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Note 9 - Segment Information | 3 Months Ended
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Mar. 31, 2025
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 that were aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure. The Online segment includes the operating results of our online gaming operations through collaborative arrangements with third parties throughout the United States and the operations of Boyd Interactive. 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 remains closed since it was closed on March 18, 2020, in compliance with orders issued by state officials as precautionary measures intended to slow the spread of the COVID-19 virus. (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, net income (loss) attributable to noncontrolling interest, 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 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 March 31, 2025 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  | Management |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Online |  |  | Fee |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 160,740 |  |  | $ | 22,767 |  |  | $ | 23,203 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,089 |  |  | $ | 222,799 |
Downtown Las Vegas |  |  | 36,590 |  |  |  | 10,878 |  |  |  | 6,873 |  |  |  | — |  |  |  | — |  |  |  | 2,946 |  |  |  | 57,287 |
Midwest & South |  |  | 430,176 |  |  |  | 40,513 |  |  |  | 17,312 |  |  |  | — |  |  |  | — |  |  |  | 16,586 |  |  |  | 504,587 |
Online |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 169,573 |  |  |  | — |  |  |  | — |  |  |  | 169,573 |
Managed & Other |  |  | 11,187 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25,146 |  |  |  | 986 |  |  |  | 37,319 |
Total Revenues |  | $ | 638,693 |  |  | $ | 74,158 |  |  | $ | 47,388 |  |  | $ | 169,573 |  |  | $ | 25,146 |  |  | $ | 36,607 |  |  | $ | 991,565 |
|  | Three Months Ended March 31, 2024 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  | Management |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Online |  |  | Fee |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 161,456 |  |  | $ | 22,422 |  |  | $ | 25,756 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,988 |  |  | $ | 225,622 |
Downtown Las Vegas |  |  | 33,721 |  |  |  | 10,415 |  |  |  | 6,568 |  |  |  | — |  |  |  | — |  |  |  | 2,827 |  |  |  | 53,531 |
Midwest & South |  |  | 428,241 |  |  |  | 39,802 |  |  |  | 16,623 |  |  |  | — |  |  |  | — |  |  |  | 16,100 |  |  |  | 500,766 |
Online |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 146,170 |  |  |  | — |  |  |  | — |  |  |  | 146,170 |
Managed & Other |  |  | 10,713 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22,245 |  |  |  | 1,474 |  |  |  | 34,432 |
Total Revenues |  | $ | 634,131 |  |  | $ | 72,639 |  |  | $ | 48,947 |  |  | $ | 146,170 |  |  | $ | 22,245 |  |  | $ | 36,389 |  |  | $ | 960,521 |
The following table reconciles, for the periods indicated, our Reportable Segments and our Managed & Other category Adjusted EBITDAR to net income attributable to Boyd Gaming, as reported in our accompanying condensed consolidated statements of operations:
|  | Three Months Ended |
|  | March 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Adjusted EBITDAR |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 106,547 |  |  | $ | 110,438 |
Downtown Las Vegas |  |  | 20,923 |  |  |  | 17,815 |
Midwest & South |  |  | 183,222 |  |  |  | 180,994 |
Online |  |  | 23,306 |  |  |  | 20,476 |
Managed & Other |  |  | 27,319 |  |  |  | 24,781 |
Corporate expense |  |  | (23,800 | ) |  |  | (24,018 | )
Adjusted EBITDAR |  |  | 337,517 |  |  |  | 330,486 |
Other operating costs and expenses |  |  |  |  |  |  |  |
Deferred rent |  |  | 147 |  |  |  | 161 |
Master lease rent expense |  |  | 28,160 |  |  |  | 27,235 |
Depreciation and amortization |  |  | 68,223 |  |  |  | 62,913 |
Share-based compensation expense |  |  | 7,605 |  |  |  | 6,860 |
Project development, preopening and writedowns |  |  | (1,522 | ) |  |  | 3,021 |
Impairment of assets |  |  | 32,272 |  |  |  | 10,500 |
Other operating items, net |  |  | 2,745 |  |  |  | 411 |
Total other operating costs and expenses |  |  | 137,630 |  |  |  | 111,101 |
Operating income |  |  | 199,887 |  |  |  | 219,385 |
Other expense (income) |  |  |  |  |  |  |  |
Interest income |  |  | (808 | ) |  |  | (446 | )
Interest expense, net of amounts capitalized |  |  | 48,437 |  |  |  | 42,309 |
Other, net |  |  | 107 |  |  |  | 50 |
Total other expense, net |  |  | 47,736 |  |  |  | 41,913 |
Income before income taxes |  |  | 152,151 |  |  |  | 177,472 |
Income tax provision |  |  | (41,269 | ) |  |  | (40,999 | )
Net income |  |  | 110,882 |  |  |  | 136,473 |
Net income attributable to noncontrolling interest |  |  | 537 |  |  |  | — |
Net income attributable to Boyd Gaming |  | $ | 111,419 |  |  | $ | 136,473 |
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 Expenses The Company's chief operating decision maker ("CODM") is our President and Chief Executive Officer. To monitor performance, the CODM regularly receives and reviews revenue and Adjusted EBITDAR information monthly for each operating segment aggregated by reportable segment, as well as consolidated expense information. Additionally, the CODM receives estimated and forecasted expense information by operating segment, as well as Adjusted EBITDAR margins and customer play on a segment basis. The CODM uses Adjusted EBITDAR margins to monitor the operating efficiencies of segments and customer play trends to monitor the overall health of the player in each segment. The CODM evaluates operating performance and allocates resources based on revenue and Adjusted EBITDAR. In particular, the CODM utilizes Adjusted EBITDAR to evaluate total company performance and individual operating segment performance. In addition, the CODM utilizes Adjusted EBITDAR in the evaluation of incentive compensation and in the annual budget process. Finally, the CODM uses Adjusted EBITDAR in the evaluation of potential acquisitions. As expense information provided is either at the consolidated Company level or is estimated or forecasted, and the CODM is not able to easily compute any segment expenses, the Company has aggregated all expenses into a single other segment expense category to reconcile segment revenues to Adjusted EBITDAR, the segment performance measure. The following table reconciles, for the periods indicated, the revenues of our Reportable Segments and our Managed & Other category to Adjusted EBITDAR.
|  | Las Vegas |  |  | Downtown |  |  | Midwest & |  |  |  |  |  |  | Managed & |  |  |  |  |
(In thousands) |  | Locals |  |  | Las Vegas |  |  | South |  |  | Online |  |  | Other |  |  | Total |
Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 222,799 |  |  | $ | 57,287 |  |  | $ | 504,587 |  |  | $ | 169,573 |  |  | $ | 37,319 |  |  | $ | 991,565 |
Other segment expenses (1) |  |  | 116,252 |  |  |  | 36,364 |  |  |  | 321,365 |  |  |  | 146,267 |  |  |  | 10,000 |  |  |  | 630,248 |
Corporate expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23,800 |
Adjusted EBITDAR |  | $ | 106,547 |  |  | $ | 20,923 |  |  | $ | 183,222 |  |  | $ | 23,306 |  |  | $ | 27,319 |  |  | $ | 337,517 |
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 225,622 |  |  | $ | 53,531 |  |  | $ | 500,766 |  |  | $ | 146,170 |  |  | $ | 34,432 |  |  | $ | 960,521 |
Other segment expenses (1) |  |  | 115,184 |  |  |  | 35,716 |  |  |  | 319,772 |  |  |  | 125,694 |  |  |  | 9,651 |  |  |  | 606,017 |
Corporate expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,018 |
Adjusted EBITDAR |  | $ | 110,438 |  |  | $ | 17,815 |  |  | $ | 180,994 |  |  | $ | 20,476 |  |  | $ | 24,781 |  |  | $ | 330,486 |
(1) Other segment expenses include gaming taxes, payroll and payroll related costs, advertising, property insurance, property taxes, professional fees, utilities, and various other expenses 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:
|  | March 31, |  |  | December 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Assets |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 1,603,655 |  |  | $ | 1,623,935 |
Downtown Las Vegas |  |  | 286,545 |  |  |  | 292,765 |
Midwest & South |  |  | 3,843,836 |  |  |  | 3,855,386 |
Online |  |  | 178,814 |  |  |  | 185,567 |
Managed & Other |  |  | 115,890 |  |  |  | 115,839 |
Corporate |  |  | 440,270 |  |  |  | 318,323 |
Total Assets |  | $ | 6,469,010 |  |  | $ | 6,391,815 |

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