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

From the Filing

0001437749-24-027374.txt : 20240820 0001437749-24-027374.hdr.sgml : 20240820 20240820161658 ACCESSION NUMBER: 0001437749-24-027374 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240820 ITEM INFORMATION: Other Events FILED AS OF DATE: 20240820 DATE AS OF CHANGE: 20240820 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOYD GAMING CORP CENTRAL INDEX KEY: 0000906553 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 880242733 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12882 FILM NUMBER: 241225339 BUSINESS ADDRESS: STREET 1: 6465 SOUTH RAINBOW BOULEVARD CITY: LAS VEGAS STATE: NV ZIP: 89118 BUSINESS PHONE: 7027927200 MAIL ADDRESS: STREET 1: 6465 SOUTH RAINBOW BOULEVARD CITY: LAS VEGAS STATE: NV ZIP: 89118 FORMER COMPANY: FORMER CONFORMED NAME: BOYD GROUP DATE OF NAME CHANGE: 19941130 8-K 1 bgc20240816d_8k.htm FORM 8-K bgc20240816d_8k.htm false 0000906553 0000906553 2024-08-20 2024-08-20 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549   FORM 8-K __________________________   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934   Date of Report (date of earliest event reported): August  20, 2024       Boyd Gaming Corporation (Exact Name of Registrant as Specified in its Charter)   Nevada 001-12882 88-0242733 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification Number)   6465 South Rainbow Boulevard Las Vegas , Nevada 89118 (Address of Principal Executive Offices, Including Zip Code)   ( 702 ) 792-7200 (Registrant’s Telephone Number, Including Area Code)   (Former Name or Former Address, if Changed Since Last Report)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ☐          Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐          Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐          Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐          Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to Section 12(b) of the Exchange Act:   Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock , $0.01 par value BYD New York Stock Exchange   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   Emerging growth company ☐   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐           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 unde