XML 29 R17.htm IDEA: XBRL DOCUMENT v3.25.3

Note 9 - Segment Information

9 Months Ended

Sep. 30, 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 business ("Boyd Interactive") and online market access fees through our agreements with third parties throughout the United States. To reconcile Reportable Segments information to the condensed consolidated information, the Company has aggregated nonreportable operating segments into a Managed & Other category. The Managed & Other category includes management fees earned under our management contract with Wilton Rancheria for the management of Sky River Casino in northern California and the operating results of Lattner Entertainment Group Illinois, LLC, our Illinois distributed gaming operator. 

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 (3)		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⁾ Company is finalizing plans to demolish the property. Property 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.

⁽³⁾ Property will permanently close on  November 9, 2025.

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 September 30, 2025
						Food &												Online				Management
		Gaming				Beverage				Room				Online				Reimbursements				Fee				Other				Total
(In thousands)		Revenue				Revenue				Revenue				Revenue				Revenue				Revenue				Revenue				Revenue
Revenues
Las Vegas Locals		$	157,839			$	21,130			$	17,315			$	—			$	—			$	—			$	14,558			$	210,842
Downtown Las Vegas			33,704				10,754				6,017				—				—				—				2,749				53,224
Midwest & South			454,639				43,686				21,912				—				—				—				18,615				538,852
Online			—				—				—				26,893				138,704				—				—				165,597
Managed & Other			11,189				—				—				—				—				23,697				960				35,846
Total Revenues		$	657,371			$	75,570			$	45,244			$	26,893			$	138,704			$	23,697			$	36,882			$	1,004,361

		Three Months Ended September 30, 2024 (1)
						Food &												Online				Management
		Gaming				Beverage				Room				Online				Reimbursements				Fee				Other				Total
(In thousands)		Revenue				Revenue				Revenue				Revenue				Revenue				Revenue				Revenue				Revenue
Revenues
Las Vegas Locals		$	155,683			$	20,545			$	21,749			$	—			$	—			$	—			$	13,884			$	211,861
Downtown Las Vegas			33,586				10,622				6,309				—				—				—				2,783				53,300
Midwest & South			440,823				41,561				22,168				—				—				—				17,848				522,400
Online			—				—				—				38,146				103,166				—				—				141,312
Managed & Other			10,436				—				—				—				—				21,030				907				32,373
Total Revenues		$	640,528			$	72,728			$	50,226			$	38,146			$	103,166			$	21,030			$	35,422			$	961,246

		Nine Months Ended September 30, 2025 (1)
						Food &												Online				Management
		Gaming				Beverage				Room				Online				Reimbursements				Fee				Other				Total
(In thousands)		Revenue				Revenue				Revenue				Revenue				Revenue				Revenue				Revenue				Revenue
Revenues
Las Vegas Locals		$	484,961			$	68,787			$	64,224			$	—			$	—			$	—			$	44,760			$	662,732
Downtown Las Vegas			104,371				32,506				20,157				—				—				—				8,730				165,764
Midwest & South			1,344,046				126,602				59,704				—				—				—				53,164				1,583,516
Online			—				—				—				106,000				402,221				—				—				508,221
Managed & Other			34,141				—				—				—				—				72,618				2,932				109,691
Total Revenues		$	1,967,519			$	227,895			$	144,085			$	106,000			$	402,221			$	72,618			$	109,586			$	3,029,924

		Nine Months Ended September 30, 2024 (1)
						Food &												Online				Management
		Gaming				Beverage				Room				Online				Reimbursements				Fee				Other				Total
(In thousands)		Revenue				Revenue				Revenue				Revenue				Revenue				Revenue				Revenue				Revenue
Revenues
Las Vegas Locals		$	480,054			$	66,340			$	72,202			$	—			$	—			$	—			$	43,941			$	662,537
Downtown Las Vegas			104,032				32,122				19,770				—				—				—				8,608				164,532
Midwest & South			1,309,360				123,899				59,796				—				—				—				51,861				1,544,916
Online			—				—				—				94,738				322,674				—				—				417,412
Managed & Other			32,040				—				—				—				—				64,527				3,315				99,882
Total Revenues		$	1,925,486			$	222,361			$	151,768			$	94,738			$	322,674			$	64,527			$	107,725			$	2,889,279

⁽¹⁾ Revenues for the three and nine months ended September 30, 2024 have been recast to reflect the change made during the third quarter of 2025 to separate online reimbursements revenue from online revenue. Additionally, revenues for the first and second quarters of 2025 have been recast to reflect the separation of online reimbursements revenue from online revenue included in the nine months ended September 30, 2025.

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								Nine Months Ended
		September 30,								September 30,
(In thousands)		2025				2024				2025				2024
Adjusted EBITDAR
Las Vegas Locals		$	92,128			$	96,414			$	311,389			$	316,105
Downtown Las Vegas			16,118				16,511				56,446				56,344
Midwest & South			201,603				196,867				586,226				573,316
Online			9,424				26,005				54,974				63,538
Managed & Other			26,269				22,529				79,551				70,450
Corporate expense			(23,777	)			(21,694	)			(71,442	)			(68,444	)
Adjusted EBITDAR			321,765				336,632				1,017,144				1,011,309
Other operating costs and expenses
Deferred rent			147				162				441				486
Master lease rent expense			28,584				28,160				85,186				83,247
Depreciation and amortization			73,749				70,344				211,957				198,934
Share-based compensation expense			8,534				7,540				29,531				24,765
Project development, preopening and writedowns			3,972				11,347				5,214				21,954
Impairment of assets			65,123				—				97,395				10,500
Other operating items, net			1,892				(906	)			5,399				4,947
Total other operating costs and expenses			182,001				116,647				435,123				344,833
Operating income			139,764				219,985				582,021				666,476
Other expense (income)
Interest income			(1,501	)			(392	)			(3,572	)			(1,241	)
Interest expense, net of amounts capitalized			33,262				46,208				132,268				131,466
Loss on early extinguishments and modifications of debt			1,446				—				1,446				—
Other, net			(1,735,479	)			189				(1,735,420	)			289
Total other (income) expense, net			(1,702,272	)			46,005				(1,605,278	)			130,514
Income before income taxes			1,842,036				173,980				2,187,299				535,962
Income tax provision			(403,200	)			(42,852	)			(487,227	)			(128,516	)
Net income			1,438,836				131,128				1,700,072				407,446
Net loss attributable to noncontrolling interest			1,157				—				2,798				—
Net income attributable to Boyd Gaming		$	1,439,993			$	131,128			$	1,702,870			$	407,446

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 September 30, 2025
Revenues		$	210,842			$	53,224			$	538,852			$	165,597			$	35,846			$	1,004,361
Other segment expenses (1)			118,714				37,106				337,249				156,173				9,577				658,819
Corporate expense			—				—				—				—				—				23,777
Adjusted EBITDAR		$	92,128			$	16,118			$	201,603			$	9,424			$	26,269			$	321,765
Three Months Ended September 30, 2024
Revenues		$	211,861			$	53,300			$	522,400			$	141,312			$	32,373			$	961,246
Other segment expenses (1)			115,447				36,789				325,533				115,307				9,844				602,920
Corporate expense			—				—				—				—				—				21,694
Adjusted EBITDAR		$	96,414			$	16,511			$	196,867			$	26,005			$	22,529			$	336,632
Nine Months Ended September 30, 2025
Revenues		$	662,732			$	165,764			$	1,583,516			$	508,221			$	109,691			$	3,029,924
Other segment expenses (1)			351,343				109,318				997,290				453,247				30,140				1,941,338
Corporate expense			—				—				—				—				—				71,442
Adjusted EBITDAR		$	311,389			$	56,446			$	586,226			$	54,974			$	79,551			$	1,017,144
Nine Months Ended September 30, 2024
Revenues		$	662,537			$	164,532			$	1,544,916			$	417,412			$	99,882			$	2,889,279
Other segment expenses (1)			346,432				108,188				971,600				353,874				29,432				1,809,526
Corporate expense			—				—				—				—				—				68,444
Adjusted EBITDAR		$	316,105			$	56,344			$	573,316			$	63,538			$	70,450			$	1,011,309

⁽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:

		September 30,				December 31,
(In thousands)		2025				2024
Assets
Las Vegas Locals		$	1,637,837			$	1,623,935
Downtown Las Vegas			287,249				292,765
Midwest & South			3,827,138				3,855,386
Online			166,852				185,567
Managed & Other			111,748				115,839
Corporate			482,129				318,323
Total Assets		$	6,512,953			$	6,391,815

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureTextBlockAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Name:	us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration