What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-10-31 compared with 2025-07-30 · 220 added, 144 removed, 381 unchanged (49% of the section changed)

14 unchanged sentences

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.

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.

58 unchanged sentences

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.

(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.

We also own a travel agency located in Hawaii.

4 unchanged sentences

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.

We also hold a five percent equity ownership interest in FanDuel Group Parent, LLC ("FanDuel"), the nation's leading sports-betting operator.

On July 10, 2025, we entered into a definitive agreement with FanDuel and TSE Holdings Ltd., to sell our equity interest, terminate certain existing market access agreements and enter into certain new market access agreements for aggregate cash consideration of $1.755 billion.

See also Note 10 , Subsequent Events.

Until July 31, 2025, we also held a five percent equity ownership interest in FanDuel Group Parent, LLC ("FanDuel"), the nation's leading sports-betting operator.

On July 10, 2025, we entered into a definitive agreement with FanDuel and TSE Holdings Ltd., to sell our equity interest, terminate certain market access agreements and enter into certain new market access agreements.

The sale of our five percent equity interest in FanDuel closed on July 31, 2025 ("FanDuel Equity Sale"), and the Company received aggregate cash proceeds of $1,758.0 million.

See also Note 1 , Summary of Significant Accounting Policies.

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.

5 unchanged sentences

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.

The aggregate cash proceeds from the FanDuel Equity Sale during the third quarter of 2025 were used primarily to repay outstanding borrowings under our Credit Facility.

Evaluating Acquisition and Growth Opportunities

30 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

(In millions)

2 unchanged sentences

Total Revenues

Total revenues for the three months ended June 30, 2025 increased by $66.5 million, or 6.9% , compared to the prior year comparable period, primarily due to the following:

(i) an increase in online revenue of $43.1 million, which was driven by an increase of $30.4 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the three months ended June 30, 2025, as compared to the prior year comparable period and a $10.7 million increase in revenue from Boyd Interactive's operations, which was driven primarily by the acquisition of Resorts Digital Gaming, LLC ("Boyd Digital") on September 1, 2024;

(ii) an increase in gaming revenues of $20.6 million, or 3.2%, driven by an increase in slot handle of 3.6%, slot win of 3.5% and table game hold of 7.1%;

and (iii) an increase of $2.5 million related to the Sky River Casino management fee.

Total revenues for the six months ended June 30, 2025 increased by $97.5 million, or 5.1% , compared to the prior year comparable period, primarily due to the following:

(i) an increase in online revenue of $66.5 million, which was driven by an increase of $44.0 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the six months ended June 30, 2025, as compared to the prior year comparable period and a $21.6 million increase in revenue from Boyd Interactive's operations, which was driven primarily by the acquisition of Boyd Digital on September 1, 2024;

(ii) an increase in gaming revenues of $25.2 million, or 2.0%, driven by an increase in slot handle of 2.6%, slot win of 2.2% and table game hold of 5.9%;

and (iii) an increase of $5.4 million related to the Sky River Casino management fee.

Total revenues for the three months ended September 30, 2025 increased by $43.1 million, or 4.5% , compared to the prior year comparable period, primarily due to the following:

(i) an increase in online reimbursements revenue of $35.5 million, which relates to reimbursements of gaming taxes and other expenses paid on behalf of our online partners;

(ii) an increase in gaming revenues of $16.8 million, or 2.6%, driven by an increase in slot handle of 4.1% and slot win of 3.9%;

and offset by (iii) a decrease in online revenue of $11.3 million which was driven by a $20.5 million decrease in revenue related to our market access agreements primarily due to the termination of certain agreements and entry into certain new agreements at lower rates than those terminated, and offset by a $9.2 million increase in revenue from Boyd Interactive's operations, which was driven primarily by the acquisition of Resorts Digital Gaming, LLC ("Boyd Digital") on September 1, 2024.

Total revenues for the nine months ended September 30, 2025 increased by $140.6 million, or 4.9% , compared to the prior year comparable period, primarily due to the following:

(i) an increase in online reimbursements revenue of $79.5 million, which relates to reimbursements of gaming taxes and other expenses paid on behalf of our online partners;

(ii) an increase in gaming revenues of $42.0 million, or 2.2%, driven by an increase in slot handle of 3.1% and slot win of 2.7%;

(iii) an increase in online revenue of $11.3 million, primarily due to a $30.8 million increase in revenue from Boyd Interactive's operations, which was driven primarily by the acquisition of Boyd Digital on September 1, 2024, offset by a $19.6 million decrease in revenue from our market access agreements driven primarily by the termination of certain agreements and entry into certain new agreements, as noted above;

and (iv) an increase of $8.1 million related to the Sky River Casino management fee.

Operating Income

Operating income increased by $15.3 million, or 6.7% , for the three months ended June 30, 2025 , compared to the prior year comparable period, primarily due to the $66.5 million total revenue increase, as discussed above.

While online revenues grew $43.1 million, $30.4 million of the 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 decreased by $4.2 million, or 0.9%, for the six months ended June 30, 2025, compared to the prior year comparable period.

Operating income was favorably impacted by the $97.5 million revenue growth, as discussed above.

W hile online revenues grew $66.5 million, $44.0 million of the 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 unfavorably impacted by a $9.6 million increase in depreciation driven by the new land-based casino at Treasure Chest, which opened in June 2024 and hotel room renovations at multiple properties.

Operating income was also unfavorably impacted by a $21.8 million increase in impairment of assets over the prior year comparable period as the Company recorded a long-lived asset impairment charge of $32.3 million during the six months ended June 30, 2025 related to property and equipment in the Las Vegas Locals segment, compared to a $10.5 million impairment charge during the six months ended June 30, 2024 related to a gaming license right in the Midwest & South segment.

Operating income decreased by $80.2 million, or 36.5% , for the three months ended September 30, 2025 , compared to the prior year comparable period, primarily due to a $65.1 million increase in impairment of assets over the prior year comparable period as the Company recorded long-lived asset impairment charges of $65.1 million during the three months ended September 30, 2025 related to property and equipment in the Las Vegas Locals and Midwest & South segments.

In addition, while total revenues grew $43.1 million, as noted above, $35.5 million is driven by an increase in online reimbursements revenue, which results in zero operating income as an equal amount is reimbursed to the Company for the amounts paid on behalf of our online partners that are recorded as expense.

Operating income was also unfavorably impacted by changes in our market access agreements, as discussed above, that drove a $20.5 million decrease in market access fee revenue.

Operating income decreased by $84.5 million, or 12.7% , for the nine months ended September 30, 2025 , compared to the prior year comparable period.

Operating income was unfavorably impacted by an $86.9 million increase in impairment of assets over the prior year comparable period as the Company recorded long-lived asset impairment charges of $97.4 million during the nine months ended September 30, 2025 related to property and equipment in the Las Vegas Locals and Midwest & South segments, compared to a $10.5 million impairment charge during the nine months ended September 30, 2024 related to a gaming license right in the Midwest & South segment.

While we experienced growth in gaming revenues during the nine months ended September 30, 2025, that growth was offset by the $19.6 million decrease in market access fee revenue, as discussed above.

In addition, the increase in online reimbursements revenue of $79.5 million resulted in zero operating income as an equal amount is also recorded as expense, as discussed above.

Net income increased $1,307.7

million for the three months ended

June 30, 2025

, compared to the prior year comparable period, primarily due to the $15.3 million increase in operating income, as discussed above.

Net income was unfavorably impacted by an increase in interest expense of $7.6 million primarily due to an increase in the weighted average long-term debt balance of $638.8 million.

Net income de

creased $15.1

million for the six months ended June 30, 2025, compared to the prior year comparable period, primarily due to an increase in interest expense of $13.7 million, which was driven by an increase in the weighted average long-term debt balance of $568.9 million, and the $4.2 million operating income decline, as discussed above.

for the three months ended

September 30, 2025

, compared to the prior year comparable period, primarily due to the following:

(i) a $1,748.0 million gain on the FanDuel Equity Sale in the third quarter of 2025;

offset by (ii) a $360.3 million increase in the income tax provision primarily driven by the FanDuel Equity Sale;

and offset by (iii) the $80.2 million decrease in operating income, as discussed above.

Net income in

creased $1,292.6 million

for the nine months ended September 30, 2025, compared to the prior year comparable period, primarily due to the following:

(i) a $1,748.0 million gain on the FanDuel Equity Sale in the third quarter of 2025;

offset by (ii) a $358.7 million increase in the income tax provision primarily driven by the FanDuel Equity Sale;

and offset by (iii) the $84.5 million decrease in operating income, as discussed above.

Operating Revenues

We derive the majority of our revenues from our gaming operations, which produced approximately

65% of revenues for the three and six months ended

June 30, 2025, respectively, and

67% of revenues for the three and six months ended June 30, 2024, 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

65% of revenues for the

three and nine months ended September 30, 2025, respectively, and

67% of revenues for the

three and nine months ended September 30, 2024, respectively.

Online reimbursements revenues, which include reimbursements received from our third-party operators for gaming taxes and other expenses we pay under market access arrangements, represent our next most significant revenue source, generating

of revenues for the three months ended

June 30, 2025

September 30, 2025

, respectively, and 13% and 11% of revenues for the

six months ended June 30, 2025 and 2024

nine months ended September 30, 2025 and 2024

, respectively.

Food & beverage revenues, room revenues, management fee revenues and other revenues each separately contributed 8% or less of revenues during these periods.

Food & beverage revenues, room revenues, online revenues, management fee revenues and other revenues each separately contributed 8% or less of revenues during these periods.

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

(In millions)

Food & beverage

Online reimbursements

Management fee

2 unchanged sentences

Food & beverage

Online reimbursements

Total departmental operating expenses

Food & beverage

Online reimbursements

Gaming revenues are comprised primarily of the net win from our slot machine operations and to a lesser extent from table games win.

The increase in gaming revenues of $20.6 million, or 3.2% , during the three months ended June 30, 2025 , compared to the prior year comparable period, was primarily due to increases in slot handle of 3.6%, slot win of 3.5% and table game hold of 7.1%.

Gaming revenues increased $25.2 million, or 2.0% , during the six months ended June 30, 2025 , compared to the prior year comparable period, and was primarily due to increases in slot handle of 2.6%, slot win of 2.2% and table game hold of 5.9%.

The increase in gaming revenues of $16.8 million, or 2.6% , during the three months ended September 30, 2025 , compared to the prior year comparable period, was primarily due to increases in slot handle of 4.1% and slot win of 3.9%.

Gaming revenues increased $42.0 million, or 2.2% , during the nine months ended September 30, 2025 , compared to the prior year comparable period, and was primarily due to increases in slot handle of 3.1% and slot win of 2.7%.

Food & Beverage

Food & beverage revenues increased $1.2 million, or 1.5% , and $2.7 million, or 1.8% during the three and six months ended June 30, 2025 , respectively, compared to the prior year comparable periods, primarily due to increases in average guest check of 5.6% and 5.4%, respectively, over the prior year comparable periods.

Room revenues decreased $1.1 million, or 2.2% , and $2.7 million, or 2.7% during the three and six months ended June 30, 2025 , respectively, compared to the prior year comparable periods, primarily due to a decline in average daily rate of 2.5% and 2.8%, respectively, over the prior year comparable periods.

Online reven ues increased $43.1 million during the three months ended June 30, 2025 , compared to the prior year comparable period, primarily driven by an increase of $30.4 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners and a $10.7 million increase in revenue from Boyd Interactive's operations, driven by the acquisition of Boyd Digital on September 1, 2024.

Online revenu es increased $66.5 million during the six months ended June 30, 2025 , compared to the prior year comparable period, primarily driven by an increase of $44.0 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners and a $21.6 million increase in revenue from Boyd Interactive's operations, driven by the acquisition of Boyd Digital on September 1, 2024.

Food & beverage revenues increased $2.8 million, or 3.9% , during the three months ended September 30, 2025 , compared to the prior year comparable period, primarily due to an increase in average guest check of 10.1%, offset by a 4.5% decrease in food covers.

Food & beverage margin for the three months ended September 30, 2025 , decreased to 10.7% from 13.8% for the prior year comparable period, primarily due to a 14.6% increase in cost per cover.

Food & beverage revenues increased $5.5 million, or 2.5% , during the nine months ended September 30, 2025 , compared to the prior year comparable period, primarily due to an increase in average guest check of 6.9%, offset by a 2.4% decrease in food covers.

Food & beverage margin for the nine months ended September 30, 2025 , decreased to 13.8% from 15.5% for the prior year comparable period, primarily due to a 9.3% increase in cost per cover.

Room revenues decreased $5.0 million, or 9.9% , during the three months ended September 30, 2025 , compared to the prior year comparable period, primarily due to declines in average daily rate and hotel occupancy rate of 3.5% and 2.4%, respectively.

Room margin for the three months ended September 30, 2025 , decreased to 56.9% from 60.8% for the prior year comparable period, primarily due to a 5.2% increase in cost per room.

Room revenues decreased $7.7 million, or 5.1% , during the nine months ended September 30, 2025 , compared to the prior year comparable period, primarily due to a decline in average daily rate of 3.0%.

Room margin for the nine months ended September 30, 2025 , declined to 59.8% from 62.0% for the prior year comparable period, primarily due to a 3.3% increase in cost per room.

Online reve nues decreased $11.3 million during the three months ended September 30, 2025 , compared to the prior year comparable period, driven by a $20.5 million decrease in revenue related to our market access agreements primarily due to the termination of certain agreements and entry into certain new agreements at lower rates than those terminated .

Offsetting this decline is a $9.2 million increase in revenue from Boyd Interactive's operations, which was driven primarily by the acquisition of Boyd Digital on September 1, 2024.

Online margins for the three months ended September 30, 2025, decreased to 33.8% from 68.8% for the prior year comparable period, due primarily to the changes in our market access agreements during the current year quarter.

The fees we receive under our market access agreements generate high margin revenues as we incur minimal costs related to such agreements.

As such, the lower market access fees we now receive from the new agreements entered into during the third quarter of 2025 had an unfavorable impact on margins as compared to the prior year, and we expect these lower margins to continue.

Online revenues increased $11.3 million during the nine months ended September 30, 2025 , compared to the prior year comparable period, primarily driven by a $30.8 million increase in revenue from Boyd Interactive's operations, which was driven primarily by the acquisition of Boyd Digital on September 1, 2024 offset by a $19.6 million decrease in revenue related to our market access agreement changes, as discussed above.

Similar to the three months ended September 30, 2025, compared to the prior year comparable period, margins declined during the nine months ended September 30, 2025, compared to the prior year comparable period, due to the changes in the market access agreements in the third quarter of 2025 that resulted in lower market access fees, as discussed above.

Online reimbursements

Online reimbursements reven ues increased $35.5 million and $79.5 million during the three and nine months ended September 30, 2025 , respectively, as compared to the prior year comparable periods, and represent an increase in reimbursements of gaming taxes and other expenses paid on behalf of our online partners.

Management fee

Management fee revenues during the three months ended June 30, 2025 and 2024 of $23.8 million and $21.3 milli on, respectively, and during the six months ended June 30, 2025 and 2024 of $48.9 million and $43.5 milli on, respectively, relate to our management agreement with Wilton Rancheria to manage the Sky River Casino in northern California.

Management fee revenues during the three months ended September 30, 2025 and 2024 of $23.7 million and $21.0 milli on, respectively, and during the nine months ended September 30, 2025 and 2024 of $72.6 million and $64.5 milli on, respectively, relate to our management agreement with Wilton Rancheria to manage the Sky River Casino in northern California.

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 rev enues increased $0.2 milli on, or 0.5%, and $0.4 million, or 0.6%, during the three and six months ended June 30, 2025 , respectively, as compared to the corresponding periods of the prior year.

Other revenues increased $1.5 million, or 4.1% , and $1.9 million, or 1.7% , during the three and nine months ended September 30, 2025 , respectively, as compared to the corresponding periods of the prior year.

Revenues and Adjusted EBITDAR by Reportable Segment

9 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

(In millions)

14 unchanged sentences

Las Vegas Locals

Total revenues increased by $4.0 million, or 1.8% , during the three months ended June 30, 2025 , as compared to the prior year comparable period driven by gaming revenues.

Gaming revenues increased $3.5 million primarily due to increases in slot win of 3.2% and slot handle of 2.3%.

Total revenues increased by $1.2 million, or 0.3%, during the six months ended June 30, 2025, as compared to the prior year comparable period.

Gaming revenues increased $2.8 million primarily due to increases in slot win of 1.8% and slot handle of 1.3%.

Total revenues decreased by

, during the three months ended

September 30, 2025

, as compared to the prior year comparable period.

Room revenues declined $4.4 million over the prior year comparable period, primarily due to declines in hotel occupancy rate and average daily rate of 8.1% and 9.4%, respectively.

Offsetting the decline, was an increase in gaming revenues of $2.2 million, which was primarily due to increases in slot win of 3.0% and slot handle of 3.2%.

The current year quarter was impacted overall by softness in destination business with stronger play from our local customers.

Total revenues remained generally consistent at $662.7 million and $662.6 million during the nine months ended September 30, 2025 , as compared to the prior year comparable period.

Room revenues decreased $8.0 million primarily due to declines in hotel occupancy rate and average daily rate of 3.8% and 6.8%, respectively.

The reduction in average daily rate and hotel occupancy rate was driven primarily from the prior year benefiting from the Super Bowl held in Las Vegas during the first quarter of 2024 and the softness in destination business during the third quarter of 2025.

Offsetting this decline, was an increase in gaming revenues of $4.9 million primarily due to increases in slot win of 2.2% and slot handle of 1.9%.

Food & beverage revenues increased $2.4 million which was attributable to a 1.4% increase in food covers and 7.4% increase in average guest check.

Offsetting these revenue increases, was a $3.5 million decline in room revenues.

The decrease in room revenues was attributable to declines in average daily rate of 6.2% and hotel occupancy rate of 1.6% over the prior year comparable period.

The reduction in average daily rate and hotel occupancy rate was driven primarily from the prior year benefiting from the Super Bowl held in Las Vegas during the first quarter of 2024.

Adjusted EBITDAR increased by $3.5 million, or 3.2% , and decreased by $0.4 million, or 0.2% , during the three and six months ended June 30, 2025 , respectively, as compared to the prior year comparable periods, due primarily to the revenue changes for the respective time periods discussed above.

At our Las Vegas Locals properties, gaming and room revenues are the highest margin revenue streams while food & beverage revenues have the lowest margin and are significantly lower than gaming and room margins.

The shift in the revenue growth to higher margin revenue streams for the three months ended June 30, 2025, contributed more favorably to Adjusted EBITDAR growth for this period as compared to the six months ended June 30, 2025.

Adjusted EBITDAR decreased by

three and nine months ended September 30, 2025

, respectively, as compared to the prior year comparable periods, due primarily to the revenue mix changes for the respective time periods discussed above, with higher margin room revenues decreasing from the prior year periods and lower margin food & beverage revenues increasing over the prior year periods.

Downtown Las Vegas

Total revenues decreased by $2.4 million, or 4.2%, during the three months ended June 30, 2025 , as compared to the prior year comparable period, driven by a decline in gaming revenues of $2.6 million due to decreases in slot win of 7.6% and slot handle of 6.4%.

We continue to tailor our marketing programs in the Downtown Las Vegas segment to focus on the Hawaiian market.

The Hawaiian market represented approximately 53% and 56% of our occupied rooms in this segment during the three months ended June 30, 2025 and 2024, respectively.

The second quarter of 2024 benefited from increased visitation from our Hawaiian customers, as elevated airfare prices in the first quarter of 2024 due to the Super Bowl in Las Vegas reduced Hawaiian visitation in the first quarter of 2024.

Total revenues increased by $1.3 million, or 1.2%, during the six months ended June 30, 2025, as compared to the prior year comparable period, reflecting revenue increases in all departmental categories.

Total revenues remained generally consistent at $53.2 million and $53.3 million during the three months ended September 30, 2025 and 2024, respectively.

Total revenues increased by $1.2 million, or 0.7% , during the nine months ended September 30, 2025 , as compared to the prior year comparable period, reflecting revenue increases in all departmental categories.

Room revenues increased by $0.4 million primarily due to an increase in the hotel occupancy rate of 2.3%.

Food & beverage revenue increased $0.4 million primarily due to an increase in average guest check of 4.7%.

Gaming revenue increased $0.3 million, primarily due to an increase in table game drop of 2.3%.

We continue to tailor our marketing programs in the Downtown Las Vegas segment to focus on the Hawaiian market.

The Hawaiian market represented approximately 54% and 55% of our occupied rooms in this segment during the nine months ended September 30, 2025 and 2024, respectively.

Hawaiian visitation increased 2.9% during the nine months ended September 30, 2025, compared to the prior year comparable period.

Adjusted EBITDAR decreased by

, and increased by

three and six months ended June 30, 2025

, respectively, as compared to the prior year comparable periods, due primarily to the revenue changes for the respective time periods discussed above.

three and nine months ended September 30, 2025

, respectively, as compared to the prior year comparable periods.

While revenues were generally even with the prior year in the third quarter of 2025, Adjusted EBITDAR declined as a decline in higher margin room revenues was partially offset by an increase in lower margin food & beverage revenues.

Midwest & South

Total revenues increased by $18.3 million, or 3.5% , during the three months ended June 30, 2025 , as compared to the corresponding period of the prior year.

Total revenues increased by $16.5 million, or 3.1% , during the three months ended September 30, 2025 , as compared to the corresponding period of the prior year.

Gaming revenues increased $13.8 million which was attributable to increases in slot handle of 5.0% and slot win of 4.3% over the prior year comparable period.

Total revenues increased by $38.6 million, or 2.5% , during the nine months ended September 30, 2025 , as compared to the corresponding period of the prior year.

Gaming revenues increased $34.7 million which was attributable to increases in table game hold of 5.5%, slot handle of 4.0% and slot win of 3.1% over the prior year comparable period.

The increases were primarily driven by Treasure Chest, which opened its new land-based casino in June 2024.

Total revenues increased by $22.1 million, or 2.2% , during the six months ended June 30, 2025, as compared to the corresponding period of the prior year, reflecting revenue increases in all departmental categories.

Gaming revenues increased $20.9 million which was attributable to increases in table game hold of 8.4%, slot handle of 3.4% and slot win of 2.5% over the prior year comparable period.

The increases were driven by Treasure Chest, which opened its new land-based casino in June 2024.

Adjusted EBITDA R increased by $5.9 million, or 3.0% , and $8.2 million, or 2.2%, during the three and six months ended June 30, 2025 , respectively, as compared to the corresponding prior year periods, due primarily to the gaming revenues increase, as discussed above.

Online revenu

Adjusted EBITDA R increased by $4.7 million, or 2.4% , and $12.9 million, or 2.3%, during the three and nine months ended September 30, 2025 , respectively, as compared to the corresponding prior year periods, due primarily to the gaming revenues increase, as discussed above.

Online segment revenues increased $24.3 million during the three months ended September 30, 2025 , compared to the prior year comparable period, primarily driven by an increase of $35.5 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners and a $9.2 million increase in revenue from Boyd Interactive's operations, driven by the acquisition of Boyd Digital on September 1, 2024.

Offsetting these increases is a $20.5 million decrease in revenue related to our market access agreements primarily due to the termination of certain agreements and entry into certain new agreements.

Online segment revenues increased

million during the

six months ended June 30, 2025

nine months ended September 30, 2025

, compared to the prior year comparable period, primarily driven by an increase of $79.5 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners and a $30.8 million increase in revenue from Boyd Interactive's operations, driven by the acquisition of Boyd Digital on September 1, 2024.

Adjusted EBITDAR increased $5.2 million and $8.0 million during the three and six months ended June 30, 2025 , respectively, as compared to the corresponding periods of the prior year.

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 Adjusted EBITDAR.

As such, the Adjusted EBITDAR increase for the three and six months ended June 30, 2025, is driven primarily by the revenue increase from Boyd Interactive's operations.

Managed & Ot her

three and six months ended June 30, 2025

Offsetting these increases, is a $19.6 million decrease in revenue related to the market access agreement changes, as discussed above.

Adjusted EBITDAR decreased $16.6 million and $8.6 million during the three and nine months ended September 30, 2025 , respectively, as compared to the corresponding periods of the prior year.

As discussed earlier, there is an equal amount of expense recorded for the revenue related to the reimbursement of gaming taxes and other expenses, thus resulting in no impact to Adjusted EBITDAR.

As such, the Adjusted EBITDAR decrease for the three and nine months ended September 30, 2025, is driven primarily by the reduction in revenue under our market access agreements offset by growth in Boyd Interactive's operations driven by the acquisition of Boyd Digital on September 1, 2024, all as discussed above.

Managed & Other

three and nine months ended September 30, 2025

, total revenues increased by

million and $6.3 million, respectively, and Adjusted EBITDAR increased by

million, respectively, as compared to the corresponding period of the prior year, primarily due to a $2.5 million and $5.4 million increase in Sky River Casino management fees for the

three and six months ended June 30, 2025

, respectively.

million, respectively, and Adjusted EBITDAR increased by

million, respectively, as compared to the corresponding periods of the prior year, primarily due to a $2.7 million and $8.1 million increase in Sky River Casino management fees for the

three and nine months ended September 30, 2025

, respectively, as compared to the corresponding prior year periods.

Other Operating Costs and Expenses

1 unchanged sentence

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

(In millions)

11 unchanged sentences

10.7% during the

three months ended June 30, 2025 and 2024, respectively, and

three months ended September 30, 2025 and 2024, respectively, and

10.9% during the

six months ended June 30, 2025 and 2024, respectively.

nine months ended September 30, 2025 and 2024, respectively.

While we continue to focus on our disciplined operating model and targeted marketing approach, selling, general and administrative expense

s, as a percentage of revenues, were favorably impacted by the increase in revenues over the prior year comparable period.

s, as a percentage of revenues, were favorably impacted by the increase in online reimbursements revenues over the prior year comparable period.

Absent online reimbursements revenues, selling, general and administrative expenses, as a percentage of revenues, were consistent with prior year for both the three and nine month periods ended September 30, 2025 and 2024.

Master Lease Rent Expense

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lease rent expense remained generally flat period over period at $28.6 million and $28.2 million during the

three months ended June 30, 2025 and 2024, respectively, and

three months ended September 30, 2025 and 2024, respectively, and

$85.2 million and

$83.2 million during the

six months ended June 30, 2025 and 2024, respectively.

nine months ended September 30, 2025 and 2024, respectively.

Maintenance and Utilities

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4.2% during the

three months ended June 30, 2025 and 2024, respectively, and

3.7% for both the

six months ended June 30, 2025 and 2024.

three months ended September 30, 2025 and 2024, respectively, and

3.9% during the

nine months ended September 30, 2025 and 2024, respectively.

Similar to selling, general and administrative expenses, absent online reimbursements revenue, maintenance and utilities expenses

, as a percentage of revenues, were consistent with prior year for both the three and nine month periods ended September 30, 2025 and 2024.

Depreciation and Amortization

Depreciation and amortization expenses were $73.7 million and $70.3 million during the

three months ended June 30, 2025 and 2024

three months ended September 30, 2025 and 2024

, respectively, and $212.0 million and $198.9 million during the

six months ended June 30, 2025 and 2024, respectivel

The increase for both periods presented is primarily attributable to the new land-based casino at Treasure Chest, which opened in June 2024 and hotel room renovations at multiple properties.

nine months ended September 30, 2025 and 2024

, respectively.

The increase for the three months ended September 30, 2025 as compared to the prior year, is primarily attributable to hotel room renovations at multiple properties with the increase for the nine months ended September 30, 2025, as compared to the prior year, driven by the new land-based casino at Treasure Chest, which opened in June 2024 and hotel room renovations at multiple properties.

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

Corporate expense was

of revenues during the

three months ended June 30, 2025 and 2024

three months ended September 30, 2025 and 2024

, respectively, and 3.2% and 3.1% during the

six months ended June 30, 2025 and 2024, respectively

nine months ended September 30, 2025 and 2024, respectively

The growth in corporate expense was driven primarily by a $0.9 million and $4.7 million increase in share-based compensation expense for the three and nine month periods ended September 30, 2025, respectively, as compared to the prior year periods.

Project Development, Preopening and Writedowns

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(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;

(iii) realized losses arising from asset dispositions and asset disposal costs;

and (iv) realized gains arising from asset dispositions.

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During the three months ended

June 30, 2025

, project development, preopening and writedowns included $1.8 million in preopening costs.

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.

six months ended June 30, 2025

September 30, 2025

, project development, preopening and writedowns included $3.9 million in preopening costs, primarily driven by our Norfolk, Virginia project.

During the three months ended

September 30, 2024

, the Company incurred $8.1 million in asset writedowns and $3.2 million in project development and preopening cost.

nine months ended September 30, 2025

, project development, preopening and writedowns included $6.5 million of preopening expenses and $1.2 million of asset writedowns offset by $2.5 million in insurance proceeds related to an asset disposition.

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.

nine months ended September 30, 2024

, the Company incurred $10.1 million in project development and preopening costs, primarily related to the opening of the Treasure Chest land-based casino, $9.0 million in asset writedowns and $3.0 million in demolition costs.

Impairment of Assets

During the six months ended June 30, 2025 , as a result of our first quarter impairment review, the Company recorded a long-lived asset impairment charge of $32.3 million for property and equipment related to our Las Vegas Locals segment.

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 nine months ended September 30, 2025 , as a result of our first quarter impairment review, the Company recorded a long-lived asset impairment charge of $32.3 million for property and equipment related to our Las Vegas Locals segment.

In addition, as a result of our third quarter 2025 impairment review, the Company recorded a long-lived asset impairment charge of $47.3 million for property and equipment related to our Midwest & South segment and $17.8 million for property and equipment related to our Las Vegas Locals segment.

During the nine months ended September 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.

Other Operating Items, net

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Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

(In millions)

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

Interest expense, net of capital ized interest and interest income, for the three months ended June 30, 2025 , increased $6.8 million, or 15.9% , from the prior year comparable period and is primarily driven by an increase in the weighted average debt balance of $638.8 million offset by an approximate 20 basis point decrease in the weighted average interest rate.

I nterest expense, net of capitalized interest a nd interest income, for the six months ended June 30, 2025 , increased $12.5 million, or 14.8%, from the prior year comparable period primarily due to an increase in the weighted average debt balance of $568.9 million offset by an approximate 20 basis point decrease in the weighted average interest rate.

The effective tax rates during the six months ended June 30, 2025 and 2024 were 24.3% and 23.7% , respectively.

Our tax rate for the six months ended June 30, 2025 , was unfavorably impacted by state taxes, nondeductible compensation, including a one-time discrete charge which was partially offset by excess tax benefits related to equity compensation and tax credits.

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 related to equity compensation and tax credits, as a component of the provision for income taxes.

Interest expense, net of capitalized interest and interest income, for the three months ended September 30, 2025 , decreased $14.1 million, or 30.7% , from the prior year comparable period and is primarily driven by a decrease in the weighted average debt balance of $549.6 million and an approximate 50 basis point decrease in the weighted average interest rate.

Interest expense, net of capitalized interest and interest income, and the weighted average debt balance were favorably impacted during the third quarter 2025 as a result of the FanDuel Equity Sale and the use of the proceeds to repay outstanding borrowings and retire the Term A Loan under the Credit Facility.

Interest expense, net of capitalized interest and interest income, for the nine months ended September 30, 2025 , decreased $1.5 million, or 1.2% , from the prior year comparable period primarily due to an approximate 30 basis point decrease in the weighted average interest rate offset by an increase in the weighted average debt balance of $192.1 million.

Early Extinguishments and Modifications of Debt

During the three and nine months ended September 30, 2025, the Company incurred $1.4 million in loss on early extinguishments of debt due to the full repayment and extinguishment of the Term A Loan with proceeds from the FanDuel Equity Sale.

The $1.4 million incurred relates to the write-off of unamortized deferred finance charges associated with the Term A Loan.

Included within Other, net for the three and nine months ended September 30, 2025, is the gain from the FanDuel Equity Sale.

The effective tax rates during the nine months ended September 30, 2025 and 2024 were 22.3% and 24.0% , respectively.

Our tax rate for the nine months ended September 30, 2025 , was unfavorably impacted by state taxes, and nondeductible compensation, which were partially offset by excess tax benefits related to equity compensation and tax credits.

During the nine months ended September 30, 2025, there was a one-time discrete charge related to the FanDuel Equity Sale which reduced our effective tax rate given specific state taxes that apply to the gain.

Our tax rate for the nine months ended September 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, as a component of the provision for income taxes.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law.

The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation and the business interest expense limitation, and a broad range of other tax provisions.

The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act.

Accounting Standards Codification 740, Income Taxes , requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted.

As the legislation was signed into law after the close of our second quarter, the impacts are not included in our operating results for the six months ended June 30, 2025.

Certain provisions of the OBBBA such as the modification of limitation on business interest expense and the 100% bonus depreciation were included in our operating results for the nine months ended September 30, 2025.

These changes did not have any significant impact to our effective tax rate, however, are expected to result in a reduction to our cash taxes for 2025.

LIQUIDITY AND CAPITAL RESOURCES

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We generally operate with minimal or negative levels of working capital in order to minimize borrowings and related interest costs.

At June 30, 2025 and December 31, 2024, we had cash and cash equivalents of $320.1 million and $316.7 million, respectively.

In addition, we held restricted cash balances of $5.9 million and $4.7 million at June 30, 2025 and December 31, 2024, respectively.

Our working capital deficit at June 30, 2025 and December 31, 2024, wa s $88.8 million and $61.2 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.

At September 30, 2025 and December 31, 2024, we had cash and cash equivalents of $319.1 million and $316.7 million, respectively.

In addition, we held restricted cash balances of $4.9 million and $4.7 million at September 30, 2025 and December 31, 2024, respectively.

Our working capital deficit at September 30, 2025 and December 31, 2024, wa s $467.8 million and $61.2 million, respectively.

The increase in our working capital deficit from December 31, 2024 to September 30, 2025 is driven by the income taxes on the FanDuel Equity Sale, which were not yet paid as of September 30, 2025.

See Indebtedness below for further detail regarding funds available through our Credit Facility.

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Cash Flows Summary

Six Months Ended

Nine Months Ended

September 30,

(In millions)

4 unchanged sentences

Advances made under note receivable

Cash paid for asset acquisitions

Proceeds from sale of investment

Cash paid for asset acquisitions, net of cash received

Other investing activities

Net cash used in investing activities

Net cash provided by (used in) investing activities

Cash flows from financing activities

Net borrowings under credit facility

Net (payments) borrowings under credit facility

Share-based compensation activities

6 unchanged sentences

Cash Flows from Operating Activities

During the six months ended June 30, 2025 and 2024 , we generated consistent operating cash flows of $461.4 million and $463.8 million, respectively.

During the nine months ended September 30, 2025 and 2024 , we generated consistent operating cash flows of $701.4 million and $695.0 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, 2025 , we incurred net cash outflows for investing activities of $375.9 million comprised of the following:

(i) capital expenditures of $294.3 million, primarily related to our various guest room remodels, meeting and convention space at Ameristar St.

During the nine months ended September 30, 2025 , we had net cash inflows provided by investing activities of $1,235.3 million comprised of the following:

(i) $1,758.0 million of cash proceeds received from the FanDuel Equity Sale;

offset by cash outflows of (ii) capital expenditures of $439.9 million, primarily related to our various guest room remodels, meeting and convention space renovations at Ameristar St.

Charles, casino development in Norfolk, Virginia and new Cadence Crossing casino, slot machines, land, IT equipment and building projects at various properties;

(ii) cash paid for asset acquisitions of $41.5 million;

and (iii) advances made under a note receivable of $31.8 million.

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.

(iii) cash paid for asset acquisitions of $41.7 million;

and (iv) advances made under a note receivable of $31.8 million.

During the nine months ended September 30, 2024 , we incurred net cash outflows for investing activities of $320.5 million comprised of capital expenditures of $289.2 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.

Investing cash outflow was also impacted by net cash paid of $28.8 million related to the acquisition of Resorts Digital.

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, 2025 is primarily driven by share repurchases and dividends paid, reflecting the priority of our capital return program and focus on returning capital to shareholders.

During the first half of 2025, we increased borrowings under the Credit Facility as we increased our share repurchase activity, resulting in net borrowings under the Credit Facility during the six months ended June 30, 2025, of $387.8 million driven by the $433.0 million in share repurchases for the six months ended June 30, 2025.

The net cash outflows from financing activities during the six months ended June 30, 2024 , primarily reflect share repurchases, incremental borrowings under our Credit Facility, share-based compensation and dividends paid.

The net cash outflows from financing activities during the nine months ended September 30, 2025 are primarily driven by the net payments on the Credit Facility of $1,291.0 million.

During the third quarter of 2025, the Company repaid amounts outstanding under the Revolving Credit Facility, including the full retirement of the Term A Loan, with the proceeds from the FanDuel Equity Sale.

This repayment is offset by increased borrowings under the Credit Facility as we increased our share repurchase activity and capital expenditures by a combined total of $260.5 million over the nine months ended September 30, 2024.

The net cash outflows from financing activities during the nine months ended September 30, 2024 , primarily reflect share repurchases, incremental borrowings under our Credit Facility, share-based compensation and dividends paid.

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

September 30,

(In millions)

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

September 30,

(In millions)

1 unchanged sentence

Total outstanding principal amounts

With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $905.0 million and $46.1 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 $485.9 million as of June 30, 2025.

The blended interest rate for outstanding borrowings under the Credit Facility was 6.1% and 6.2% at June 30, 2025 and December 31, 2024.

The Company used the $1,758.0 million cash proceeds from the FanDuel Equity Sale, as discussed in Note 1, Summary of Significant Accounting Policies , to pay down the then outstanding Credit Facility debt, which consisted of $915.0 million on the Revolving Credit Facility, $726.0 million on the Term A Loan and $39.9 million on the Swing Loan.

The full repayment of the outstanding Term A Loan extinguished the Term A Loan under the Credit Facility.

With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $9.3 million in borrowings outstanding on the Swing Loan, and $12.7 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $1,428.0 million as of September 30, 2025.

The blended interest rate for outstanding borrowings under the Credit Facility was 6.2% at both September 30, 2025 and December 31, 2024.

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 the Credit Facility include monthly to quarterly interest payment obligations, depending on the rates we lock in, for the unused line interest payments and any outstanding borrowings under the Revolving Credit Facility, including the Swing Loan.

As of September 30, 2025, the Term A Loan under the Credit Facility was fully repaid.

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, 2025, we were in compliance with the financial covenants of our debt instruments.

As of September 30, 2025, 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.

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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:

September 30,

(In millions)

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

Six Months Ended

Nine Months Ended

(In millions)

June 30, 2025

September 30, 2025

Operating income

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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, May 9, 2024, December 5, 2024 and July 17, 2025.

As of June 30, 2025 and prior to the additional authorization on July 17, 2025, we were authorized to repurchase up to an additional $207.5 million in shares of our common stock under the Share Repurchase Program.

We repurchased 1.5 million shares and 3.1 million shares during the three months ended June 30, 2025 and 2024, respectively, and 5.9 million and 4.8 million shares during the six months ended June 30, 2025 and 2024, respectively.

As of September 30, 2025, we were authorized to repurchase up to an additional $547.4 million in shares of our common stock under the Share Repurchase Program.

We repurchased 1.9 million shares and 3.5 million shares during the three months ended September 30, 2025 and 2024, respectively, and 7.8 million and 8.3 million shares during the nine months ended September 30, 2025 and 2024, 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.

17 unchanged sentences

July 15, 2024

August 20, 2024

September 15, 2024

October 15, 2024

December 5, 2024

6 unchanged sentences

July 15, 2025

August 12, 2025

September 15, 2025

October 15, 2025

Other Items Affecting Liquidity

7 unchanged sentences

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.

In 2025, we expect to spend an additional $100 million in growth projects, which includes the expansion of meeting and convention space at Ameristar St.

In 2025, we expect to spend an additional $100 million in growth projects, which includes the recently opened expansion of meeting and convention space at Ameristar St.

Charles and construction of a new casino, Cadence Crossing.

1 unchanged sentence

Finally, we are expanding our portfolio with a $750 million resort development in Norfolk, Virginia.

We plan to open a modest transitional casino in late 2025 and the resort, featuring a 65,000 square-foot casino, a 200-room hotel, eight food and beverage outlets and other amenities, in late 2027.

We expect to spend between $150 million and $200 million on this project in 2025.

During the six months ended June 30, 2025, the company spent approximately $294 million of the total estimated $600 million to $650 million of capital spend expected in 2025.

We plan to open a modest transitional casino in November 2025 and the resort, featuring a 65,000 square-foot casino, a 200-room hotel, eight food and beverage outlets and other amenities, in late 2027.

We expect to spend $150 million on this project in 2025.

During the nine months ended September 30, 2025, the Company spent approximately $440 million of the total estimated $600 million of capital spend expected in 2025.

Other Opportunities

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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.

After receiving approval from the City Council of Norfolk, Virginia in October 2024, we are executing on an opportunity for a new casino resort development in Norfolk, Virginia.

As discussed above in Capital Spending and Development , we expect to open a modest transitional facility in late 2025 and the resort in late 2027.

Contingencies

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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, our ability to respond to such competition, and our expectations regarding continued competition in the markets in which we compete;

3 unchanged sentences

the sufficiency of our cash flows from operating activities and financing sources to meet our projected operating and maintenance capital expenditures for the next twelve months;

impacts caused by public health emergencies and man-made or natural disasters we may encounter;

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;

7 unchanged sentences

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 2. Management’s Discussion and Analysis