Boyd Gaming to Buy Out JV Partner for $1B

TL;DR

BYD is buying out its JV partner for $1B to own 100% of its ops. Full control incoming.

AI Summary

Boyd Gaming Corporation (BYD) announced on December 5, 2024, that it has entered into a definitive agreement to acquire the remaining 50% interest in Boyd Operating Company, LLC from its joint venture partner, GLP Capital, L.P. for $1.0 billion. This transaction is expected to close in the first quarter of 2025, subject to customary closing conditions.

Why It Matters

This acquisition will give Boyd Gaming full ownership of its operating assets, simplifying its corporate structure and potentially leading to greater operational efficiencies and strategic flexibility.

Risk Assessment

Risk Level: medium — The acquisition involves a significant financial commitment of $1.0 billion, and its success depends on regulatory approvals and integration of the acquired assets.

Key Numbers

• $1.0B — Acquisition Price (Boyd Gaming is paying $1.0 billion to acquire the remaining 50% interest in Boyd Operating Company, LLC.)
• 50% — Interest Acquired (Boyd Gaming is acquiring the remaining 50% interest in Boyd Operating Company, LLC.)
• Q1 2025 — Expected Closing (The transaction is anticipated to conclude in the first quarter of 2025.)

Key Players & Entities

• Boyd Gaming Corporation (company) — Registrant
• Boyd Operating Company, LLC (company) — Entity being acquired
• GLP Capital, L.P. (company) — Joint venture partner
• $1.0 billion (dollar_amount) — Purchase price
• December 5, 2024 (date) — Announcement date
• first quarter of 2025 (date) — Expected closing date

FAQ

Key Financial Figures

• $0.01 — ge on which registered Common Stock , $0.01 par value BYD New York Stock Exchange
• $500 million — (the "Board") authorized an additional $500 million under the Company's existing share repu
• $843 million — rization, the Company had approximately $843 million remaining in repurchase authority as of
• $0.17 — , the Board declared a cash dividend of $0.17 per share, payable January 15, 2025, to

Filing Documents

• bgc20241118_8k.htm (8-K) — 22KB
• boydlogo.jpg (GRAPHIC) — 5KB
• 0001437749-24-036795.txt ( ) — 164KB
• byd-20241205.xsd (EX-101.SCH) — 3KB
• byd-20241205_def.xml (EX-101.DEF) — 11KB
• byd-20241205_lab.xml (EX-101.LAB) — 15KB
• byd-20241205_pre.xml (EX-101.PRE) — 11KB
• bgc20241118_8k_htm.xml (XML) — 3KB

01. Other Events

Item 8.01. Other Events. On December 5, 2024, Boyd Gaming Corporation (the "Company") announced that its Board of Directors (the "Board") authorized an additional $500 million under the Company's existing share repurchase program (the "Repurchase Program"). This authorization is in addition to all previously approved amounts under the Repurchase Program. Considering the additional authorization, the Company had approximately $843 million remaining in repurchase authority as of September 30, 2024. Under the Repurchase Program, the Company may repurchase shares of its common stock from time to time on the open market or in privately negotiated transactions. Repurchases of common stock may also be made under Rule 10b5-1 plans, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so. The timing, volume and nature of share repurchases will be at the sole discretion of management, depending on market conditions, applicable securities laws and other factors and may be suspended or discontinued at any time. In addition, on December 5, 2024, the Board declared a cash dividend of $0.17 per share, payable January 15, 2025, to shareholders of record on December 16, 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: December 5, 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