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Pay vs Performance Disclosure
Unit_pure in Thousands

12 Months Ended

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

PAY VS. PERFORMANCE

The following information provides detail on the relationship between executive compensation actually paid and certain financial performance metrics. For additional information on how the Company aligns executive compensation with Company performance, see “

Compensation Discussion and Analysis

”.


																						Value of $100 Initial Investment Based On:
Year		Summary Compensation Table Total for CEO ($)					Compensation Actually Paid to CEO ($)(1)					Average Summary Compensation Table Total for Non-CEO Named Executive Officers ($)(2)					Average Compensation Actually Paid to Non-CEO Named Executive Officers ($)(3)					Total Shareholder Return ($)(4)					Peer Group Total Shareholder Return ($)(5)					Net Income (Loss) (in thousands) ($)					Adjusted EBITDAR (in thousands) ($)
2024				11,495,978					14,442,596					3,567,259					4,362,719					250.18					75.79					577,952					1,390,593
2023				11,410,646					14,804,618					3,318,748					4,115,019					213.58					75.96					620,023					1,394,791
2022				10,369,721					7,120,582					3,431,198					2,454,683					184.16					58.28					639,377					1,390,509
2021				14,740,782					25,387,421					4,531,494					7,532,905					219.00					78.17					463,846					1,365,985
2020				2,973,606					8,720,802					1,331,123					2,975,201					143.35					89.66					(134,700	)				609,894

(1)	Compensation actually paid to Mr. Smith for each of the fiscal years reported is calculated as follows:


		2024($)				2023($)				2022($)				2021($)				2020($)
Total compensation reported in Summary Compensation Table			11,495,978				11,410,646				10,369,721				14,740,782				2,973,606
Less: Grant date fair value of equity awarded in current year(a)			6,691,049				6,666,287				6,430,512				8,940,265				213,746
Plus:
Fair value as of December 31 of awards granted during and outstanding at the end of the fiscal year			7,324,944				6,181,611				4,952,415				10,841,081				—
Change in fair value of outstanding awards granted in prior fiscal years(b)			1,431,330				1,307,514				(2,628,668	)			6,743,562				6,085,478
Vesting date fair value of equity awards granted and vested during the fiscal year			232,496				225,011				217,516				213,759				213,746
Change in fair value of awards granted in prior fiscal years and vested during the covered fiscal year(c)			648,897				2,346,123				640,110				1,788,502				(338,282	)
Earnings paid on unvested awards for dividends or other earnings			—				—				—				—				—
Less: Fair value as of December 31 of awards granted in prior fiscal years that did not meet vesting conditions			—				—				—				—				—
Compensation actually paid(d)			14,442,596				14,804,618				7,120,582				25,387,421				8,720,802

(a) Includes time-based RSUs and Performance Shares, which do not vest during the fiscal year awarded, and Career Shares, which vest 100% when granted.

(b)

Change in fair value from December 31 of the covered fiscal year compared to December 31 of the prior fiscal year. Each Performance Share included as part of the calculation represents a contingent right to receive up to a maximum of two shares of common stock, subject to satisfaction of certain performance metrics. Amounts reported assume the performance metrics will be achieved at the target performance level, which is the most probable outcome as of the end of the fiscal year, unless otherwise noted. Interim values based on assumption of the most probable outcome may not ultimately reflect actual payouts.

(c)

Change in fair value from vesting date compared to December 31 of the prior fiscal year.

(d)

The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.

(2)	NEOs included in the calculation for 2024 are Messrs. Hirsberg, Thompson, Bogich, and Clinton, for 2023 are Messrs. Hirsberg, Thompson, Bogich, Clinton, and William S. Boyd, and for each of 2022, 2021 and 2020 are Messrs. Hirsberg, Thompson, Bogich, and Boyd.

(3)	Average compensation actually paid to non-CEO NEOs reported on an average basis is calculated as follows:


		2024($)				2023($)				2022($)				2021($)				2020($)
Total compensation reported in Summary Compensation Table			3,567,259				3,318,748				3,431,198				4,531,494				1,331,123
Less: Grant date fair value of equity awarded in current year (a)			1,885,237				1,724,816				1,751,000				2,350,193				110,058
Plus:
Fair value as of December 31 of awards granted during and outstanding at the end of the fiscal year			2,041,539				1,584,293				1,331,398				2,826,067				42,043
Change in fair value of outstanding awards granted in prior fiscal years (b)			412,304				362,981				(810,433	)			2,023,149				1,676,692
Vesting date fair value of equity awards granted and vested during the fiscal year			78,666				86,706				94,075				94,086				91,872
Change in fair value of awards granted in prior fiscal years and vested during the covered fiscal year (c)			148,188				487,278				159,445				408,302				(56,471	)
Earnings paid on unvested awards for dividends or other earnings			—				—				—				—				—
Less: Fair value as of December 31 of awards granted in prior fiscal years that did not meet vesting conditions			—				—				—				—				—
Compensation actually paid (d)			4,362,719				4,115,019				2,454,683				7,532,905				2,975,201

(a) Includes time-based RSUs and Performance Shares, which do not vest during the fiscal year awarded, and Career Shares. As of December 31, 2024, Messrs. Thompson and Bogich were fully vested in each of their respective Career Shares, Mr. Hirsberg was 75% vested, and Mr. Clinton was entirely unvested. See “

Compensation Discussion and Analysis—Career Shares Program

.”

(b)

Change in fair value from December 31 of the covered fiscal year compared to December 31 of the prior fiscal year. Each Performance Share included as part of the calculation represents a contingent right to receive up to a maximum of two shares of common stock, subject to satisfaction of certain performance metrics. Amounts reported assume the performance metrics will be achieved at the target performance level, which is the most probable outcome as of the end of the fiscal year, unless otherwise noted. Interim values based on assumption of the most probable outcome may not ultimately reflect actual payouts.

(c)

Change in fair value from vesting date compared to December 31 of the prior fiscal year.

(d)

The assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.

(4)	Assumes $100 was invested on December 31, 2019.

(5)	Represents the cumulative total return of the Dow Jones U.S. Gambling Index and assumes $100 was invested on December 31, 2019.

Company Selected Measure Name

Adjusted EBITDAR

Named Executive Officers, Footnote

NEOs included in the calculation for 2024 are Messrs. Hirsberg, Thompson, Bogich, and Clinton, for 2023 are Messrs. Hirsberg, Thompson, Bogich, Clinton, and William S. Boyd, and for each of 2022, 2021 and 2020 are Messrs. Hirsberg, Thompson, Bogich, and Boyd.

Peer Group Issuers, Footnote

Represents the cumulative total return of the Dow Jones U.S. Gambling Index and assumes $100 was invested on December 31, 2019.

PEO Total Compensation Amount

$ 11,495,978

$ 11,410,646

$ 10,369,721

$ 14,740,782

$ 2,973,606

PEO Actually Paid Compensation Amount

$ 14,442,596

14,804,618

7,120,582

25,387,421

8,720,802

Adjustment To PEO Compensation, Footnote


		2024($)				2023($)				2022($)				2021($)				2020($)
Total compensation reported in Summary Compensation Table			11,495,978				11,410,646				10,369,721				14,740,782				2,973,606
Less: Grant date fair value of equity awarded in current year(a)			6,691,049				6,666,287				6,430,512				8,940,265				213,746
Plus:
Fair value as of December 31 of awards granted during and outstanding at the end of the fiscal year			7,324,944				6,181,611				4,952,415				10,841,081				—
Change in fair value of outstanding awards granted in prior fiscal years(b)			1,431,330				1,307,514				(2,628,668	)			6,743,562				6,085,478
Vesting date fair value of equity awards granted and vested during the fiscal year			232,496				225,011				217,516				213,759				213,746
Change in fair value of awards granted in prior fiscal years and vested during the covered fiscal year(c)			648,897				2,346,123				640,110				1,788,502				(338,282	)
Earnings paid on unvested awards for dividends or other earnings			—				—				—				—				—
Less: Fair value as of December 31 of awards granted in prior fiscal years that did not meet vesting conditions			—				—				—				—				—
Compensation actually paid(d)			14,442,596				14,804,618				7,120,582				25,387,421				8,720,802

(a) Includes time-based RSUs and Performance Shares, which do not vest during the fiscal year awarded, and Career Shares, which vest 100% when granted.

(b)

Change in fair value from December 31 of the covered fiscal year compared to December 31 of the prior fiscal year. Each Performance Share included as part of the calculation represents a contingent right to receive up to a maximum of two shares of common stock, subject to satisfaction of certain performance metrics. Amounts reported assume the performance metrics will be achieved at the target performance level, which is the most probable outcome as of the end of the fiscal year, unless otherwise noted. Interim values based on assumption of the most probable outcome may not ultimately reflect actual payouts.

(c)

Change in fair value from vesting date compared to December 31 of the prior fiscal year.

(d)

The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.

Non-PEO NEO Average Total Compensation Amount

$ 3,567,259

3,318,748

3,431,198

4,531,494

1,331,123

Non-PEO NEO Average Compensation Actually Paid Amount

$ 4,362,719

4,115,019

2,454,683

7,532,905

2,975,201

Adjustment to Non-PEO NEO Compensation Footnote


		2024($)				2023($)				2022($)				2021($)				2020($)
Total compensation reported in Summary Compensation Table			3,567,259				3,318,748				3,431,198				4,531,494				1,331,123
Less: Grant date fair value of equity awarded in current year (a)			1,885,237				1,724,816				1,751,000				2,350,193				110,058
Plus:
Fair value as of December 31 of awards granted during and outstanding at the end of the fiscal year			2,041,539				1,584,293				1,331,398				2,826,067				42,043
Change in fair value of outstanding awards granted in prior fiscal years (b)			412,304				362,981				(810,433	)			2,023,149				1,676,692
Vesting date fair value of equity awards granted and vested during the fiscal year			78,666				86,706				94,075				94,086				91,872
Change in fair value of awards granted in prior fiscal years and vested during the covered fiscal year (c)			148,188				487,278				159,445				408,302				(56,471	)
Earnings paid on unvested awards for dividends or other earnings			—				—				—				—				—
Less: Fair value as of December 31 of awards granted in prior fiscal years that did not meet vesting conditions			—				—				—				—				—
Compensation actually paid (d)			4,362,719				4,115,019				2,454,683				7,532,905				2,975,201

(a) Includes time-based RSUs and Performance Shares, which do not vest during the fiscal year awarded, and Career Shares. As of December 31, 2024, Messrs. Thompson and Bogich were fully vested in each of their respective Career Shares, Mr. Hirsberg was 75% vested, and Mr. Clinton was entirely unvested. See “

Compensation Discussion and Analysis—Career Shares Program

.”

(b)

Change in fair value from December 31 of the covered fiscal year compared to December 31 of the prior fiscal year. Each Performance Share included as part of the calculation represents a contingent right to receive up to a maximum of two shares of common stock, subject to satisfaction of certain performance metrics. Amounts reported assume the performance metrics will be achieved at the target performance level, which is the most probable outcome as of the end of the fiscal year, unless otherwise noted. Interim values based on assumption of the most probable outcome may not ultimately reflect actual payouts.

(c)

Change in fair value from vesting date compared to December 31 of the prior fiscal year.

(d)

The assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid and Cumulative Total Shareholder Return (“TSR”)

As described in “

Compensation Discussion and Analysis

”, equity awards comprise approximately 60% of our CEO’s compensation awarded during the fiscal year. These awards consist of performance-based RSUs, time-based RSUs, and Career RSUs. Generally, time-based RSUs and performance-based RSUs do not vest during the year awarded. Subject to certain exceptions as noted above, the degree to which career shares may be distributed at retirement depends on the satisfaction of certain age and service criteria. The following graph demonstrates the relationship between compensation actually paid and cumulative TSR considering the Company’s emphasis on long-term equity awards.

Compensation Actually Paid vs. Net Income

Compensation Actually Paid and Net Income

The following table demonstrates the relationship between compensation actually paid and net income, which is not a performance metric used in our overall compensation program but is related to Adjusted EBITDAR, which is included in our compensation program. See “

—

Compensation Actually Paid and Adjusted EBITDAR

”.

Compensation Actually Paid vs. Company Selected Measure

Compensation Actually Paid and Adjusted EBITDAR

We believe Adjusted EBITDAR is the most important indicator of our financial performance, which is indicated by the relative significance it bears in achievement of short- and long-term incentives. See “

Compensation Discussion and Analysis

”. The graph below demonstrates the relationship between compensation actually paid and Adjusted EBITDAR.

Tabular List, Table

Financial Performance Measures

We structure our pay principles to balance achievement of short- and long-term goals with a focus on Company performance, as described in “

Compensation Discussion and Analysis

”. We view the following financial performance measures as the most important financial performance measures in determining compensation actually paid to our CEO and other NEOs for the most recently completed fiscal year:

•

Adjusted EBITDAR;

•

Consolidated Adjusted EBITDAR margin; and

•

Return on invested capital (“ROIC”).

Total Shareholder Return Amount

$ 250.18

213.58

184.16

219

143.35

Peer Group Total Shareholder Return Amount

75.79

75.96

58.28

78.17

89.66

Net Income (Loss)

$ 577,952,000

$ 620,023,000

$ 639,377,000

$ 463,846,000

$ (134,700,000)

Company Selected Measure Amount

1,390,593

1,394,791

1,390,509

1,365,985

609,894

Mr. Smith

Pay vs Performance Disclosure

Adjusted EBITDAR

Pay vs Performance Disclosure

Consolidated Adjusted EBITDAR margin

Pay vs Performance Disclosure

Return on invested capital (“ROIC”)

PEO | Grant date fair value of equity awarded in current year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (6,691,049)

$ (6,666,287)

$ (6,430,512)

$ (8,940,265)

$ (213,746)

PEO | Fair value as of December 31 of awards granted during and outstanding at the end of the fiscal year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

7,324,944

6,181,611

4,952,415

10,841,081

0

PEO | Change in fair value of outstanding awards granted in prior fiscal years [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,431,330

1,307,514

(2,628,668)

6,743,562

6,085,478

PEO | Vesting date fair value of equity awards granted and vested during the fiscal year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

232,496

225,011

217,516

213,759

213,746

PEO | Change in fair value of awards granted in prior fiscal years and vested during the covered fiscal year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

648,897

2,346,123

640,110

1,788,502

(338,282)

PEO | Earnings paid on unvested awards for dividends or other earnings [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

0

0

0

0

PEO | Fair value as of December 31 of awards granted in prior fiscal years that did not meet vesting conditions [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

0

0

0

0

Non-PEO NEO | Grant date fair value of equity awarded in current year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,885,237)

(1,724,816)

(1,751,000)

(2,350,193)

(110,058)

Non-PEO NEO | Fair value as of December 31 of awards granted during and outstanding at the end of the fiscal year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,041,539

1,584,293

1,331,398

2,826,067

42,043

Non-PEO NEO | Change in fair value of outstanding awards granted in prior fiscal years [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

412,304

362,981

(810,433)

2,023,149

1,676,692

Non-PEO NEO | Vesting date fair value of equity awards granted and vested during the fiscal year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

78,666

86,706

94,075

94,086

91,872

Non-PEO NEO | Change in fair value of awards granted in prior fiscal years and vested during the covered fiscal year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

148,188

487,278

159,445

408,302

(56,471)

Non-PEO NEO | Earnings paid on unvested awards for dividends or other earnings [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

0

0

0

0

Non-PEO NEO | Fair value as of December 31 of awards granted in prior fiscal years that did not meet vesting conditions [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 0

$ 0

$ 0

$ 0

$ 0