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

From the Filing

0001437749-24-036795.txt : 20241205 0001437749-24-036795.hdr.sgml : 20241205 20241205160943 ACCESSION NUMBER: 0001437749-24-036795 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20241205 ITEM INFORMATION: Other Events FILED AS OF DATE: 20241205 DATE AS OF CHANGE: 20241205 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: 241529175 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 bgc20241118_8k.htm FORM 8-K bgc20241118_8k.htm false 0000906553 0000906553 2024-12-05 2024-12-05 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): December 5, 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 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 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, t