What changed in this filing

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Item 1. Financial Statements

2024-10-31 compared with 2024-08-01 · 199 added, 79 removed, 987 unchanged (22% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

September 30,

(In thousands, except share data)

58 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

(In thousands, except per share data)

28 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

(In thousands)

13 unchanged sentences

— — — 136,473 — 136,473

Comprehensive income, net of tax

Fair value adjustments to available-for-sale securities

— — — — 250 250

14 unchanged sentences

— — — 139,845 — 139,845

Comprehensive loss, net of tax

Fair value adjustments to available-for-sale securities

— — — — ( 394 ) ( 394 )

13 unchanged sentences

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

— — — 131,128 — 131,128

Fair value adjustments to available-for-sale securities

— — — — 504 504

Foreign currency translation adjustments

— — — — 159 159

Release of restricted stock units, net of tax

1,423 — ( 32 ) ( 8 ) — ( 40 )

Shares repurchased and retired

( 3,461,140 ) ( 35 ) ( 7,508 ) ( 196,508 ) — ( 204,051 )

Dividends declared ($ 0.17 per share)

— — — ( 15,151 ) — ( 15,151 )

Share-based compensation costs

— — 7,540 — — 7,540

Balances, September 30, 2024

88,849,292 $ 888 $ — $ 1,631,949 $ ( 1,035 ) $ 1,631,802

Accumulated Other

5 unchanged sentences

— — — 199,731 — 199,731

Comprehensive income, net of tax

Fair value adjustments to available-for-sale securities

— — — — 474 474

15 unchanged sentences

— — — 192,454 — 192,454

Comprehensive income, net of tax

Fair value adjustments to available-for-sale securities

— — — — 112 112

11 unchanged sentences

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

— — — 135,233 — 135,233

Fair value adjustments to available-for-sale securities

— — — — ( 119 ) ( 119 )

Foreign currency translation adjustments

— — — — ( 254 ) ( 254 )

Release of restricted stock units, net of tax

1,974 — ( 56 ) — — ( 56 )

Shares repurchased and retired

( 1,627,777 ) ( 16 ) ( 107,345 ) — — ( 107,361 )

Dividends declared ($ 0.16 per share)

— — — ( 15,804 ) — ( 15,804 )

Share-based compensation costs

— — 8,033 — — 8,033

Balances, September 30, 2023

98,386,239 $ 984 $ 3,355 $ 1,765,111 $ ( 969 ) $ 1,768,481

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

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Six Months Ended

Nine Months Ended

September 30,

(In thousands)

9 unchanged sentences

Other operating activities

Changes in operating assets and liabilities:

Changes in operating assets and liabilities, excluding the impact of acquisition:

Accounts receivable, net

Prepaid expenses and other current assets

Income taxes receivable, net

Income taxes (receivable) payable, net

Other assets, net

6 unchanged sentences

Payments received on note receivable

Cash paid for acquisition, net of cash received

Other investing activities

23 unchanged sentences

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023

______________________________________________________________________________________________________

29 unchanged sentences

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.

September 30,

(In thousands)

7 unchanged sentences

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023

______________________________________________________________________________________________________

38 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

(In thousands)

5 unchanged sentences

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023

______________________________________________________________________________________________________

1 unchanged sentence

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.

Gaming taxes recorded as gaming expense totaled approximately $ 129.5 million and $ 128.1 million for the three months ended September 30, 2024 and 2023 , respectively, and were $ 386.4 million and $ 387.8 million for the nine months ended September 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 $ 3.7 million and $ 2.1 million for the three months ended September 30, 2024 and 2023 , respectively, and $ 9.3 million and $ 3.9 million for the nine months ended September 30, 2024 and 2023 , respectively.

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.

23 unchanged sentences

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.

If applicable, accrued interest and penalties are included in other long-term tax liabilities on the condensed 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.

As of September 30, 2024 , and for the three and nine months then ended, there were no changes to our unrecognized tax benefits to date.

Collaborative Arrangements

9 unchanged sentences

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.

These taxes and other payments totaled approximately $ 103.2 million and $ 71.4 million for the three months ended September 30, 2024 and 2023 , respectively, and $ 322.7 million and $ 230.6 million for the nine months ended September 30, 2024 and 2023 , respectively.

BOYD GAMING CORPORATION AND SUBSIDIARIES

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023

______________________________________________________________________________________________________

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 .

2 unchanged sentences

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.

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

11 unchanged sentences

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.

Resorts Digital Gaming, LLC

On September 1, 2024, Boyd Interactive Gaming, Inc.

("Boyd Interactive"), a wholly owned subsidiary of the Company, completed its acquisition of Resorts Digital Gaming, LLC ("Resorts Digital"), pursuant to a Membership Interest Purchase Agreement (the "Membership Agreement"), entered into on May 15, 2024, by and among Boyd Interactive, DGMB Casino Holding, LLC and DGMB Casino SPE Corp.

Resorts Digital is now a wholly owned subsidiary of Boyd Interactive.

Resorts Digital is an online casino operator based in New Jersey, operating a dual-brand strategy across Resorts Casino and Mohegan Sun.

This acquisition is another step forward in building out our online casino business.

In addition to acquiring the existing online business under both brands, the acquisition includes a 20 -year marketing agreement with a 10 -year renewal option that provides for marketing and promotional services at Resorts Casino in Atlantic City, New Jersey.

This marketing agreement allows us to provide our online customers in New Jersey access to a gaming entertainment property where they can redeem points earned under a loyalty program for such amenities as complimentary food & beverage and hotel rooms.

The acquired company is aggregated into our Online segment (See Note 10, Segment Information ).

Consideration Transferred

The fair value of the consideration transferred for the membership interests of Resorts Digital included the purchase price of the net assets transferred.

The total gross consideration was $ 34.0 million (with $ 3.7 million of cash and restricted cash acquired and $ 1.5 million not paid as of September 30, 2024, for total cash paid for acquisition, net of cash received as of September 30, 2024 of $ 28.8 million).

Status of Purchase Price Allocation

The Company is following the acquisition method of accounting pursuant to FASB Accounting Standards Codification Topic 805 ("ASC 805" ).

For purposes of these condensed consolidated financial statements, we have allocated the purchase price to the assets acquired and the liabilities assumed based on preliminary estimates of fair value as determined by management with the assistance from third -party specialists.

The excess of the purchase price over the preliminary estimated fair value of the assets acquired and liabilities assumed has been recorded as goodwill.

The Company has recognized the assets acquired and liabilities assumed in the acquisition based on fair value estimates as of the date of the acquisition.

The determination of the fair values of all the acquired intangible assets and the related determination of their estimated lives is currently in process.

This determination requires significant judgment and as such, management has not completed its valuation analysis and calculations in sufficient detail necessary to finalize the determination of the fair value of the intangible assets acquired, along with the related allocation of goodwill.

The final fair value determinations may be different than those reflected in the condensed consolidated financial statements at September 30, 2024 .

BOYD GAMING CORPORATION AND SUBSIDIARIES

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023

______________________________________________________________________________________________________

The following table summarizes the preliminary allocation of the purchase price:

(In thousands)

Current assets

Intangible assets

Total acquired assets

Current liabilities

Other liabilities

Total liabilities assumed

Net identifiable assets acquired

Net assets acquired

The following table summarizes the preliminary values assigned to acquired intangible assets and preliminary weighted average useful lives of definite-lived intangible assets:

(In thousands)

Gaming license right

Indefinite $ 15,000

Customer relationships

Marketing agreement

Total intangible assets acquired

The goodwill recognized is the excess of the purchase price over the preliminary values assigned to the assets acquired and liabilities assumed.

All of the goodwill was assigned to the Online reportable segment.

The Company expensed $ 0.1 million of acquisition related costs for the three and nine months ended September 30, 2024 .

These costs are included in project development, preopening and writedowns on the condensed consolidated statements of operations.

The revenue and earnings from the acquisition are not material for the period subsequent to acquisition through September 30, 2024 .

The pro-forma revenue and earnings from the acquisition assuming all impacts as if it had been completed on January 1, 2024, are not material through September 30, 2024 .

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

September 30,

(In thousands)

16 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

(In thousands)

3 unchanged sentences

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023

______________________________________________________________________________________________________

1 unchanged sentence

Intangible assets, net consist of the following:

June 30, 2024

September 30, 2024

Effect of Foreign

13 unchanged sentences

10.1 13,000 ( 2,076 ) — — 10,924

Marketing agreement

20.0 4,500 — — — 4,500

174,757 ( 52,337 ) — 87 122,507

Indefinite lived intangible assets

3 unchanged sentences

1,592,981 ( 33,960 ) ( 286,249 ) — 1,272,772

Balances, June 30, 2024

Balances, September 30, 2024

$ 1,767,738 $ ( 86,297 ) $ ( 286,249 ) $ 87 $ 1,395,279

23 unchanged sentences

$ 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 :

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

(In thousands)

5 unchanged sentences

B2C Relationships

For the year ending December 31,

2024 (excluding six months ended June 30, 2024)

Marketing Agreement

For the year ending

2024 (excluding nine months ended September 30, 2024)

$ 230 $ 967 $ 763 $ 1,362 $ 995 $ 271 $ 75 $ 4,663

8 unchanged sentences

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 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.

During the nine months ended September 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

September 30, 2024

(In thousands)

9 unchanged sentences

30,529 — ( 30,529 ) — —

Balances, June 30, 2024

Balances, September 30, 2024

$ 1,372,099 $ ( 6,134 ) $ ( 408,078 ) $ 105 $ 957,992

15 unchanged sentences

Accrued liabilities consist of the following:

September 30,

(In thousands)

17 unchanged sentences

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023

______________________________________________________________________________________________________

1 unchanged sentence

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

June 30, 2024

September 30, 2024

September 30,

(In thousands)

28 unchanged sentences

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

September 30,

(In thousands)

5 unchanged sentences

$ 1,194,600 $ 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 .

With a total revolving credit commitment of $ 1,450.0 million available under the Credit Facility, $ 380.0 million and $ 44.6 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $ 13.0 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $ 1,012.4 million as of September 30, 2024 .

Covenant Compliance

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

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

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023

______________________________________________________________________________________________________

24 unchanged sentences

$ 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 .

nine months ended September 30, 2023 .

The Company received

1 unchanged sentence

million in interest due under the note receivable during the

six months ended June 30, 2024 , and

nine months ended September 30, 2024 , and

mi llion in principal payments and

million in interest due under the note receivable during the

six months ended June 30, 2023 .

June 30, 2024 , the principal and interest outstanding on the note receivable was fully repaid.

nine months ended September 30, 2023 .

September 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

3 unchanged sentences

$ 17.2 million for our management services for the

three months ended June 30, 2024 and 2023 , respectively, and

three months ended September 30, 2024 and 2023 , respectively, and

$ 64.5 million and

$ 54.6 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.

June 30, 2024 , there have been

nine months ended September 30, 2024 and 2023 , respectively, is paid monthly and recorded in management fee revenue on the condensed consolidated statements of operations.

September 27, 2024, the Company entered into an amendment to the management agreement with Wilton Rancheria that became effective

October 2, 2024, and provides for the Company to serve as manager of the Wilton Rancheria expansion to the Sky River Casino inclusive of

400 additional slots, a parking garage, a

300 -room hotel and spa,

two additional food and beverage outlets and an entertainment and events center.

The Company is

not obligated to fund the construction and the management fee remains unchanged.

September 30, 2024 , there have been

no material changes to our commitments described under Note

16 unchanged sentences

May 4, 2023 and

June 30, 2024 ,

September 30, 2024 ,

$ 343.1 million remains available under the Share Repurchase Program.

9 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

(In thousands, except per share data)

5 unchanged sentences

$ 58.37 $ 65.30 $ 58.48 $ 64.51

( 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.

( 1 ) Shares repurchased reflect repurchases settled during the three and nine months ended September 30, 2024 and 2023 .

These amounts exclude repurchases, if any, traded but not yet settled on or before September 30, 2024 and 2023 , respectively.

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

4 unchanged sentences

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023

______________________________________________________________________________________________________

10 unchanged sentences

July 15, 2023

August 15, 2023

September 15, 2023

October 15, 2023

December 7, 2023

6 unchanged sentences

July 15, 2024

August 20, 2024

September 15, 2024

October 15, 2024

Share-Based Compensation

3 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

(In thousands)

18 unchanged sentences

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.

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 nine months ended September 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.

3 unchanged sentences

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.

As of September 30, 2024 , there was approximately $ 11.0 million, $ 3.0 million and $ 1.6 million of total unrecognized share-based compensation costs related to unvested restricted stock units ("RSUs"), PSUs and career shares, respectively.

As of September 30, 2024 , the unrecognized share-based compensation costs related to our RSUs, PSUs and career shares are expected to be recognized over approximately 2.0 years, 1.9 years and 3.5 years, respectively.

FAIR VALUE MEASUREMENTS

3 unchanged sentences

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023

______________________________________________________________________________________________________

10 unchanged sentences

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

June 30, 2024

September 30, 2024

(In thousands)

14 unchanged sentences

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 .

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 September 30, 2024 and December 31, 2023 .

Investment Available for Sale

2 unchanged sentences

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.

The significant unobservable input used to determine fair value of the instrument in the discounted cash flows analysis at September 30, 2024 and December 31, 2023 is a discount rate of 12.3 % 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.

As of September 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 September 30, 2024 and December 31, 2023 , $ 12.4 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 September 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.

1 unchanged sentence

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

(In thousands)

3 unchanged sentences

Included in interest income

43 41 132 128

Included in other comprehensive income (loss)

6 unchanged sentences

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023

______________________________________________________________________________________________________

7 unchanged sentences

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

As of September 30, 2024 , the outstanding principal balance under the note receivable was paid in full.

September 30, 2024

Outstanding Carrying Estimated Fair Value

10 unchanged sentences

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

June 30, 2024

September 30, 2024

Outstanding Carrying Estimated Fair Value

21 unchanged sentences

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 estimated fair value of our Credit Facility is based on a relative value analysis performed on or about September 30, 2024 and December 31, 2023 .

The estimated fair values of our senior notes are based on quoted market prices as of September 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.

1 unchanged sentence

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 .

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

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023

______________________________________________________________________________________________________

7 unchanged sentences

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.

The Online segment includes the operating results of Boyd Interactive, including the operating results of Resorts Digital upon acquisition on September 1, 2024, 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.

67 unchanged sentences

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023

______________________________________________________________________________________________________

2 unchanged sentences

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

Three Months Ended September 30, 2024

(In thousands)

10 unchanged sentences

$ 640,528 $ 72,728 $ 50,226 $ 141,312 $ 21,030 $ 35,422 $ 961,246

Three Months Ended June 30, 2023

Three Months Ended September 30, 2023

(In thousands)

10 unchanged sentences

$ 641,168 $ 70,986 $ 48,720 $ 90,288 $ 17,153 $ 34,849 $ 903,164

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(In thousands)

10 unchanged sentences

$ 1,925,486 $ 222,361 $ 151,768 $ 417,412 $ 64,527 $ 107,725 $ 2,889,279

Six Months Ended June 30, 2023

Nine Months Ended September 30, 2023

(In thousands)

12 unchanged sentences

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

as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023

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1 unchanged sentence

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

(In thousands)

49 unchanged sentences

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

September 30,

(In thousands)

11 unchanged sentences

SUBSEQUENT EVENTS

We have evaluated all events or transactions that occurred after June 30, 2024 .

We have evaluated all events or transactions that occurred after September 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.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements