

Total

 

For the year ending December 31,

                            

2024 (excluding six months ended June 30, 2024)

 $20  $1,934  $1,527  $2,380  $1,953  $541  $8,355 

2025

  —   3,867   3,053   4,718   3,914   1,083   16,635 

2026

  —   3,867   3,053   4,623   3,914   1,083   16,540 

2027

  —   3,867   3,053   4,622   3,914   1,083   16,539 

2028

  —   3,867   3,053   4,365   3,914   1,083   16,282 

Thereafter

  —   17,076   1,910   14,250   3,864   6,321   43,421 

Total future amortization

 $20  $34,478  $15,649  $34,958  $21,473  $11,194  $117,772 

 

During the six months ended June 30, 2024, as a result of our first quarter 2024 impairment review, the Company recorded an impairment charge of $10.5 million for a gaming license right related to our Midwest & South segment. This noncash impairment charge is recorded in impairment of assets on the condensed consolidated statement of operations.

 

Goodwill consists of the following:

 

  June 30, 2024 
              

Effect of

     
  

Gross

      

Accumulated

  

Foreign

     
  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Goodwill,

 

(In thousands)

 

Value

  

Amortization

  

Losses

  

Exchange

  

Net

 

Goodwill, net by Segment

                    

Las Vegas Locals

 $593,567  $—  $(188,079) $—  $405,488 

Downtown Las Vegas

  6,997   (6,134)  —   —   863 

Midwest & South

  636,269   —   (107,470)  —   528,799 

Online

  94,037   —   (82,000)  94   12,131 

Managed & Other

  30,529   —   (30,529)  —   — 

Balances, June 30, 2024

 $1,361,399  $(6,134) $(408,078) $94  $947,281 

 

 

  

December 31, 2023

 
              

Effect of

     
  

Gross

      

Accumulated

  

Foreign

     
  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Goodwill,

 

(In thousands)

 

Value

  

Amortization

  

Losses

  

Exchange

  

Net

 

Goodwill, net by Segment

                    

Las Vegas Locals

 $593,567  $—  $(188,079) $—  $405,488 

Downtown Las Vegas

  6,997   (6,134)  —   —   863 

Midwest & South

  636,269   —   (107,470)  —   528,799 

Online

  94,037   —   (82,000)  154   12,191 

Managed & Other

  30,529   —   (30,529)  —   — 

Balances, December 31, 2023

 $1,361,399  $(6,134) $(408,078) $154  $947,341 

 
v3.24.2.u1
Note 4 - Accrued Liabilities
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]

NOTE 4.    ACCRUED LIABILITIES

Accrued liabilities consist of the following:

 

  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Payroll and related

 $65,829  $82,327 

Interest

  17,951   17,841 

Gaming

  68,810   68,749 

Player loyalty program

  19,784   23,850 

Advance deposits

  15,969   15,511 

Outstanding chips

  6,772   8,164 

Dividends payable

  15,736   15,508 

Operating leases

  98,622   98,867 

Other

  106,808   96,562 

Total accrued liabilities

 $416,281  $427,379 

 
v3.24.2.u1
Note 5 - Long-term Debt
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Long-Term Debt [Text Block]

NOTE 5.    LONG-TERM DEBT

Long-term debt, net of current maturities and debt issuance costs, consists of the following:

 

  

June 30, 2024

 
  

Interest

      

Unamortized

     
  

Rates at

      

Origination

     
  

June 30,

  

Outstanding

  

Fees and

  

Long-Term

 

(In thousands)

 

2024

  

Principal

  

Costs

  

Debt, Net

 

Credit facility

  7.161% $1,087,600  $(11,249) $1,076,351 

4.750% senior notes due 2027

  4.750%  1,000,000   (6,818)  993,182 

4.750% senior notes due 2031

  4.750%  900,000   (9,437)  890,563 

Other

  5.208%  416   —   416 

Total long-term debt

      2,988,016   (27,504)  2,960,512 

Less current maturities

      44,416   —   44,416 

Long-term debt, net

     $2,943,600  $(27,504) $2,916,096 

 

  

December 31, 2023

 
  

Interest

      

Unamortized

     
  

Rates at

      

Origination

     
  

December 31,

  

Outstanding

  

Fees and

  

Long-Term

 

(In thousands)

 

2023

  

Principal

  

Costs

  

Debt, Net

 

Credit facility

  7.164% $1,046,300  $(13,403) $1,032,897 

4.750% senior notes due 2027

  4.750%  1,000,000   (7,792)  992,208 

4.750% senior notes due 2031

  4.750%  900,000   (10,111)  889,889 

Other

  5.208%  504   —   504 

Total long-term debt

      2,946,804   (31,306)  2,915,498 

Less current maturities

      44,275   —   44,275 

Long-term debt, net

     $2,902,529  $(31,306) $2,871,223 

  

The outstanding principal amounts under the Credit Facility are comprised of the following:

 

  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Revolving Credit Facility

 $255,000  $180,000 

Term A Loan

  781,000   803,000 

Swing Loan

  51,600   63,300 

Total outstanding principal amounts

 $1,087,600  $1,046,300 

 

With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $255.0 million and $51.6 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.4 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $1,130.0 million as of June 30, 2024. 

 

Covenant Compliance

As of  June 30, 2024, we were in compliance with the financial covenants of our debt instruments.

___
v3.24.2.u1
Note 6 - Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

NOTE 6.    COMMITMENTS AND CONTINGENCIES

Wilton Rancheria Agreements
In 2012, the Company entered into a development agreement and a management agreement with Wilton Rancheria. The development agreement obligated us to fund certain pre-development costs to assist Wilton Rancheria in its development and oversight of the gaming facility construction. The pre-development costs financed by us were to be repaid under the terms of a note receivable with Wilton Rancheria bearing interest at 12.5% with payment timing and the payment amount subject to an excess cash flow waterfall payment prioritization and maintenance of a certain leverage ratio, among other restrictions under Wilton Rancheria’s third-party credit agreement that provided funding for the construction project. Given the significant barriers of the project, a majority of the advances made during the 10-year period prior to the Sky River Casino opening were historically reserved in full when advanced. The Sky River Casino opened on August 15, 2022 and after generating cash flows from operations, we updated our evaluation of expected losses on the note receivable which resulted in a partial release of the allowance during the fourth quarter of 2022. The Wilton Rancheria amended their third-party credit agreement in March 2023 and such amendment effectively allowed Sky River Casino to begin making previously disallowed distributions, under the excess cash flow waterfall. Given the amendment in the first quarter of 2023, the Company updated its evaluation of its expected losses on the note receivable. As the amendment allowed for quarterly payments to begin and given the sustained operating strength of the recently opened property, the Company concluded it expected to receive all payments due under the note receivable. As such, the Company removed the remaining allowance on the note receivable in the first quarter of 2023, which represented a reserve on both the development advances and interest on the note. The allowance reduction was thus allocated accordingly and $20.1 million is recorded in project development, preopening and writedowns and  $14.3 million is recorded in interest income, both reflected in the condensed consolidated statement of operations for the six months ended June 30, 2023. The Company received  $0.2  million in principal payments and $0.2  million in interest due under the note receivable during the  six months ended June 30, 2024, and  $49.7  million in principal payments and $8.5  million in interest due under the note receivable during the  six months ended June 30, 2023. As of  June 30, 2024, the principal and interest outstanding on the note receivable was fully repaid. Separately, the management agreement provides for us to manage the gaming facility upon opening for a period of seven years and receive a monthly management fee for our services based on the monthly performance of the gaming facility. The management fee of $21.3 million and  $17.4 million for our management services for the three months ended June 30, 2024 and 2023, respectively, and  $43.5 million and  $37.5 million for the six months ended June 30, 2024 and 2023, respectively, is paid monthly and recorded in management fee revenue on the condensed consolidated statements of operations.
 
Commitments
As of June 30, 2024, there have been no material changes to our commitments described under Note 9, Commitments and Contingencies, in our Annual Report on Form  10-K for the year ended December 31, 2023, as filed with the SEC on February 26, 2024.
 
Contingencies
Legal Matters
We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material effect on our business, financial position, results of operations or cash flows.
 
v3.24.2.u1
Note 7 - Stockholders' Equity and Stock Incentive Plans
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Shareholders' Equity and Share-Based Payments [Text Block]

NOTE 7.    STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS

Share Repurchase Program
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 and May 9, 2024. As of  June 30, 2024,  $545.1 million remains available under the Share Repurchase Program. Under the Share Repurchase Program, the Company may repurchase shares of its common stock from time to time on the open market or in privately negotiated transactions. Repurchases of common stock may also be made under Rule 10b5- 1 plans, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. We are not obligated to repurchase any shares under this program. The timing, volume and nature of share repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws and other factors, and may be suspended or discontinued at any time.
 
The following table provides information regarding share repurchases during the referenced periods  (1).
 
 
  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands, except per share data)

 

2024

  

2023

  

2024

  

2023

 

Shares repurchased (2)

  3,144   1,492   4,802   3,219 

Total cost, including brokerage fees (3)

 $175,686  $100,028  $281,186  $206,356 

Average repurchase price per share (4)

 $55.88  $67.02  $58.55  $64.11 

 

(1) Shares repurchased reflect repurchases settled during the three and six months ended June 30, 2024 and 2023. These amounts exclude repurchases, if any, traded but not yet settled on or before June 30, 2024 and 2023, respectively.

(2) All shares repurchased have been retired and constitute authorized but unissued shares.

(3) Costs exclude 1% excise tax on corporate stock buybacks.

(4) Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers and excludes the 1% excise tax.

 

 

Dividends

The dividends declared by the Board of Directors and reflected in the periods presented are:

 

Declaration date

 

Record date

 

Payment date

 

Amount per share

 

December 8, 2022

 

December 19, 2022

 

January 15, 2023

 $0.15 

February 14, 2023

 

March 15, 2023

 

April 15, 2023

  0.16 

May 4, 2023

 

June 15, 2023

 

July 15, 2023

  0.16 

December 7, 2023

 

December 22, 2023

 

January 15, 2024

  0.16 

February 28, 2024

 

March 15, 2024

 

April 15, 2024

  0.17 

May 9, 2024

 

June 15, 2024

 

July 15, 2024

  0.17 

  

Share-Based Compensation

We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period.

 

The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations.

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Gaming

 $289  $307  $524  $528 

Food & beverage

  55   59   100   101 

Room

  27   28   48   48 

Selling, general and administrative

  1,471   1,563   2,663   2,683 

Corporate expense

  8,523   10,241   13,890   16,657 

Total share-based compensation expense

 $10,365  $12,198  $17,225  $20,017 

 

Performance Shares

Our stock incentive plan provides for the issuance of Performance Share Units ("PSU") grants which may be earned, in whole or in part, upon the passage of time and the attainment of performance criteria. We periodically review our estimates of performance against the defined criteria to assess the expected payout of each outstanding PSU grant and adjust our stock compensation expense accordingly.

 

The PSU grants awarded in third quarter 2021 and fourth quarter 2019 fully vested during the first quarter of 2024 and 2023, respectively. Common shares under the 2021 grant were issued based on the determination by the Compensation Committee of the Board of Directors ("Compensation Committee") of our actual achievement of Earnings Before Interest, Taxes, Depreciation and Amortization and Rent under master leases ("EBITDAR") and return on invested capital for the two-year performance period from July 2021 to June 2023. Common shares under the 2019 grant were issued based on the determination by the Compensation Committee of net revenue growth and EBITDAR growth for the three-year performance period of the grant. As provided under the provisions of our stock incentive plan, certain of the participants elected to surrender a portion of the shares to be received to pay the withholding and other payroll taxes payable on the compensation resulting from the vesting of the PSUs.

 

The PSU grant awarded in July 2021 resulted in a total of 241,277 shares being issued during the first quarter of 2024, representing approximately 1.94 shares per PSU. Of the 241,277 shares issued, a total of 94,862 were surrendered by the participants for payroll taxes, resulting in a net issuance of 146,415 shares due to the vesting of the 2021 grant. The actual achievement level under the award metrics approximated the estimated performance as of the year-end 2023; therefore, the vesting of the PSUs had minimal impact to compensation costs of $0.8 million in our condensed consolidated statement of operations for the six months ended June 30, 2024.

 

The PSU grant awarded in December 2019 resulted in a total of 519,782 shares being issued during the first quarter of 2023, representing approximately 2.00 shares per PSU. Of the 519,782 shares issued, a total of 200,904 were surrendered by the participants for payroll taxes, resulting in a net issuance of 318,878 shares due to the vesting of the 2019 grant. The actual achievement level under the award metrics equaled the estimated performance as of the year-end 2022; therefore, the vesting of the PSUs did not impact compensation costs in our 2023 condensed consolidated statement of operations.

 

Unamortized Stock Compensation Expense and Recognition Period

As of June 30, 2024, there was approximately $15.6 million, $5.7 million and $1.7 million of total unrecognized share-based compensation costs related to unvested restricted stock units ("RSUs"), PSUs and career shares, respectively. As of June 30, 2024, the unrecognized share-based compensation costs related to our RSUs, PSUs and career shares are expected to be recognized over approximately 2.3 years, 2.3 years and 3.5 years, respectively.
v3.24.2.u1
Note 8 - Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

NOTE 8.     FAIR VALUE MEASUREMENTS

We have adopted the authoritative accounting guidance for fair value measurements, which does not determine or affect the circumstances under which fair value measurements are used, but defines fair value, expands disclosure requirements around fair value and specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions.

 

These inputs create the following fair value hierarchy:

 

Level 1: Quoted prices for identical instruments in active markets.

 

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

 

Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

As required by the guidance for fair value measurements, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels.

 

Balances Measured at Fair Value

The following tables show the fair values of certain of our financial instruments:

 

  

June 30, 2024

 

(In thousands)

 

Balance

  

Level 1

  

Level 2

  

Level 3

 

Assets

                

Cash and cash equivalents

 $280,783  $280,783  $—  $— 

Restricted cash

  3,946   3,946   —   — 

Investment available for sale

  12,495   —   —   12,495 

 

  

December 31, 2023

 

(In thousands)

 

Balance

  

Level 1

  

Level 2

  

Level 3

 

Assets

                

Cash and cash equivalents

 $304,271  $304,271  $—  $— 

Restricted cash

  3,659   3,659   —   — 

Investment available for sale

  13,327   —   —   13,327 

 

Cash and Cash Equivalents and Restricted Cash

The fair values of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, are based on statements received from our banks as of  June 30, 2024 and December 31, 2023.

 

Investment Available for Sale

We have an investment in a single municipal bond issuance of $16.4 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 that is classified as available for sale with a maturity date of June 1, 2037. We are the only holder of this instrument and there is no quoted market price for this instrument. As such, the fair value of this investment is classified as Level 3 in the fair value hierarchy. The estimate of the fair value of such investment was determined using a combination of current market rates and estimates of market conditions for instruments with similar terms, maturities and degrees of risk and a discounted cash flows analysis as of  June 30, 2024 and December 31, 2023. The significant unobservable input used to determine fair value of the instrument in the discounted cash flows analysis at  June 30, 2024 and  December 31, 2023 is a discount rate of 12.8% and 12.4%, respectively. Unrealized gains and losses on this instrument resulting from changes in the fair value of the instrument are not charged to earnings, but rather are recorded as other comprehensive income (loss) in the stockholders' equity section of the condensed consolidated balance sheets and in the condensed consolidated statements of other comprehensive income. As of  June 30, 2024 and December 31, 2023, $0.8 million and $0.7 million, respectively, of the carrying value of the investment available for sale is included as a current asset in prepaid expenses and other current assets, and at  June 30, 2024 and December 31, 2023, $11.7 million and $12.6 million, respectively, is included in other assets, net on the condensed consolidated balance sheets. The discount associated with this investment of $1.9 million and $2.0 million as of  June 30, 2024 and December 31, 2023, respectively, is netted with the investment balance and is being accreted over the life of the investment using the effective interest method. The accretion of such discount is included in interest income on the condensed consolidated statements of operations.

 

The following table summarizes the changes in fair value of the Company's Level 3 investment available for sale asset:

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Balance at beginning of reporting period

 $13,550  $14,348  $13,327  $13,670 

Total gains (realized or unrealized):

                

Included in interest income

  45   44   89   87 

Included in other comprehensive income (loss)

  (370)  (497)  (191)  138 

Purchases, sales, issuances and settlements:

                

Settlements

  (730)  (680)  (730)  (680)

Balance at end of reporting period

 $12,495  $13,215  $12,495  $13,215 

 

We are exposed to valuation risk on our Level 3 financial instruments. We estimate our risk exposure using a sensitivity analysis of potential changes in the significant unobservable inputs of our fair value measurements. Our Level 3 financial instruments are most susceptible to valuation risk caused by changes in the discount rate. If the discount rate in our fair value measurements increased or decreased by 100 basis points, the change would not cause the value of our fair value measurements to change significantly.

 

The fair value of indefinite-lived intangible assets, classified in the fair value hierarchy as Level 3, is utilized in performing the Company's impairment analyses. The value of our gaming licenses is determined using a multi-period excess earnings method, which is a specific discounted cash flow model which utilized Level 3 inputs.

 

Balances Disclosed at Fair Value

The following tables provide the fair value measurement information about our obligation under assessment agreements and note receivable. As of June 30, 2024, the outstanding principal balance under the note receivable was paid in full.

 

  

June 30, 2024

  Outstanding  Carrying  Estimated 

Fair Value

(In thousands)

 

Face Amount

  

Value

  

Fair Value

 

Hierarchy

Liabilities

             

Obligation under assessment arrangements

 $19,121  $16,924  $22,101 

Level 3

   

  

December 31, 2023

  Outstanding  Carrying  Estimated 

Fair Value

(In thousands)

 

Face Amount

  

Value

  

Fair Value

 

Hierarchy

Asset

             

Note receivable

 $419  $419  $419 

Level 3

Liabilities

             

Obligation under assessment arrangements

  20,199   17,752   23,282 

Level 3

 

The following tables provide the fair value measurement information about our long-term debt:

 

  

June 30, 2024

  Outstanding  Carrying  Estimated 

Fair Value

(In thousands)

 

Face Amount

  

Value

  

Fair Value

 

Hierarchy

Credit facility

 $1,087,600  $1,076,351  $1,066,123 

Level 2

4.750% senior notes due 2027

  1,000,000   993,182   957,500 

Level 1

4.750% senior notes due 2031

  900,000   890,563   815,625 

Level 1

Other

  416   416   416 

Level 3

Total debt

 $2,988,016  $2,960,512  $2,839,664  

 

  

December 31, 2023

  Outstanding  Carrying  Estimated 

Fair Value

(In thousands)

 

Face Amount

  

Value

  

Fair Value

 

Hierarchy

Credit facility

 $1,046,300  $1,032,897  $1,021,206 

Level 2

4.750% senior notes due 2027

  1,000,000   992,208   957,500 

Level 1

4.750% senior notes due 2031

  900,000   889,889   819,000 

Level 1

Other

  504   504   504 

Level 3

Total debt

 $2,946,804  $2,915,498  $2,798,210  

 

The estimated fair value of our obligation under assessment arrangements is based on a discounted cash flows approach after giving consideration to the changes in market rates of interest, creditworthiness of both parties and credit spread. The fair value of our note receivable as of  December 31, 2023, was estimated to equal its carrying value after consideration of the expected repayment timing of the remaining balance. The estimated fair value of our Credit Facility is based on a relative value analysis performed on or about  June 30, 2024 and December 31, 2023. The estimated fair values of our senior notes are based on quoted market prices as of  June 30, 2024 and December 31, 2023. The other debt is fixed-rate debt consisting of finance leases with various maturity dates from 2024 to 2025. The other debt is not traded and does not have an observable market input; therefore, we have estimated fair value to be equal to the carrying value for these obligations.

 

There were no transfers between Level 1, Level 2 and Level 3 measurements during the six months ended June 30, 2024 and 2023.

 
v3.24.2.u1
Note 9 - Segment Information
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 9.    SEGMENT INFORMATION

The Company has 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, which are each also operating segments, 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 our online gaming operations through collaborative arrangements with third parties throughout the United States, both of which are also operating segments. 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. 

 

Las Vegas Locals

  

Gold Coast Hotel and Casino

 

Las Vegas, Nevada

The Orleans Hotel and Casino

 

Las Vegas, Nevada

Sam's Town Hotel and Gambling Hall

 

Las Vegas, Nevada

Suncoast Hotel and Casino

 

Las Vegas, Nevada

Eastside Cannery Casino and Hotel (1)

 

Las Vegas, Nevada

Aliante Casino + Hotel + Spa

 

North Las Vegas, Nevada

Cannery Casino Hotel

 

North Las Vegas, Nevada

Jokers Wild

 

Henderson, Nevada

Downtown Las Vegas

  

California Hotel and Casino

 

Las Vegas, Nevada

Fremont Hotel & Casino

 

Las Vegas, Nevada

Main Street Station Hotel and Casino

 

Las Vegas, Nevada

Midwest & South

  

Par-A-Dice Casino

 

East Peoria, Illinois

Belterra Casino Resort (2)

 

Florence, Indiana

Blue Chip Casino Hotel Spa

 

Michigan City, Indiana

Diamond Jo Casino

 

Dubuque, Iowa

Diamond Jo Worth

 

Northwood, Iowa

Kansas Star Casino

 

Mulvane, Kansas

Amelia Belle Casino

 

Amelia, Louisiana

Delta Downs Racetrack Hotel & Casino

 

Vinton, Louisiana

Evangeline Downs Racetrack & Casino

 

Opelousas, Louisiana

Sam's Town Shreveport

 

Shreveport, Louisiana

Treasure Chest Casino

 

Kenner, Louisiana

IP Casino Resort Spa

 

Biloxi, Mississippi

Sam's Town Hotel and Gambling Hall Tunica

 

Tunica, Mississippi

Ameristar Casino * Hotel Kansas City (2)

 

Kansas City, Missouri

Ameristar Casino * Resort * Spa St. Charles (2)

 

St. Charles, Missouri

Belterra Park (2)

 

Cincinnati, Ohio

Valley Forge Casino Resort

 

King of Prussia, Pennsylvania

 

(1) Due to the current levels of demand in the market, Eastside Cannery has remained closed since March 18, 2020, when it closed in compliance with orders issued by state officials as precautionary measures intended to slow the spread of the COVID-19 virus.

(2) Property is subject to a master lease agreement with a real estate investment trust.

 

Results of Operations - Total Reportable Segment Revenues and Adjusted EBITDAR

We evaluate profitability based on Adjusted EBITDAR, which represents earnings before interest expense, interest income, income taxes, depreciation and amortization, deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, other items, net and master lease rent expense, as applicable. Total 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 Adjusted EBITDAR related to the online operations in our Online segment. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company as our Downtown Las Vegas properties focus their marketing efforts on gaming customers from Hawaii. 

 

EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with GAAP, facilitates comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes. Management has historically adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results.

 

The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments and our Managed & Other category to reconcile to total revenues:

 

  

Three Months Ended June 30, 2024

 
      

Food &

          

Management

         
  

Gaming

  

Beverage

  

Room

  

Online

  

Fee

  

Other

  

Total

 

(In thousands)

 

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

 

Revenues

                            

Las Vegas Locals

 $162,915  $23,373  $24,697  $—  $—  $14,069  $225,054 

Downtown Las Vegas

  36,725   11,085   6,893   —   —   2,998   57,701 

Midwest & South

  440,296   42,536   21,005   —   —   17,913   521,750 

Online

  —   —   —   129,930   —   —   129,930 

Managed & Other

  10,891   —   —   —   21,252   934   33,077 

Total Revenues

 $650,827  $76,994  $52,595  $129,930  $21,252  $35,914  $967,512 

 

  

Three Months Ended June 30, 2023

 
      

Food &

          

Management

         
  

Gaming

  

Beverage

  

Room

  

Online

  

Fee

  

Other

  

Total

 

(In thousands)

 

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

 

Revenues

                            

Las Vegas Locals

 $171,986  $22,219  $23,295  $—  $—  $13,440  $230,940 

Downtown Las Vegas

  34,432   10,142   5,636   —   —   2,781   52,991 

Midwest & South

  443,440   38,005   20,830   —   —   16,571   518,846 

Online

  —   —   —   85,002   —   —   85,002 

Managed & Other

  10,871   —   —   —   17,446   854   29,171 

Total Revenues

 $660,729  $70,366  $49,761  $85,002  $17,446  $33,646  $916,950 

 

  

Six Months Ended June 30, 2024

 
      

Food &

          

Management

         
  

Gaming

  

Beverage

  

Room

  

Online

  

Fee

  

Other

  

Total

 

(In thousands)

 

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

 

Revenues

                            

Las Vegas Locals

 $324,371  $45,795  $50,453  $—  $—  $30,057  $450,676 

Downtown Las Vegas

  70,446   21,500   13,461   —   —   5,825   111,232 

Midwest & South

  868,537   82,338   37,628   —   —   34,013   1,022,516 

Online

  —   —   —   276,100   —   —   276,100 

Managed & Other

  21,604   —   —   —   43,497   2,408   67,509 

Total Revenues

 $1,284,958  $149,633  $101,542  $276,100  $43,497  $72,303  $1,928,033 

 

  

Six Months Ended June 30, 2023

 
      

Food &

          

Management

         
  

Gaming

  

Beverage

  

Room

  

Online

  

Fee

  

Other

  

Total

 

(In thousands)

 

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

 

Revenues

                            

Las Vegas Locals

 $348,307  $44,982  $48,676  $—  $—  $29,245  $471,210 

Downtown Las Vegas

  70,849   20,639   12,485   —   —   5,575   109,548 

Midwest & South

  883,525   76,329   38,665   —   —   32,500   1,031,019 

Online

  —   —   —   207,865   —   —   207,865 

Managed & Other

  22,356   —   —   —   37,476   1,442   61,274 

Total Revenues

 $1,325,037  $141,950  $99,826  $207,865  $37,476  $68,762  $1,880,916 

   

The following table reconciles, for the periods indicated, our Reportable Segments and our Managed & Other category Adjusted EBITDAR to net income, as reported in our accompanying condensed consolidated statements of operations:

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Adjusted EBITDAR

                

Las Vegas Locals

 $109,253  $118,395  $219,691  $244,555 

Downtown Las Vegas

  22,018   19,652   39,833   42,019 

Midwest & South

  195,455   201,833   376,449   400,517 

Online

  17,057   13,400   37,533   34,023 

Managed & Other

  23,140   19,546   47,921   41,097 

Corporate expense

  (22,732)  (21,464)  (46,750)  (43,703)

Adjusted EBITDAR

  344,191   351,362   674,677   718,508 

Other operating costs and expenses

                

Deferred rent

  163   177   324   354 

Master lease rent expense

  27,852   27,099   55,087   53,927 

Depreciation and amortization

  65,677   62,220   128,590   123,780 

Share-based compensation expense

  10,365   12,198   17,225   20,017 

Project development, preopening and writedowns

  7,586   5,201   10,607   (13,673)

Impairment of assets

  —   —   10,500   4,537 

Other operating items, net

  5,442   438   5,853   658 

Total other operating costs and expenses

  117,085   107,333   228,186   189,600 

Operating income

  227,106   244,029   446,491   528,908 

Other expense (income)

                

Interest income

  (403)  (2,715)  (849)  (20,860)

Interest expense, net of amounts capitalized

  42,949   42,715   85,258   86,581 

Other, net

  50   522   100   626 

Total other expense, net

  42,596   40,522   84,509   66,347 

Income before income taxes

  184,510   203,507   361,982   462,561 

Income tax provision

  (44,665)  (11,053)  (85,664)  (70,376)

Net income

 $139,845  $192,454  $276,318  $392,185 

 

For purposes of this presentation, corporate expense excludes its portion of share-based compensation expense. 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.

 

Total Reportable Segment Assets

The Company's assets by Reportable Segment and Managed & Other category consisted of the following amounts:

 

  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Assets

        

Las Vegas Locals

 $1,625,829  $1,634,732 

Downtown Las Vegas

  289,557   295,494 

Midwest & South

  3,829,675   3,805,301 

Online

  135,816   155,356 

Managed & Other

  118,122   124,161 

Corporate

  262,421   258,082 

Total Assets

 $6,261,420  $6,273,126 

 
v3.24.2.u1
Note 10 - Subsequent Events
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 10.    SUBSEQUENT EVENTS

We have evaluated all events or transactions that occurred after June 30, 2024. During this period, up to the filing date, we did not identify any subsequent events, the effects of which would require disclosure or adjustment to our financial position or results of operations.

 
v3.24.2.u1
Insider Trading Arrangements
 6 Months Ended
Jun. 30, 2024
Insider Trading Arr Line Items  
Material Terms of Trading Arrangement [Text Block]

Item 5.       Other Information

None of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended June 30, 2024, as such terms are defined under Item 408(a) of Regulation S-K.
Rule 10b5-1 Arrangement Adopted [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
v3.24.2.u1
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Consolidation, Policy [Policy Text Block]

Organization

Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "Boyd," "Boyd Gaming," "we" or "us") was incorporated in the state of Nevada in 1988 and has been operating since 1975. The Company's common stock is traded on the New York Stock Exchange under the symbol "BYD".

 

We are a geographically diversified operator of 28 wholly owned brick-and-mortar gaming entertainment properties ("gaming entertainment properties"). Headquartered in Las Vegas, Nevada, we have gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. In addition, we own and operate Boyd Interactive, a business-to-business ("B2B") and business-to-consumer ("B2C") online gaming business. We also manage the Sky River Casino located in California under a management agreement with Wilton Rancheria. 

 
Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and footnote disclosures necessary for complete financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"). These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes for the year ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission ("SEC") on February 26, 2024.

 

The results for the periods indicated are unaudited but reflect all adjustments, consisting only of normal recurring adjustments, that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods.

 

The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% or less owned and where we have significant influence and do not meet the controlling financial interest consolidation criteria of the authoritative accounting guidance for voting interest or variable interest entities, are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation.

 
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three months or less at their date of purchase. The instruments are not restricted as to withdrawal or use and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand.

 
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Restricted Cash

Restricted cash consists primarily of: (i) amounts restricted by regulation for gaming and racing purposes; (ii) amounts restricted by regulation for the value in players' online casino gaming accounts; and (iii) advance payments received for future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying values of these instruments approximate their fair values due to their short maturities.

 

The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows.

 

  

June 30,

  

December 31,

  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

  

2023

  

2022

 

Cash and cash equivalents

 $280,783  $304,271  $260,787  $283,472 

Restricted cash

  3,946   3,659   11,615   11,593 

Total cash, cash equivalents and restricted cash

 $284,729  $307,930  $272,402  $295,065 

 
Lessee, Leases [Policy Text Block]

Leases

Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For our operating leases for which the rate implicit in the lease is not readily determinable, we generally use an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. The incremental borrowing rate is determined based on the weighted average incremental borrowing rate at the lease commencement or modification date that is commensurate with the rate of interest in a similar economic environment that we would have to pay to borrow an amount equal to our future lease payments on a collateralized basis over a similar term, including reasonably certain options to extend or terminate. The determination of the incremental borrowing rate could materially impact our lease liabilities. Operating right-of-use ("ROU") assets and finance lease assets are recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term. Lease and non-lease components are accounted for separately.

 
Revenue [Policy Text Block]

Revenue Recognition

The Company’s revenue contracts with customers consist of gaming wagers (including both those made at our gaming entertainment properties and online B2C wagers), hotel room sales, food & beverage offerings and other amenity transactions. See Collaborative Arrangements below for further discussion of revenues earned under our online collaborative arrangements. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gaming revenues. The transaction price for hotel, food & beverage and other contracts is the net amount collected from the customer for such goods and services. Hotel, food & beverage and other services have been determined to be separate, stand-alone performance obligations and the transaction price for such contracts is recorded as revenue as the good or service is transferred to the customer over their stay at the hotel, when the delivery is made for the food & beverage or when the service is provided for other amenity transactions.


We have established a player loyalty point program to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food & beverage, hotel rooms and other free goods and services.


Gaming wager contracts involve two performance obligations for those customers earning points under the Company’s player loyalty program and a single performance obligation for customers who do not participate in the program. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the player loyalty contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a point that can be redeemed for a hotel room stay, food & beverage or other amenities. Sales and usage-based taxes are excluded from revenues. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers, excluding race and sports wagers, is recognized when the wagers occur as all such wagers settle immediately. The allocated revenue for race and sports wagers is recognized when the specific event or game occurs. The player loyalty contract liability amount is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, food & beverage or other amenities and such goods or services are delivered to the customer. See Note 4, Accrued Liabilities, for the balance outstanding related to the player loyalty program.

 

The Company collects advance deposits from hotel customers for future hotel reservations and other future events such as banquets and ticketed events. These advance deposits represent obligations of the Company until the hotel room stay is provided to the customer or the banquet or ticketed event occurs. See Note 4, Accrued Liabilities, for the balance outstanding related to advance deposits.

 

The Company's outstanding chip liability represents the amounts owed in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. See Note 4, Accrued Liabilities, for the balance related to outstanding chips.

 

The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our player loyalty program and the estimated retail value of complimentary goods and services provided to customers (such as complimentary rooms and food & beverage). The estimated retail values related to goods and services provided to customers without charge or upon redemption of points under our player loyalty program, included in departmental revenues, and therefore reducing our gaming revenues, are as follows:

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Food & beverage

 $31,785  $29,336  $62,453  $57,595 

Room

  15,668   15,346   30,340   30,494 

Other

  2,348   2,061   4,373   3,937 

 
Gaming Taxes [Policy Text Block]

Gaming Taxes

We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded in the condensed consolidated statements of operations as a gaming expense for gaming entertainment properties and online expense for Boyd Interactive operations. Gaming taxes recorded as gaming expense totaled approximately $130.2 million and $129.7 million for the three months ended June 30, 2024 and 2023, respectively, and were $256.9 million and $259.8 million for the six months ended June 30, 2024 and 2023, respectively. Gaming taxes recorded as online expense, excluding taxes paid under collaborative arrangements (see Collaborative Arrangements below for further discussion), totaled $3.1 million and $1.2 million for the three months ended June 30, 2024 and 2023, respectively, and $5.6 million and $1.8 million for the six months ended June 30, 2024 and 2023, respectively.

 
Income Tax, Policy [Policy Text Block]

Income Taxes

Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. Accordingly, the need to establish valuation allowances for deferred tax assets is continually assessed at a minimum quarterly, and as facts and circumstances change, based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of profitability and taxable income, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified.

 

In performing our second quarter 2023 valuation allowance analysis, we determined that the positive evidence in favor of releasing a portion of our valuation allowance for certain state jurisdictions, outweighed the negative evidence. We utilize a rolling twelve quarters of pre-tax income adjusted for permanent book to tax differences as a measure of cumulative results in recent years. We transitioned from a cumulative loss position to a cumulative income position over the rolling twelve quarters ended June 30, 2023. Other evidence considered in the analysis included, but was not limited to, a trend reflective of improvement in recent earnings, forecasts of profitability and taxable income and the reversal of existing temporary differences. The change in these conditions during the three months ended June 30, 2023 provided positive evidence that supported the release of the valuation allowance against a significant portion of our state deferred tax assets. As such, we concluded that it was more likely than not that the benefit from our deferred tax assets would be realized. As a result, during the second quarter of 2023, we released $35.9 million of valuation allowance on our state income tax net operating loss carryforwards and other deferred tax assets.

 

Other Long-Term Tax Liabilities

The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.

 

Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement.

 

Tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period that they meet the "more likely than not" standard. If it is subsequently determined that a previously recognized tax position no longer meets the "more likely than not" standard, it is required that the tax position is derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. If applicable, accrued interest and penalties are included in other long-term tax liabilities on the consolidated balance sheets.

 

The IRS has selected our federal corporate income tax return for the tax year ended December 31, 2021, for examination. The IRS examination began in the second quarter of 2024 and is early in the process. As of  June 30, 2024, and for the three and six months then ended, there were no changes to our unrecognized tax benefits to date.

 
Collaborative Arrangement, Accounting Policy [Policy Text Block]

Collaborative Arrangements

We hold a five percent equity ownership in and have a strategic partnership with FanDuel Group ("FanDuel"), the nation's leading sports-betting operator, to pursue sports-betting opportunities across the country, both at our gaming entertainment properties and online. Subject to state law and regulatory approvals, we have established a presence in the sports wagering industry, both at our gaming entertainment properties and online, by leveraging FanDuel's technology and related services. We offer online sports wagering under the FanDuel brand or under market access agreements with other companies in Illinois, Indiana, Iowa, Kansas, Louisiana, Ohio and Pennsylvania. We also operate sportsbooks under the FanDuel brand at one of our Downtown Las Vegas gaming entertainment properties, our gaming entertainment properties in Mississippi and all of the gaming entertainment properties in the states where we offer online sports wagering. Under our online collaborative arrangements with FanDuel and other third parties, we receive a revenue share from FanDuel or the other third-party operators based on actual wagering wins and losses. The activities under these collaborative arrangements related to online wagering, are recorded in online revenue and online expense on the condensed consolidated statements of operations. The activities under these collaborative arrangements related to sportsbooks at our gaming entertainment properties, are recorded in gaming revenue and gaming expense.

 

Under certain of our collaborative arrangements, we are the primary obligor and are responsible for paying gaming taxes and other license payments owed as the gaming licensee for the related online gaming activities. We are reimbursed for these taxes and other payments by the third-party operators. We report these gaming taxes and other expenses paid as online expense and the reimbursements we receive as online revenues. These taxes and other payments totaled approximately $103.5 million and $63.3 million for the three months ended June 30, 2024 and 2023, respectively, and $219.5 million and $159.3 million for the six months ended June 30, 2024 and 2023, respectively.

 

Our five percent equity ownership in FanDuel is recorded at cost in accordance with the measurement alternative allowed under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 321, Accounting for Investments in Equity Securities. We do not have the ability to exercise significant influence over FanDuel's operating and financial policies. We evaluate the investment for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We evaluate the recorded value of the investment when any observable price changes in orderly transactions for an identical or similar investment would require an adjustment of the investment to fair value.

 
Foreign Currency Transactions and Translations Policy [Policy Text Block]

Currency Translation

The Company translates the financial statements of its foreign subsidiary that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. If a material income statement event occurs, the transaction would be translated at the exchange rate in effect on the date of occurrence. Translation adjustments are recorded in other comprehensive income (loss). Gains or losses from foreign currency transaction remeasurements are recorded as other non-operating income (expense).

 
Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

 
New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Pronouncements

A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our condensed consolidated financial statements.
v3.24.2.u1
Note 1 - Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Schedule of Cash and Cash Equivalents and Restricted Cash [Table Text Block]
  

June 30,

  

December 31,

  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

  

2023

  

2022

 

Cash and cash equivalents

 $280,783  $304,271  $260,787  $283,472 

Restricted cash

  3,946   3,659   11,615   11,593 

Total cash, cash equivalents and restricted cash

 $284,729  $307,930  $272,402  $295,065 
Schedule Of Promotional Allowances [Table Text Block]
  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Food & beverage

 $31,785  $29,336  $62,453  $57,595 

Room

  15,668   15,346   30,340   30,494 

Other

  2,348   2,061   4,373   3,937 
v3.24.2.u1
Note 2 - Property and Equipment, Net (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Property, Plant and Equipment [Table Text Block]
  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Land

 $338,469  $338,469 

Buildings and improvements

  3,361,145   3,237,863 

Furniture and equipment

  1,844,689   1,742,666 

Riverboats and barges

  241,825   241,826 

Construction in progress

  149,124   182,710 

Total property and equipment

  5,935,252   5,743,534 

Less accumulated depreciation

  (3,309,125)  (3,201,022)

Property and equipment, net

 $2,626,127  $2,542,512 
Depreciation Expense [Table Text Block]
  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Depreciation expense

 $61,553  $58,066  $120,376  $115,465 
v3.24.2.u1
Note 3 - Goodwill and Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Schedule of Intangible Assets and Goodwill [Table Text Block]
  

June 30, 2024

 
  

Weighted

                     
  

Useful Life

  

Gross

      

Accumulated

  

Effect of Foreign

     
  

Remaining

  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Intangible

 

(In thousands)

 

(in years)

  

Value

  

Amortization

  

Losses

  

Exchange

  

Assets, Net

 

Amortizing intangibles

                        

Customer relationships

  0.5  $3,925  $(3,905) $—  $—  $20 

Host agreements

  8.9   58,000   (23,522)  —   —   34,478 

Development agreement

  5.1   21,373   (5,724)  —   —   15,649 

Developed technology

  7.9   41,684   (6,704)  —   (22)  34,958 

B2B relationships

  5.5   28,000   (6,523)  —   (4)  21,473 

B2C relationships

  10.3   13,000   (1,806)  —   —   11,194 
       165,982   (48,184)  —   (26)  117,772 
                         

Indefinite lived intangible assets

                        

Trademarks

 

Indefinite

   199,900   —   (32,275)  —   167,625 

Gaming license rights

 

Indefinite

   1,378,081   (33,960)  (253,974)  —   1,090,147 
       1,577,981   (33,960)  (286,249)  —   1,257,772 

Balances, June 30, 2024

     $1,743,963  $(82,144) $(286,249) $(26) $1,375,544 
  

December 31, 2023

 
  

Weighted

                     
  

Useful Life

  

Gross

      

Accumulated

  

Effect of Foreign

     
  

Remaining

  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Intangible

 

(In thousands)

 

(in years)

  

Value

  

Amortization

  

Losses

  

Exchange

  

Assets, Net

 

Amortizing intangibles

                        

Customer relationships

  0.1  $35,050  $(35,010) $—  $—  $40 

Host agreements

  9.4   58,000   (21,589)  —   —   36,411 

Development agreement

  5.6   21,373   (4,198)  —   —   17,175 

Developed technology

  8.5   39,981   (4,482)  —   225   35,724 

B2B relationships

  6.0   28,000   (4,566)  —   52   23,486 

B2C relationships

  10.8   13,000   (1,264)  —   —   11,736 
       195,404   (71,109)  —   277   124,572 
                         

Indefinite lived intangible assets

                        

Trademarks

 

Indefinite

   199,900   —   (32,275)  —   167,625 

Gaming license rights

 

Indefinite

   1,378,081   (33,960)  (243,474)  —   1,100,647 
       1,577,981   (33,960)  (275,749)  —   1,268,272 

Balances, December 31, 2023

     $1,773,385  $(105,069) $(275,749) $277  $1,392,844 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

(In thousands)

 

Customer Relationships

  

Host Agreements

  

Development Agreement

  

Developed Technology

  

B2B Relationships

  

B2C Relationships

  

Total

 

For the year ending December 31,

                            

2024 (excluding six months ended June 30, 2024)

 $20  $1,934  $1,527  $2,380  $1,953  $541  $8,355 

2025

  —   3,867   3,053   4,718   3,914   1,083   16,635 

2026

  —   3,867   3,053   4,623   3,914   1,083   16,540 

2027

  —   3,867   3,053   4,622   3,914   1,083   16,539 

2028

  —   3,867   3,053   4,365   3,914   1,083   16,282 

Thereafter

  —   17,076   1,910   14,250   3,864   6,321   43,421 

Total future amortization

 $20  $34,478  $15,649  $34,958  $21,473  $11,194  $117,772 
Schedule of Goodwill [Table Text Block]
  June 30, 2024 
              

Effect of

     
  

Gross

      

Accumulated

  

Foreign

     
  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Goodwill,

 

(In thousands)

 

Value

  

Amortization

  

Losses

  

Exchange

  

Net

 

Goodwill, net by Segment

                    

Las Vegas Locals

 $593,567  $—  $(188,079) $—  $405,488 

Downtown Las Vegas

  6,997   (6,134)  —   —   863 

Midwest & South

  636,269   —   (107,470)  —   528,799 

Online

  94,037   —   (82,000)  94   12,131 

Managed & Other

  30,529   —   (30,529)  —   — 

Balances, June 30, 2024

 $1,361,399  $(6,134) $(408,078) $94  $947,281 
  

December 31, 2023

 
              

Effect of

     
  

Gross

      

Accumulated

  

Foreign

     
  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Goodwill,

 

(In thousands)

 

Value

  

Amortization

  

Losses

  

Exchange

  

Net

 

Goodwill, net by Segment

                    

Las Vegas Locals

 $593,567  $—  $(188,079) $—  $405,488 

Downtown Las Vegas

  6,997   (6,134)  —   —   863 

Midwest & South

  636,269   —   (107,470)  —   528,799 

Online

  94,037   —   (82,000)  154   12,191 

Managed & Other

  30,529   —   (30,529)  —   — 

Balances, December 31, 2023

 $1,361,399  $(6,134) $(408,078) $154  $947,341 
v3.24.2.u1
Note 4 - Accrued Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Schedule of Accrued Liabilities [Table Text Block]
  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Payroll and related

 $65,829  $82,327 

Interest

  17,951   17,841 

Gaming

  68,810   68,749 

Player loyalty program

  19,784   23,850 

Advance deposits

  15,969   15,511 

Outstanding chips

  6,772   8,164 

Dividends payable

  15,736   15,508 

Operating leases

  98,622   98,867 

Other

  106,808   96,562 

Total accrued liabilities

 $416,281  $427,379 
v3.24.2.u1
Note 5 - Long-term Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Schedule of Long-Term Debt Instruments [Table Text Block]
  

June 30, 2024

 
  

Interest

      

Unamortized

     
  

Rates at

      

Origination

     
  

June 30,

  

Outstanding

  

Fees and

  

Long-Term

 

(In thousands)

 

2024

  

Principal

  

Costs

  

Debt, Net

 

Credit facility

  7.161% $1,087,600  $(11,249) $1,076,351 

4.750% senior notes due 2027

  4.750%  1,000,000   (6,818)  993,182 

4.750% senior notes due 2031

  4.750%  900,000   (9,437)  890,563 

Other

  5.208%  416   —   416 

Total long-term debt

      2,988,016   (27,504)  2,960,512 

Less current maturities

      44,416   —   44,416 

Long-term debt, net

     $2,943,600  $(27,504) $2,916,096 
  

December 31, 2023

 
  

Interest

      

Unamortized

     
  

Rates at

      

Origination

     
  

December 31,

  

Outstanding

  

Fees and

  

Long-Term

 

(In thousands)

 

2023

  

Principal

  

Costs

  

Debt, Net

 

Credit facility

  7.164% $1,046,300  $(13,403) $1,032,897 

4.750% senior notes due 2027

  4.750%  1,000,000   (7,792)  992,208 

4.750% senior notes due 2031

  4.750%  900,000   (10,111)  889,889 

Other

  5.208%  504   —   504 

Total long-term debt

      2,946,804   (31,306)  2,915,498 

Less current maturities

      44,275   —   44,275 

Long-term debt, net

     $2,902,529  $(31,306) $2,871,223 
Schedule of Line of Credit Facilities [Table Text Block]
  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Revolving Credit Facility

 $255,000  $180,000 

Term A Loan

  781,000   803,000 

Swing Loan

  51,600   63,300 

Total outstanding principal amounts

 $1,087,600  $1,046,300 
v3.24.2.u1
Note 7 - Stockholders' Equity and Stock Incentive Plans (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Share Repurchase Program [Table Text Block]
  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands, except per share data)

 

2024

  

2023

  

2024

  

2023

 

Shares repurchased (2)

  3,144   1,492   4,802   3,219 

Total cost, including brokerage fees (3)

 $175,686  $100,028  $281,186  $206,356 

Average repurchase price per share (4)

 $55.88  $67.02  $58.55  $64.11 
Dividends Declared [Table Text Block]

Declaration date

 

Record date

 

Payment date

 

Amount per share

 

December 8, 2022

 

December 19, 2022

 

January 15, 2023

 $0.15 

February 14, 2023

 

March 15, 2023

 

April 15, 2023

  0.16 

May 4, 2023

 

June 15, 2023

 

July 15, 2023

  0.16 

December 7, 2023

 

December 22, 2023

 

January 15, 2024

  0.16 

February 28, 2024

 

March 15, 2024

 

April 15, 2024

  0.17 

May 9, 2024

 

June 15, 2024

 

July 15, 2024

  0.17 
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]
  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Gaming

 $289  $307  $524  $528 

Food & beverage

  55   59   100   101 

Room

  27   28   48   48 

Selling, general and administrative

  1,471   1,563   2,663   2,683 

Corporate expense

  8,523   10,241   13,890   16,657 

Total share-based compensation expense

 $10,365  $12,198  $17,225  $20,017 
v3.24.2.u1
Note 8 - Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Fair Value, by Balance Sheet Grouping [Table Text Block]
  

June 30, 2024

 

(In thousands)

 

Balance

  

Level 1

  

Level 2

  

Level 3

 

Assets

                

Cash and cash equivalents

 $280,783  $280,783  $—  $— 

Restricted cash

  3,946   3,946   —   — 

Investment available for sale

  12,495   —   —   12,495 
  

December 31, 2023

 

(In thousands)

 

Balance

  

Level 1

  

Level 2

  

Level 3

 

Assets

                

Cash and cash equivalents

 $304,271  $304,271  $—  $— 

Restricted cash

  3,659   3,659   —   — 

Investment available for sale

  13,327   —   —   13,327 
Fair Value Asset (Liability) Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block]
  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Balance at beginning of reporting period

 $13,550  $14,348  $13,327  $13,670 

Total gains (realized or unrealized):

                

Included in interest income

  45   44   89   87 

Included in other comprehensive income (loss)

  (370)  (497)  (191)  138 

Purchases, sales, issuances and settlements:

                

Settlements

  (730)  (680)  (730)  (680)

Balance at end of reporting period

 $12,495  $13,215  $12,495  $13,215 
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]
  

June 30, 2024

  Outstanding  Carrying  Estimated 

Fair Value

(In thousands)

 

Face Amount

  

Value

  

Fair Value

 

Hierarchy

Liabilities

             

Obligation under assessment arrangements

 $19,121  $16,924  $22,101 

Level 3

  

December 31, 2023

  Outstanding  Carrying  Estimated 

Fair Value

(In thousands)

 

Face Amount

  

Value

  

Fair Value

 

Hierarchy

Asset

             

Note receivable

 $419  $419  $419 

Level 3

Liabilities

             

Obligation under assessment arrangements

  20,199   17,752   23,282 

Level 3
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
  

June 30, 2024

  Outstanding  Carrying  Estimated 

Fair Value

(In thousands)

 

Face Amount

  

Value

  

Fair Value

 

Hierarchy

Credit facility

 $1,087,600  $1,076,351  $1,066,123 

Level 2

4.750% senior notes due 2027

  1,000,000   993,182   957,500 

Level 1

4.750% senior notes due 2031

  900,000   890,563   815,625 

Level 1

Other

  416   416   416 

Level 3

Total debt

 $2,988,016  $2,960,512  $2,839,664  
  

December 31, 2023

  Outstanding  Carrying  Estimated 

Fair Value

(In thousands)

 

Face Amount

  

Value

  

Fair Value

 

Hierarchy

Credit facility

 $1,046,300  $1,032,897  $1,021,206 

Level 2

4.750% senior notes due 2027

  1,000,000   992,208   957,500 

Level 1

4.750% senior notes due 2031

  900,000   889,889   819,000 

Level 1

Other

  504   504   504 

Level 3

Total debt

 $2,946,804  $2,915,498  $2,798,210  
v3.24.2.u1
Note 9 - Segment Information (Tables)
 6 Months Ended
Jun. 30, 2024
Notes Tables  
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]
  

Three Months Ended June 30, 2024

 
      

Food &

          

Management

         
  

Gaming

  

Beverage

  

Room

  

Online

  

Fee

  

Other

  

Total

 

(In thousands)

 

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

 

Revenues

                            

Las Vegas Locals

 $162,915  $23,373  $24,697  $—  $—  $14,069  $225,054 

Downtown Las Vegas

  36,725   11,085   6,893   —   —   2,998   57,701 

Midwest & South

  440,296   42,536   21,005   —   —   17,913   521,750 

Online

  —   —   —   129,930   —   —   129,930 

Managed & Other

  10,891   —   —   —   21,252   934   33,077 

Total Revenues

 $650,827  $76,994  $52,595  $129,930  $21,252  $35,914  $967,512 
  

Three Months Ended June 30, 2023

 
      

Food &

          

Management

         
  

Gaming

  

Beverage

  

Room

  

Online

  

Fee

  

Other

  

Total

 

(In thousands)

 

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

 

Revenues

                            

Las Vegas Locals

 $171,986  $22,219  $23,295  $—  $—  $13,440  $230,940 

Downtown Las Vegas

  34,432   10,142   5,636   —   —   2,781   52,991 

Midwest & South

  443,440   38,005   20,830   —   —   16,571   518,846 

Online

  —   —   —   85,002   —   —   85,002 

Managed & Other

  10,871   —   —   —   17,446   854   29,171 

Total Revenues

 $660,729  $70,366  $49,761  $85,002  $17,446  $33,646  $916,950 
  

Six Months Ended June 30, 2024

 
      

Food &

          

Management

         
  

Gaming

  

Beverage

  

Room

  

Online

  

Fee

  

Other

  

Total

 

(In thousands)

 

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

 

Revenues

                            

Las Vegas Locals

 $324,371  $45,795  $50,453  $—  $—  $30,057  $450,676 

Downtown Las Vegas

  70,446   21,500   13,461   —   —   5,825   111,232 

Midwest & South

  868,537   82,338   37,628   —   —   34,013   1,022,516 

Online

  —   —   —   276,100   —   —   276,100 

Managed & Other

  21,604   —   —   —   43,497   2,408   67,509 

Total Revenues

 $1,284,958  $149,633  $101,542  $276,100  $43,497  $72,303  $1,928,033 
  

Six Months Ended June 30, 2023

 
      

Food &

          

Management

         
  

Gaming

  

Beverage

  

Room

  

Online

  

Fee

  

Other

  

Total

 

(In thousands)

 

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

 

Revenues

                            

Las Vegas Locals

 $348,307  $44,982  $48,676  $—  $—  $29,245  $471,210 

Downtown Las Vegas

  70,849   20,639   12,485   —   —   5,575   109,548 

Midwest & South

  883,525   76,329   38,665   —   —   32,500   1,031,019 

Online

  —   —   —   207,865   —   —   207,865 

Managed & Other

  22,356   —   —   —   37,476   1,442   61,274 

Total Revenues

 $1,325,037  $141,950  $99,826  $207,865  $37,476  $68,762  $1,880,916 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2024

  

2023

  

2024

  

2023

 

Adjusted EBITDAR

                

Las Vegas Locals

 $109,253  $118,395  $219,691  $244,555 

Downtown Las Vegas

  22,018   19,652   39,833   42,019 

Midwest & South

  195,455   201,833   376,449   400,517 

Online

  17,057   13,400   37,533   34,023 

Managed & Other

  23,140   19,546   47,921   41,097 

Corporate expense

  (22,732)  (21,464)  (46,750)  (43,703)

Adjusted EBITDAR

  344,191   351,362   674,677   718,508 

Other operating costs and expenses

                

Deferred rent

  163   177   324   354 

Master lease rent expense

  27,852   27,099   55,087   53,927 

Depreciation and amortization

  65,677   62,220   128,590   123,780 

Share-based compensation expense

  10,365   12,198   17,225   20,017 

Project development, preopening and writedowns

  7,586   5,201   10,607   (13,673)

Impairment of assets

  —   —   10,500   4,537 

Other operating items, net

  5,442   438   5,853   658 

Total other operating costs and expenses

  117,085   107,333   228,186   189,600 

Operating income

  227,106   244,029   446,491   528,908 

Other expense (income)

                

Interest income

  (403)  (2,715)  (849)  (20,860)

Interest expense, net of amounts capitalized

  42,949   42,715   85,258   86,581 

Other, net

  50   522   100   626 

Total other expense, net

  42,596   40,522   84,509   66,347 

Income before income taxes

  184,510   203,507   361,982   462,561 

Income tax provision

  (44,665)  (11,053)  (85,664)  (70,376)

Net income

 $139,845  $192,454  $276,318  $392,185 
Reconciliation of Assets from Segment to Consolidated [Table Text Block]
  

June 30,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Assets

        

Las Vegas Locals

 $1,625,829  $1,634,732 

Downtown Las Vegas

  289,557   295,494 

Midwest & South

  3,829,675   3,805,301 

Online

  135,816   155,356 

Managed & Other

  118,122   124,161 

Corporate

  262,421   258,082 

Total Assets

 $6,261,420  $6,273,126 
v3.24.2.u1
Note 1 - Summary of Significant Accounting Policies (Details Textual)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Number of Gaming Entertainment Properties 28   28  
Taxes, Other $ 130.2 $ 129.7 $ 256.9 $ 259.8
Taxes Deposited Pursuant to the Online Collaborative Agreements 3.1 1.2 5.6 1.8
Deferred Tax Assets, Valuation Allowance   35.9   35.9
Online [Member]        
Taxes Deposited Pursuant to the Online Collaborative Agreements $ 103.5 $ 63.3 $ 219.5 $ 159.3
v3.24.2.u1
Note 1 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Cash and cash equivalents $ 280,783 $ 304,271 $ 260,787 $ 283,472
Restricted cash 3,946 3,659 11,615 11,593
Total cash, cash equivalents and restricted cash $ 284,729 $ 307,930 $ 272,402 $ 295,065
v3.24.2.u1
Note 1 - Summary of Significant Accounting Policies - Schedule of Promotional Allowances (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Food and Beverage [Member]        
Promotional allowance $ 31,785 $ 29,336 $ 62,453 $ 57,595
Occupancy [Member]        
Promotional allowance 15,668 15,346 30,340 30,494
Product and Service, Other [Member]        
Promotional allowance $ 2,348 $ 2,061 $ 4,373 $ 3,937
v3.24.2.u1
Note 2 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Property and equipment, gross $ 5,935,252 $ 5,743,534
Less accumulated depreciation (3,309,125) (3,201,022)
Property and equipment, net 2,626,127 2,542,512
Land [Member]    
Property and equipment, gross 338,469 338,469
Building and Building Improvements [Member]    
Property and equipment, gross 3,361,145 3,237,863
Furniture and Fixtures [Member]    
Property and equipment, gross 1,844,689 1,742,666
Riverboats And Barges [Member]    
Property and equipment, gross 241,825 241,826
Construction in Progress [Member]    
Property and equipment, gross $ 149,124 $ 182,710
v3.24.2.u1
Note 2 - Property and Equipment, Net - Depreciation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Depreciation expense $ 61,553 $ 58,066 $ 120,376 $ 115,465
v3.24.2.u1
Note 3 - Goodwill and Intangible Assets, Net (Details Textual)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Gaming License Right [Member] | Midwest and South [Member]  
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) $ 10.5
v3.24.2.u1
Note 3 - Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Intangible assets, gross carrying value $ 165,982 $ 195,404
Intangible assets, cumulative amortization (48,184) (71,109)
Intangible assets, cumulative impairment losses 0 0
Effect of foreign currency exchange (26) 277
Intangible assets, net 117,772 124,572
Intangible assets, gross carrying value 1,577,981 1,577,981
Intangible assets, cumulative amortization (33,960) (33,960)
Intangible assets, cumulative impairment losses (286,249) (275,749)
Effect of foreign currency exchange 0 0
Intangible assets, net 1,257,772 1,268,272
Intangible assets, gross carrying value 1,743,963 1,773,385
Intangible assets, cumulative amortization (82,144) (105,069)
Intangible assets, cumulative impairment losses (286,249) (275,749)
Effect of foreign currency exchange (26) 277
Intangible assets, net 1,375,544 1,392,844
Trademarks [Member]    
Intangible assets, gross carrying value 199,900 199,900
Intangible assets, cumulative amortization 0 0
Intangible assets, cumulative impairment losses (32,275) (32,275)
Effect of foreign currency exchange 0 0
Intangible assets, net 167,625 167,625
Gaming License Right [Member]    
Intangible assets, gross carrying value 1,378,081 1,378,081
Intangible assets, cumulative amortization (33,960) (33,960)
Intangible assets, cumulative impairment losses (253,974) (243,474)
Effect of foreign currency exchange 0 0
Intangible assets, net 1,090,147 1,100,647
Customer Relationships [Member]    
Intangible assets, gross carrying value 3,925 35,050
Intangible assets, cumulative amortization (3,905) (35,010)
Intangible assets, cumulative impairment losses 0 0
Effect of foreign currency exchange 0 0
Intangible assets, net $ 20 $ 40
Customer Relationships [Member] | Weighted Average [Member]    
Intangible assets, weighted average life remaining (Year) 6 months 1 month 6 days
Host Agreements [Member]    
Intangible assets, gross carrying value $ 58,000 $ 58,000
Intangible assets, cumulative amortization (23,522) (21,589)
Intangible assets, cumulative impairment losses 0 0
Effect of foreign currency exchange 0 0
Intangible assets, net $ 34,478 $ 36,411
Host Agreements [Member] | Weighted Average [Member]    
Intangible assets, weighted average life remaining (Year) 8 years 10 months 24 days 9 years 4 months 24 days
Development Agreements [Member]    
Intangible assets, gross carrying value $ 21,373 $ 21,373
Intangible assets, cumulative amortization (5,724) (4,198)
Intangible assets, cumulative impairment losses 0 0
Effect of foreign currency exchange 0 0
Intangible assets, net $ 15,649 $ 17,175
Development Agreements [Member] | Weighted Average [Member]    
Intangible assets, weighted average life remaining (Year) 5 years 1 month 6 days 5 years 7 months 6 days
Developed Technology Rights [Member]    
Intangible assets, gross carrying value $ 41,684 $ 39,981
Intangible assets, cumulative amortization (6,704) (4,482)
Intangible assets, cumulative impairment losses 0 0
Effect of foreign currency exchange (22) 225
Intangible assets, net $ 34,958 $ 35,724
Developed Technology Rights [Member] | Weighted Average [Member]    
Intangible assets, weighted average life remaining (Year) 7 years 10 months 24 days 8 years 6 months
Business to Business Relationships [Member]    
Intangible assets, gross carrying value $ 28,000 $ 28,000
Intangible assets, cumulative amortization (6,523) (4,566)
Intangible assets, cumulative impairment losses 0 0
Effect of foreign currency exchange (4) 52
Intangible assets, net $ 21,473 $ 23,486
Business to Business Relationships [Member] | Weighted Average [Member]    
Intangible assets, weighted average life remaining (Year) 5 years 6 months 6 years
Business to Consumer Relationship [Member]    
Intangible assets, gross carrying value $ 13,000 $ 13,000
Intangible assets, cumulative amortization (1,806) (1,264)
Intangible assets, cumulative impairment losses 0 0
Effect of foreign currency exchange 0 0
Intangible assets, net $ 11,194 $ 11,736
Business to Consumer Relationship [Member] | Weighted Average [Member]    
Intangible assets, weighted average life remaining (Year) 10 years 3 months 18 days 10 years 9 months 18 days
v3.24.2.u1
Note 3 - Goodwill and Intangible Assets, Net - Future Amortization (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
2024 (excluding six months ended June 30, 2024) $ 8,355
2025 16,635
2026 16,540
2027 16,539
2028 16,282
Thereafter 43,421
Total future amortization 117,772
Customer Relationships [Member]  
2024 (excluding six months ended June 30, 2024) 20
2025 0
2026 0
2027 0
2028 0
Thereafter 0
Total future amortization 20
Host Agreements [Member]  
2024 (excluding six months ended June 30, 2024) 1,934
2025 3,867
2026 3,867
2027 3,867
2028 3,867
Thereafter 17,076
Total future amortization 34,478
Development Agreement [Member]  
2024 (excluding six months ended June 30, 2024) 1,527
2025 3,053
2026 3,053
2027 3,053
2028 3,053
Thereafter 1,910
Total future amortization 15,649
Developed Technology Rights [Member]  
2024 (excluding six months ended June 30, 2024) 2,380
2025 4,718
2026 4,623
2027 4,622
2028 4,365
Thereafter 14,250
Total future amortization 34,958
Business to Business Relationships [Member]  
2024 (excluding six months ended June 30, 2024) 1,953
2025 3,914
2026 3,914
2027 3,914
2028 3,914
Thereafter 3,864
Total future amortization 21,473
Business to Consumer Relationship [Member]  
2024 (excluding six months ended June 30, 2024) 541
2025 1,083
2026 1,083
2027 1,083
2028 1,083
Thereafter 6,321
Total future amortization $ 11,194
v3.24.2.u1
Note 3 - Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Goodwill, gross $ 1,361,399 $ 1,361,399
Goodwill, cumulative amortization (6,134) (6,134)
Goodwill, cumulative impairment losses (408,078) (408,078)
Effect of Foreign Currency Exchange 94 154
Goodwill, net 947,281 947,341
Las Vegas Locals [Member]    
Goodwill, gross 593,567 593,567
Goodwill, cumulative amortization 0 0
Goodwill, cumulative impairment losses (188,079) (188,079)
Effect of Foreign Currency Exchange 0 0
Goodwill, net 405,488 405,488
Downtown Las Vegas [Member]    
Goodwill, gross 6,997 6,997
Goodwill, cumulative amortization (6,134) (6,134)
Goodwill, cumulative impairment losses 0 0
Effect of Foreign Currency Exchange 0 0
Goodwill, net 863 863
Midwest and South [Member]    
Goodwill, gross 636,269 636,269
Goodwill, cumulative amortization 0 0
Goodwill, cumulative impairment losses (107,470) (107,470)
Effect of Foreign Currency Exchange 0 0
Goodwill, net 528,799 528,799
Online [Member]    
Goodwill, gross 94,037 94,037
Goodwill, cumulative amortization 0 0
Goodwill, cumulative impairment losses (82,000) (82,000)
Effect of Foreign Currency Exchange 94 154
Goodwill, net 12,131 12,191
Managed and Other [Member]    
Goodwill, gross 30,529 30,529
Goodwill, cumulative amortization 0 0
Goodwill, cumulative impairment losses (30,529) (30,529)
Effect of Foreign Currency Exchange 0 0
Goodwill, net $ 0 $ 0
v3.24.2.u1
Note 4 - Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Payroll and related $ 65,829 $ 82,327
Interest 17,951 17,841
Gaming 68,810 68,749
Player loyalty program 19,784 23,850
Advance deposits 15,969 15,511
Outstanding chips 6,772 8,164
Dividends payable 15,736 15,508
Operating leases 98,622 98,867
Other 106,808 96,562
Total accrued liabilities $ 416,281 $ 427,379
v3.24.2.u1
Note 5 - Long-term Debt (Details Textual) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Long-Term Line of Credit $ 1,087.6 $ 1,046.3
Line of Credit Facility, Remaining Borrowing Capacity 1,130.0  
Bank Credit Facility [Member] | Revolving Credit Facility [Member]    
Line of Credit Facility, Maximum Borrowing Capacity 1,450.0  
Long-Term Line of Credit 255.0  
Bank Credit Facility [Member] | Swing Loan [Member]    
Long-Term Line of Credit 51.6  
Bank Credit Facility [Member] | Letter of Credit [Member]    
Long-Term Line of Credit $ 13.4  
v3.24.2.u1
Note 5 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Long-term debt, outstanding principal $ 2,988,016 $ 2,946,804
Long-term debt, unamortized original fees and costs (27,504) (31,306)
Long-term debt, net 2,960,512 2,915,498
Long-term debt, outstanding principal, current 44,416 44,275
Long-term debt, unamortized original fees and costs, current 0 0
Current maturities of long-term debt 44,416 44,275
Long-term debt, outstanding principal, noncurrent 2,943,600 2,902,529
Long-term debt, unamortized original fees and costs, noncurrent (27,504) (31,306)
Long-term debt, net of current maturities and debt issuance costs $ 2,916,096 $ 2,871,223
Line of Credit [Member] | Bank Credit Facility [Member]    
Long-term debt, interest rate 7.161% 7.164%
Long-term debt, outstanding principal $ 1,087,600 $ 1,046,300
Long-term debt, unamortized original fees and costs (11,249) (13,403)
Long-term debt, net $ 1,076,351 $ 1,032,897
Senior Notes [Member] | Senior Note 4.750% Due 2027 [Member]    
Long-term debt, interest rate 4.75% 4.75%
Long-term debt, outstanding principal $ 1,000,000 $ 1,000,000
Long-term debt, unamortized original fees and costs (6,818) (7,792)
Long-term debt, net $ 993,182 $ 992,208
Senior Notes [Member] | Senior Note 4750 Due 2031 Member    
Long-term debt, interest rate 4.75% 4.75%
Long-term debt, outstanding principal $ 900,000 $ 900,000
Long-term debt, unamortized original fees and costs (9,437) (10,111)
Long-term debt, net $ 890,563 $ 889,889
Other Long-Term Debt [Member]    
Long-term debt, interest rate 5.208% 5.208%
Long-term debt, outstanding principal $ 416 $ 504
Long-term debt, unamortized original fees and costs 0 0
Long-term debt, net $ 416 $ 504
v3.24.2.u1
Note 5 - Long-term Debt - Outstanding Principal Amounts (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Outstanding principal amounts $ 1,087.6 $ 1,046.3
Line of Credit [Member] | Term A Loan [Member]    
Outstanding principal amounts 781.0 803.0
Line of Credit [Member] | Swing Loan [Member]    
Outstanding principal amounts 51.6 63.3
Revolving Credit Facility [Member] | Line of Credit [Member]    
Outstanding principal amounts $ 255.0 $ 180.0
v3.24.2.u1
Note 6 - Commitments and Contingencies (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Sep. 30, 2023
Project Development, Preopening and Writedowns Expense $ 7,586 $ 5,201 $ 10,607 $ (13,673)  
Proceeds from Collection of Loans Receivable     208 49,720  
Interest Payments Received     213 8,513  
Revenue from Contract with Customer, Including Assessed Tax 967,512 916,950 $ 1,928,033 1,880,916  
Management Service [Member]          
Management Agreement, Term (Year)     7 years    
Revenue from Contract with Customer, Including Assessed Tax $ 21,252 $ 17,446 $ 43,497 37,476  
Development Agreement [Member]          
Debt Instrument, Interest Rate, Stated Percentage         12.50%
Project Development, Preopening and Writedowns Expense       20,100  
Interest Income (Expense), Net       14,300  
Proceeds from Collection of Loans Receivable     200 49,700  
Interest Payments Received     $ 200 $ 8,500  
v3.24.2.u1
Note 7 - Stockholders' Equity and Stock Incentive Plans (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
May 09, 2024
May 04, 2023
Jun. 01, 2022
Oct. 21, 2021
Share-Based Payment Arrangement, Expense $ 10,365   $ 12,198   $ 17,225 $ 20,017        
Performance Shares [Member]                    
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares)   241,277   519,782            
Shares Issued Per Unit (in shares)   1.94   2            
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)   94,862   200,904            
Share Based Payment Arrangement, Shares Issued In Period, Net of Tax Withholdings (in shares)   146,415   318,878            
Share-Based Payment Arrangement, Expense   $ 800                
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount 5,700       $ 5,700          
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)         2 years 3 months 18 days          
Restricted Stock Units (RSUs) [Member]                    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount 15,600       $ 15,600          
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)         2 years 3 months 18 days          
Career Shares [Member]                    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount 1,700       $ 1,700          
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)         3 years 6 months          
The 2021 Share Repurchase Program [Member]                    
Stock Repurchase Program, Authorized Amount             $ 500,000 $ 500,000 $ 500,000 $ 300,000
Share Repurchase Program, Remaining Authorized, Amount $ 545,100       $ 545,100          
v3.24.2.u1
Note 7 - Stockholders' Equity and Stock Incentive Plans - Share Repurchases (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Shares repurchased (2) (in shares) [1],[2] 3,144 1,492 4,802 3,219
Total cost, including brokerage fees (3) [2],[3] $ 175,686 $ 100,028 $ 281,186 $ 206,356
Average repurchase price per share (4) (in dollars per share) [2],[4] $ 55.88 $ 67.02 $ 58.55 $ 64.11
[1] All shares repurchased have been retired and constitute authorized but unissued shares.
[2] Shares repurchased reflect repurchases settled during the three and six months ended June 30, 2024 and 2023. These amounts exclude repurchases, if any, traded but not yet settled on or before June 30, 2024 and 2023, respectively.
[3] Costs exclude 1% excise tax on corporate stock buybacks.
[4] Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers and excludes the 1% excise tax.
v3.24.2.u1
Note 7 - Stockholders' Equity and Stock Incentive Plans - Dividends (Details) - $ / shares
 6 Months Ended
Jun. 30, 2024
Jul. 15, 2024
Apr. 15, 2024
Jan. 15, 2024
Jul. 15, 2023
Apr. 15, 2023
Jan. 15, 2023
O 2022 Q4 Dividends [Member]              
Dividends, record date Dec. 19, 2022            
Dividends, payment date Jan. 15, 2023            
Dividends, amount per share (in dollars per share)             $ 0.15
O 2023 Q1 Dividends [Member]              
Dividends, record date Mar. 15, 2023            
Dividends, payment date Apr. 15, 2023            
Dividends, amount per share (in dollars per share)           $ 0.16  
O 2023 Q2 Dividends [Member]              
Dividends, record date Jun. 15, 2023            
Dividends, payment date Jul. 15, 2023            
Dividends, amount per share (in dollars per share)         $ 0.16    
O 2023 Q4 Dividends [Member]              
Dividends, record date Dec. 22, 2023            
Dividends, payment date Jan. 15, 2024            
Dividends, amount per share (in dollars per share)       $ 0.16      
O 2024 Q1 Dividends [Member]              
Dividends, record date Mar. 15, 2024            
Dividends, payment date Apr. 15, 2024            
Dividends, amount per share (in dollars per share)     $ 0.17        
O 2024 Q2 Dividends [Member]              
Dividends, record date Jun. 15, 2024            
Dividends, payment date Jul. 15, 2024            
O 2024 Q2 Dividends [Member] | Subsequent Event [Member]              
Dividends, amount per share (in dollars per share)   $ 0.17          
v3.24.2.u1
Note 7 - Stockholders' Equity and Stock Incentive Plans - Classification of Total Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Share-based compensation expense $ 10,365 $ 12,198 $ 17,225 $ 20,017
Gaming [Member]        
Share-based compensation expense 289 307 524 528
Food & Beverage [Member]        
Share-based compensation expense 55 59 100 101
Room [Member]        
Share-based compensation expense 27 28 48 48
Selling, General and Administrative Expenses [Member]        
Share-based compensation expense 1,471 1,563 2,663 2,683
Corporate Expense [Member]        
Share-based compensation expense $ 8,523 $ 10,241 $ 13,890 $ 16,657
v3.24.2.u1
Note 8 - Fair Value Measurements (Details Textual)
$ in Millions
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Securities, Available-for-Sale, Amortized Cost $ 16.4  
Debt Security Interest Rate Stated Percentage 7.50%  
Debt Security, Available-For-Sale, Fair Value Discount Amount $ 1.9 $ 2.0
Prepaid Expenses and Other Current Assets [Member]    
Debt Securities, Available-for-Sale, Current 0.8 0.7
Other Noncurrent Assets [Member]    
Debt Securities, Available-for-Sale, Noncurrent $ 11.7 $ 12.6
Measurement Input, Discount Rate [Member]    
Debt Securities, Available-for-Sale, Measurement Input 0.128 0.124
v3.24.2.u1
Note 8 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Cash and cash equivalents $ 280,783 $ 304,271
Restricted cash 3,946 3,659
Investment available for sale 12,495 13,327
Fair Value, Inputs, Level 1 [Member]    
Cash and cash equivalents 280,783 304,271
Restricted cash 3,946 3,659
Investment available for sale 0 0
Fair Value, Inputs, Level 2 [Member]    
Cash and cash equivalents 0 0
Restricted cash 0 0
Investment available for sale 0 0
Fair Value, Inputs, Level 3 [Member]    
Cash and cash equivalents 0 0
Restricted cash 0 0
Investment available for sale $ 12,495 $ 13,327
v3.24.2.u1
Note 8 - Fair Value Measurements - Changes in Fair Value of Level 3 Assets and Liabilities (Details) - Investment, Available-For-Sale [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Balance at beginning of reporting period, asset $ 13,550 $ 14,348 $ 13,327 $ 13,670
Included in interest income (expense), asset 45 44 89 87
Included in other comprehensive income (loss), asseta (370) (497) (191) 138
Settlements, asset (730) (680) (730) (680)
Balance at end of reporting period, asset $ 12,495 $ 13,215 $ 12,495 $ 13,215
v3.24.2.u1
Note 8 - Fair Value Measurements - Minimum Assessment Agreements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member] - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Obligation under assessment arrangements $ 19,121 $ 20,199
Note receivable   419
Reported Value Measurement [Member]    
Obligation under assessment arrangements 16,924 17,752
Note receivable   419
Estimate of Fair Value Measurement [Member]    
Obligation under assessment arrangements $ 22,101 23,282
Note receivable   $ 419
v3.24.2.u1
Note 8 - Fair Value Measurements - Long-term Debt (Details) - Fair Value, Nonrecurring [Member] - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Long-term debt $ 2,988,016 $ 2,946,804
Reported Value Measurement [Member]    
Long-term debt 2,960,512 2,915,498
Estimate of Fair Value Measurement [Member]    
Long-term debt 2,839,664 2,798,210
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member]    
Long-term debt 1,087,600 1,046,300
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Reported Value Measurement [Member]    
Long-term debt 1,076,351 1,032,897
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Estimate of Fair Value Measurement [Member]    
Long-term debt 1,066,123 1,021,206
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member]    
Long-term debt 1,000,000 1,000,000
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | Reported Value Measurement [Member]    
Long-term debt 993,182 992,208
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | Estimate of Fair Value Measurement [Member]    
Long-term debt 957,500 957,500
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member]    
Long-term debt 900,000 900,000
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member] | Reported Value Measurement [Member]    
Long-term debt 890,563 889,889
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member] | Estimate of Fair Value Measurement [Member]    
Long-term debt 815,625 819,000
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member]    
Long-term debt 416 504
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Reported Value Measurement [Member]    
Long-term debt 416 504
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Estimate of Fair Value Measurement [Member]    
Long-term debt $ 416 $ 504
v3.24.2.u1
Note 9 - Segment Information (Details Textual)
 6 Months Ended
Jun. 30, 2024
Number of Reportable Segments 4
v3.24.2.u1
Note 9 - Segment Information - Revenues for Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue from Contract with Customer, Including Assessed Tax $ 967,512 $ 916,950 $ 1,928,033 $ 1,880,916
Casino [Member]        
Revenue from Contract with Customer, Including Assessed Tax 650,827 660,729 1,284,958 1,325,037
Food and Beverage [Member]        
Revenue from Contract with Customer, Including Assessed Tax 76,994 70,366 149,633 141,950
Occupancy [Member]        
Revenue from Contract with Customer, Including Assessed Tax 52,595 49,761 101,542 99,826
Online [Member]        
Revenue from Contract with Customer, Including Assessed Tax 129,930 85,002 276,100 207,865
Management Fee [Member]        
Revenue from Contract with Customer, Including Assessed Tax 21,252 17,446 43,497 37,476
Product and Service, Other [Member]        
Revenue from Contract with Customer, Including Assessed Tax 35,914 33,646 72,303 68,762
Las Vegas Locals [Member]        
Revenue from Contract with Customer, Including Assessed Tax 225,054 230,940 450,676 471,210
Las Vegas Locals [Member] | Casino [Member]        
Revenue from Contract with Customer, Including Assessed Tax 162,915 171,986 324,371 348,307
Las Vegas Locals [Member] | Food and Beverage [Member]        
Revenue from Contract with Customer, Including Assessed Tax 23,373 22,219 45,795 44,982
Las Vegas Locals [Member] | Occupancy [Member]        
Revenue from Contract with Customer, Including Assessed Tax 24,697 23,295 50,453 48,676
Las Vegas Locals [Member] | Online [Member]        
Revenue from Contract with Customer, Including Assessed Tax 0 0 0 0
Las Vegas Locals [Member] | Management Fee [Member]        
Revenue from Contract with Customer, Including Assessed Tax 0 0 0 0
Las Vegas Locals [Member] | Product and Service, Other [Member]        
Revenue from Contract with Customer, Including Assessed Tax 14,069 13,440 30,057 29,245
Downtown Las Vegas [Member]        
Revenue from Contract with Customer, Including Assessed Tax 57,701 52,991 111,232 109,548
Downtown Las Vegas [Member] | Casino [Member]        
Revenue from Contract with Customer, Including Assessed Tax 36,725 34,432 70,446 70,849
Downtown Las Vegas [Member] | Food and Beverage [Member]        
Revenue from Contract with Customer, Including Assessed Tax 11,085 10,142 21,500 20,639
Downtown Las Vegas [Member] | Occupancy [Member]        
Revenue from Contract with Customer, Including Assessed Tax 6,893 5,636 13,461 12,485
Downtown Las Vegas [Member] | Online [Member]        
Revenue from Contract with Customer, Including Assessed Tax 0 0 0 0
Downtown Las Vegas [Member] | Management Fee [Member]        
Revenue from Contract with Customer, Including Assessed Tax 0 0 0 0
Downtown Las Vegas [Member] | Product and Service, Other [Member]        
Revenue from Contract with Customer, Including Assessed Tax 2,998 2,781 5,825 5,575
Midwest and South [Member]        
Revenue from Contract with Customer, Including Assessed Tax 521,750 518,846 1,022,516 1,031,019
Midwest and South [Member] | Casino [Member]        
Revenue from Contract with Customer, Including Assessed Tax 440,296 443,440 868,537 883,525
Midwest and South [Member] | Food and Beverage [Member]        
Revenue from Contract with Customer, Including Assessed Tax 42,536 38,005 82,338 76,329
Midwest and South [Member] | Occupancy [Member]        
Revenue from Contract with Customer, Including Assessed Tax 21,005 20,830 37,628 38,665
Midwest and South [Member] | Online [Member]        
Revenue from Contract with Customer, Including Assessed Tax 0 0 0 0
Midwest and South [Member] | Management Fee [Member]        
Revenue from Contract with Customer, Including Assessed Tax 0 0 0 0
Midwest and South [Member] | Product and Service, Other [Member]        
Revenue from Contract with Customer, Including Assessed Tax 17,913 16,571 34,013 32,500
Online [Member]        
Revenue from Contract with Customer, Including Assessed Tax 129,930 85,002 276,100 207,865
Online [Member] | Casino [Member]        
Revenue from Contract with Customer, Including Assessed Tax 0 0 0 0
Online [Member] | Food and Beverage [Member]        
Revenue from Contract with Customer, Including Assessed Tax 0 0 0 0
Online [Member] | Occupancy [Member]        
Revenue from Contract with Customer, Including Assessed Tax 0 0 0 0
Online [Member] | Online [Member]        
Revenue from Contract with Customer, Including Assessed Tax 129,930 85,002 276,100 207,865
Online [Member] | Management Fee [Member]        
Revenue from Contract with Customer, Including Assessed Tax 0 0 0 0
Online [Member] | Product and Service, Other [Member]        
Revenue from Contract with Customer, Including Assessed Tax 0 0 0 0
Managed and Other [Member]        
Revenue from Contract with Customer, Including Assessed Tax 33,077 29,171 67,509 61,274
Managed and Other [Member] | Casino [Member]        
Revenue from Contract with Customer, Including Assessed Tax 10,891 10,871 21,604 22,356
Managed and Other [Member] | Food and Beverage [Member]        
Revenue from Contract with Customer, Including Assessed Tax 0 0 0 0
Managed and Other [Member] | Occupancy [Member]        
Revenue from Contract with Customer, Including Assessed Tax 0 0 0 0
Managed and Other [Member] | Online [Member]        
Revenue from Contract with Customer, Including Assessed Tax 0 0 0 0
Managed and Other [Member] | Management Fee [Member]        
Revenue from Contract with Customer, Including Assessed Tax 21,252 17,446 43,497 37,476
Managed and Other [Member] | Product and Service, Other [Member]        
Revenue from Contract with Customer, Including Assessed Tax $ 934 $ 854 $ 2,408 $ 1,442
v3.24.2.u1
Note 9 - Segment Information - Reconciliation of Total Reportable Segment Adjusted EBITDAR to Operating Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Corporate expense $ 31,255   $ 31,705   $ 60,640 $ 60,360
Adjusted EBITDAR 344,191   351,362   674,677 718,508
Deferred rent 163   177   324 354
Master lease rent expense 27,852   27,099   55,087 53,927
Depreciation and amortization 65,677   62,220   128,590 123,780
Share-based compensation expense 10,365   12,198   17,225 20,017
Project Development, Preopening and Writedowns Expense 7,586   5,201   10,607 (13,673)
Non-cash impairment of assets 0   0   10,500 4,537
Other operating items, net 5,442   438   5,853 658
Total other operating costs and expenses 117,085   107,333   228,186 189,600
Operating income 227,106   244,029   446,491 528,908
Interest income (403)   (2,715)   (849) (20,860)
Interest expense, net of amounts capitalized 42,949   42,715   85,258 86,581
Other, net 50   522   100 626
Total other expense, net 42,596   40,522   84,509 66,347
Income before income taxes 184,510   203,507   361,982 462,561
Income tax provision (44,665)   (11,053)   (85,664) (70,376)
Net income 139,845 $ 136,473 192,454 $ 199,731 276,318 392,185
Las Vegas Locals [Member]            
Total Reportable Segment Adjusted EBITDAR 109,253   118,395   219,691 244,555
Downtown Las Vegas [Member]            
Total Reportable Segment Adjusted EBITDAR 22,018   19,652   39,833 42,019
Midwest and South [Member]            
Total Reportable Segment Adjusted EBITDAR 195,455   201,833   376,449 400,517
Online [Member]            
Total Reportable Segment Adjusted EBITDAR 17,057   13,400   37,533 34,023
Managed and Other [Member]            
Total Reportable Segment Adjusted EBITDAR 23,140   19,546   47,921 41,097
Corporate Segment [Member]            
Corporate expense $ (22,732)   $ (21,464)   $ (46,750) $ (43,703)
v3.24.2.u1
Note 9 - Segment Information - Assets By Reportable Segment (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets $ 6,261,420 $ 6,273,126
Las Vegas Locals [Member]    
Assets 1,625,829 1,634,732
Downtown Las Vegas [Member]    
Assets 289,557 295,494
Midwest and South [Member]    
Assets 3,829,675 3,805,301
Online [Member]    
Assets 135,816 155,356
Managed and Other [Member]    
Assets 118,122 124,161
Corporate Segment [Member]    
Assets $ 262,421 $ 258,082
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