Financial Analysis

"NOTE 6. COMMITMENTS AND CONTINGENCIES Wilton Rancheria Agreements In 2012, the Company entered into a management agreement with Wilton Rancheria. The management agreement provides for us to manage Sky River Casino upon its opening on August 15, 2022 for a period of seven years and receive a monthly management fee for our services based on the monthly performance of the gaming facility. The management fee of $28.5 million and $23.8 million for our management services for the three months ended June 30, 2026 and 2025 , respectively, and $54.7 million and $48.9 million for the six months ended June 30, 2026 and 2025 , respectively, is paid monthly and recorded in management fee revenue on the condensed consolidated statements of operations. Master Lease Agreements The Company leases the facilities associated with the Ameristar Kansas City, Ameristar St. Charles, Belterra Resort and Belterra Park gaming entertainment properties (Master Leases), with the initial term commencing on October 15, 2018 and ending on April 30, 2026, with options for renewal. The term of the Master Leases may be extended for five separate renewal terms of five years each. During the first quarter 2025, the Company exercised its right to extend the Master Leases for the first renewal term. This first renewal extends the Master Leases through April 30, 2031. The monthly lease payment during the initial term, as well as the first renewal term, consists of the sum of: (i) the building base rent, (ii) the la …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 8. FAIR VALUE MEASUREMENTS We have adopted the authoritative accounting guidance for fair value measurements, which does not determine or affect the circumstances under which fair value measurements are used, but defines fair value, expands disclosure requirements around fair value and specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These inputs create the following fair value hierarchy: Level 1 : Quoted prices for identical instruments in active markets. Level 2 : Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 : Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. As required by the guidance for fair value measurements, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2 ) and unobservable (Level 3 ). Management's asses …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"NOTE 5. LONG-TERM DEBT Long-term debt, net of current maturities and debt issuance costs, consists of the following: June 30, 2026 Interest Unamortized Rates at Origination June 30, Outstanding Fees and Long-Term (In thousands) 2026 Principal Costs Debt, Net Credit facility 4.870 % $ 741,100 $ (17,682 ) $ 723,418 4.750% senior notes due 2027 4.750 % 1,000,000 (2,922 ) 997,078 4.750% senior notes due 2031 4.750 % 900,000 (6,741 ) 893,259 Long-term debt, net $ 2,641,100 $ (27,345 ) $ 2,613,755 December 31, 2025 Interest Unamortized Rates at Origination December 31, Outstanding Fees and Long-Term (In thousands) 2025 Principal Costs Debt, Net Prior credit facility 5.318 % $ 160,700 $ (3,820 ) $ 156,880 4.750% senior notes due 2027 4.750 % 1,000,000 (3,896 ) 996,104 4.750% senior notes due 2031 4.750 % 900,000 (7,415 ) 892,585 Long-term debt, net $ 2,060,700 $ (15,131 ) $ 2,045,569 Bank Credit Facility Credit Agreement On January 21, 2026 ( the ""Closing Date""), the Company entered into an Amended and Restated Credit Agreement (the ""Credit Agreement"") among the Company, certain direct and indirect subsidiaries of the Company as guarantors (the ""Guarantors""), Bank of America, N.A., as administrative agent, collateral agent and letter of credit issuer, Wells Fargo Bank, National Association, as swingline lender, and certain other financial institutions party thereto as lenders. The Credit Agreement amended and restated the Credit Agreement dated as of March 2, 2022 ( ""Prior C …

LongTermDebtTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Pronouncements ASU 2025 - 05, Financial Instruments - Credit Losses (Topic 326 ) (""Update 2025 - 05"" ) In July 2025, the FASB issued Update 2025 - 05 to clarify guidance related to Topic 326 for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers , and allowing for a practical expedient that assumes that current conditions as of the balance sheet do not change for the remaining life of the asset. Update 2025 - 05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company adopted Update 2025 - 05 in the first quarter 2026, and the impact of the adoption to the condensed consolidated financial statements was not material. Recently Issued Accounting Pronouncements A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our condensed consolidated financial statements."

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"NOTE 9. SEGMENT INFORMATION The Company has the following four reportable segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest & South; and (iv) Online, (collectively ""Reportable Segments""). The Las Vegas Locals, Downtown Las Vegas and Midwest & South segments include the operating results of our gaming entertainment properties. 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 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. The Managed & Other category includes management fees earned under our management contract with Wilton Rancheria for the management of Sky River Casino in northern California and the operating results of Lattner Entertainment Group Illinois, LLC, our Illinois distributed gaming operator. Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town H …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Boyd Gaming Corporation (and together with its subsidiaries, the ""Company,"" ""Boyd,"" ""Boyd Gaming,"" ""we"" or ""us"") was incorporated in the state of Nevada in 1988 and has been operating since 1975. The Company's common stock is traded on the New York Stock Exchange under the symbol ""BYD"". We are a geographically diversified operator of 27 brick-and-mortar gaming entertainment properties (""gaming entertainment properties""). Headquartered in Las Vegas, Nevada, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania and Virginia. In addition, we own and operate Boyd Interactive, a business-to-business ( ""B2B"" ) and business-to-consumer ( ""B2C"" ) online gaming business. We also manage the Sky River Casino located in California under a management agreement with Wilton Rancheria. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10 -Q and Article 10 of Regulation S- X and, therefore, do not include all information and footnote disclosures necessary for complete financial statements in conformity with accounting principles generally accepted in the United States of America (""GAAP""). These condensed consolidated financial statements should be read in conjunction with the consolidated financial …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

NOTE 10. SUBSEQUENT EVENTS We have evaluated all events or transactions that occurred after June 30, 2026 . During this period, up to the filing date, we did not identify any subsequent events, the effects of which would require disclosure or adjustment to our financial position or results of operations.

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