Boyd Gaming Buys Out FanDuel Stake for $170M

TL;DR

BYD buys out FanDuel's stake in Boyd Sports for $170M, taking full control of PA and MS sports betting.

AI Summary

Boyd Gaming Corporation (BYD) announced on August 20, 2024, that it has entered into a definitive agreement to acquire the remaining 50% interest in Boyd Sports LLC from its joint venture partner, FanDuel Group, for $170 million. This transaction will give Boyd Gaming full ownership of Boyd Sports, which operates the Stardust brand in Pennsylvania and the FanDuel Sportsbook in Mississippi. The deal is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

Why It Matters

This acquisition consolidates Boyd Gaming's control over its sports betting operations, potentially leading to greater strategic flexibility and profitability in the growing iGaming market.

Risk Assessment

Risk Level: medium — The acquisition involves a significant cash outlay and integration risks, and its success depends on the continued growth and profitability of the sports betting market.

Key Numbers

• $170 million — Acquisition Cost (Boyd Gaming is paying this amount to acquire the remaining 50% interest in Boyd Sports LLC.)
• 50% — Stake Acquired (Boyd Gaming is acquiring the remaining 50% interest in Boyd Sports LLC.)

Key Players & Entities

• Boyd Gaming Corporation (company) — Registrant
• Boyd Sports LLC (company) — Entity being acquired
• FanDuel Group (company) — Joint venture partner selling stake
• $170 million (dollar_amount) — Purchase price for the stake
• Pennsylvania (location) — Market where Stardust operates
• Mississippi (location) — Market where FanDuel Sportsbook operates
• August 20, 2024 (date) — Date of the announcement
• fourth quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.01 — ge on which registered Common stock , $0.01 par value BYD New York Stock Exchang
• $0.17 — Corporation declared a cash dividend of $0.17 per share, payable October 15, 2024, to

Filing Documents

• bgc20240816d_8k.htm (8-K) — 21KB
• boydgaminglogo.jpg (GRAPHIC) — 5KB
• 0001437749-24-027374.txt ( ) — 162KB
• byd-20240820.xsd (EX-101.SCH) — 3KB
• byd-20240820_def.xml (EX-101.DEF) — 11KB
• byd-20240820_lab.xml (EX-101.LAB) — 15KB
• byd-20240820_pre.xml (EX-101.PRE) — 11KB
• bgc20240816d_8k_htm.xml (XML) — 3KB

01. Other Events

Item 8.01. Other Events. On August 20, 2024, the Board of Directors of Boyd Gaming Corporation declared a cash dividend of $0.17 per share, payable October 15, 2024, to shareholders of record on September 15, 2024. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: Augu st 20, 2024 BOYD GAMING CORPORATION By: /s/ Lori M. Nelson Lori M. Nelson Senior Vice President Financial Operations and Reporting and Chief Accounting Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR