Form 10-Q - Quarterly report [Sections 13 or 15(d)]

 

 

 

Table of Contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________________________________________

FORM 10-Q

 ____________________________________________________

(Mark One)

 

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2024

OR

 

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to              

Commission file number: 1-12882

___________________________________________________

 

BOYD GAMING CORPORATION

(Exact name of registrant as specified in its charter)

 ____________________________________________________

Nevada	88-0242733
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

 

6465 South Rainbow Boulevard, Las Vegas, NV 89118

(Address of principal executive offices) (Zip Code)

[phone]

(Registrant's telephone number, including area code)

 ____________________________________________________

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "non-accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		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. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

 

The number of shares outstanding of the registrant’s common stock as of July 29, 2024 was 91,762,642.

 

 

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BOYD GAMING CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED JUNE 30, 2024

TABLE OF CONTENTS

 

		Page No.
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023	3
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023	4
	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023	5
	Condensed Consolidated Statements of Changes in Stockholders' Equity for each of the quarters within the six months ended June 30, 2024 and 2023	6
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	33
Item 4.	Controls and Procedures	34
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 5.	Other Information	35
Item 6.	Exhibits	36
Signature Page		37

 

 

 

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PART I. Financial Information

 

Item 1.        Financial Statements (Unaudited)

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

 

		June 30,				December 31,
(In thousands, except share data)		2024				2023
ASSETS
Current assets
Cash and cash equivalents		$	280,783			$	304,271
Restricted cash			3,946				3,659
Accounts receivable, net			109,740				137,892
Inventories			21,177				20,692
Prepaid expenses and other current assets			52,045				59,293
Income taxes receivable			19,367				3,508
Total current assets			487,058				529,315
Property and equipment, net			2,626,127				2,542,512
Operating lease right-of-use assets			760,077				793,335
Other assets, net			65,333				67,779
Intangible assets, net			1,375,544				1,392,844
Goodwill, net			947,281				947,341
Total assets		$	6,261,420			$	6,273,126
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable		$	128,398			$	124,668
Current maturities of long-term debt			44,416				44,275
Accrued liabilities			416,281				427,379
Total current liabilities			589,095				596,322
Long-term debt, net of current maturities and debt issuance costs			2,916,096				2,871,223
Operating lease liabilities, net of current portion			679,955				711,387
Deferred income taxes			305,299				288,826
Other liabilities			59,262				61,266
Commitments and contingencies (Note 6)
Stockholders' equity
Preferred stock, $0.01 par value, 5,000,000 shares authorized			—				—
Common stock, $0.01 par value, 200,000,000 shares authorized; 92,309,009 and 96,832,453 shares outstanding			923				968
Additional paid-in capital			—				—
Retained earnings			1,712,488				1,744,232
Accumulated other comprehensive loss			(1,698	)			(1,098	)
Total stockholders' equity			1,711,713				1,744,102
Total liabilities and stockholders' equity		$	6,261,420			$	6,273,126

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(In thousands, except per share data)		2024				2023				2024				2023
Revenues
Gaming		$	650,827			$	660,729			$	1,284,958			$	1,325,037
Food & beverage			76,994				70,366				149,633				141,950
Room			52,595				49,761				101,542				99,826
Online			129,930				85,002				276,100				207,865
Management fee			21,252				17,446				43,497				37,476
Other			35,914				33,646				72,303				68,762
Total revenues			967,512				916,950				1,928,033				1,880,916
Operating costs and expenses
Gaming			252,067				249,999				497,753				499,794
Food & beverage			63,182				58,622				125,139				117,951
Room			19,342				18,580				38,054				35,700
Online			112,675				71,393				238,150				173,398
Other			13,248				11,003				26,161				22,570
Selling, general and administrative			105,134				99,070				213,318				199,389
Master lease rent expense			27,852				27,099				55,087				53,927
Maintenance and utilities			36,946				37,591				71,690				73,617
Depreciation and amortization			65,677				62,220				128,590				123,780
Corporate expense			31,255				31,705				60,640				60,360
Project development, preopening and writedowns			7,586				5,201				10,607				(13,673	)
Impairment of assets			—				—				10,500				4,537
Other operating items, net			5,442				438				5,853				658
Total operating costs and expenses			740,406				672,921				1,481,542				1,352,008
Operating income			227,106				244,029				446,491				528,908
Other expense (income)
Interest income			(403	)			(2,715	)			(849	)			(20,860	)
Interest expense, net of amounts capitalized			42,949				42,715				85,258				86,581
Other, net			50				522				100				626
Total other expense, net			42,596				40,522				84,509				66,347
Income before income taxes			184,510				203,507				361,982				462,561
Income tax provision			(44,665	)			(11,053	)			(85,664	)			(70,376	)
Net income		$	139,845			$	192,454			$	276,318			$	392,185
Basic net income per common share		$	1.47			$	1.89			$	2.87			$	3.81
Weighted average basic shares outstanding			95,042				102,025				96,238				102,818
Diluted net income per common share		$	1.47			$	1.89			$	2.87			$	3.81
Weighted average diluted shares outstanding			95,080				102,071				96,280				102,867

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(In thousands)		2024				2023				2024				2023
Net income		$	139,845			$	192,454			$	276,318			$	392,185
Other comprehensive income (loss), net of tax:
Fair value adjustments to available-for-sale securities			(394	)			112				(144	)			586
Foreign currency translation adjustments			(138	)			196				(456	)			200
Comprehensive income		$	139,313			$	192,762			$	275,718			$	392,971

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)

 

																		Accumulated Other
		Common Stock								Additional				Retained				Comprehensive
(In thousands, except share data)		Shares				Amount				Paid-in Capital				Earnings				Loss				Total
Balances, January 1, 2024			96,832,453			$	968			$	—			$	1,744,232			$	(1,098	)		$	1,744,102
Net income			—				—				—				136,473				—				136,473
Comprehensive income, net of tax			—				—				—				—				250				250
Foreign currency translation adjustments			—				—				—				—				(318	)			(318	)
Release of restricted stock units, net of tax			85,597				1				(1,586	)			(2,049	)			—				(3,634	)
Release of performance stock units, net of tax			150,063				2				(119	)			(6,091	)			—				(6,208	)
Shares repurchased and retired			(1,658,377	)			(17	)			(5,155	)			(101,133	)			—				(106,305	)
Dividends declared ($0.17 per share)			—				—				—				(16,264	)			—				(16,264	)
Share-based compensation costs			—				—				6,860				—				—				6,860
Balances, March 31, 2024			95,409,736				954				—				1,755,168				(1,166	)			1,754,956
Net income			—				—				—				139,845				—				139,845
Comprehensive loss, net of tax			—				—				—				—				(394	)			(394	)
Foreign currency translation adjustments			—				—				—				—				(138	)			(138	)
Stock options exercised			23,431				—				271				—				—				271
Release of restricted stock units, net of tax			19,837				—				(1	)			(33	)			—				(34	)
Shares repurchased and retired			(3,143,995	)			(31	)			(10,635	)			(166,756	)			—				(177,422	)
Dividends declared ($0.17 per share)			—				—				—				(15,736	)			—				(15,736	)
Share-based compensation costs			—				—				10,365				—				—				10,365
Balances, June 30, 2024			92,309,009			$	923			$	—			$	1,712,488			$	(1,698	)		$	1,711,713

 

 

																		Accumulated Other
		Common Stock								Additional				Retained				Comprehensive
(In thousands, except share data)		Shares				Amount				Paid-in Capital				Earnings				Loss				Total
Balances, January 1, 2023			102,816,110			$	1,028			$	305,152			$	1,285,827			$	(1,382	)		$	1,590,625
Net income			—				—				—				199,731				—				199,731
Comprehensive income, net of tax			—				—				—				—				474				474
Foreign currency translation adjustments			—				—				—				—				4				4
Stock options exercised			32,000				—				315				—				—				315
Release of restricted stock units, net of tax			45,942				1				(1,926	)			—				—				(1,925	)
Release of performance stock units, net of tax			318,878				3				(12,777	)			—				—				(12,774	)
Shares repurchased and retired			(1,726,308	)			(17	)			(106,994	)			—				—				(107,011	)
Dividends declared ($0.16 per share)			—				—				—				(16,289	)			—				(16,289	)
Share-based compensation costs			—				—				7,819				—				—				7,819
Balances, March 31, 2023			101,486,622				1,015				191,589				1,469,269				(904	)			1,660,969
Net income			—				—				—				192,454				—				192,454
Comprehensive income, net of tax			—				—				—				—				112				112
Foreign currency translation adjustments			—				—				—				—				196				196
Release of restricted stock units, net of tax			17,871				—				(63	)			—				—				(63	)
Shares repurchased and retired			(1,492,451	)			(15	)			(101,001	)			—				—				(101,016	)
Dividends declared ($0.16 per share)			—				—				—				(16,041	)			—				(16,041	)
Share-based compensation costs			—				—				12,198				—				—				12,198
Balances, June 30, 2023			100,012,042			$	1,000			$	102,723			$	1,645,682			$	(596	)		$	1,748,809

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

		Six Months Ended
		June 30,
(In thousands)		2024				2023
Cash Flows from Operating Activities
Net income		$	276,318			$	392,185
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			128,590				123,780
Amortization of debt financing costs and discounts on debt			3,803				3,944
Non-cash operating lease expense			44,482				40,256
Non-cash expected credit loss (income) on note receivable			—				(34,371	)
Share-based compensation expense			17,225				20,017
Deferred income taxes			16,497				(10,015	)
Non-cash impairment of assets			10,500				4,537
Other operating activities			2,328				205
Changes in operating assets and liabilities:
Accounts receivable, net			28,107				4,739
Inventories			(485	)			765
Prepaid expenses and other current assets			7,884				(2,220	)
Income taxes receivable, net			(15,859	)			(6,266	)
Other assets, net			2,059				223
Accounts payable and accrued liabilities			(13,686	)			(38,185	)
Operating lease liabilities			(44,482	)			(40,256	)
Other liabilities			531				3,937
Net cash provided by operating activities			463,812				463,275
Cash Flows from Investing Activities
Capital expenditures			(204,031	)			(171,386	)
Payments received on note receivable			208				49,720
Other investing activities			(1,702	)			(2,255	)
Net cash used in investing activities			(205,525	)			(123,921	)
Cash Flows from Financing Activities
Borrowings under credit facility			820,900				753,200
Payments under credit facility			(779,600	)			(862,500	)
Share-based compensation activities			(9,605	)			(14,447	)
Shares repurchased and retired			(281,186	)			(206,356	)
Dividends paid			(31,774	)			(31,764	)
Other financing activities			(89	)			(87	)
Net cash used in financing activities			(281,354	)			(361,954	)
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash			(134	)			(63	)
Change in cash, cash equivalents and restricted cash			(23,201	)			(22,663	)
Cash, cash equivalents and restricted cash, beginning of period			307,930				295,065
Cash, cash equivalents and restricted cash, end of period		$	284,729			$	272,402
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized		$	84,300			$	84,121
Cash received for interest			213				8,513
Cash paid for income taxes			85,830				86,208
Supplemental Schedule of Non-cash Investing and Financing Activities
Payables incurred for capital expenditures		$	23,541			$	7,693
Dividends declared not yet paid			15,736				16,041
Expected credit loss (income) on note receivable			—				(34,371	)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

as of June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

 

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 28 wholly owned brick-and-mortar gaming entertainment properties ("gaming entertainment properties"). Headquartered in Las Vegas, Nevada, we have gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. 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 statements and notes for the year ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission ("SEC") on February 26, 2024.

 

The results for the periods indicated are unaudited but reflect all adjustments, consisting only of normal recurring adjustments, that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods.

 

The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% or less owned and where we have significant influence and do not meet the controlling financial interest consolidation criteria of the authoritative accounting guidance for voting interest or variable interest entities, are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation.

 

Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three months or less at their date of purchase. The instruments are not restricted as to withdrawal or use and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand.

 

Restricted Cash

Restricted cash consists primarily of: (i) amounts restricted by regulation for gaming and racing purposes; (ii) amounts restricted by regulation for the value in players' online casino gaming accounts; and (iii) advance payments received for future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying values of these instruments approximate their fair values due to their short maturities.

 

The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows.

 

		June 30,				December 31,				June 30,				December 31,
(In thousands)		2024				2023				2023				2022
Cash and cash equivalents		$	280,783			$	304,271			$	260,787			$	283,472
Restricted cash			3,946				3,659				11,615				11,593
Total cash, cash equivalents and restricted cash		$	284,729			$	307,930			$	272,402			$	295,065

 

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

Leases

Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For our operating leases for which the rate implicit in the lease is not readily determinable, we generally use an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. The incremental borrowing rate is determined based on the weighted average incremental borrowing rate at the lease commencement or modification date that is commensurate with the rate of interest in a similar economic environment that we would have to pay to borrow an amount equal to our future lease payments on a collateralized basis over a similar term, including reasonably certain options to extend or terminate. The determination of the incremental borrowing rate could materially impact our lease liabilities. Operating right-of-use ("ROU") assets and finance lease assets are recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term. Lease and non-lease components are accounted for separately.

 

Revenue Recognition

The Company’s revenue contracts with customers consist of gaming wagers (including both those made at our gaming entertainment properties and online B2C wagers), hotel room sales, food & beverage offerings and other amenity transactions. See Collaborative Arrangements below for further discussion of revenues earned under our online collaborative arrangements. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gaming revenues. The transaction price for hotel, food & beverage and other contracts is the net amount collected from the customer for such goods and services. Hotel, food & beverage and other services have been determined to be separate, stand-alone performance obligations and the transaction price for such contracts is recorded as revenue as the good or service is transferred to the customer over their stay at the hotel, when the delivery is made for the food & beverage or when the service is provided for other amenity transactions.

We have established a player loyalty point program to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food & beverage, hotel rooms and other free goods and services.

Gaming wager contracts involve two performance obligations for those customers earning points under the Company’s player loyalty program and a single performance obligation for customers who do not participate in the program. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the player loyalty contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a point that can be redeemed for a hotel room stay, food & beverage or other amenities. Sales and usage-based taxes are excluded from revenues. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers, excluding race and sports wagers, is recognized when the wagers occur as all such wagers settle immediately. The allocated revenue for race and sports wagers is recognized when the specific event or game occurs. The player loyalty contract liability amount is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, food & beverage or other amenities and such goods or services are delivered to the customer. See Note 4, Accrued Liabilities, for the balance outstanding related to the player loyalty program.

 

The Company collects advance deposits from hotel customers for future hotel reservations and other future events such as banquets and ticketed events. These advance deposits represent obligations of the Company until the hotel room stay is provided to the customer or the banquet or ticketed event occurs. See Note 4, Accrued Liabilities, for the balance outstanding related to advance deposits.

 

The Company's outstanding chip liability represents the amounts owed in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. See Note 4, Accrued Liabilities, for the balance related to outstanding chips.

 

The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our player loyalty program and the estimated retail value of complimentary goods and services provided to customers (such as complimentary rooms and food & beverage). The estimated retail values related to goods and services provided to customers without charge or upon redemption of points under our player loyalty program, included in departmental revenues, and therefore reducing our gaming revenues, are as follows:

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(In thousands)		2024				2023				2024				2023
Food & beverage		$	31,785			$	29,336			$	62,453			$	57,595
Room			15,668				15,346				30,340				30,494
Other			2,348				2,061				4,373				3,937

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

Gaming Taxes

We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded in the condensed consolidated statements of operations as a gaming expense for gaming entertainment properties and online expense for Boyd Interactive operations. Gaming taxes recorded as gaming expense totaled approximately $130.2 million and $129.7 million for the three months ended June 30, 2024 and 2023, respectively, and were $256.9 million and $259.8 million for the six months ended June 30, 2024 and 2023, respectively. Gaming taxes recorded as online expense, excluding taxes paid under collaborative arrangements (see Collaborative Arrangements below for further discussion), totaled $3.1 million and $1.2 million for the three months ended June 30, 2024 and 2023, respectively, and $5.6 million and $1.8 million for the six months ended June 30, 2024 and 2023, respectively.

 

Income Taxes

Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. Accordingly, the need to establish valuation allowances for deferred tax assets is continually assessed at a minimum quarterly, and as facts and circumstances change, based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of profitability and taxable income, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified.

 

In performing our second quarter 2023 valuation allowance analysis, we determined that the positive evidence in favor of releasing a portion of our valuation allowance for certain state jurisdictions, outweighed the negative evidence. We utilize a rolling twelve quarters of pre-tax income adjusted for permanent book to tax differences as a measure of cumulative results in recent years. We transitioned from a cumulative loss position to a cumulative income position over the rolling twelve quarters ended June 30, 2023. Other evidence considered in the analysis included, but was not limited to, a trend reflective of improvement in recent earnings, forecasts of profitability and taxable income and the reversal of existing temporary differences. The change in these conditions during the three months ended June 30, 2023 provided positive evidence that supported the release of the valuation allowance against a significant portion of our state deferred tax assets. As such, we concluded that it was more likely than not that the benefit from our deferred tax assets would be realized. As a result, during the second quarter of 2023, we released $35.9 million of valuation allowance on our state income tax net operating loss carryforwards and other deferred tax assets.

 

Other Long-Term Tax Liabilities

The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.

 

Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement.

 

Tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period that they meet the "more likely than not" standard. If it is subsequently determined that a previously recognized tax position no longer meets the "more likely than not" standard, it is required that the tax position is derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. If applicable, accrued interest and penalties are included in other long-term tax liabilities on the consolidated balance sheets.

 

The IRS has selected our federal corporate income tax return for the tax year ended December 31, 2021, for examination. The IRS examination began in the second quarter of 2024 and is early in the process. As of  June 30, 2024, and for the three and six months then ended, there were no changes to our unrecognized tax benefits to date.

 

Collaborative Arrangements

We hold a five percent equity ownership in and have a strategic partnership with FanDuel Group ("FanDuel"), the nation's leading sports-betting operator, to pursue sports-betting opportunities across the country, both at our gaming entertainment properties and online. Subject to state law and regulatory approvals, we have established a presence in the sports wagering industry, both at our gaming entertainment properties and online, by leveraging FanDuel's technology and related services. We offer online sports wagering under the FanDuel brand or under market access agreements with other companies in Illinois, Indiana, Iowa, Kansas, Louisiana, Ohio and Pennsylvania. We also operate sportsbooks under the FanDuel brand at one of our Downtown Las Vegas gaming entertainment properties, our gaming entertainment properties in Mississippi and all of the gaming entertainment properties in the states where we offer online sports wagering. Under our online collaborative arrangements with FanDuel and other third parties, we receive a revenue share from FanDuel or the other third-party operators based on actual wagering wins and losses. The activities under these collaborative arrangements related to online wagering, are recorded in online revenue and online expense on the condensed consolidated statements of operations. The activities under these collaborative arrangements related to sportsbooks at our gaming entertainment properties, are recorded in gaming revenue and gaming expense.

 

Under certain of our collaborative arrangements, we are the primary obligor and are responsible for paying gaming taxes and other license payments owed as the gaming licensee for the related online gaming activities. We are reimbursed for these taxes and other payments by the third-party operators. We report these gaming taxes and other expenses paid as online expense and the reimbursements we receive as online revenues. These taxes and other payments totaled approximately $103.5 million and $63.3 million for the three months ended June 30, 2024 and 2023, respectively, and $219.5 million and $159.3 million for the six months ended June 30, 2024 and 2023, respectively.

 

Our five percent equity ownership in FanDuel is recorded at cost in accordance with the measurement alternative allowed under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 321, Accounting for Investments in Equity Securities. We do not have the ability to exercise significant influence over FanDuel's operating and financial policies. We evaluate the investment for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We evaluate the recorded value of the investment when any observable price changes in orderly transactions for an identical or similar investment would require an adjustment of the investment to fair value.

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

Currency Translation

The Company translates the financial statements of its foreign subsidiary that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. If a material income statement event occurs, the transaction would be translated at the exchange rate in effect on the date of occurrence. Translation adjustments are recorded in other comprehensive income (loss). Gains or losses from foreign currency transaction remeasurements are recorded as other non-operating income (expense).

 

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

 

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.

 

 

NOTE 2.    PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

 

		June 30,				December 31,
(In thousands)		2024				2023
Land		$	338,469			$	338,469
Buildings and improvements			3,361,145				3,237,863
Furniture and equipment			1,844,689				1,742,666
Riverboats and barges			241,825				241,826
Construction in progress			149,124				182,710
Total property and equipment			5,935,252				5,743,534
Less accumulated depreciation			(3,309,125	)			(3,201,022	)
Property and equipment, net		$	2,626,127			$	2,542,512

 

Depreciation expense is as follows:

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(In thousands)		2024				2023				2024				2023
Depreciation expense		$	61,553			$	58,066			$	120,376			$	115,465

 

11

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

 

NOTE 3.    GOODWILL AND INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following:

 

		June 30, 2024
		Weighted
		Useful Life				Gross								Accumulated				Effect of Foreign
		Remaining				Carrying				Accumulated				Impairment				Currency				Intangible
(In thousands)		(in years)				Value				Amortization				Losses				Exchange				Assets, Net
Amortizing intangibles
Customer relationships			0.5			$	3,925			$	(3,905	)		$	—			$	—			$	20
Host agreements			8.9				58,000				(23,522	)			—				—				34,478
Development agreement			5.1				21,373				(5,724	)			—				—				15,649
Developed technology			7.9				41,684				(6,704	)			—				(22	)			34,958
B2B relationships			5.5				28,000				(6,523	)			—				(4	)			21,473
B2C relationships			10.3				13,000				(1,806	)			—				—				11,194
							165,982				(48,184	)			—				(26	)			117,772
Indefinite lived intangible assets
Trademarks		Indefinite					199,900				—				(32,275	)			—				167,625
Gaming license rights		Indefinite					1,378,081				(33,960	)			(253,974	)			—				1,090,147
							1,577,981				(33,960	)			(286,249	)			—				1,257,772
Balances, June 30, 2024						$	1,743,963			$	(82,144	)		$	(286,249	)		$	(26	)		$	1,375,544

 

		December 31, 2023
		Weighted
		Useful Life				Gross								Accumulated				Effect of Foreign
		Remaining				Carrying				Accumulated				Impairment				Currency				Intangible
(In thousands)		(in years)				Value				Amortization				Losses				Exchange				Assets, Net
Amortizing intangibles
Customer relationships			0.1			$	35,050			$	(35,010	)		$	—			$	—			$	40
Host agreements			9.4				58,000				(21,589	)			—				—				36,411
Development agreement			5.6				21,373				(4,198	)			—				—				17,175
Developed technology			8.5				39,981				(4,482	)			—				225				35,724
B2B relationships			6.0				28,000				(4,566	)			—				52				23,486
B2C relationships			10.8				13,000				(1,264	)			—				—				11,736
							195,404				(71,109	)			—				277				124,572
Indefinite lived intangible assets
Trademarks		Indefinite					199,900				—				(32,275	)			—				167,625
Gaming license rights		Indefinite					1,378,081				(33,960	)			(243,474	)			—				1,100,647
							1,577,981				(33,960	)			(275,749	)			—				1,268,272
Balances, December 31, 2023						$	1,773,385			$	(105,069	)		$	(275,749	)		$	277			$	1,392,844

 

The following table presents the future amortization expense for our amortizing intangible assets as of  June 30, 2024:

 

(In thousands)		Customer Relationships				Host Agreements				Development Agreement				Developed Technology				B2B Relationships				B2C Relationships				Total
For the year ending December 31,
2024 (excluding six months ended June 30, 2024)		$	20			$	1,934			$	1,527			$	2,380			$	1,953			$	541			$	8,355
2025			—				3,867				3,053				4,718				3,914				1,083				16,635
2026			—				3,867				3,053				4,623				3,914				1,083				16,540
2027			—				3,867				3,053				4,622				3,914				1,083				16,539
2028			—				3,867				3,053				4,365				3,914				1,083				16,282
Thereafter			—				17,076				1,910				14,250				3,864				6,321				43,421
Total future amortization		$	20			$	34,478			$	15,649			$	34,958			$	21,473			$	11,194			$	117,772

 

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

During the six months ended June 30, 2024, as a result of our first quarter 2024 impairment review, the Company recorded an impairment charge of $10.5 million for a gaming license right related to our Midwest & South segment. This noncash impairment charge is recorded in impairment of assets on the condensed consolidated statement of operations.

 

Goodwill consists of the following:

 

		June 30, 2024
														Effect of
		Gross								Accumulated				Foreign
		Carrying				Accumulated				Impairment				Currency				Goodwill,
(In thousands)		Value				Amortization				Losses				Exchange				Net
Goodwill, net by Segment
Las Vegas Locals		$	593,567			$	—			$	(188,079	)		$	—			$	405,488
Downtown Las Vegas			6,997				(6,134	)			—				—				863
Midwest & South			636,269				—				(107,470	)			—				528,799
Online			94,037				—				(82,000	)			94				12,131
Managed & Other			30,529				—				(30,529	)			—				—
Balances, June 30, 2024		$	1,361,399			$	(6,134	)		$	(408,078	)		$	94			$	947,281

 

 

		December 31, 2023
														Effect of
		Gross								Accumulated				Foreign
		Carrying				Accumulated				Impairment				Currency				Goodwill,
(In thousands)		Value				Amortization				Losses				Exchange				Net
Goodwill, net by Segment
Las Vegas Locals		$	593,567			$	—			$	(188,079	)		$	—			$	405,488
Downtown Las Vegas			6,997				(6,134	)			—				—				863
Midwest & South			636,269				—				(107,470	)			—				528,799
Online			94,037				—				(82,000	)			154				12,191
Managed & Other			30,529				—				(30,529	)			—				—
Balances, December 31, 2023		$	1,361,399			$	(6,134	)		$	(408,078	)		$	154			$	947,341

 

 

NOTE 4.    ACCRUED LIABILITIES

Accrued liabilities consist of the following:

 

		June 30,				December 31,
(In thousands)		2024				2023
Payroll and related		$	65,829			$	82,327
Interest			17,951				17,841
Gaming			68,810				68,749
Player loyalty program			19,784				23,850
Advance deposits			15,969				15,511
Outstanding chips			6,772				8,164
Dividends payable			15,736				15,508
Operating leases			98,622				98,867
Other			106,808				96,562
Total accrued liabilities		$	416,281			$	427,379

 

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

 

NOTE 5.    LONG-TERM DEBT

Long-term debt, net of current maturities and debt issuance costs, consists of the following:

 

		June 30, 2024
		Interest								Unamortized
		Rates at								Origination
		June 30,				Outstanding				Fees and				Long-Term
(In thousands)		2024				Principal				Costs				Debt, Net
Credit facility			7.161	%		$	1,087,600			$	(11,249	)		$	1,076,351
4.750% senior notes due 2027			4.750	%			1,000,000				(6,818	)			993,182
4.750% senior notes due 2031			4.750	%			900,000				(9,437	)			890,563
Other			5.208	%			416				—				416
Total long-term debt							2,988,016				(27,504	)			2,960,512
Less current maturities							44,416				—				44,416
Long-term debt, net						$	2,943,600			$	(27,504	)		$	2,916,096

 

		December 31, 2023
		Interest								Unamortized
		Rates at								Origination
		December 31,				Outstanding				Fees and				Long-Term
(In thousands)		2023				Principal				Costs				Debt, Net
Credit facility			7.164	%		$	1,046,300			$	(13,403	)		$	1,032,897
4.750% senior notes due 2027			4.750	%			1,000,000				(7,792	)			992,208
4.750% senior notes due 2031			4.750	%			900,000				(10,111	)			889,889
Other			5.208	%			504				—				504
Total long-term debt							2,946,804				(31,306	)			2,915,498
Less current maturities							44,275				—				44,275
Long-term debt, net						$	2,902,529			$	(31,306	)		$	2,871,223

  

The outstanding principal amounts under the Credit Facility are comprised of the following:

 

		June 30,				December 31,
(In thousands)		2024				2023
Revolving Credit Facility		$	255,000			$	180,000
Term A Loan			781,000				803,000
Swing Loan			51,600				63,300
Total outstanding principal amounts		$	1,087,600			$	1,046,300

 

With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $255.0 million and $51.6 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.4 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $1,130.0 million as of June 30, 2024. 

 

Covenant Compliance

As of  June 30, 2024, we were in compliance with the financial covenants of our debt instruments.

 

   

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

___________________________________________________________________________________________________

___

 

 

NOTE 6.    COMMITMENTS AND CONTINGENCIES

Wilton Rancheria Agreements

In 2012, the Company entered into a development agreement and a management agreement with Wilton Rancheria. The development agreement obligated us to fund certain pre-development costs to assist Wilton Rancheria in its development and oversight of the gaming facility construction. The pre-development costs financed by us were to be repaid under the terms of a note receivable with Wilton Rancheria bearing interest at 12.5% with payment timing and the payment amount subject to an excess cash flow waterfall payment prioritization and maintenance of a certain leverage ratio, among other restrictions under Wilton Rancheria’s third-party credit agreement that provided funding for the construction project. Given the significant barriers of the project, a majority of the advances made during the 10-year period prior to the Sky River Casino opening were historically reserved in full when advanced. The Sky River Casino opened on August 15, 2022 and after generating cash flows from operations, we updated our evaluation of expected losses on the note receivable which resulted in a partial release of the allowance during the fourth quarter of 2022. The Wilton Rancheria amended their third-party credit agreement in March 2023 and such amendment effectively allowed Sky River Casino to begin making previously disallowed distributions, under the excess cash flow waterfall. Given the amendment in the first quarter of 2023, the Company updated its evaluation of its expected losses on the note receivable. As the amendment allowed for quarterly payments to begin and given the sustained operating strength of the recently opened property, the Company concluded it expected to receive all payments due under the note receivable. As such, the Company removed the remaining allowance on the note receivable in the first quarter of 2023, which represented a reserve on both the development advances and interest on the note. The allowance reduction was thus allocated accordingly and $20.1 million is recorded in project development, preopening and writedowns and  $14.3 million is recorded in interest income, both reflected in the condensed consolidated statement of operations for the six months ended June 30, 2023. The Company received  $0.2  million in principal payments and $0.2  million in interest due under the note receivable during the  six months ended June 30, 2024, and  $49.7  million in principal payments and $8.5  million in interest due under the note receivable during the  six months ended June 30, 2023. As of  June 30, 2024, the principal and interest outstanding on the note receivable was fully repaid. Separately, the management agreement provides for us to manage the gaming facility upon opening 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 $21.3 million and  $17.4 million for our management services for the three months ended June 30, 2024 and 2023, respectively, and  $43.5 million and  $37.5 million for the six months ended June 30, 2024 and 2023, respectively, is paid monthly and recorded in management fee revenue on the condensed consolidated statements of operations.

 

Commitments

As of June 30, 2024, there have been no material changes to our commitments described under Note 9, Commitments and Contingencies, in our Annual Report on Form  10-K for the year ended December 31, 2023, as filed with the SEC on February 26, 2024.

 

Contingencies

Legal Matters

We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material effect on our business, financial position, results of operations or cash flows.

 

 

NOTE 7.    STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS

Share Repurchase Program

On October 21, 2021, our Board of Directors authorized a share repurchase program of $300.0 million (the "Share Repurchase Program"). In addition, our Board of Directors authorized increases to the Share Repurchase Program of  $500.0 million on each of  June 1, 2022,  May 4, 2023 and May 9, 2024. As of  June 30, 2024,  $545.1 million remains available under the Share Repurchase Program. Under the Share 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 under insider trading laws. We are not obligated to repurchase any shares under this program. The timing, volume and nature of share repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws and other factors, and may be suspended or discontinued at any time.

 

The following table provides information regarding share repurchases during the referenced periods  ⁽¹⁾.

 

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(In thousands, except per share data)		2024				2023				2024				2023
Shares repurchased (2)			3,144				1,492				4,802				3,219
Total cost, including brokerage fees (3)		$	175,686			$	100,028			$	281,186			$	206,356
Average repurchase price per share (4)		$	55.88			$	67.02			$	58.55			$	64.11

 

⁽¹⁾ Shares repurchased reflect repurchases settled during the three and six months ended June 30, 2024 and 2023. These amounts exclude repurchases, if any, traded but not yet settled on or before June 30, 2024 and 2023, respectively.

⁽²⁾ All shares repurchased have been retired and constitute authorized but unissued shares.

⁽³⁾ Costs exclude 1% excise tax on corporate stock buybacks.

⁽⁴⁾ Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers and excludes the 1% excise tax.

 

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

Dividends

The dividends declared by the Board of Directors and reflected in the periods presented are:

 

Declaration date		Record date		Payment date		Amount per share
December 8, 2022		December 19, 2022		January 15, 2023		$	0.15
February 14, 2023		March 15, 2023		April 15, 2023			0.16
May 4, 2023		June 15, 2023		July 15, 2023			0.16
December 7, 2023		December 22, 2023		January 15, 2024			0.16
February 28, 2024		March 15, 2024		April 15, 2024			0.17
May 9, 2024		June 15, 2024		July 15, 2024			0.17

  

Share-Based Compensation

We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period.

 

The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations.

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(In thousands)		2024				2023				2024				2023
Gaming		$	289			$	307			$	524			$	528
Food & beverage			55				59				100				101
Room			27				28				48				48
Selling, general and administrative			1,471				1,563				2,663				2,683
Corporate expense			8,523				10,241				13,890				16,657
Total share-based compensation expense		$	10,365			$	12,198			$	17,225			$	20,017

 

Performance Shares

Our stock incentive plan provides for the issuance of Performance Share Units ("PSU") grants which may be earned, in whole or in part, upon the passage of time and the attainment of performance criteria. We periodically review our estimates of performance against the defined criteria to assess the expected payout of each outstanding PSU grant and adjust our stock compensation expense accordingly.

 

The PSU grants awarded in third quarter 2021 and fourth quarter 2019 fully vested during the first quarter of 2024 and 2023, respectively. Common shares under the 2021 grant were issued based on the determination by the Compensation Committee of the Board of Directors ("Compensation Committee") of our actual achievement of Earnings Before Interest, Taxes, Depreciation and Amortization and Rent under master leases ("EBITDAR") and return on invested capital for the two-year performance period from July 2021 to June 2023. Common shares under the 2019 grant were issued based on the determination by the Compensation Committee of net revenue growth and EBITDAR growth for the three-year performance period of the grant. As provided under the provisions of our stock incentive plan, certain of the participants elected to surrender a portion of the shares to be received to pay the withholding and other payroll taxes payable on the compensation resulting from the vesting of the PSUs.

 

The PSU grant awarded in July 2021 resulted in a total of 241,277 shares being issued during the first quarter of 2024, representing approximately 1.94 shares per PSU. Of the 241,277 shares issued, a total of 94,862 were surrendered by the participants for payroll taxes, resulting in a net issuance of 146,415 shares due to the vesting of the 2021 grant. The actual achievement level under the award metrics approximated the estimated performance as of the year-end 2023; therefore, the vesting of the PSUs had minimal impact to compensation costs of $0.8 million in our condensed consolidated statement of operations for the six months ended June 30, 2024.

 

The PSU grant awarded in December 2019 resulted in a total of 519,782 shares being issued during the first quarter of 2023, representing approximately 2.00 shares per PSU. Of the 519,782 shares issued, a total of 200,904 were surrendered by the participants for payroll taxes, resulting in a net issuance of 318,878 shares due to the vesting of the 2019 grant. The actual achievement level under the award metrics equaled the estimated performance as of the year-end 2022; therefore, the vesting of the PSUs did not impact compensation costs in our 2023 condensed consolidated statement of operations.

 

Unamortized Stock Compensation Expense and Recognition Period

As of June 30, 2024, there was approximately $15.6 million, $5.7 million and $1.7 million of total unrecognized share-based compensation costs related to unvested restricted stock units ("RSUs"), PSUs and career shares, respectively. As of June 30, 2024, the unrecognized share-based compensation costs related to our RSUs, PSUs and career shares are expected to be recognized over approximately 2.3 years, 2.3 years and 3.5 years, respectively.

 

 

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.

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

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 assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels.

 

Balances Measured at Fair Value

The following tables show the fair values of certain of our financial instruments:

 

		June 30, 2024
(In thousands)		Balance				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents		$	280,783			$	280,783			$	—			$	—
Restricted cash			3,946				3,946				—				—
Investment available for sale			12,495				—				—				12,495

 

		December 31, 2023
(In thousands)		Balance				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents		$	304,271			$	304,271			$	—			$	—
Restricted cash			3,659				3,659				—				—
Investment available for sale			13,327				—				—				13,327

 

Cash and Cash Equivalents and Restricted Cash

The fair values of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, are based on statements received from our banks as of  June 30, 2024 and December 31, 2023.

 

Investment Available for Sale

We have an investment in a single municipal bond issuance of $16.4 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 that is classified as available for sale with a maturity date of June 1, 2037. We are the only holder of this instrument and there is no quoted market price for this instrument. As such, the fair value of this investment is classified as Level 3 in the fair value hierarchy. The estimate of the fair value of such investment was determined using a combination of current market rates and estimates of market conditions for instruments with similar terms, maturities and degrees of risk and a discounted cash flows analysis as of  June 30, 2024 and December 31, 2023. The significant unobservable input used to determine fair value of the instrument in the discounted cash flows analysis at  June 30, 2024 and  December 31, 2023 is a discount rate of 12.8% and 12.4%, respectively. Unrealized gains and losses on this instrument resulting from changes in the fair value of the instrument are not charged to earnings, but rather are recorded as other comprehensive income (loss) in the stockholders' equity section of the condensed consolidated balance sheets and in the condensed consolidated statements of other comprehensive income. As of  June 30, 2024 and December 31, 2023, $0.8 million and $0.7 million, respectively, of the carrying value of the investment available for sale is included as a current asset in prepaid expenses and other current assets, and at  June 30, 2024 and December 31, 2023, $11.7 million and $12.6 million, respectively, is included in other assets, net on the condensed consolidated balance sheets. The discount associated with this investment of $1.9 million and $2.0 million as of  June 30, 2024 and December 31, 2023, respectively, is netted with the investment balance and is being accreted over the life of the investment using the effective interest method. The accretion of such discount is included in interest income on the condensed consolidated statements of operations.

 

The following table summarizes the changes in fair value of the Company's Level 3 investment available for sale asset:

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(In thousands)		2024				2023				2024				2023
Balance at beginning of reporting period		$	13,550			$	14,348			$	13,327			$	13,670
Total gains (realized or unrealized):
Included in interest income			45				44				89				87
Included in other comprehensive income (loss)			(370	)			(497	)			(191	)			138
Purchases, sales, issuances and settlements:
Settlements			(730	)			(680	)			(730	)			(680	)
Balance at end of reporting period		$	12,495			$	13,215			$	12,495			$	13,215

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

We are exposed to valuation risk on our Level 3 financial instruments. We estimate our risk exposure using a sensitivity analysis of potential changes in the significant unobservable inputs of our fair value measurements. Our Level 3 financial instruments are most susceptible to valuation risk caused by changes in the discount rate. If the discount rate in our fair value measurements increased or decreased by 100 basis points, the change would not cause the value of our fair value measurements to change significantly.

 

The fair value of indefinite-lived intangible assets, classified in the fair value hierarchy as Level 3, is utilized in performing the Company's impairment analyses. The value of our gaming licenses is determined using a multi-period excess earnings method, which is a specific discounted cash flow model which utilized Level 3 inputs.

 

Balances Disclosed at Fair Value

The following tables provide the fair value measurement information about our obligation under assessment agreements and note receivable. As of June 30, 2024, the outstanding principal balance under the note receivable was paid in full.

 

June 30, 2024

Outstanding

Carrying

Estimated

Fair Value

(In thousands)

Face Amount

Value

Fair Value

Hierarchy

Liabilities

Obligation under assessment arrangements

$

19,121

$

16,924

$

22,101

Level 3

   

December 31, 2023

Outstanding

Carrying

Estimated

Fair Value

(In thousands)

Face Amount

Value

Fair Value

Hierarchy

Asset

Note receivable

$

419

$

419

$

419

Level 3

Liabilities

Obligation under assessment arrangements

20,199

17,752

23,282

Level 3

 

The following tables provide the fair value measurement information about our long-term debt:

 

		June 30, 2024
		Outstanding				Carrying				Estimated			Fair Value
(In thousands)		Face Amount				Value				Fair Value			Hierarchy
Credit facility		$	1,087,600			$	1,076,351			$	1,066,123		Level 2
4.750% senior notes due 2027			1,000,000				993,182				957,500		Level 1
4.750% senior notes due 2031			900,000				890,563				815,625		Level 1
Other			416				416				416		Level 3
Total debt		$	2,988,016			$	2,960,512			$	2,839,664

 

		December 31, 2023
		Outstanding				Carrying				Estimated			Fair Value
(In thousands)		Face Amount				Value				Fair Value			Hierarchy
Credit facility		$	1,046,300			$	1,032,897			$	1,021,206		Level 2
4.750% senior notes due 2027			1,000,000				992,208				957,500		Level 1
4.750% senior notes due 2031			900,000				889,889				819,000		Level 1
Other			504				504				504		Level 3
Total debt		$	2,946,804			$	2,915,498			$	2,798,210

 

The estimated fair value of our obligation under assessment arrangements is based on a discounted cash flows approach after giving consideration to the changes in market rates of interest, creditworthiness of both parties and credit spread. The fair value of our note receivable as of  December 31, 2023, was estimated to equal its carrying value after consideration of the expected repayment timing of the remaining balance. The estimated fair value of our Credit Facility is based on a relative value analysis performed on or about  June 30, 2024 and December 31, 2023. The estimated fair values of our senior notes are based on quoted market prices as of  June 30, 2024 and December 31, 2023. The other debt is fixed-rate debt consisting of finance leases with various maturity dates from 2024 to 2025. The other debt is not traded and does not have an observable market input; therefore, we have estimated fair value to be equal to the carrying value for these obligations.

 

There were no transfers between Level 1, Level 2 and Level 3 measurements during the six months ended June 30, 2024 and 2023.

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

 

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, which are each also operating segments, 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 Boyd Interactive and our online gaming operations through collaborative arrangements with third parties throughout the United States, both of which are also operating segments. 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 Hotel and Gambling Hall		Las Vegas, Nevada
Suncoast Hotel and Casino		Las Vegas, Nevada
Eastside Cannery Casino and Hotel (1)		Las Vegas, Nevada
Aliante Casino + Hotel + Spa		North Las Vegas, Nevada
Cannery Casino Hotel		North Las Vegas, Nevada
Jokers Wild		Henderson, Nevada
Downtown Las Vegas
California Hotel and Casino		Las Vegas, Nevada
Fremont Hotel & Casino		Las Vegas, Nevada
Main Street Station Hotel and Casino		Las Vegas, Nevada
Midwest & South
Par-A-Dice Casino		East Peoria, Illinois
Belterra Casino Resort (2)		Florence, Indiana
Blue Chip Casino Hotel Spa		Michigan City, Indiana
Diamond Jo Casino		Dubuque, Iowa
Diamond Jo Worth		Northwood, Iowa
Kansas Star Casino		Mulvane, Kansas
Amelia Belle Casino		Amelia, Louisiana
Delta Downs Racetrack Hotel & Casino		Vinton, Louisiana
Evangeline Downs Racetrack & Casino		Opelousas, Louisiana
Sam's Town Shreveport		Shreveport, Louisiana
Treasure Chest Casino		Kenner, Louisiana
IP Casino Resort Spa		Biloxi, Mississippi
Sam's Town Hotel and Gambling Hall Tunica		Tunica, Mississippi
Ameristar Casino * Hotel Kansas City (2)		Kansas City, Missouri
Ameristar Casino * Resort * Spa St. Charles (2)		St. Charles, Missouri
Belterra Park (2)		Cincinnati, Ohio
Valley Forge Casino Resort		King of Prussia, Pennsylvania

 

⁽¹⁾ Due to the current levels of demand in the market, Eastside Cannery has remained closed since March 18, 2020, when it closed in compliance with orders issued by state officials as precautionary measures intended to slow the spread of the COVID-19 virus.

⁽²⁾ Property is subject to a master lease agreement with a real estate investment trust.

 

Results of Operations - Total Reportable Segment Revenues and Adjusted EBITDAR

We evaluate profitability based on Adjusted EBITDAR, which represents earnings before interest expense, interest income, income taxes, depreciation and amortization, deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, other items, net and master lease rent expense, as applicable. Total Reportable Segment Adjusted EBITDAR is the aggregate sum of the Adjusted EBITDAR for each of the gaming entertainment properties included in our Las Vegas Locals, Downtown Las Vegas and Midwest & South segments and Adjusted EBITDAR related to the online operations in our Online segment. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company as our Downtown Las Vegas properties focus their marketing efforts on gaming customers from Hawaii. 

 

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with GAAP, facilitates comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes. Management has historically adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results.

 

The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments and our Managed & Other category to reconcile to total revenues:

 

		Three Months Ended June 30, 2024
						Food &												Management
		Gaming				Beverage				Room				Online				Fee				Other				Total
(In thousands)		Revenue				Revenue				Revenue				Revenue				Revenue				Revenue				Revenue
Revenues
Las Vegas Locals		$	162,915			$	23,373			$	24,697			$	—			$	—			$	14,069			$	225,054
Downtown Las Vegas			36,725				11,085				6,893				—				—				2,998				57,701
Midwest & South			440,296				42,536				21,005				—				—				17,913				521,750
Online			—				—				—				129,930				—				—				129,930
Managed & Other			10,891				—				—				—				21,252				934				33,077
Total Revenues		$	650,827			$	76,994			$	52,595			$	129,930			$	21,252			$	35,914			$	967,512

 

		Three Months Ended June 30, 2023
						Food &												Management
		Gaming				Beverage				Room				Online				Fee				Other				Total
(In thousands)		Revenue				Revenue				Revenue				Revenue				Revenue				Revenue				Revenue
Revenues
Las Vegas Locals		$	171,986			$	22,219			$	23,295			$	—			$	—			$	13,440			$	230,940
Downtown Las Vegas			34,432				10,142				5,636				—				—				2,781				52,991
Midwest & South			443,440				38,005				20,830				—				—				16,571				518,846
Online			—				—				—				85,002				—				—				85,002
Managed & Other			10,871				—				—				—				17,446				854				29,171
Total Revenues		$	660,729			$	70,366			$	49,761			$	85,002			$	17,446			$	33,646			$	916,950

 

		Six Months Ended June 30, 2024
						Food &												Management
		Gaming				Beverage				Room				Online				Fee				Other				Total
(In thousands)		Revenue				Revenue				Revenue				Revenue				Revenue				Revenue				Revenue
Revenues
Las Vegas Locals		$	324,371			$	45,795			$	50,453			$	—			$	—			$	30,057			$	450,676
Downtown Las Vegas			70,446				21,500				13,461				—				—				5,825				111,232
Midwest & South			868,537				82,338				37,628				—				—				34,013				1,022,516
Online			—				—				—				276,100				—				—				276,100
Managed & Other			21,604				—				—				—				43,497				2,408				67,509
Total Revenues		$	1,284,958			$	149,633			$	101,542			$	276,100			$	43,497			$	72,303			$	1,928,033

 

		Six Months Ended June 30, 2023
						Food &												Management
		Gaming				Beverage				Room				Online				Fee				Other				Total
(In thousands)		Revenue				Revenue				Revenue				Revenue				Revenue				Revenue				Revenue
Revenues
Las Vegas Locals		$	348,307			$	44,982			$	48,676			$	—			$	—			$	29,245			$	471,210
Downtown Las Vegas			70,849				20,639				12,485				—				—				5,575				109,548
Midwest & South			883,525				76,329				38,665				—				—				32,500				1,031,019
Online			—				—				—				207,865				—				—				207,865
Managed & Other			22,356				—				—				—				37,476				1,442				61,274
Total Revenues		$	1,325,037			$	141,950			$	99,826			$	207,865			$	37,476			$	68,762			$	1,880,916

   

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BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  June 30, 2024 and  December 31, 2023 and for the three and six months ended June 30, 2024 and 2023

______________________________________________________________________________________________________

 

The following table reconciles, for the periods indicated, our Reportable Segments and our Managed & Other category Adjusted EBITDAR to net income, as reported in our accompanying condensed consolidated statements of operations:

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(In thousands)		2024				2023				2024				2023
Adjusted EBITDAR
Las Vegas Locals		$	109,253			$	118,395			$	219,691			$	244,555
Downtown Las Vegas			22,018				19,652				39,833				42,019
Midwest & South			195,455				201,833				376,449				400,517
Online			17,057				13,400				37,533				34,023
Managed & Other			23,140				19,546				47,921				41,097
Corporate expense			(22,732	)			(21,464	)			(46,750	)			(43,703	)
Adjusted EBITDAR			344,191				351,362				674,677				718,508
Other operating costs and expenses
Deferred rent			163				177				324				354
Master lease rent expense			27,852				27,099				55,087				53,927
Depreciation and amortization			65,677				62,220				128,590				123,780
Share-based compensation expense			10,365				12,198				17,225				20,017
Project development, preopening and writedowns			7,586				5,201				10,607				(13,673	)
Impairment of assets			—				—				10,500				4,537
Other operating items, net			5,442				438				5,853				658
Total other operating costs and expenses			117,085				107,333				228,186				189,600
Operating income			227,106				244,029				446,491				528,908
Other expense (income)
Interest income			(403	)			(2,715	)			(849	)			(20,860	)
Interest expense, net of amounts capitalized			42,949				42,715				85,258				86,581
Other, net			50				522				100				626
Total other expense, net			42,596				40,522				84,509				66,347
Income before income taxes			184,510				203,507				361,982				462,561
Income tax provision			(44,665	)			(11,053	)			(85,664	)			(70,376	)
Net income		$	139,845			$	192,454			$	276,318			$	392,185

 

For purposes of this presentation, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not directly related to our casino, hotel and online operations.

 

Total Reportable Segment Assets

The Company's assets by Reportable Segment and Managed & Other category consisted of the following amounts:

 

		June 30,				December 31,
(In thousands)		2024				2023
Assets
Las Vegas Locals		$	1,625,829			$	1,634,732
Downtown Las Vegas			289,557				295,494
Midwest & South			3,829,675				3,805,301
Online			135,816				155,356
Managed & Other			118,122				124,161
Corporate			262,421				258,082
Total Assets		$	6,261,420			$	6,273,126

 

 

 

NOTE 10.    SUBSEQUENT EVENTS

We have evaluated all events or transactions that occurred after June 30, 2024. 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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Item 2.         Management's Discussion and Analysis of Financial Condition and Results of Operations

Executive Overview

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 28 gaming entertainment properties. Headquartered in Las Vegas, Nevada, we have gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. 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. We have 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, which are each also operating segments, 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 Boyd Interactive and our online gaming operations through collaborative arrangements with third parties throughout the United States, both of which are also operating segments. 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 ("Lattner"). 

 

Las Vegas Locals
Gold Coast Hotel and Casino		Las Vegas, Nevada
The Orleans Hotel and Casino		Las Vegas, Nevada
Sam's Town Hotel and Gambling Hall		Las Vegas, Nevada
Suncoast Hotel and Casino		Las Vegas, Nevada
Eastside Cannery Casino and Hotel (1)		Las Vegas, Nevada
Aliante Casino + Hotel + Spa		North Las Vegas, Nevada
Cannery Casino Hotel		North Las Vegas, Nevada
Jokers Wild		Henderson, Nevada
Downtown Las Vegas
California Hotel and Casino		Las Vegas, Nevada
Fremont Hotel & Casino		Las Vegas, Nevada
Main Street Station Hotel and Casino		Las Vegas, Nevada
Midwest & South
Par-A-Dice Casino		East Peoria, Illinois
Belterra Casino Resort (2)		Florence, Indiana
Blue Chip Casino Hotel Spa		Michigan City, Indiana
Diamond Jo Casino		Dubuque, Iowa
Diamond Jo Worth		Northwood, Iowa
Kansas Star Casino		Mulvane, Kansas
Amelia Belle Casino		Amelia, Louisiana
Delta Downs Racetrack Hotel & Casino		Vinton, Louisiana
Evangeline Downs Racetrack & Casino		Opelousas, Louisiana
Sam's Town Shreveport		Shreveport, Louisiana
Treasure Chest Casino		Kenner, Louisiana
IP Casino Resort Spa		Biloxi, Mississippi
Sam's Town Hotel and Gambling Hall Tunica		Tunica, Mississippi
Ameristar Casino * Hotel Kansas City (2)		Kansas City, Missouri
Ameristar Casino * Resort * Spa St. Charles (2)		St. Charles, Missouri
Belterra Park (2)		Cincinnati, Ohio
Valley Forge Casino Resort		King of Prussia, Pennsylvania

 

⁽¹⁾ Due to the current levels of demand in the market, Eastside Cannery has remained closed since March 18, 2020, when it closed in compliance with orders issued by state officials as precautionary measures intended to slow the spread of the COVID-19 virus.

⁽²⁾ Property is subject to a master lease agreement with a real estate investment trust.

 

We also own a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii. As our Downtown Las Vegas properties focus their marketing efforts on gaming customers from Hawaii, financial results for these operations are included in our Downtown Las Vegas segment.

 

 

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Most of our gaming entertainment properties also include hotel, dining, sportsbook, retail and other amenities. Our main business emphasis is on slot revenues, which highly depends on the number of visits and spending levels of customers at our properties.

 

Our gaming entertainment properties have historically generated significant operating cash flow, with the majority of our revenue being cash-based. While we do provide casino credit and the ability to transfer digital funds from a player's cashless "BoydPay" wallet, subject to certain gaming regulations and jurisdictions, most of our customers wager with cash and pay for non-gaming services with cash or by credit card.

 

Our industry is capital intensive, and we rely heavily on the ability of our operations to generate operating cash flow to fund maintenance capital expenditures, pay income taxes, repay debt financing and associated interest costs, repurchase our debt or equity securities, pay dividends, and provide excess cash for future development and to help fund acquisitions.

 

Our Strategy

Our strategy is to increase shareholder value by pursuing strategic initiatives that improve and grow our business.

 

Growing Revenues and Operating Efficiently

We are committed to growing revenues and building loyalty among core customers through targeted marketing investments with a focus on maximizing gaming revenues while operating as efficiently as possible. 

 

Balance Sheet Strength

We are committed to maintaining a strong balance sheet and finding opportunities to diversify and increase our cash flow. We are also committed to a balanced capital allocation approach with our cash flows, with a current emphasis on investing in our business and returning capital to shareholders.

 

Evaluating Acquisition and Growth Opportunities

Our evaluations of potential investments and growth opportunities are strategic, deliberate, and disciplined. Our goal is to identify and pursue opportunities that grow our business, are available at the right price and deliver a solid return for shareholders. These investments can take the form of expanding and enhancing offerings and amenities at existing properties, developing new properties, expanding and enhancing online sports wagering and online casino offerings as they are legalized in and around the states we operate today, and asset acquisitions.

 

Maintaining Our Brand

The ability of our Team Members to deliver great customer service helps distinguish our Company and our brands from our competitors. Our Team Members are an important reason that our customers continue to choose our properties over the competition across the country. In addition, we have established nationwide branding through our "Boyd Rewards" loyalty program. Our players use their Boyd Rewards cards to earn and redeem points at all of our gaming entertainment properties and online casino gaming offerings. Boyd Rewards, among other benefits, rewards players for their loyalty by entitling them to qualify for promotions and monetary discounts, earn rewards toward gaming and nongaming activities and receive benefits such as vacations and luxury gifts.

 

Commitment to Corporate Social Responsibility ("CSR") 

We fulfill our commitment to CSR through four core pillars: Environment, People, Communities and Corporate Governance. We invest in the well-being of our communities and future generations through economic contributions and endeavor to reduce our carbon footprint, strive to be an employer of choice where every Team Member is treated with dignity and respect, and promote a culture of conducting business with the highest level of integrity.

 

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Our Key Performance Indicators

We use several key performance measures to evaluate the operations of our gaming entertainment properties. These key performance measures include the following:

 

•	Gaming revenue measures: slot handle, which means the dollar amount wagered in slot machines, and table game drop, which means the total amount of cash, including digital funds transferred from the players' cashless "BoydPay" wallet, deposited in table games drop boxes, plus the sum of markers issued at all table games, are measures of volume and/or market share. Slot win and table game hold, which means the amount of wagers on slot machines and table games, respectively, retained by us and recorded as gaming revenues, and represents the difference between customer wagers and customer winnings on slot machines and table games, respectively. Slot win percentage and table game hold percentage, which are not fully controllable by us, represent the relationship between slot handle to slot win and table game drop to table game hold, respectively.
•	Food & beverage revenue measures: average guest check, which means the average amount spent per customer visit and is a measure of volume and product offerings; number of guests served ("food covers"), which is an indicator of volume; and the cost per guest served, which is a measure of operating margin.
•	Room revenue measures: hotel occupancy rate, which measures the utilization of our available rooms; and average daily rate ("ADR"), which is a price measure; and the cost per room, which is a measure of operating margin.

 

RESULTS OF OPERATIONS

Overview

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(In millions)		2024				2023				2024				2023
Total revenues		$	967.5			$	917.0			$	1,928.0			$	1,880.9
Operating income			227.1				244.0				446.5				528.9
Net income			139.8				192.5				276.3				392.2

 

Total Revenues

Total revenues for the three months ended June 30, 2024 increased by $50.6 million, or 5.5%, compared to the prior year comparable period, primarily due to an increase in online revenue of $44.9 million, which was driven by an increase of $40.3 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the three months ended June 30, 2024, as compared to the prior year comparable period. While gaming revenues declined by $9.9 million for the three months ended June 30, 2024, compared to the prior year comparable period, and had the second largest impact on revenues, food & beverage revenues increased by $6.6 million over the same period and helped offset the gaming revenue decline. 

 

Total revenues for the six months ended June 30, 2024 increased by $47.1 million, or 2.5%, compared to the prior year comparable period, primarily due to the following: (i) an increase in online revenue of $68.2 million, which was driven by an increase of $60.3 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the six months ended June 30, 2024, as compared to the prior year comparable period; (ii) an increase in food & beverage revenue of $7.7 million primarily due to an increase in average guest check of 6.1%; (iii) an increase of $6.0 million related to the Sky River Casino management fee; and (iv) offset by a decrease in gaming revenue of $40.1 million. The gaming revenue decline was primarily driven by the first quarter, which contributed to $30.2 million of the gaming revenue decline for the first six months of the year. Further, more than half of the $40.1 million gaming revenue decline through the first six months of the year, or $23.0 million, was related to January as severe winter storms impacted the Midwest & South segment in January. In addition, gaming revenues were down from the prior year due to decreased visitation in the current year in our Las Vegas segments as the first quarter of 2023, and January in particular, was strengthened by increased visitation to Las Vegas. We also saw the competitive pressures from the first quarter driven by a new competitor that opened in our Las Vegas Locals market continue into the second quarter and contribute to the year over year gaming revenue declines. Excluding impacts in January and competitive pressures in the Las Vegas Locals market, for the remainder of the six months ended June 30, 2024, we saw growth in play from our core customer while the retail customer was relatively flat over the prior year.

 

Operating Income

Operating income decreased by $16.9 million, or 6.9%, for the three months ended June 30, 2024, compared to the prior year comparable period, primarily due to the gaming revenue decline of $9.9 million. While food & beverage revenue growth over the same period helped offset the gaming revenue decline, the significantly lower margin on food & beverage was not able to offset the gaming operating income decline. In addition, while online revenues grew $44.9 million, $40.3 million of the online revenue growth is due to reimbursements of gaming taxes and other expenses paid on behalf of our online partners that results in zero operating income as an equal amount is recorded as an expense. Operating income was also unfavorably impacted by $3.9 million in project development expenses related to the opening of the Treasure Chest land-based casino and $1.1 million of demolition costs.  

 

Operating income for the six months ended June 30, 2024 decreased by $82.4 million, or 15.6%, compared to the prior year comparable period, primarily due to the $40.1 million gaming revenue decline, as discussed above. In addition, while online revenues grew $68.2 million, $60.3 million of the online revenue growth is due to reimbursements of gaming taxes and other expenses paid on behalf of our online partners that results in zero operating income as an equal amount is also recorded as an expense. Operating income was also unfavorably impacted by: (i) $4.1 million in project development expenses related to the opening of the Treasure Chest land-based casino; (ii) $3.0 million of demolition costs; and (iii) a $6.0 million increase in impairment of assets over the prior year comparable period as the Company recorded an impairment charge of $10.5 million during the six months ended June 30, 2024 related to a gaming license right in the Midwest & South segment, compared to a $4.5 million impairment charge related to goodwill in the Managed & Other category during the six months ended June 30, 2023. Finally, in the prior year, operating income was favorably impacted by a $20.1 million reduction of the allowance on a note receivable with Wilton Rancheria ("Wilton Note") for development advances over the 10 years prior to the Sky River Casino opening as we evaluated the current expected credit losses after an amendment to Wilton Rancheria’s third-party construction loan in March 2023 that allowed for payments to us to begin in March 2023.

 

Net Income

Net income de creased  $52.6  million for the three months ended  June 30, 2024 , compared to the prior year comparable period, primarily due to an increase in the income tax provision of $33.6 million due to the release of state tax valuation allowances of $35.9 million in the prior year and the $16.9 million decrease in operating income, as discussed above.

  

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Net income de creased $115.9  million for the six months ended June 30, 2024 , compared to the prior year comparable period, primarily due to the $82.4 million decrease in operating income, as discussed above. In addition, interest income decreased $20.0 million during the six months ended June 30, 2024, due to an adjustment to the expected loss for interest on the Wilton Note that impacted interest income favorably during the six months ended June 30, 2023 and interest earned on the Wilton Note during the six months ended June 30, 2023. Finally, net income decreased due to a $15.3 million increase in the income tax provision as the six months ended June 30, 2023 benefited from the release of state tax valuation allowances of $35.9 million in the prior year and was offset by the operational performance decline and lower resulting taxes during the six months ended June 30, 2024.

 

Operating Revenues

We derive the majority of our revenues from our gaming operations, which produced approximately  67% and 72% of revenues for the three months ended  June 30, 2024 and 2023, respectively, and  67% and  70% of revenues for the  six months ended June 30, 2024 and 2023, respectively.  Online revenues, including reimbursements received from our third-party operators for gaming taxes and other expenses we pay under collaborative arrangements, represent our next most significant revenue source, generating  13% and  9% of revenues for the three months ended  June 30, 2024  and 2023 , respectively, and 14% and 11% of revenues for the  six months ended June 30, 2024 and 2023, respectively.  Food & beverage revenues, room revenues, management fee revenues and other revenues separately contributed 8% or less of revenues during these periods. 

  

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(In millions)		2024				2023				2024				2023
REVENUES
Gaming		$	650.8			$	660.7			$	1,285.0			$	1,325.0
Food & beverage			77.0				70.4				149.6				141.9
Room			52.6				49.8				101.5				99.8
Online			129.9				85.0				276.1				207.9
Management fee			21.3				17.4				43.5				37.5
Other			35.9				33.7				72.3				68.8
Total revenues		$	967.5			$	917.0			$	1,928.0			$	1,880.9
DEPARTMENTAL OPERATING EXPENSES
Gaming		$	252.1			$	250.0			$	497.8			$	499.8
Food & beverage			63.2				58.6				125.1				118.0
Room			19.3				18.6				38.1				35.7
Online			112.7				71.4				238.2				173.4
Other			13.2				11.0				26.2				22.6
Total departmental operating expenses		$	460.5			$	409.6			$	925.4			$	849.5
MARGINS
Gaming			61.3	%			62.2	%			61.3	%			62.3	%
Food & beverage			17.9	%			16.8	%			16.4	%			16.8	%
Room			63.3	%			62.7	%			62.5	%			64.2	%
Online			13.2	%			16.0	%			13.7	%			16.6	%
Other			63.2	%			67.4	%			63.8	%			67.2	%

 

Gaming

Gaming revenues are comprised primarily of the net win from our slot machine operations and to a lesser extent from table games win. The decrease in gaming revenues of $9.9 million, or 1.5%, during the three months ended June 30, 2024, compared to the prior year comparable period, was primarily due to a decline in table game hold of 5.8%. 

 

The decrease in gaming revenues of $40.1 million, or 3.0%, during the six months ended June 30, 2024, compared to the prior year comparable period, was primarily due to declines in slot handle of 1.7%, slot win of 1.1% and table game hold of 5.7%. Gaming revenues were impacted by winter storms throughout the Midwest & South in January, market softness during the first quarter in our Las Vegas Locals segment, competitive pressures through the first two quarters in the Las Vegas Locals segment after a new competitor entered the market in December 2023, and increased visitation in our Las Vegas segments in the prior year, particularly in the first quarter, all as discussed above.

 

Food & Beverage

Food & beverage revenues increased $6.6 million, or 9.4%, and $7.7 million, or 5.4%, during the three and six months ended June 30, 2024, respectively, compared to the prior year comparable periods, primarily due to an increase in average guest check of 6.0% and 6.1%, respectively.

 

Room

Room revenues increased $2.8 million, or 5.7%, and $1.7 million, or 1.7%, during the three and six months ended June 30, 2024, compared to the prior year comparable periods, primarily due to an increase in hotel occupancy rate of 2.0% and 0.6%, respectively.

 

 

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Online

Online revenuesincreased $44.9 million and $68.2 million during the three and six months ended June 30, 2024, respectively, compared to the prior year comparable periods, primarily driven by an increase of $40.3 million and $60.3 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the three and six months ended June 30, 2024, respectively, as compared to the prior year comparable periods.

 

Management fee

Management fee revenues during the three months ended June 30, 2024 and 2023 of $21.3 million and $17.4 million, respectively, and during the six months ended June 30, 2024 and 2023 of $43.5 million and $37.5 million, respectively, relate to our management agreement with Wilton Rancheria to manage the Sky River Casino in northern California.

 

Other

Other revenues relate to patronage visits at the other amenities at our properties, including entertainment and nightclub revenues, retail sales, theater tickets and other venues. Other revenues increased $2.3 million, or 6.7%, and $3.5 million, or 5.1%, during the three and six months ended June 30, 2024, respectively, as compared to the corresponding periods of the prior year.

 

Revenues and Adjusted EBITDAR by Reportable Segment

We determine each property's profitability based on Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Rent ("Adjusted EBITDAR"), which represents earnings before interest expense, interest income, income taxes, depreciation and amortization, deferred rent, master lease rent expense, other operating items, net, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, loss on early extinguishments and modifications of debt and other items, net, as applicable. Reportable Segment Adjusted EBITDAR is the aggregate sum of the Adjusted EBITDAR for each of the gaming entertainment properties comprising our Las Vegas Locals, Downtown Las Vegas and Midwest & South segments and our Online segment. Results for Downtown Las Vegas include the results of our travel agency and captive insurance company in Hawaii. Results for our nonreportable operating segments, including Lattner and our Sky River Casino management fees, are aggregated in the Managed & Other category. Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not directly related to our casino, hotel and online operations. Furthermore, for purposes of this presentation, corporate expense excludes its portion of share-based compensation expense.

 

EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), facilitates comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes. Management has historically adjusted EBITDAR when evaluating operating performance because we believe that the exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results.

 

The following table presents total revenues and Adjusted EBITDAR by our Reportable Segments and our Managed & Other category to reconcile to total revenues and total Adjusted EBITDAR:

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(In millions)		2024				2023				2024				2023
Total revenues
Las Vegas Locals		$	225.1			$	230.9			$	450.7			$	471.2
Downtown Las Vegas			57.7				53.0				111.2				109.5
Midwest & South			521.7				518.9				1,022.5				1,031.0
Online			129.9				85.0				276.1				207.9
Managed & Other			33.1				29.2				67.5				61.3
Total revenues		$	967.5			$	917.0			$	1,928.0			$	1,880.9
Adjusted EBITDAR (1)
Las Vegas Locals		$	109.2			$	118.4			$	219.7			$	244.6
Downtown Las Vegas			22.0				19.7				39.8				42.0
Midwest & South			195.5				201.8				376.5				400.5
Online			17.1				13.4				37.5				34.0
Managed & Other			23.1				19.6				47.9				41.1
Corporate expense			(22.7	)			(21.5	)			(46.7	)			(43.7	)
Adjusted EBITDAR		$	344.2			$	351.4			$	674.7			$	718.5

 

⁽¹⁾ Refer to Note 9, Segment Information, in the notes to the condensed consolidated financial statements (unaudited) for a reconciliation of Adjusted EBITDAR to net income, as reported in accordance with GAAP in our accompanying condensed consolidated statements of operations.

 

Las Vegas Locals 

Total revenues decreased by $5.9 million, or 2.5%, during the three months ended June 30, 2024, as compared to the prior year comparable period, due primarily to a $9.1 million decline in gaming revenues. The decrease in gaming revenues was attributable to declines in table game hold of 11.9%, table game drop of 2.1%, slot handle of 2.8% and slot win of 2.3% from the prior year comparable period. As discussed earlier, the Las Vegas Locals segment was impacted by competitive pressures with a new competitor recently entering the market. Absent these competitive pressures, the Las Vegas Locals segment performed in-line with the overall market on a same-store basis. Offsetting the decline in gaming revenues, was an increase in room revenue of $1.4 million, which was driven by an increase in hotel occupancy rate of 2.6%, and an increase in food & beverage revenue of $1.2 million, which was primarily due to an increase in average guest check of 7.3%.

 

Total revenues decreased by $20.5 million, or 4.4%, during the six months ended June 30, 2024, compared to the prior year comparable period, due primarily to a $23.9 million decline in gaming revenues. The decrease in gaming revenues was attributable to declines in table game hold of 11.5%, slot handle of 4.4% and slot win of 3.9% from the prior year comparable period. As discussed earlier, the Las Vegas Locals segment was impacted by competitive pressures with a new competitor recently entering the market and overall market softness in the first quarter. Offsetting the decline in gaming revenues, was an increase in room revenue of $1.8 million, which was driven by an increase in hotel occupancy rate of 1.7%.

  

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Adjusted EBITDAR decreased by  $9.1  million, or 7.7%, and $24.9  million, or 10.2%, during the three and six months ended June 30, 2024 , as compared to the prior year comparable period, due primarily to the gaming revenues decline discussed above.

 

Downtown Las Vegas

Total revenues increased by $4.7 million, or 8.9%, during the three months ended June 30, 2024, as compared to the prior year comparable period, reflecting revenue increases in all departmental categories. Gaming revenues increased $2.3 million primarily due to increases in table game drop of 17.4%, slot win of 10.3% and slot handle of 7.3%. In addition, room revenue increased $1.3 million, which was driven by a 7.6% increase in occupied rooms by the Hawaiian customer. As airfares normalized from the elevated levels that occurred in the first quarter, Hawaiian visitation recovered in the second quarter. We continue to tailor our marketing programs in the Downtown Las Vegas segment to focus on the Hawaiian market. 

 

Total revenues increased by  $1.7  million, or 1.5%, during the six months ended June 30, 2024, compared to the prior year comparable period, reflecting revenue increases in all departmental categories, except for gaming revenues which declined by $0.4 million. Room revenues increased $1.0 million as the hotel occupancy rate increased 6.3% and food & beverage revenues increased $0.9 million as average guest check increased 4.2%. These increases were primarily attributable to our recently completed renovation and expansion at the Fremont Hotel & Casino and the hotel remodel at Main Street Station Hotel and Casino.

 

Adjusted EBITDAR increased by $2.4  million, or 12.0% , during the three months ended  June 30, 2024 , as compared to the prior year comparable period, primarily due to the revenue increase discussed above as the segment benefited from our recent property investments and Hawaiian visitation recovery, both as discussed above.

 

Adjusted EBITDAR decreased by  $2.2  million, or 5.2% , during the six months ended June 30, 2024 , compared to the prior year comparable period, primarily due to wage increases as we completed our efforts in 2023 to increase the hourly minimum rate to $15 per hour for all non-tipped, non-represented positions in the prior year and also property insurance cost increases.

 

Midwest & South 

Total revenues increased by $2.9 million, or 0.6%, during the three months ended June 30, 2024, as compared to the corresponding period of the prior year, due primarily to a $4.5 million increase in food & beverage revenue, which was driven by a 6.3% increase in average guest check. Offsetting the increase in food & beverage revenue, is a $3.1 million decline in gaming revenues, which was primarily due to a decline in table game hold of 3.8%. 

 

Total revenues decreased by $8.5 million, or 0.8%, during the six months ended June 30, 2024, compared to the prior year comparable period, primarily due to a $15.0 million decline in gaming revenues. The gaming revenues decline is primarily driven by the severe winter storms across the segment in the first quarter of 2024, specifically January. Offsetting the gaming revenue decline, is a food & beverage revenue increase of $6.0 million, which is driven by a 6.2% increase in average guest check.

 

Adjusted EBITDAR decreased by $6.4 million, or 3.2%, during the three months ended June 30, 2024, as compared to the corresponding prior year period, due primarily to continued cost pressures and specifically an increase in property insurance and wages, as we completed our efforts in 2023 to increase the hourly minimum rate to $15 per hour for all non-tipped, non-represented positions throughout the prior year.

 

Adjusted EBITDAR decreased by $24.1 million, or 6.0%, during the six months ended June 30, 2024, compared to the prior year comparable period, primarily due to the gaming revenues decline, as discussed above, as well as property insurance and wage increases as we increased the minimum wage in the prior year, as discussed above.

 

Online

Online revenues increased $44.9 million and $68.2 million during the three and six months ended June 30, 2024, respectively, as compared to the prior year comparable periods, primarily driven by an increase of $40.3 million and $60.3 million in reimbursements of gaming taxes and other expenses paid on behalf of our online partners, during the three and six months ended June 30, 2024, respectively, as compared to the prior year comparable periods.

 

Adjusted EBITDAR increased $3.7 million and $3.5 million during the three and six months ended June 30, 2024, respectively, as compared to the corresponding periods of the prior year, due primarily to continued growth in revenues under our market access agreements, particularly in Pennsylvania. As discussed earlier, there is an equal amount of expense recorded for the revenue recorded related to the reimbursement of gaming taxes and other expenses, thus resulting in no impact to EBITDAR.

 

Managed & Other

During the  three and six months ended June 30, 2024 , total revenues increased by  $3.9 million and  $6.2 million, respectively, and Adjusted EBITDAR increased by $3.6 million and  $6.8 million, respectively, as compared to the corresponding period of the prior year, primarily due to a $3.8 million and $6.0 million increase in Sky River Casino management fees for the  three and six months ended June 30, 2024 , respectively, compared to the prior year comparable periods.

 

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Other Operating Costs and Expenses 

The following costs and expenses, as presented in our condensed consolidated statements of operations, are further discussed below:

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(In millions)		2024				2023				2024				2023
Selling, general and administrative		$	105.1			$	99.1			$	213.3			$	199.4
Master lease rent expense			27.9				27.1				55.1				53.9
Maintenance and utilities			36.9				37.6				71.7				73.6
Depreciation and amortization			65.7				62.2				128.6				123.8
Corporate expense			31.3				31.7				60.6				60.4
Project development, preopening and writedowns			7.6				5.2				10.6				(13.7	)
Impairment of assets			—				—				10.5				4.5
Other operating items, net			5.4				0.4				5.9				0.7

 

Selling, General and Administrative

Selling, general and administrative expens es,  as a percentage of revenues, were  10.9% and 10.8% during the three months ended June 30, 2024 and 2023, respectively, and  11.1% and  10.6% during the six months ended June 30, 2024  and 2023 , respectively. While we continue to focus on our disciplined operating model and targeted marketing approach, selling, general and administrative expenses were impacted by increased wages and property insurance costs during the three and six months ended June 30, 2024 . 

 

Master Lease Rent Expense

Master lease rent expense represents rent expense incurred by four of our properties which are subject to two master lease agreements with a real estate investment trust. Master lease rent expense remained generally flat period over period at $27.9 million and $27.1 million during the three months ended June 30, 2024 and 2023, respectively, and  $55.1 million and  $53.9 million during the six months ended June 30, 2024 and 2023, respectively. 

 

Maintenance and Utilities

Maintenance and utilities expenses, as a percentage of re venues, remained generally consistent at 3.8% and  4.1% during the three months ended June 30, 2024 and 2023, respectively, and  3.7% and  3.9% during the six months ended June 30, 2024 and 2023, respectively. 

 

Depreciation and Amortization

Depreciation and amortization expenses, as a percentage of revenues, remained generally consistent at 6.8% during both the  three months ended June 30, 2024 and 2023 , and 6.7% and 6.6% during the six months ended June 30, 2024 and 2023 , respectively. 

 

Corporate Expense

Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not directly related to our casino, hotel and online operations, in addition to the corporate portion of share-based compensation expense. Corporate expense was generally consistent and represented  3.2%  and  3.5% of revenues during the three months ended June 30, 2024 and 2023 , respectively, and 3.1% and 3.2% of revenues during the six months ended June 30, 2024 and 2023 , respectively. 

 

Project Development, Preopening and Writedowns

Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, strategic initiatives, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred in our ongoing efforts to develop gaming activities in new jurisdictions and expenses related to other new business development activities that do not qualify as capital costs; (iii) asset writedowns; and (iv) realized gains arising from asset dispositions. Such costs are generally nonrecurring in nature and vary from period to period as the volume of underlying activities fluctuates. During the three months ended June 30, 2024 , the Company incurred $5.9 million in project development and preopening cost, primarily related to the opening of the Treasure Chest land-based casino, and $1.1 million in demolition costs. During the three months ended  June 30, 2023 , the Company incurred $4.1 million related to preopening costs. During the six months ended June 30, 2024 , the Company incurred $6.9 million in project development and preopening costs, primarily related to the opening of the Treasure Chest land-based casino, and $3.0 million in demolition costs. During the six months ended June 30, 2023 , the Company benefited from a $20.1 million reduction of the allowance on the Wilton Note for development advances over the 10 years prior to Sky River Casino opening offset by preopening costs of $5.0 million.

 

Impairment of Assets

During the six months ended June 30, 2024, as a result of our first quarter impairment review, the Company recorded an impairment charge of $10.5 million for a gaming license right related to our Midwest & South segment. During the six months ended June 30, 2023, as a result of our first quarter impairment review, the Company recorded an impairment charge of $4.5 million for goodwill related to our Managed & Other category.

 

Other Operating Items, net

Other operating items, net, is generally comprised of miscellaneous non-recurring operating charges, including severance payments to separated employees, certain non-recurring litigation charges, natural disasters and severe weather impact, including hurricane and flood expenses, and subsequent recoveries of such costs, as applicable.

 

 

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Other Expenses

Interest Expense, net

The following table summarizes information with respect to our interest expense on outstanding indebtedness:

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(In millions)		2024				2023				2024				2023
Interest expense, net of capitalized interest and interest income		$	42.5			$	40.0			$	84.4			$	65.7
Average long-term debt balance (1)			2,917.0				2,966.0				2,906.0				3,000.6
Weighted average interest rates			5.6	%			5.4	%			5.6	%			5.4	%

⁽¹⁾ Average debt balance calculation does not include the related discounts or deferred finance charges.

 

Interest expense, net of capitalized interest and interest income, for the three months ended June 30, 2024, increased $2.5 million, or 6.4%, from the prior year comparable period primarily due to a $2.3 million interest income decline due to a reduction in interest earned on the Wilton Note during the three months ended June 30, 2024, as the principal outstanding under the Wilton Note was fully repaid in the first quarter of 2024. Interest expense, net of capitalized interest and interest income for the six months ended June 30, 2024, increased $18.7 million, or 28.4%, from the prior year comparable period primarily due to a $20.0 million interest income decline driven by a reduction of the allowance for the expected loss for interest on the Wilton Note and interest earned on such note during the six months ended June 30, 2023. With the full repayment of outstanding principal under the Wilton Note during the first quarter of 2024, interest earnings related to the Wilton Note were minimal in the current year. 

 

Income Taxes 

The effective tax rates during the six months ended June 30, 2024 and 2023 were 23.7% and 15.2%, respectively. Our tax rate for the six months ended June 30, 2024, was unfavorably impacted by state taxes, nondeductible expenses, including nondeductible compensation and employee benefit expenses, which were partially offset by excess tax benefits and tax credits. Our tax rate for the six months ended June 30, 2023, was favorably impacted by a $35.9 million release of state valuation allowances, the inclusion of excess tax benefits which were partially offset by the unfavorable impact of state taxes and certain nondeductible expenses, as a component of the provision for income taxes.

 

The Internal Revenue Service ("IRS") has selected our federal corporate income tax return for the tax year ended December 31, 2021, for examination. The IRS examination began in the second quarter of 2024 and is early in the process. As of June 30, 2024, and for the three and six months then ended, there were no changes to our unrecognized tax benefits to date.

 

LIQUIDITY AND CAPITAL RESOURCES

Financial Position

We generally operate with minimal or negative levels of working capital in order to minimize borrowings and related interest costs. At June 30, 2024 and December 31, 2023, we had balances of cash and cash equivalents of $280.8 million and $304.3 million, respectively. In addition, we held restricted cash balances of $3.9 million and $3.7 million at June 30, 2024 and December 31, 2023, respectively. Our working capital deficit at June 30, 2024 and December 31, 2023, was $102.0 million and $67.0 million, respectively.

 

We believe that current cash balances together with the available borrowing capacity under our Revolving Credit Facility (as defined in "Indebtedness" below) and cash flows from operating activities will be sufficient to meet our liquidity and capital resource needs for the next twelve months, including our projected operating requirements and maintenance capital expenditures. See "Indebtedness", below, for further detail regarding funds available through our Credit Facility.

 

The Company may also seek to secure additional working capital, repay respective current debt maturities, or fund respective maintenance capital or development projects, in whole or in part, through incremental bank financing and additional debt or equity offerings, to the extent such offerings are allowed under our debt agreements.

 

 

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Cash Flows Summary

 

		Six Months Ended
		June 30,
(In millions)		2024				2023
Net cash provided by operating activities		$	463.8			$	463.3
Cash flows from investing activities
Capital expenditures			(204.0	)			(171.4	)
Payments received on note receivable			0.2				49.7
Other investing activities			(1.7	)			(2.3	)
Net cash used in investing activities			(205.5	)			(124.0	)
Cash flows from financing activities
Net borrowings (payments) under credit facility			41.3				(109.3	)
Share-based compensation activities			(9.6	)			(14.4	)
Shares repurchased and retired			(281.2	)			(206.4	)
Dividends paid			(31.8	)			(31.8	)
Other financing activities			(0.1	)			(0.1	)
Net cash used in financing activities			(281.4	)			(362.0	)
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash			(0.1	)			—
Decrease in cash, cash equivalents and restricted cash		$	(23.2	)		$	(22.7	)

 

Cash Flows from Operating Activities

During the six months ended June 30, 2024 and 2023, we generated consistent operating cash flows of $463.8 million and $463.3 million, respectively.

 

Cash Flows from Investing Activities

Our industry is capital intensive and we use cash flows for acquisitions, facility expansions, investments in future development or business opportunities and maintenance capital expenditures.

 

During the six months ended June 30, 2024, we incurred net cash outflows for investing activities of $205.5 million comprised of capital expenditures of $204.0 million, primarily related to our Treasure Chest land-based casino project, various guest room remodels, slot machines, IT equipment and building projects at various properties. During the six months ended June 30, 2023, we incurred net cash outflows for investing activities of $124.0 million comprised of capital expenditures of $171.4 million, primarily related to our Treasure Chest land-based casino project, Fremont food hall, slot floor expansion and renovation, various guest room remodels, slot machines, IT equipment and building projects at various properties, offset by $49.7 million in payments received related to the outstanding principal on the Wilton Note.

 

Cash Flows from Financing Activities

We rely on our financing cash flows to provide funding for investment opportunities, repayments of obligations, returning capital to shareholders and ongoing operations.

 

The net cash outflows from financing activities during the six months ended June 30, 2024 and 2023, primarily reflect share repurchases, net payments on the outstanding principal under our Credit Facility or incremental borrowings under our Credit Facility, share-based compensation and dividends paid. During the second quarter of 2024, we increased borrowings under the Credit Facility as we increased our share repurchase activity during the same period, resulting in net borrowings under the Credit Facility for the six months ended June 30, 2024.

 

Indebtedness

The outstanding principal balances of long-term debt, before unamortized discounts and fees, and the changes in those balances are as follows:

 

(In millions)		June 30, 2024				December 31, 2023				Increase / (Decrease)
Credit facility		$	1,087.6			$	1,046.3			$	41.3
4.750% senior notes due 2027			1,000.0				1,000.0				—
4.750% senior notes due 2031			900.0				900.0				—
Other			0.4				0.5				(0.1	)
Total long-term debt			2,988.0				2,946.8				41.2
Less current maturities			44.4				44.3				0.1
Long-term debt, net		$	2,943.6			$	2,902.5			$	41.1

 

 

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Amounts Outstanding

The outstanding principal amounts under the Credit Facility are comprised of the following:

 

		June 30,				December 31,
(In millions)		2024				2023
Revolving Credit Facility		$	255.0			$	180.0
Term A Loan			781.0				803.0
Swing Loan			51.6				63.3
Total outstanding principal amounts		$	1,087.6			$	1,046.3

 

With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $255.0 million and $51.6 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.4 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $1,130.0 million as of June 30, 2024. 

 

The blended interest rate for outstanding borrowings under the Credit Facility was 7.2% at both June 30, 2024 and December 31, 2023, respectively.

 

Debt Service Requirements

Debt service requirements for the Term A Loan include amortization in an annual amount equal to 5.00% of the original principal amount thereof, payable on a quarterly basis. Additionally, under the Credit Facility we have monthly to quarterly interest payment obligations, depending on the rates we lock in, for the Term A Loan, unused line interest payments and any outstanding borrowings under the Revolving Credit Facility, including the Swing Loan. Debt service requirements under our current outstanding senior notes consist of semi-annual interest payments (based upon a fixed annual interest rate of 4.750%) and principal repayments of our $1.0 billion aggregate principal amount of 4.750% Senior Notes due 2027 ("4.750% Senior Notes due 2027") and our $0.9 billion aggregate principal amount of 4.750% Senior Notes due 2031 ("4.750% Senior Notes due 2031").

 

Covenant Compliance

As of June 30, 2024, we were in compliance with the financial covenants of our debt instruments.

 

The indentures governing the senior notes contain provisions that allow for the incurrence of additional indebtedness, if after giving effect to such incurrence, the fixed charge coverage ratio (as defined in the respective indentures, which is a ratio of our consolidated EBITDA to fixed charges, including interest) for the trailing four quarter period on a pro forma basis would be at least 2.0 to 1.0. Should this provision prohibit the incurrence of additional debt, we may still borrow under our existing Credit Facility to the extent that borrowing capacity remains under that agreement, as well as from other funding sources as provided under our debt agreements.

 

Guarantor Financial Information

In connection with the issuance of our 4.750% Senior Notes due 2027 and our 4.750% Senior Notes due 2031 (collectively, the "Guaranteed Notes" or "Senior Notes"), certain of the Company's wholly owned subsidiaries (the "Guarantors") provide guarantees of those indentures. These Guaranteed Notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us.

 

Summarized combined balance sheet information for the parent company and the Guarantors is as follows:

 

		June 30,				December 31,
(In millions)		2024				2023
Current assets		$	437.5			$	496.0
Noncurrent assets			10,043.8				9,588.6
Current liabilities			526.8				550.6
Noncurrent liabilities			3,973.1				3,944.6

 

Summarized combined results of operations for the parent company and the Guarantors is as follows:

 

		Six Months Ended
(In millions)		June 30, 2024
Revenues		$	1,937.6
Operating income			826.4
Income before income taxes			741.8
Net income			655.3

 

Share Repurchase Program

On October 21, 2021, our Board of Directors authorized a share repurchase program of $300.0 million (the "Share Repurchase Program"). In addition, our Board of Directors authorized increases to the Share Repurchase Program of $500.0 million on each of June 1, 2022, May 4, 2023 and May 9, 2024. As of June 30, 2024, we were authorized to repurchase up to an additional $545.1 million in shares of our common stock under the Share Repurchase Program. We repurchased 3.1 million and 1.5 million shares during the three months ended June 30, 2024 and 2023, respectively, and 4.8 million and 3.2 million shares during the six months ended June 30, 2024 and 2023, respectively.

 

Subject to applicable laws, repurchases under the Share Repurchase Program may be made at such times and in such amounts as we deem appropriate. We are subject to certain limitations regarding the repurchase of common stock, such as restricted payment limitations related to our outstanding Senior Notes and our Credit Facility. We are not obligated to repurchase any shares under this program, and purchases under the Share Repurchase Program can be discontinued at any time at our sole discretion. We intend to fund the repurchases under the Share Repurchase Program with existing cash resources, cash generated from operations and availability under our Credit Facility.

 

We have in the past, and may in the future, acquire our debt or equity securities, through open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or otherwise, upon such terms and at such prices as we may determine.

 

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Quarterly Dividend Program

Dividends are declared at the discretion of our Board of Directors. We are subject to certain limitations regarding payment of dividends, such as restricted payment limitations related to our outstanding Senior Notes and our Credit Facility.

 

The dividends declared by the Board of Directors under this program are:

 

Declaration date		Record date		Payment date		Amount per share
December 8, 2022		December 19, 2022		January 15, 2023		$	0.15
February 14, 2023		March 15, 2023		April 15, 2023			0.16
May 4, 2023		June 15, 2023		July 15, 2023			0.16
December 7, 2023		December 22, 2023		January 15, 2024			0.16
February 28, 2024		March 15, 2024		April 15, 2024			0.17
May 9, 2024		June 15, 2024		July 15, 2024			0.17

 

Other Items Affecting Liquidity

We anticipate funding our capital requirements using cash on hand, cash being generated from our operations and availability under our Credit Facility, to the extent borrowing capacity exists after we meet our working capital needs for the next twelve months. Any additional financing that is needed may not be available to us or, if available, may not be on terms favorable to us. The outcome of the specific matters discussed herein, including our commitments and contingencies, may also affect our liquidity.

 

Commitments

Capital Spending and Development

We currently estimate that our annual cash capital requirements to perform ongoing refurbishment and maintenance at our properties is approximately $200 million to $250 million. In addition, we expect to spend an additional $100 million in 2024 for hotel renovation projects at six of our gaming entertainment properties. We intend to fund our capital expenditures through cash on hand, operating cash flows and availability under our Credit Facility.

 

In addition to the maintenance capital spending discussed above, we continue to pursue other potential development projects that may require us to invest significant amounts of capital as well as capital spend required for identified growth projects. We expect to spend an additional $100 million in 2024 on such growth projects, which includes the completion of the new land-based facility at Treasure Chest, which opened in June 2024, the expansion of meeting and convention space at Ameristar St. Charles and the start of construction of a new casino, Cadence Crossing. This new 10,000 square foot casino will be built on the site that currently holds our Jokers Wild Casino and will feature 450 slots and several dining options.

 

During the six months ended June 30, 2024, the company spent approximately $204 million of the total estimated $400 million to $450 million of capital spend expected in 2024.

 

Other Opportunities

We regularly investigate and pursue additional expansion opportunities in markets where casino gaming, including online gaming, is currently permitted. We also pursue expansion opportunities in jurisdictions where casino and online gaming is not currently permitted in order to be prepared to develop projects upon approval of casino or online gaming. Such expansions will be affected and determined by several key factors, which may include the following:

 

	•	the outcome or anticipated outcome of gaming license selection processes;
	•	the approval of gaming in jurisdictions where we have been active but where casino or online gaming is not currently permitted;
	•	identification of additional suitable investment opportunities in current gaming jurisdictions; and
	•	availability of acceptable financing.

 

Additional projects may require us to make substantial investments or may cause us to incur substantial costs related to the investigation and pursuit of such opportunities, which we may fund through cash on hand, cash flow from operations or availability under our Credit Facility. To the extent such sources of funds are not sufficient, we may also seek to raise additional funds through public or private equity or debt financings or from other sources to the extent such financing is available.

 

Contingencies

Legal Matters

We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material effect on our business, financial position, results of operations or cash flows.

 

Off Balance Sheet Arrangements 

There have been no material changes to our off balance sheet arrangements described under Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 26, 2024.

 

Critical Accounting Estimates

There have been no material changes to our critical accounting policies described under Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 26, 2024.

 

Recently Issued Accounting Pronouncements

For information with respect to recent accounting pronouncements and the impact of these pronouncements on our condensed consolidated financial statements, see Note 1, Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements, in the notes to the condensed consolidated financial statements (unaudited).

 

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Important Information Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "pursue," "target," "project," "intend," "plan," "seek," "should," "assume," and "continue," or the negative thereof or comparable terminology. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Factors that could cause actual results to differ materially from such forward-looking statements include:

 

	•	the general effect, and expectation, of the national and global economy on our business, including but not limited to interest rates and inflationary pressures, as well as the economies where each of our properties are located;
	•	the factors that contribute to our ongoing success and our ability to be successful in the future;
	•	our business model, areas of focus and strategy for driving business results;
	•	our ability to maintain the integrity of our information technology systems and to protect our internal information;
	•	impacts caused by public health emergencies and man-made or natural disasters we may encounter;
	•	competition, including expansion of gaming into additional markets including online gaming, the impact of competition on our operations, our ability to respond to such competition, and our expectations regarding continued competition in the markets in which we compete;
	•	our expectation regarding the trends that will affect the gaming industry over the next few years and the impact of these trends on growth of the gaming industry, future development opportunities and merger and acquisition activity in general;
	•	our intention to pursue expansion opportunities, including acquisitions, that are a good fit for our business, deliver a solid return for stockholders, and are available at the right price;
	•	our compliance with government regulations, including our ability to receive and maintain necessary approvals for our projects;
	•	that our credit agreement and our cash flows from operating activities will be sufficient to meet our respective projected operating and maintenance capital expenditures for the next twelve months;

	•	indebtedness, including our ability to refinance or pay amounts outstanding under our credit agreement and our unsecured notes, when they become due and our compliance with related covenants, and our expectation that we will need to refinance all or a portion of our respective indebtedness at or before maturity;
	•	our belief that all pending litigation claims, if adversely decided, will not have a material effect on our business, financial position, results of operations or cash flows;
	•	our estimates and expectations regarding anticipated taxes, tax credits or tax refunds;
	•	our expectations regarding the expansion of sports betting and online wagering;
	•	our asset impairment analyses and our intangible asset and goodwill impairment tests;
	•	the likelihood of interruptions to our rights in the land we lease under long-term leases for certain of our hotels and casinos;
	•	that estimates and assumptions made in the preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles may differ from actual results; and
	•	our estimates as to the effect of any changes in our Consolidated EBITDA on our ability to remain in compliance with certain covenants in the credit agreement.

 

Additional factors that could cause actual results to differ are discussed in Part I. Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2023, and in other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this document are made as of the date hereof, based on information available to us as of the date hereof, and we assume no obligation to update any forward-looking statement.

 

Item 3.        Quantitative and Qualitative Disclosures about Market Risk

Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices. We do not hold any market risk sensitive instruments for trading purposes. Our primary exposure to market risk is interest rate risk, specifically long-term U.S. treasury rates and the applicable spreads in the high-yield investment market, short-term and long-term SOFR rates, and their potential impact on our long-term debt. We are exposed to a lesser extent to foreign currency exchange risk for funds held in our Canadian operating and restricted cash accounts. While there is risk of fluctuations in the foreign exchange rate between the Canadian dollar and US dollar, our exposure is limited given the size of our Canadian operations and the minimal amount of cash held in Canadian bank accounts. A weakening or strengthening of the US dollar to the Canadian dollar by 2x the current conversion rate, would not cause the value of the funds held in the Canadian operating and restricted cash accounts to change significantly. We do not currently utilize derivative financial instruments for trading or speculative purposes.

 

As of June 30, 2024, our long-term variable-rate borrowings represented approximately 36.4% of total long-term debt. Based on June 30, 2024 debt levels, a 100 basis point change in the interest rate would cause our annual interest costs on variable-rate borrowings to change by approximately $10.9 million. We believe there have been no other material changes in our exposure to market risks as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 26, 2024.

 

See also "Liquidity and Capital Resources" above.

 

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Item 4.        Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q (the "Report"), we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our disclosure controls and procedures are designed to ensure that information required to be disclosed in our reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information we are required to disclose in reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on the evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that due to the identification of the material weakness in our internal control over financial reporting previously disclosed in our 2023 Annual Report on Form 10-K as filed with the SEC on February 26, 2024, and as further discussed below, our disclosure controls and procedures were not effective as of June 30, 2024. Notwithstanding the material weakness in our internal control over financial reporting, the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented in conformity with accounting principles generally accepted in the United States of America.

 

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

 

During the second quarter of 2024 evaluation, management concluded that the material weakness identified in the fourth quarter of 2023 related to the preparation and independent review of journal entries, which results in a lack of segregation of duties over the preparation, review, and recording of journal entries was not yet fully remediated. The failure to maintain appropriate segregation of duties has a pervasive impact and consequently, this deficiency impacts control activities over all financial statement account balances, classes of transactions, and disclosures.

 

Remediation Efforts to Address the Material Weakness

We are committed to maintaining a strong internal control environment and during the first quarter of 2024 executed on all elements of our remediation plan as defined below and in our 2023 Annual Report on Form 10-K as filed with the SEC on February 26, 2024. We continued to reinforce remediation efforts during the second quarter of 2024. With the oversight of senior management, subsequent to December 31, 2023, a plan to remediate the underlying cause of the material weakness and improve the operating effectiveness of internal control over financial reporting and our disclosure controls was developed and was implemented. Specifically, the following remediation efforts occurred and will continue to occur to ensure there are appropriate levels of independent reviews of journal entries, in order to address proper segregation of duties, including:

 

●

Educating control owners to ensure that all design elements of the journal entry control are performed;

 

●

Implementing additional attestations within our existing quarterly self-assessment process that address and reinforce proper segregation of duties over journal entries; and

 

●

Enhancing our monitoring control that verifies that journal entries have a separate preparer and independent reviewer.

 

We believe these actions have meaningfully strengthened our internal control over financial reporting, but we will not be able to conclude whether the material weakness has been remediated until sufficient time has elapsed to provide evidence that the enhanced controls are operating effectively. 

 

Changes in Internal Control over Financial Reporting

Except as disclosed above, there were no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2024, that materially affected, or were reasonably likely to materially affect, our internal control over financial reporting.

 

34

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Table of Contents

 

PART II. Other Information

 

Item 1.        Legal Proceedings

We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material adverse effect on our business, financial position, results of operations or cash flows.

 

Item 1A.     Risk Factors

There were no material changes from the risk factors previously disclosed in Part I. Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 26, 2024.

 

Item 2.       Unregistered Sales of Equity Securities and Use of Proceeds

The following table discloses share repurchases that we have made pursuant to our share repurchase program during the three months ended June 30, 2024.

 

Period		Total Number of Shares Purchased (1)				Average Price Paid Per Share				Total Number of Shares Purchased as Part of a Publicly Announced Plan				Approximate Dollar Value That May Yet Be Purchased Under the Plan
April 1, 2024 through April 30, 2024			565,187			$	64.44				565,187			$	184,387,140
May 1, 2024 through May 31, 2024			1,996,955				54.08				1,996,955				576,397,320
June 1, 2024 through June 30, 2024			581,853				53.76				581,853				545,119,056
Total			3,143,995			$	55.88				3,143,995			$	545,119,056

 

⁽¹⁾ All shares repurchased are covered by our share repurchase program as approved by our Board of Directors (the "Share Repurchase Program"). The Board of Directors approved $300.0 million for our Share Repurchase Program on October 21, 2021, and an additional $500.0 million to the Share Repurchase Program on each of June 1, 2022, May 4, 2023 and May 9, 2024 for a total authorization of $1.8 billion. The Share Repurchase Program has no expiration date.

 

 

Item 5.       Other Information

None of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended June 30, 2024, as such terms are defined under Item 408(a) of Regulation S-K.

 

35

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Table of Contents

  

 

Item 6.

Exhibits

 

Exhibit Number		Document of Exhibit		Method of Filing
22		List of Guarantor Subsidiaries of Boyd Gaming Corporation.		Incorporated by reference to Exhibit 22 of the Registrant's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024
31.1		Certification of the Chief Executive Officer of the Registrant pursuant to Exchange Act rule 13a-14(a).		Filed electronically herewith
31.2		Certification of the Chief Financial Officer of the Registrant pursuant to Exchange Act rule 13a-14(a).		Filed electronically herewith
32.1		Certification of the Chief Executive Officer of the Registrant pursuant to Exchange Act Rule 13a-14(b) and 18 U.S.C. § 1350.		Furnished electronically herewith
32.2		Certification of the Chief Financial Officer of the Registrant pursuant to Exchange Act Rule 13a-14(b) and 18 U.S.C. § 1350.		Furnished electronically herewith
101		The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, (ii) Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023, (iii) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023, (iv) Condensed Consolidated Statements of Changes in Stockholders' Equity for each of the quarters within the six months ended June 30, 2024 and 2023, (v) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023, and (vi) Notes to Condensed Consolidated Financial Statements.		Filed electronically herewith
104		Inline XBRL for cover page of the Company's Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.		Filed electronically herewith

 

36

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Table of Contents

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on August 1, 2024.

 

		BOYD GAMING CORPORATION
	By:	/s/ Lori M. Nelson
		Lori M. Nelson
		Senior Vice President Financial Operations and Reporting and
		Chief Accounting Officer

 

 

37

Exhibit 31.1

 

BOYD GAMING CORPORATION

CERTIFICATION

 

I, Keith E. Smith, certify that:  

 

1.	I have reviewed this quarterly report on Form 10-Q of Boyd Gaming Corporation;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

	a.	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b.	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c.	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d.	disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

	a.	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	b.	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date:	August 1, 2024	By:	/s/ Keith E. Smith
			Keith E. Smith
			President and Chief Executive Officer

 

 

Exhibit 31.2

 

BOYD GAMING CORPORATION

CERTIFICATION

 

I, Josh Hirsberg, certify that:

 

1.	I have reviewed this quarterly report on Form 10-Q of Boyd Gaming Corporation;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

	a.	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b.	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c.	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d.	disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

	a.	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	b.	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date:	August 1, 2024	By:	/s/ Josh Hirsberg
			Josh Hirsberg
			Executive Vice President, Chief Financial Officer and Treasurer

 

Exhibit 32.1

 

 

BOYD GAMING CORPORATION

 

CERTIFICATION

 

In connection with the periodic report of Boyd Gaming Corporation (the "Company") on Form 10-Q for the period ended June 30, 2024, as filed with the Securities and Exchange Commission (the "Report"), I, Keith E. Smith, President and Chief Executive Officer of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:

 

	(1)	the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and
	(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

This Certification has not been, and shall not be deemed, "filed" with the Securities and Exchange Commission.

 

Date:	August 1, 2024	By:	/s/ Keith E. Smith
			Keith E. Smith
			President and Chief Executive Officer

 

 

 

 

Exhibit 32.2

 

 

BOYD GAMING CORPORATION

 

CERTIFICATION

 

In connection with the periodic report of Boyd Gaming Corporation (the "Company") on Form 10-Q for the period ended June 30, 2024, as filed with the Securities and Exchange Commission (the "Report"), I, Josh Hirsberg, Executive Vice President, Chief Financial Officer and Treasurer of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:

 

	(1)	the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and
	(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

This Certification has not been, and shall not be deemed, "filed" with the Securities and Exchange Commission.

 

Date:	August 1, 2024	By:	/s/ Josh Hirsberg
			Josh Hirsberg
			Executive Vice President, Chief Financial Officer and Treasurer

 

 

 

 

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Document Information [Line Items]
Entity Central Index Key	0000906553
Entity Registrant Name	BOYD GAMING CORP
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-12882
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	88-0242733
Entity Address, Address Line One	6465 South Rainbow Boulevard
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89118
City Area Code	702
Local Phone Number	792-7200
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	BYD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		91,762,642

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 280,783	$ 304,271
Restricted cash	3,946	3,659
Accounts receivable, net	109,740	137,892
Inventories	21,177	20,692
Prepaid expenses and other current assets	52,045	59,293
Income taxes receivable	19,367	3,508
Total current assets	487,058	529,315
Property and equipment, net	2,626,127	2,542,512
Operating lease right-of-use assets	760,077	793,335
Other assets, net	65,333	67,779
Intangible assets, net	1,375,544	1,392,844
Goodwill, net	947,281	947,341
Total assets	6,261,420	6,273,126
Current liabilities
Accounts payable	128,398	124,668
Current maturities of long-term debt	44,416	44,275
Accrued liabilities	416,281	427,379
Total current liabilities	589,095	596,322
Long-term debt, net of current maturities and debt issuance costs	2,916,096	2,871,223
Operating lease liabilities, net of current portion	679,955	711,387
Deferred income taxes	305,299	288,826
Other liabilities	59,262	61,266
Commitments and contingencies (Note 6)
Stockholders' equity
Preferred stock, $0.01 par value, 5,000,000 shares authorized	0	0
Common stock, $0.01 par value, 200,000,000 shares authorized; 92,309,009 and 96,832,453 shares outstanding	923	968
Additional paid-in capital	0	0
Retained earnings	1,712,488	1,744,232
Accumulated other comprehensive loss	(1,698)	(1,098)
Total stockholders' equity	1,711,713	1,744,102
Total liabilities and stockholders' equity	$ 6,261,420	$ 6,273,126

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares outstanding (in shares)	92,309,009	96,832,453

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total revenues	$ 967,512	$ 916,950	$ 1,928,033	$ 1,880,916
Operating costs and expenses
Selling, general and administrative	105,134	99,070	213,318	199,389
Master lease rent expense	27,852	27,099	55,087	53,927
Maintenance and utilities	36,946	37,591	71,690	73,617
Depreciation and amortization	65,677	62,220	128,590	123,780
Corporate expense	31,255	31,705	60,640	60,360
Project development, preopening and writedowns	7,586	5,201	10,607	(13,673)
Impairment of assets	0	0	10,500	4,537
Other operating items, net	5,442	438	5,853	658
Total operating costs and expenses	740,406	672,921	1,481,542	1,352,008
Operating income	227,106	244,029	446,491	528,908
Other expense (income)
Interest income	(403)	(2,715)	(849)	(20,860)
Interest expense, net of amounts capitalized	42,949	42,715	85,258	86,581
Other, net	50	522	100	626
Total other expense, net	42,596	40,522	84,509	66,347
Income before income taxes	184,510	203,507	361,982	462,561
Income tax provision	(44,665)	(11,053)	(85,664)	(70,376)
Net income	$ 139,845	$ 192,454	$ 276,318	$ 392,185
Basic net income per common share (in dollars per share)	$ 1.47	$ 1.89	$ 2.87	$ 3.81
Weighted average basic shares outstanding (in shares)	95,042	102,025	96,238	102,818
Diluted net income per common share (in dollars per share)	$ 1.47	$ 1.89	$ 2.87	$ 3.81
Weighted average diluted shares outstanding (in shares)	95,080	102,071	96,280	102,867
Casino [Member]
Total revenues	$ 650,827	$ 660,729	$ 1,284,958	$ 1,325,037
Operating costs and expenses
Cost of revenue	252,067	249,999	497,753	499,794
Food and Beverage [Member]
Total revenues	76,994	70,366	149,633	141,950
Operating costs and expenses
Cost of revenue	63,182	58,622	125,139	117,951
Occupancy [Member]
Total revenues	52,595	49,761	101,542	99,826
Operating costs and expenses
Cost of revenue	19,342	18,580	38,054	35,700
Online [Member]
Total revenues	129,930	85,002	276,100	207,865
Operating costs and expenses
Cost of revenue	112,675	71,393	238,150	173,398
Management Service [Member]
Total revenues	21,252	17,446	43,497	37,476
Product and Service, Other [Member]
Total revenues	35,914	33,646	72,303	68,762
Operating costs and expenses
Cost of revenue	$ 13,248	$ 11,003	$ 26,161	$ 22,570

Comprehensive Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income	$ 139,845	$ 192,454	$ 276,318	$ 392,185
Other comprehensive income (loss), net of tax:
Fair value adjustments to available-for-sale securities	(394)	112	(144)	586
Foreign currency translation adjustments	(138)	196	(456)	200
Comprehensive income	$ 139,313	$ 192,762	$ 275,718	$ 392,971

Condensed Consolidated Statements of Changes In Stockholders' Equity (Unaudited) - USD ($) $ in Thousands		Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Dec. 31, 2022		102,816,110
Balances at Dec. 31, 2022		$ 1,028	$ 305,152	$ 1,285,827	$ (1,382)	$ 1,590,625
Net income		0	0	199,731	0	199,731
Comprehensive income (loss), net of tax		0	0	0	474	474
Foreign currency translation adjustments		$ 0	0	0	4	4
Release of restricted stock units, net of tax (in shares)		45,942
Release of restricted stock units, net of tax		$ 1	(1,926)	0	0	(1,925)
Release of performance stock units, net of tax (in shares)		318,878
Release of performance stock units, net of tax		$ 3	(12,777)	0	0	(12,774)
Shares repurchased and retired (in shares)		(1,726,308)
Shares repurchased and retired		$ (17)	(106,994)	0	0	(107,011)
Dividends declared		0	0	(16,289)	0	(16,289)
Share-based compensation costs		$ 0	7,819	0	0	7,819
Stock options exercised (in shares)		32,000
Stock options exercised		$ 0	315	0	0	315
Balances (in shares) at Mar. 31, 2023		101,486,622
Balances at Mar. 31, 2023		$ 1,015	191,589	1,469,269	(904)	1,660,969
Balances (in shares) at Dec. 31, 2022		102,816,110
Balances at Dec. 31, 2022		$ 1,028	305,152	1,285,827	(1,382)	1,590,625
Net income						392,185
Foreign currency translation adjustments						$ 200
Shares repurchased and retired (in shares)	[1],[2]					(3,219,000)
Balances (in shares) at Jun. 30, 2023		100,012,042
Balances at Jun. 30, 2023		$ 1,000	102,723	1,645,682	(596)	$ 1,748,809
Balances (in shares) at Mar. 31, 2023		101,486,622
Balances at Mar. 31, 2023		$ 1,015	191,589	1,469,269	(904)	1,660,969
Net income		0	0	192,454	0	192,454
Comprehensive income (loss), net of tax		0	0	0	112	112
Foreign currency translation adjustments		$ 0	0	0	196	196
Release of restricted stock units, net of tax (in shares)		17,871
Release of restricted stock units, net of tax		$ 0	(63)	0	0	$ (63)
Shares repurchased and retired (in shares)		(1,492,451)				(1,492,000)	[1],[2]
Shares repurchased and retired		$ (15)	(101,001)	0	0	$ (101,016)
Dividends declared		0	0	(16,041)	0	(16,041)
Share-based compensation costs		$ 0	12,198	0	0	12,198
Balances (in shares) at Jun. 30, 2023		100,012,042
Balances at Jun. 30, 2023		$ 1,000	102,723	1,645,682	(596)	$ 1,748,809
Balances (in shares) at Dec. 31, 2023		96,832,453				96,832,453
Balances at Dec. 31, 2023		$ 968	0	1,744,232	(1,098)	$ 1,744,102
Net income		0	0	136,473	0	136,473
Comprehensive income (loss), net of tax		0	0	0	250	250
Foreign currency translation adjustments		$ 0	0	0	(318)	(318)
Release of restricted stock units, net of tax (in shares)		85,597
Release of restricted stock units, net of tax		$ 1	(1,586)	(2,049)	0	(3,634)
Release of performance stock units, net of tax (in shares)		150,063
Release of performance stock units, net of tax		$ 2	(119)	(6,091)	0	(6,208)
Shares repurchased and retired (in shares)		(1,658,377)
Shares repurchased and retired		$ (17)	(5,155)	(101,133)	0	(106,305)
Dividends declared		0	0	(16,264)	0	(16,264)
Share-based compensation costs		$ 0	6,860	0	0	6,860
Balances (in shares) at Mar. 31, 2024		95,409,736
Balances at Mar. 31, 2024		$ 954	0	1,755,168	(1,166)	$ 1,754,956
Balances (in shares) at Dec. 31, 2023		96,832,453				96,832,453
Balances at Dec. 31, 2023		$ 968	0	1,744,232	(1,098)	$ 1,744,102
Net income						276,318
Foreign currency translation adjustments						$ (456)
Shares repurchased and retired (in shares)	[1],[2]					(4,802,000)
Balances (in shares) at Jun. 30, 2024		92,309,009				92,309,009
Balances at Jun. 30, 2024		$ 923	0	1,712,488	(1,698)	$ 1,711,713
Balances (in shares) at Mar. 31, 2024		95,409,736
Balances at Mar. 31, 2024		$ 954	0	1,755,168	(1,166)	1,754,956
Net income		0	0	139,845	0	139,845
Comprehensive income (loss), net of tax		0	0	0	(394)	(394)
Foreign currency translation adjustments		$ 0	0	0	(138)	(138)
Release of restricted stock units, net of tax (in shares)		19,837
Release of restricted stock units, net of tax		$ 0	(1)	(33)	0	$ (34)
Shares repurchased and retired (in shares)		(3,143,995)				(3,144,000)	[1],[2]
Shares repurchased and retired		$ (31)	(10,635)	(166,756)	0	$ (177,422)
Dividends declared		0	0	(15,736)	0	(15,736)
Share-based compensation costs		$ 0	10,365	0	0	10,365
Stock options exercised (in shares)		23,431
Stock options exercised		$ 0	271	0	0	$ 271
Balances (in shares) at Jun. 30, 2024		92,309,009				92,309,009
Balances at Jun. 30, 2024		$ 923	$ 0	$ 1,712,488	$ (1,698)	$ 1,711,713
[1] All shares repurchased have been retired and constitute authorized but unissued shares. [2] Shares repurchased reflect repurchases settled during the three and six months ended June 30, 2024 and 2023. These amounts exclude repurchases, if any, traded but not yet settled on or before June 30, 2024 and 2023, respectively.

Condensed Consolidated Statements of Changes In Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Dividends per share (in dollars per share)	$ 0.17	$ 0.17	$ 0.16	$ 0.16

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities
Net income	$ 276,318	$ 392,185
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	128,590	123,780
Amortization of debt financing costs and discounts on debt	3,803	3,944
Non-cash operating lease expense	44,482	40,256
Non-cash expected credit loss (income) on note receivable	0	(34,371)
Share-based compensation expense	17,225	20,017
Deferred income taxes	16,497	(10,015)
Non-cash impairment of assets	10,500	4,537
Other operating activities	2,328	205
Changes in operating assets and liabilities:
Accounts receivable, net	28,107	4,739
Inventories	(485)	765
Prepaid expenses and other current assets	7,884	(2,220)
Income taxes receivable, net	(15,859)	(6,266)
Other assets, net	2,059	223
Accounts payable and accrued liabilities	(13,686)	(38,185)
Operating lease liabilities	(44,482)	(40,256)
Other liabilities	531	3,937
Net cash provided by operating activities	463,812	463,275
Cash Flows from Investing Activities
Capital expenditures	(204,031)	(171,386)
Payments received on note receivable	208	49,720
Other investing activities	(1,702)	(2,255)
Net cash used in investing activities	(205,525)	(123,921)
Cash Flows from Financing Activities
Borrowings under credit facility	820,900	753,200
Payments under credit facility	(779,600)	(862,500)
Share-based compensation activities	(9,605)	(14,447)
Shares repurchased and retired	(281,186)	(206,356)
Dividends paid	(31,774)	(31,764)
Other financing activities	(89)	(87)
Net cash used in financing activities	(281,354)	(361,954)
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	(134)	(63)
Change in cash, cash equivalents and restricted cash	(23,201)	(22,663)
Cash, cash equivalents and restricted cash, beginning of period	307,930	295,065
Cash, cash equivalents and restricted cash, end of period	284,729	272,402
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized	84,300	84,121
Cash received for interest	213	8,513
Cash paid for income taxes	85,830	86,208
Supplemental Schedule of Non-cash Investing and Financing Activities
Payables incurred for capital expenditures	23,541	7,693
Dividends declared not yet paid	15,736	16,041
Expected credit loss (income) on note receivable	$ 0	$ (34,371)

Note 1 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	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 28 wholly owned brick-and-mortar gaming entertainment properties ("gaming entertainment properties"). Headquartered in Las Vegas, Nevada, we have gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. 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 statements and notes for the year ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission ("SEC") on February 26, 2024.   The results for the periods indicated are unaudited but reflect all adjustments, consisting only of normal recurring adjustments, that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods.   The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% or less owned and where we have significant influence and do not meet the controlling financial interest consolidation criteria of the authoritative accounting guidance for voting interest or variable interest entities, are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation.   Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three months or less at their date of purchase. The instruments are not restricted as to withdrawal or use and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand.   Restricted Cash Restricted cash consists primarily of: (i) amounts restricted by regulation for gaming and racing purposes; (ii) amounts restricted by regulation for the value in players' online casino gaming accounts; and (iii) advance payments received for future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying values of these instruments approximate their fair values due to their short maturities.   The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows.       June 30,     December 31,     June 30,     December 31,   (In thousands)   2024     2023     2023     2022   Cash and cash equivalents   $ 280,783     $ 304,271     $ 260,787     $ 283,472   Restricted cash     3,946       3,659       11,615       11,593   Total cash, cash equivalents and restricted cash   $ 284,729     $ 307,930     $ 272,402     $ 295,065     Leases Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For our operating leases for which the rate implicit in the lease is not readily determinable, we generally use an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. The incremental borrowing rate is determined based on the weighted average incremental borrowing rate at the lease commencement or modification date that is commensurate with the rate of interest in a similar economic environment that we would have to pay to borrow an amount equal to our future lease payments on a collateralized basis over a similar term, including reasonably certain options to extend or terminate. The determination of the incremental borrowing rate could materially impact our lease liabilities. Operating right-of-use ("ROU") assets and finance lease assets are recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term. Lease and non-lease components are accounted for separately.   Revenue Recognition The Company’s revenue contracts with customers consist of gaming wagers (including both those made at our gaming entertainment properties and online B2C wagers), hotel room sales, food & beverage offerings and other amenity transactions. See Collaborative Arrangements below for further discussion of revenues earned under our online collaborative arrangements. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gaming revenues. The transaction price for hotel, food & beverage and other contracts is the net amount collected from the customer for such goods and services. Hotel, food & beverage and other services have been determined to be separate, stand-alone performance obligations and the transaction price for such contracts is recorded as revenue as the good or service is transferred to the customer over their stay at the hotel, when the delivery is made for the food & beverage or when the service is provided for other amenity transactions. We have established a player loyalty point program to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food & beverage, hotel rooms and other free goods and services. Gaming wager contracts involve two performance obligations for those customers earning points under the Company’s player loyalty program and a single performance obligation for customers who do not participate in the program. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the player loyalty contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a point that can be redeemed for a hotel room stay, food & beverage or other amenities. Sales and usage-based taxes are excluded from revenues. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers, excluding race and sports wagers, is recognized when the wagers occur as all such wagers settle immediately. The allocated revenue for race and sports wagers is recognized when the specific event or game occurs. The player loyalty contract liability amount is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, food & beverage or other amenities and such goods or services are delivered to the customer. See Note 4, Accrued Liabilities, for the balance outstanding related to the player loyalty program.   The Company collects advance deposits from hotel customers for future hotel reservations and other future events such as banquets and ticketed events. These advance deposits represent obligations of the Company until the hotel room stay is provided to the customer or the banquet or ticketed event occurs. See Note 4, Accrued Liabilities, for the balance outstanding related to advance deposits.   The Company's outstanding chip liability represents the amounts owed in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. See Note 4, Accrued Liabilities, for the balance related to outstanding chips.   The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our player loyalty program and the estimated retail value of complimentary goods and services provided to customers (such as complimentary rooms and food & beverage). The estimated retail values related to goods and services provided to customers without charge or upon redemption of points under our player loyalty program, included in departmental revenues, and therefore reducing our gaming revenues, are as follows:       Three Months Ended     Six Months Ended       June 30,     June 30,   (In thousands)   2024     2023     2024     2023   Food & beverage   $ 31,785     $ 29,336     $ 62,453     $ 57,595   Room     15,668       15,346       30,340       30,494   Other     2,348       2,061       4,373       3,937     Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded in the condensed consolidated statements of operations as a gaming expense for gaming entertainment properties and online expense for Boyd Interactive operations. Gaming taxes recorded as gaming expense totaled approximately $130.2 million and $129.7 million for the three months ended June 30, 2024 and 2023, respectively, and were $256.9 million and $259.8 million for the six months ended June 30, 2024 and 2023, respectively. Gaming taxes recorded as online expense, excluding taxes paid under collaborative arrangements (see Collaborative Arrangements below for further discussion), totaled $3.1 million and $1.2 million for the three months ended June 30, 2024 and 2023, respectively, and $5.6 million and $1.8 million for the six months ended June 30, 2024 and 2023, respectively.   Income Taxes Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. Accordingly, the need to establish valuation allowances for deferred tax assets is continually assessed at a minimum quarterly, and as facts and circumstances change, based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of profitability and taxable income, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified.   In performing our second quarter 2023 valuation allowance analysis, we determined that the positive evidence in favor of releasing a portion of our valuation allowance for certain state jurisdictions, outweighed the negative evidence. We utilize a rolling twelve quarters of pre-tax income adjusted for permanent book to tax differences as a measure of cumulative results in recent years. We transitioned from a cumulative loss position to a cumulative income position over the rolling twelve quarters ended June 30, 2023. Other evidence considered in the analysis included, but was not limited to, a trend reflective of improvement in recent earnings, forecasts of profitability and taxable income and the reversal of existing temporary differences. The change in these conditions during the three months ended June 30, 2023 provided positive evidence that supported the release of the valuation allowance against a significant portion of our state deferred tax assets. As such, we concluded that it was more likely than not that the benefit from our deferred tax assets would be realized. As a result, during the second quarter of 2023, we released $35.9 million of valuation allowance on our state income tax net operating loss carryforwards and other deferred tax assets.   Other Long-Term Tax Liabilities The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.   Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement.   Tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period that they meet the "more likely than not" standard. If it is subsequently determined that a previously recognized tax position no longer meets the "more likely than not" standard, it is required that the tax position is derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. If applicable, accrued interest and penalties are included in other long-term tax liabilities on the consolidated balance sheets.   The IRS has selected our federal corporate income tax return for the tax year ended December 31, 2021, for examination. The IRS examination began in the second quarter of 2024 and is early in the process. As of  June 30, 2024, and for the three and six months then ended, there were no changes to our unrecognized tax benefits to date.   Collaborative Arrangements We hold a five percent equity ownership in and have a strategic partnership with FanDuel Group ("FanDuel"), the nation's leading sports-betting operator, to pursue sports-betting opportunities across the country, both at our gaming entertainment properties and online. Subject to state law and regulatory approvals, we have established a presence in the sports wagering industry, both at our gaming entertainment properties and online, by leveraging FanDuel's technology and related services. We offer online sports wagering under the FanDuel brand or under market access agreements with other companies in Illinois, Indiana, Iowa, Kansas, Louisiana, Ohio and Pennsylvania. We also operate sportsbooks under the FanDuel brand at one of our Downtown Las Vegas gaming entertainment properties, our gaming entertainment properties in Mississippi and all of the gaming entertainment properties in the states where we offer online sports wagering. Under our online collaborative arrangements with FanDuel and other third parties, we receive a revenue share from FanDuel or the other third-party operators based on actual wagering wins and losses. The activities under these collaborative arrangements related to online wagering, are recorded in online revenue and online expense on the condensed consolidated statements of operations. The activities under these collaborative arrangements related to sportsbooks at our gaming entertainment properties, are recorded in gaming revenue and gaming expense.   Under certain of our collaborative arrangements, we are the primary obligor and are responsible for paying gaming taxes and other license payments owed as the gaming licensee for the related online gaming activities. We are reimbursed for these taxes and other payments by the third-party operators. We report these gaming taxes and other expenses paid as online expense and the reimbursements we receive as online revenues. These taxes and other payments totaled approximately $103.5 million and $63.3 million for the three months ended June 30, 2024 and 2023, respectively, and $219.5 million and $159.3 million for the six months ended June 30, 2024 and 2023, respectively.   Our five percent equity ownership in FanDuel is recorded at cost in accordance with the measurement alternative allowed under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 321, Accounting for Investments in Equity Securities. We do not have the ability to exercise significant influence over FanDuel's operating and financial policies. We evaluate the investment for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We evaluate the recorded value of the investment when any observable price changes in orderly transactions for an identical or similar investment would require an adjustment of the investment to fair value.   Currency Translation The Company translates the financial statements of its foreign subsidiary that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. If a material income statement event occurs, the transaction would be translated at the exchange rate in effect on the date of occurrence. Translation adjustments are recorded in other comprehensive income (loss). Gains or losses from foreign currency transaction remeasurements are recorded as other non-operating income (expense).   Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.   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.

Note 2 - Property and Equipment, Net	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE 2.    PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following:       June 30,     December 31,   (In thousands)   2024     2023   Land   $ 338,469     $ 338,469   Buildings and improvements     3,361,145       3,237,863   Furniture and equipment     1,844,689       1,742,666   Riverboats and barges     241,825       241,826   Construction in progress     149,124       182,710   Total property and equipment     5,935,252       5,743,534   Less accumulated depreciation     (3,309,125 )     (3,201,022 ) Property and equipment, net   $ 2,626,127     $ 2,542,512     Depreciation expense is as follows:       Three Months Ended     Six Months Ended       June 30,     June 30,   (In thousands)   2024     2023     2024     2023   Depreciation expense   $ 61,553     $ 58,066     $ 120,376     $ 115,465

Note 3 - Goodwill and Intangible Assets, Net	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	NOTE 3.    GOODWILL AND INTANGIBLE ASSETS, NET Intangible assets, net consist of the following:       June 30, 2024       Weighted                                               Useful Life     Gross             Accumulated     Effect of Foreign               Remaining     Carrying     Accumulated     Impairment     Currency     Intangible   (In thousands)   (in years)     Value     Amortization     Losses     Exchange     Assets, Net   Amortizing intangibles                                                 Customer relationships     0.5     $ 3,925     $ (3,905 )   $ —     $ —     $ 20   Host agreements     8.9       58,000       (23,522 )     —       —       34,478   Development agreement     5.1       21,373       (5,724 )     —       —       15,649   Developed technology     7.9       41,684       (6,704 )     —       (22 )     34,958   B2B relationships     5.5       28,000       (6,523 )     —       (4 )     21,473   B2C relationships     10.3       13,000       (1,806 )     —       —       11,194                 165,982       (48,184 )     —       (26 )     117,772                                                     Indefinite lived intangible assets                                                 Trademarks   Indefinite       199,900       —       (32,275 )     —       167,625   Gaming license rights   Indefinite       1,378,081       (33,960 )     (253,974 )     —       1,090,147                 1,577,981       (33,960 )     (286,249 )     —       1,257,772   Balances, June 30, 2024           $ 1,743,963     $ (82,144 )   $ (286,249 )   $ (26 )   $ 1,375,544         December 31, 2023       Weighted                                               Useful Life     Gross             Accumulated     Effect of Foreign               Remaining     Carrying     Accumulated     Impairment     Currency     Intangible   (In thousands)   (in years)     Value     Amortization     Losses     Exchange     Assets, Net   Amortizing intangibles                                                 Customer relationships     0.1     $ 35,050     $ (35,010 )   $ —     $ —     $ 40   Host agreements     9.4       58,000       (21,589 )     —       —       36,411   Development agreement     5.6       21,373       (4,198 )     —       —       17,175   Developed technology     8.5       39,981       (4,482 )     —       225       35,724   B2B relationships     6.0       28,000       (4,566 )     —       52       23,486   B2C relationships     10.8       13,000       (1,264 )     —       —       11,736                 195,404       (71,109 )     —       277       124,572                                                     Indefinite lived intangible assets                                                 Trademarks   Indefinite       199,900       —       (32,275 )     —       167,625   Gaming license rights   Indefinite       1,378,081       (33,960 )     (243,474 )     —       1,100,647                 1,577,981       (33,960 )     (275,749 )     —       1,268,272   Balances, December 31, 2023           $ 1,773,385     $ (105,069 )   $ (275,749 )   $ 277     $ 1,392,844     The following table presents the future amortization expense for our amortizing intangible assets as of  June 30, 2024:   (In thousands)   Customer Relationships     Host Agreements     Development Agreement     Developed Technology     B2B Relationships     B2C Relationships     Total   For the year ending December 31,                                                         2024 (excluding six months ended June 30, 2024)   $ 20     $ 1,934     $ 1,527     $ 2,380     $ 1,953     $ 541     $ 8,355   2025     —       3,867       3,053       4,718       3,914       1,083       16,635   2026     —       3,867       3,053       4,623       3,914       1,083       16,540   2027     —       3,867       3,053       4,622       3,914       1,083       16,539   2028     —       3,867       3,053       4,365       3,914       1,083       16,282   Thereafter     —       17,076       1,910       14,250       3,864       6,321       43,421   Total future amortization   $ 20     $ 34,478     $ 15,649     $ 34,958     $ 21,473     $ 11,194     $ 117,772     During the six months ended June 30, 2024, as a result of our first quarter 2024 impairment review, the Company recorded an impairment charge of $10.5 million for a gaming license right related to our Midwest & South segment. This noncash impairment charge is recorded in impairment of assets on the condensed consolidated statement of operations.   Goodwill consists of the following:       June 30, 2024                               Effect of               Gross             Accumulated     Foreign               Carrying     Accumulated     Impairment     Currency     Goodwill,   (In thousands)   Value     Amortization     Losses     Exchange     Net   Goodwill, net by Segment                                         Las Vegas Locals   $ 593,567     $ —     $ (188,079 )   $ —     $ 405,488   Downtown Las Vegas     6,997       (6,134 )     —       —       863   Midwest & South     636,269       —       (107,470 )     —       528,799   Online     94,037       —       (82,000 )     94       12,131   Managed & Other     30,529       —       (30,529 )     —       —   Balances, June 30, 2024   $ 1,361,399     $ (6,134 )   $ (408,078 )   $ 94     $ 947,281           December 31, 2023                               Effect of               Gross             Accumulated     Foreign               Carrying     Accumulated     Impairment     Currency     Goodwill,   (In thousands)   Value     Amortization     Losses     Exchange     Net   Goodwill, net by Segment                                         Las Vegas Locals   $ 593,567     $ —     $ (188,079 )   $ —     $ 405,488   Downtown Las Vegas     6,997       (6,134 )     —       —       863   Midwest & South     636,269       —       (107,470 )     —       528,799   Online     94,037       —       (82,000 )     154       12,191   Managed & Other     30,529       —       (30,529 )     —       —   Balances, December 31, 2023   $ 1,361,399     $ (6,134 )   $ (408,078 )   $ 154     $ 947,341

Note 4 - Accrued Liabilities	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	NOTE 4.    ACCRUED LIABILITIES Accrued liabilities consist of the following:       June 30,     December 31,   (In thousands)   2024     2023   Payroll and related   $ 65,829     $ 82,327   Interest     17,951       17,841   Gaming     68,810       68,749   Player loyalty program     19,784       23,850   Advance deposits     15,969       15,511   Outstanding chips     6,772       8,164   Dividends payable     15,736       15,508   Operating leases     98,622       98,867   Other     106,808       96,562   Total accrued liabilities   $ 416,281     $ 427,379

Note 5 - Long-term Debt	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Long-Term Debt [Text Block]	NOTE 5.    LONG-TERM DEBT Long-term debt, net of current maturities and debt issuance costs, consists of the following:       June 30, 2024       Interest             Unamortized               Rates at             Origination               June 30,     Outstanding     Fees and     Long-Term   (In thousands)   2024     Principal     Costs     Debt, Net   Credit facility     7.161 %   $ 1,087,600     $ (11,249 )   $ 1,076,351   4.750% senior notes due 2027     4.750 %     1,000,000       (6,818 )     993,182   4.750% senior notes due 2031     4.750 %     900,000       (9,437 )     890,563   Other     5.208 %     416       —       416   Total long-term debt             2,988,016       (27,504 )     2,960,512   Less current maturities             44,416       —       44,416   Long-term debt, net           $ 2,943,600     $ (27,504 )   $ 2,916,096         December 31, 2023       Interest             Unamortized               Rates at             Origination               December 31,     Outstanding     Fees and     Long-Term   (In thousands)   2023     Principal     Costs     Debt, Net   Credit facility     7.164 %   $ 1,046,300     $ (13,403 )   $ 1,032,897   4.750% senior notes due 2027     4.750 %     1,000,000       (7,792 )     992,208   4.750% senior notes due 2031     4.750 %     900,000       (10,111 )     889,889   Other     5.208 %     504       —       504   Total long-term debt             2,946,804       (31,306 )     2,915,498   Less current maturities             44,275       —       44,275   Long-term debt, net           $ 2,902,529     $ (31,306 )   $ 2,871,223      The outstanding principal amounts under the Credit Facility are comprised of the following:       June 30,     December 31,   (In thousands)   2024     2023   Revolving Credit Facility   $ 255,000     $ 180,000   Term A Loan     781,000       803,000   Swing Loan     51,600       63,300   Total outstanding principal amounts   $ 1,087,600     $ 1,046,300     With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $255.0 million and $51.6 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.4 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $1,130.0 million as of June 30, 2024.    Covenant Compliance As of  June 30, 2024, we were in compliance with the financial covenants of our debt instruments. ___

Note 6 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 6.    COMMITMENTS AND CONTINGENCIES Wilton Rancheria Agreements In 2012, the Company entered into a development agreement and a management agreement with Wilton Rancheria. The development agreement obligated us to fund certain pre-development costs to assist Wilton Rancheria in its development and oversight of the gaming facility construction. The pre-development costs financed by us were to be repaid under the terms of a note receivable with Wilton Rancheria bearing interest at 12.5% with payment timing and the payment amount subject to an excess cash flow waterfall payment prioritization and maintenance of a certain leverage ratio, among other restrictions under Wilton Rancheria’s third-party credit agreement that provided funding for the construction project. Given the significant barriers of the project, a majority of the advances made during the 10-year period prior to the Sky River Casino opening were historically reserved in full when advanced. The Sky River Casino opened on August 15, 2022 and after generating cash flows from operations, we updated our evaluation of expected losses on the note receivable which resulted in a partial release of the allowance during the fourth quarter of 2022. The Wilton Rancheria amended their third-party credit agreement in March 2023 and such amendment effectively allowed Sky River Casino to begin making previously disallowed distributions, under the excess cash flow waterfall. Given the amendment in the first quarter of 2023, the Company updated its evaluation of its expected losses on the note receivable. As the amendment allowed for quarterly payments to begin and given the sustained operating strength of the recently opened property, the Company concluded it expected to receive all payments due under the note receivable. As such, the Company removed the remaining allowance on the note receivable in the first quarter of 2023, which represented a reserve on both the development advances and interest on the note. The allowance reduction was thus allocated accordingly and $20.1 million is recorded in project development, preopening and writedowns and  $14.3 million is recorded in interest income, both reflected in the condensed consolidated statement of operations for the six months ended June 30, 2023. The Company received  $0.2  million in principal payments and $0.2  million in interest due under the note receivable during the  six months ended June 30, 2024, and  $49.7  million in principal payments and $8.5  million in interest due under the note receivable during the  six months ended June 30, 2023. As of  June 30, 2024, the principal and interest outstanding on the note receivable was fully repaid. Separately, the management agreement provides for us to manage the gaming facility upon opening 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 $21.3 million and  $17.4 million for our management services for the three months ended June 30, 2024 and 2023, respectively, and  $43.5 million and  $37.5 million for the six months ended June 30, 2024 and 2023, respectively, is paid monthly and recorded in management fee revenue on the condensed consolidated statements of operations.   Commitments As of June 30, 2024, there have been no material changes to our commitments described under Note 9, Commitments and Contingencies, in our Annual Report on Form  10-K for the year ended December 31, 2023, as filed with the SEC on February 26, 2024.   Contingencies Legal Matters We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material effect on our business, financial position, results of operations or cash flows.

Note 7 - Stockholders' Equity and Stock Incentive Plans	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Shareholders' Equity and Share-Based Payments [Text Block]	NOTE 7.    STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS Share Repurchase Program On October 21, 2021, our Board of Directors authorized a share repurchase program of $300.0 million (the "Share Repurchase Program"). In addition, our Board of Directors authorized increases to the Share Repurchase Program of  $500.0 million on each of  June 1, 2022,  May 4, 2023 and May 9, 2024. As of  June 30, 2024,  $545.1 million remains available under the Share Repurchase Program. Under the Share 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 under insider trading laws. We are not obligated to repurchase any shares under this program. The timing, volume and nature of share repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws and other factors, and may be suspended or discontinued at any time.   The following table provides information regarding share repurchases during the referenced periods  (1).         Three Months Ended     Six Months Ended       June 30,     June 30,   (In thousands, except per share data)   2024     2023     2024     2023   Shares repurchased (2)     3,144       1,492       4,802       3,219   Total cost, including brokerage fees (3)   $ 175,686     $ 100,028     $ 281,186     $ 206,356   Average repurchase price per share (4)   $ 55.88     $ 67.02     $ 58.55     $ 64.11     (1) Shares repurchased reflect repurchases settled during the three and six months ended June 30, 2024 and 2023. These amounts exclude repurchases, if any, traded but not yet settled on or before June 30, 2024 and 2023, respectively. (2) All shares repurchased have been retired and constitute authorized but unissued shares. (3) Costs exclude 1% excise tax on corporate stock buybacks. (4) Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers and excludes the 1% excise tax.     Dividends The dividends declared by the Board of Directors and reflected in the periods presented are:   Declaration date   Record date   Payment date   Amount per share   December 8, 2022   December 19, 2022   January 15, 2023   $ 0.15   February 14, 2023   March 15, 2023   April 15, 2023     0.16   May 4, 2023   June 15, 2023   July 15, 2023     0.16   December 7, 2023   December 22, 2023   January 15, 2024     0.16   February 28, 2024   March 15, 2024   April 15, 2024     0.17   May 9, 2024   June 15, 2024   July 15, 2024     0.17      Share-Based Compensation We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period.   The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations.       Three Months Ended     Six Months Ended       June 30,     June 30,   (In thousands)   2024     2023     2024     2023   Gaming   $ 289     $ 307     $ 524     $ 528   Food & beverage     55       59       100       101   Room     27       28       48       48   Selling, general and administrative     1,471       1,563       2,663       2,683   Corporate expense     8,523       10,241       13,890       16,657   Total share-based compensation expense   $ 10,365     $ 12,198     $ 17,225     $ 20,017     Performance Shares Our stock incentive plan provides for the issuance of Performance Share Units ("PSU") grants which may be earned, in whole or in part, upon the passage of time and the attainment of performance criteria. We periodically review our estimates of performance against the defined criteria to assess the expected payout of each outstanding PSU grant and adjust our stock compensation expense accordingly.   The PSU grants awarded in third quarter 2021 and fourth quarter 2019 fully vested during the first quarter of 2024 and 2023, respectively. Common shares under the 2021 grant were issued based on the determination by the Compensation Committee of the Board of Directors ("Compensation Committee") of our actual achievement of Earnings Before Interest, Taxes, Depreciation and Amortization and Rent under master leases ("EBITDAR") and return on invested capital for the two-year performance period from July 2021 to June 2023. Common shares under the 2019 grant were issued based on the determination by the Compensation Committee of net revenue growth and EBITDAR growth for the three-year performance period of the grant. As provided under the provisions of our stock incentive plan, certain of the participants elected to surrender a portion of the shares to be received to pay the withholding and other payroll taxes payable on the compensation resulting from the vesting of the PSUs.   The PSU grant awarded in July 2021 resulted in a total of 241,277 shares being issued during the first quarter of 2024, representing approximately 1.94 shares per PSU. Of the 241,277 shares issued, a total of 94,862 were surrendered by the participants for payroll taxes, resulting in a net issuance of 146,415 shares due to the vesting of the 2021 grant. The actual achievement level under the award metrics approximated the estimated performance as of the year-end 2023; therefore, the vesting of the PSUs had minimal impact to compensation costs of $0.8 million in our condensed consolidated statement of operations for the six months ended June 30, 2024.   The PSU grant awarded in December 2019 resulted in a total of 519,782 shares being issued during the first quarter of 2023, representing approximately 2.00 shares per PSU. Of the 519,782 shares issued, a total of 200,904 were surrendered by the participants for payroll taxes, resulting in a net issuance of 318,878 shares due to the vesting of the 2019 grant. The actual achievement level under the award metrics equaled the estimated performance as of the year-end 2022; therefore, the vesting of the PSUs did not impact compensation costs in our 2023 condensed consolidated statement of operations.   Unamortized Stock Compensation Expense and Recognition Period As of June 30, 2024, there was approximately $15.6 million, $5.7 million and $1.7 million of total unrecognized share-based compensation costs related to unvested restricted stock units ("RSUs"), PSUs and career shares, respectively. As of June 30, 2024, the unrecognized share-based compensation costs related to our RSUs, PSUs and career shares are expected to be recognized over approximately 2.3 years, 2.3 years and 3.5 years, respectively.

Note 8 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	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 assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels.   Balances Measured at Fair Value The following tables show the fair values of certain of our financial instruments:       June 30, 2024   (In thousands)   Balance     Level 1     Level 2     Level 3   Assets                                 Cash and cash equivalents   $ 280,783     $ 280,783     $ —     $ —   Restricted cash     3,946       3,946       —       —   Investment available for sale     12,495       —       —       12,495         December 31, 2023   (In thousands)   Balance     Level 1     Level 2     Level 3   Assets                                 Cash and cash equivalents   $ 304,271     $ 304,271     $ —     $ —   Restricted cash     3,659       3,659       —       —   Investment available for sale     13,327       —       —       13,327     Cash and Cash Equivalents and Restricted Cash The fair values of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, are based on statements received from our banks as of  June 30, 2024 and December 31, 2023.   Investment Available for Sale We have an investment in a single municipal bond issuance of $16.4 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 that is classified as available for sale with a maturity date of June 1, 2037. We are the only holder of this instrument and there is no quoted market price for this instrument. As such, the fair value of this investment is classified as Level 3 in the fair value hierarchy. The estimate of the fair value of such investment was determined using a combination of current market rates and estimates of market conditions for instruments with similar terms, maturities and degrees of risk and a discounted cash flows analysis as of  June 30, 2024 and December 31, 2023. The significant unobservable input used to determine fair value of the instrument in the discounted cash flows analysis at  June 30, 2024 and  December 31, 2023 is a discount rate of 12.8% and 12.4%, respectively. Unrealized gains and losses on this instrument resulting from changes in the fair value of the instrument are not charged to earnings, but rather are recorded as other comprehensive income (loss) in the stockholders' equity section of the condensed consolidated balance sheets and in the condensed consolidated statements of other comprehensive income. As of  June 30, 2024 and December 31, 2023, $0.8 million and $0.7 million, respectively, of the carrying value of the investment available for sale is included as a current asset in prepaid expenses and other current assets, and at  June 30, 2024 and December 31, 2023, $11.7 million and $12.6 million, respectively, is included in other assets, net on the condensed consolidated balance sheets. The discount associated with this investment of $1.9 million and $2.0 million as of  June 30, 2024 and December 31, 2023, respectively, is netted with the investment balance and is being accreted over the life of the investment using the effective interest method. The accretion of such discount is included in interest income on the condensed consolidated statements of operations.   The following table summarizes the changes in fair value of the Company's Level 3 investment available for sale asset:       Three Months Ended     Six Months Ended       June 30,     June 30,   (In thousands)   2024     2023     2024     2023   Balance at beginning of reporting period   $ 13,550     $ 14,348     $ 13,327     $ 13,670   Total gains (realized or unrealized):                                 Included in interest income     45       44       89       87   Included in other comprehensive income (loss)     (370 )     (497 )     (191 )     138   Purchases, sales, issuances and settlements:                                 Settlements     (730 )     (680 )     (730 )     (680 ) Balance at end of reporting period   $ 12,495     $ 13,215     $ 12,495     $ 13,215     We are exposed to valuation risk on our Level 3 financial instruments. We estimate our risk exposure using a sensitivity analysis of potential changes in the significant unobservable inputs of our fair value measurements. Our Level 3 financial instruments are most susceptible to valuation risk caused by changes in the discount rate. If the discount rate in our fair value measurements increased or decreased by 100 basis points, the change would not cause the value of our fair value measurements to change significantly.   The fair value of indefinite-lived intangible assets, classified in the fair value hierarchy as Level 3, is utilized in performing the Company's impairment analyses. The value of our gaming licenses is determined using a multi-period excess earnings method, which is a specific discounted cash flow model which utilized Level 3 inputs.   Balances Disclosed at Fair Value The following tables provide the fair value measurement information about our obligation under assessment agreements and note receivable. As of June 30, 2024, the outstanding principal balance under the note receivable was paid in full.       June 30, 2024     Outstanding     Carrying     Estimated   Fair Value (In thousands)   Face Amount     Value     Fair Value   Hierarchy Liabilities                           Obligation under assessment arrangements   $ 19,121     $ 16,924     $ 22,101   Level 3         December 31, 2023     Outstanding     Carrying     Estimated   Fair Value (In thousands)   Face Amount     Value     Fair Value   Hierarchy Asset                           Note receivable   $ 419     $ 419     $ 419   Level 3 Liabilities                           Obligation under assessment arrangements     20,199       17,752       23,282   Level 3   The following tables provide the fair value measurement information about our long-term debt:       June 30, 2024     Outstanding     Carrying     Estimated   Fair Value (In thousands)   Face Amount     Value     Fair Value   Hierarchy Credit facility   $ 1,087,600     $ 1,076,351     $ 1,066,123   Level 2 4.750% senior notes due 2027     1,000,000       993,182       957,500   Level 1 4.750% senior notes due 2031     900,000       890,563       815,625   Level 1 Other     416       416       416   Level 3 Total debt   $ 2,988,016     $ 2,960,512     $ 2,839,664           December 31, 2023     Outstanding     Carrying     Estimated   Fair Value (In thousands)   Face Amount     Value     Fair Value   Hierarchy Credit facility   $ 1,046,300     $ 1,032,897     $ 1,021,206   Level 2 4.750% senior notes due 2027     1,000,000       992,208       957,500   Level 1 4.750% senior notes due 2031     900,000       889,889       819,000   Level 1 Other     504       504       504   Level 3 Total debt   $ 2,946,804     $ 2,915,498     $ 2,798,210       The estimated fair value of our obligation under assessment arrangements is based on a discounted cash flows approach after giving consideration to the changes in market rates of interest, creditworthiness of both parties and credit spread. The fair value of our note receivable as of  December 31, 2023, was estimated to equal its carrying value after consideration of the expected repayment timing of the remaining balance. The estimated fair value of our Credit Facility is based on a relative value analysis performed on or about  June 30, 2024 and December 31, 2023. The estimated fair values of our senior notes are based on quoted market prices as of  June 30, 2024 and December 31, 2023. The other debt is fixed-rate debt consisting of finance leases with various maturity dates from 2024 to 2025. The other debt is not traded and does not have an observable market input; therefore, we have estimated fair value to be equal to the carrying value for these obligations.   There were no transfers between Level 1, Level 2 and Level 3 measurements during the six months ended June 30, 2024 and 2023.

Note 9 - Segment Information	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	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, which are each also operating segments, 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 Boyd Interactive and our online gaming operations through collaborative arrangements with third parties throughout the United States, both of which are also operating segments. 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 Hotel and Gambling Hall   Las Vegas, Nevada Suncoast Hotel and Casino   Las Vegas, Nevada Eastside Cannery Casino and Hotel (1)   Las Vegas, Nevada Aliante Casino + Hotel + Spa   North Las Vegas, Nevada Cannery Casino Hotel   North Las Vegas, Nevada Jokers Wild   Henderson, Nevada Downtown Las Vegas     California Hotel and Casino   Las Vegas, Nevada Fremont Hotel & Casino   Las Vegas, Nevada Main Street Station Hotel and Casino   Las Vegas, Nevada Midwest & South     Par-A-Dice Casino   East Peoria, Illinois Belterra Casino Resort (2)   Florence, Indiana Blue Chip Casino Hotel Spa   Michigan City, Indiana Diamond Jo Casino   Dubuque, Iowa Diamond Jo Worth   Northwood, Iowa Kansas Star Casino   Mulvane, Kansas Amelia Belle Casino   Amelia, Louisiana Delta Downs Racetrack Hotel & Casino   Vinton, Louisiana Evangeline Downs Racetrack & Casino   Opelousas, Louisiana Sam's Town Shreveport   Shreveport, Louisiana Treasure Chest Casino   Kenner, Louisiana IP Casino Resort Spa   Biloxi, Mississippi Sam's Town Hotel and Gambling Hall Tunica   Tunica, Mississippi Ameristar Casino * Hotel Kansas City (2)   Kansas City, Missouri Ameristar Casino * Resort * Spa St. Charles (2)   St. Charles, Missouri Belterra Park (2)   Cincinnati, Ohio Valley Forge Casino Resort   King of Prussia, Pennsylvania   (1) Due to the current levels of demand in the market, Eastside Cannery has remained closed since March 18, 2020, when it closed in compliance with orders issued by state officials as precautionary measures intended to slow the spread of the COVID-19 virus. (2) Property is subject to a master lease agreement with a real estate investment trust.   Results of Operations - Total Reportable Segment Revenues and Adjusted EBITDAR We evaluate profitability based on Adjusted EBITDAR, which represents earnings before interest expense, interest income, income taxes, depreciation and amortization, deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, other items, net and master lease rent expense, as applicable. Total Reportable Segment Adjusted EBITDAR is the aggregate sum of the Adjusted EBITDAR for each of the gaming entertainment properties included in our Las Vegas Locals, Downtown Las Vegas and Midwest & South segments and Adjusted EBITDAR related to the online operations in our Online segment. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company as our Downtown Las Vegas properties focus their marketing efforts on gaming customers from Hawaii.    EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with GAAP, facilitates comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes. Management has historically adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results.   The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments and our Managed & Other category to reconcile to total revenues:       Three Months Ended June 30, 2024               Food &                     Management                       Gaming     Beverage     Room     Online     Fee     Other     Total   (In thousands)   Revenue     Revenue     Revenue     Revenue     Revenue     Revenue     Revenue   Revenues                                                         Las Vegas Locals   $ 162,915     $ 23,373     $ 24,697     $ —     $ —     $ 14,069     $ 225,054   Downtown Las Vegas     36,725       11,085       6,893       —       —       2,998       57,701   Midwest & South     440,296       42,536       21,005       —       —       17,913       521,750   Online     —       —       —       129,930       —       —       129,930   Managed & Other     10,891       —       —       —       21,252       934       33,077   Total Revenues   $ 650,827     $ 76,994     $ 52,595     $ 129,930     $ 21,252     $ 35,914     $ 967,512         Three Months Ended June 30, 2023               Food &                     Management                       Gaming     Beverage     Room     Online     Fee     Other     Total   (In thousands)   Revenue     Revenue     Revenue     Revenue     Revenue     Revenue     Revenue   Revenues                                                         Las Vegas Locals   $ 171,986     $ 22,219     $ 23,295     $ —     $ —     $ 13,440     $ 230,940   Downtown Las Vegas     34,432       10,142       5,636       —       —       2,781       52,991   Midwest & South     443,440       38,005       20,830       —       —       16,571       518,846   Online     —       —       —       85,002       —       —       85,002   Managed & Other     10,871       —       —       —       17,446       854       29,171   Total Revenues   $ 660,729     $ 70,366     $ 49,761     $ 85,002     $ 17,446     $ 33,646     $ 916,950         Six Months Ended June 30, 2024               Food &                     Management                       Gaming     Beverage     Room     Online     Fee     Other     Total   (In thousands)   Revenue     Revenue     Revenue     Revenue     Revenue     Revenue     Revenue   Revenues                                                         Las Vegas Locals   $ 324,371     $ 45,795     $ 50,453     $ —     $ —     $ 30,057     $ 450,676   Downtown Las Vegas     70,446       21,500       13,461       —       —       5,825       111,232   Midwest & South     868,537       82,338       37,628       —       —       34,013       1,022,516   Online     —       —       —       276,100       —       —       276,100   Managed & Other     21,604       —       —       —       43,497       2,408       67,509   Total Revenues   $ 1,284,958     $ 149,633     $ 101,542     $ 276,100     $ 43,497     $ 72,303     $ 1,928,033         Six Months Ended June 30, 2023               Food &                     Management                       Gaming     Beverage     Room     Online     Fee     Other     Total   (In thousands)   Revenue     Revenue     Revenue     Revenue     Revenue     Revenue     Revenue   Revenues                                                         Las Vegas Locals   $ 348,307     $ 44,982     $ 48,676     $ —     $ —     $ 29,245     $ 471,210   Downtown Las Vegas     70,849       20,639       12,485       —       —       5,575       109,548   Midwest & South     883,525       76,329       38,665       —       —       32,500       1,031,019   Online     —       —       —       207,865       —       —       207,865   Managed & Other     22,356       —       —       —       37,476       1,442       61,274   Total Revenues   $ 1,325,037     $ 141,950     $ 99,826     $ 207,865     $ 37,476     $ 68,762     $ 1,880,916       The following table reconciles, for the periods indicated, our Reportable Segments and our Managed & Other category Adjusted EBITDAR to net income, as reported in our accompanying condensed consolidated statements of operations:       Three Months Ended     Six Months Ended       June 30,     June 30,   (In thousands)   2024     2023     2024     2023   Adjusted EBITDAR                                 Las Vegas Locals   $ 109,253     $ 118,395     $ 219,691     $ 244,555   Downtown Las Vegas     22,018       19,652       39,833       42,019   Midwest & South     195,455       201,833       376,449       400,517   Online     17,057       13,400       37,533       34,023   Managed & Other     23,140       19,546       47,921       41,097   Corporate expense     (22,732 )     (21,464 )     (46,750 )     (43,703 ) Adjusted EBITDAR     344,191       351,362       674,677       718,508   Other operating costs and expenses                                 Deferred rent     163       177       324       354   Master lease rent expense     27,852       27,099       55,087       53,927   Depreciation and amortization     65,677       62,220       128,590       123,780   Share-based compensation expense     10,365       12,198       17,225       20,017   Project development, preopening and writedowns     7,586       5,201       10,607       (13,673 ) Impairment of assets     —       —       10,500       4,537   Other operating items, net     5,442       438       5,853       658   Total other operating costs and expenses     117,085       107,333       228,186       189,600   Operating income     227,106       244,029       446,491       528,908   Other expense (income)                                 Interest income     (403 )     (2,715 )     (849 )     (20,860 ) Interest expense, net of amounts capitalized     42,949       42,715       85,258       86,581   Other, net     50       522       100       626   Total other expense, net     42,596       40,522       84,509       66,347   Income before income taxes     184,510       203,507       361,982       462,561   Income tax provision     (44,665 )     (11,053 )     (85,664 )     (70,376 ) Net income   $ 139,845     $ 192,454     $ 276,318     $ 392,185     For purposes of this presentation, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not directly related to our casino, hotel and online operations.   Total Reportable Segment Assets The Company's assets by Reportable Segment and Managed & Other category consisted of the following amounts:       June 30,     December 31,   (In thousands)   2024     2023   Assets                 Las Vegas Locals   $ 1,625,829     $ 1,634,732   Downtown Las Vegas     289,557       295,494   Midwest & South     3,829,675       3,805,301   Online     135,816       155,356   Managed & Other     118,122       124,161   Corporate     262,421       258,082   Total Assets   $ 6,261,420     $ 6,273,126

Note 10 - Subsequent Events	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 10.    SUBSEQUENT EVENTS We have evaluated all events or transactions that occurred after June 30, 2024. 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.

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 5.       Other Information None of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended June 30, 2024, as such terms are defined under Item 408(a) of Regulation S-K.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	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 28 wholly owned brick-and-mortar gaming entertainment properties ("gaming entertainment properties"). Headquartered in Las Vegas, Nevada, we have gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. 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 Accounting, Policy [Policy Text Block]	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 statements and notes for the year ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission ("SEC") on February 26, 2024.   The results for the periods indicated are unaudited but reflect all adjustments, consisting only of normal recurring adjustments, that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods.   The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% or less owned and where we have significant influence and do not meet the controlling financial interest consolidation criteria of the authoritative accounting guidance for voting interest or variable interest entities, are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation.
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three months or less at their date of purchase. The instruments are not restricted as to withdrawal or use and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash Restricted cash consists primarily of: (i) amounts restricted by regulation for gaming and racing purposes; (ii) amounts restricted by regulation for the value in players' online casino gaming accounts; and (iii) advance payments received for future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying values of these instruments approximate their fair values due to their short maturities.   The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows.       June 30,     December 31,     June 30,     December 31,   (In thousands)   2024     2023     2023     2022   Cash and cash equivalents   $ 280,783     $ 304,271     $ 260,787     $ 283,472   Restricted cash     3,946       3,659       11,615       11,593   Total cash, cash equivalents and restricted cash   $ 284,729     $ 307,930     $ 272,402     $ 295,065
Lessee, Leases [Policy Text Block]	Leases Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For our operating leases for which the rate implicit in the lease is not readily determinable, we generally use an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. The incremental borrowing rate is determined based on the weighted average incremental borrowing rate at the lease commencement or modification date that is commensurate with the rate of interest in a similar economic environment that we would have to pay to borrow an amount equal to our future lease payments on a collateralized basis over a similar term, including reasonably certain options to extend or terminate. The determination of the incremental borrowing rate could materially impact our lease liabilities. Operating right-of-use ("ROU") assets and finance lease assets are recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term. Lease and non-lease components are accounted for separately.
Revenue [Policy Text Block]	Revenue Recognition The Company’s revenue contracts with customers consist of gaming wagers (including both those made at our gaming entertainment properties and online B2C wagers), hotel room sales, food & beverage offerings and other amenity transactions. See Collaborative Arrangements below for further discussion of revenues earned under our online collaborative arrangements. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gaming revenues. The transaction price for hotel, food & beverage and other contracts is the net amount collected from the customer for such goods and services. Hotel, food & beverage and other services have been determined to be separate, stand-alone performance obligations and the transaction price for such contracts is recorded as revenue as the good or service is transferred to the customer over their stay at the hotel, when the delivery is made for the food & beverage or when the service is provided for other amenity transactions. We have established a player loyalty point program to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food & beverage, hotel rooms and other free goods and services. Gaming wager contracts involve two performance obligations for those customers earning points under the Company’s player loyalty program and a single performance obligation for customers who do not participate in the program. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the player loyalty contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a point that can be redeemed for a hotel room stay, food & beverage or other amenities. Sales and usage-based taxes are excluded from revenues. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers, excluding race and sports wagers, is recognized when the wagers occur as all such wagers settle immediately. The allocated revenue for race and sports wagers is recognized when the specific event or game occurs. The player loyalty contract liability amount is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, food & beverage or other amenities and such goods or services are delivered to the customer. See Note 4, Accrued Liabilities, for the balance outstanding related to the player loyalty program.   The Company collects advance deposits from hotel customers for future hotel reservations and other future events such as banquets and ticketed events. These advance deposits represent obligations of the Company until the hotel room stay is provided to the customer or the banquet or ticketed event occurs. See Note 4, Accrued Liabilities, for the balance outstanding related to advance deposits.   The Company's outstanding chip liability represents the amounts owed in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. See Note 4, Accrued Liabilities, for the balance related to outstanding chips.   The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our player loyalty program and the estimated retail value of complimentary goods and services provided to customers (such as complimentary rooms and food & beverage). The estimated retail values related to goods and services provided to customers without charge or upon redemption of points under our player loyalty program, included in departmental revenues, and therefore reducing our gaming revenues, are as follows:       Three Months Ended     Six Months Ended       June 30,     June 30,   (In thousands)   2024     2023     2024     2023   Food & beverage   $ 31,785     $ 29,336     $ 62,453     $ 57,595   Room     15,668       15,346       30,340       30,494   Other     2,348       2,061       4,373       3,937
Gaming Taxes [Policy Text Block]	Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded in the condensed consolidated statements of operations as a gaming expense for gaming entertainment properties and online expense for Boyd Interactive operations. Gaming taxes recorded as gaming expense totaled approximately $130.2 million and $129.7 million for the three months ended June 30, 2024 and 2023, respectively, and were $256.9 million and $259.8 million for the six months ended June 30, 2024 and 2023, respectively. Gaming taxes recorded as online expense, excluding taxes paid under collaborative arrangements (see Collaborative Arrangements below for further discussion), totaled $3.1 million and $1.2 million for the three months ended June 30, 2024 and 2023, respectively, and $5.6 million and $1.8 million for the six months ended June 30, 2024 and 2023, respectively.
Income Tax, Policy [Policy Text Block]	Income Taxes Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. Accordingly, the need to establish valuation allowances for deferred tax assets is continually assessed at a minimum quarterly, and as facts and circumstances change, based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of profitability and taxable income, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified.   In performing our second quarter 2023 valuation allowance analysis, we determined that the positive evidence in favor of releasing a portion of our valuation allowance for certain state jurisdictions, outweighed the negative evidence. We utilize a rolling twelve quarters of pre-tax income adjusted for permanent book to tax differences as a measure of cumulative results in recent years. We transitioned from a cumulative loss position to a cumulative income position over the rolling twelve quarters ended June 30, 2023. Other evidence considered in the analysis included, but was not limited to, a trend reflective of improvement in recent earnings, forecasts of profitability and taxable income and the reversal of existing temporary differences. The change in these conditions during the three months ended June 30, 2023 provided positive evidence that supported the release of the valuation allowance against a significant portion of our state deferred tax assets. As such, we concluded that it was more likely than not that the benefit from our deferred tax assets would be realized. As a result, during the second quarter of 2023, we released $35.9 million of valuation allowance on our state income tax net operating loss carryforwards and other deferred tax assets.   Other Long-Term Tax Liabilities The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.   Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement.   Tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period that they meet the "more likely than not" standard. If it is subsequently determined that a previously recognized tax position no longer meets the "more likely than not" standard, it is required that the tax position is derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. If applicable, accrued interest and penalties are included in other long-term tax liabilities on the consolidated balance sheets.   The IRS has selected our federal corporate income tax return for the tax year ended December 31, 2021, for examination. The IRS examination began in the second quarter of 2024 and is early in the process. As of  June 30, 2024, and for the three and six months then ended, there were no changes to our unrecognized tax benefits to date.
Collaborative Arrangement, Accounting Policy [Policy Text Block]	Collaborative Arrangements We hold a five percent equity ownership in and have a strategic partnership with FanDuel Group ("FanDuel"), the nation's leading sports-betting operator, to pursue sports-betting opportunities across the country, both at our gaming entertainment properties and online. Subject to state law and regulatory approvals, we have established a presence in the sports wagering industry, both at our gaming entertainment properties and online, by leveraging FanDuel's technology and related services. We offer online sports wagering under the FanDuel brand or under market access agreements with other companies in Illinois, Indiana, Iowa, Kansas, Louisiana, Ohio and Pennsylvania. We also operate sportsbooks under the FanDuel brand at one of our Downtown Las Vegas gaming entertainment properties, our gaming entertainment properties in Mississippi and all of the gaming entertainment properties in the states where we offer online sports wagering. Under our online collaborative arrangements with FanDuel and other third parties, we receive a revenue share from FanDuel or the other third-party operators based on actual wagering wins and losses. The activities under these collaborative arrangements related to online wagering, are recorded in online revenue and online expense on the condensed consolidated statements of operations. The activities under these collaborative arrangements related to sportsbooks at our gaming entertainment properties, are recorded in gaming revenue and gaming expense.   Under certain of our collaborative arrangements, we are the primary obligor and are responsible for paying gaming taxes and other license payments owed as the gaming licensee for the related online gaming activities. We are reimbursed for these taxes and other payments by the third-party operators. We report these gaming taxes and other expenses paid as online expense and the reimbursements we receive as online revenues. These taxes and other payments totaled approximately $103.5 million and $63.3 million for the three months ended June 30, 2024 and 2023, respectively, and $219.5 million and $159.3 million for the six months ended June 30, 2024 and 2023, respectively.   Our five percent equity ownership in FanDuel is recorded at cost in accordance with the measurement alternative allowed under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 321, Accounting for Investments in Equity Securities. We do not have the ability to exercise significant influence over FanDuel's operating and financial policies. We evaluate the investment for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We evaluate the recorded value of the investment when any observable price changes in orderly transactions for an identical or similar investment would require an adjustment of the investment to fair value.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Currency Translation The Company translates the financial statements of its foreign subsidiary that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. If a material income statement event occurs, the transaction would be translated at the exchange rate in effect on the date of occurrence. Translation adjustments are recorded in other comprehensive income (loss). Gains or losses from foreign currency transaction remeasurements are recorded as other non-operating income (expense).
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	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.

Note 1 - Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Cash and Cash Equivalents and Restricted Cash [Table Text Block]	June 30,     December 31,     June 30,     December 31,   (In thousands)   2024     2023     2023     2022   Cash and cash equivalents   $ 280,783     $ 304,271     $ 260,787     $ 283,472   Restricted cash     3,946       3,659       11,615       11,593   Total cash, cash equivalents and restricted cash   $ 284,729     $ 307,930     $ 272,402     $ 295,065
Schedule Of Promotional Allowances [Table Text Block]	Three Months Ended     Six Months Ended       June 30,     June 30,   (In thousands)   2024     2023     2024     2023   Food & beverage   $ 31,785     $ 29,336     $ 62,453     $ 57,595   Room     15,668       15,346       30,340       30,494   Other     2,348       2,061       4,373       3,937

Note 2 - Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30,     December 31,   (In thousands)   2024     2023   Land   $ 338,469     $ 338,469   Buildings and improvements     3,361,145       3,237,863   Furniture and equipment     1,844,689       1,742,666   Riverboats and barges     241,825       241,826   Construction in progress     149,124       182,710   Total property and equipment     5,935,252       5,743,534   Less accumulated depreciation     (3,309,125 )     (3,201,022 ) Property and equipment, net   $ 2,626,127     $ 2,542,512
Depreciation Expense [Table Text Block]	Three Months Ended     Six Months Ended       June 30,     June 30,   (In thousands)   2024     2023     2024     2023   Depreciation expense   $ 61,553     $ 58,066     $ 120,376     $ 115,465

Note 3 - Goodwill and Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	June 30, 2024       Weighted                                               Useful Life     Gross             Accumulated     Effect of Foreign               Remaining     Carrying     Accumulated     Impairment     Currency     Intangible   (In thousands)   (in years)     Value     Amortization     Losses     Exchange     Assets, Net   Amortizing intangibles                                                 Customer relationships     0.5     $ 3,925     $ (3,905 )   $ —     $ —     $ 20   Host agreements     8.9       58,000       (23,522 )     —       —       34,478   Development agreement     5.1       21,373       (5,724 )     —       —       15,649   Developed technology     7.9       41,684       (6,704 )     —       (22 )     34,958   B2B relationships     5.5       28,000       (6,523 )     —       (4 )     21,473   B2C relationships     10.3       13,000       (1,806 )     —       —       11,194                 165,982       (48,184 )     —       (26 )     117,772                                                     Indefinite lived intangible assets                                                 Trademarks   Indefinite       199,900       —       (32,275 )     —       167,625   Gaming license rights   Indefinite       1,378,081       (33,960 )     (253,974 )     —       1,090,147                 1,577,981       (33,960 )     (286,249 )     —       1,257,772   Balances, June 30, 2024           $ 1,743,963     $ (82,144 )   $ (286,249 )   $ (26 )   $ 1,375,544       December 31, 2023       Weighted                                               Useful Life     Gross             Accumulated     Effect of Foreign               Remaining     Carrying     Accumulated     Impairment     Currency     Intangible   (In thousands)   (in years)     Value     Amortization     Losses     Exchange     Assets, Net   Amortizing intangibles                                                 Customer relationships     0.1     $ 35,050     $ (35,010 )   $ —     $ —     $ 40   Host agreements     9.4       58,000       (21,589 )     —       —       36,411   Development agreement     5.6       21,373       (4,198 )     —       —       17,175   Developed technology     8.5       39,981       (4,482 )     —       225       35,724   B2B relationships     6.0       28,000       (4,566 )     —       52       23,486   B2C relationships     10.8       13,000       (1,264 )     —       —       11,736                 195,404       (71,109 )     —       277       124,572                                                     Indefinite lived intangible assets                                                 Trademarks   Indefinite       199,900       —       (32,275 )     —       167,625   Gaming license rights   Indefinite       1,378,081       (33,960 )     (243,474 )     —       1,100,647                 1,577,981       (33,960 )     (275,749 )     —       1,268,272   Balances, December 31, 2023           $ 1,773,385     $ (105,069 )   $ (275,749 )   $ 277     $ 1,392,844
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	(In thousands)   Customer Relationships     Host Agreements     Development Agreement     Developed Technology     B2B Relationships     B2C Relationships     Total   For the year ending December 31,                                                         2024 (excluding six months ended June 30, 2024)   $ 20     $ 1,934     $ 1,527     $ 2,380     $ 1,953     $ 541     $ 8,355   2025     —       3,867       3,053       4,718       3,914       1,083       16,635   2026     —       3,867       3,053       4,623       3,914       1,083       16,540   2027     —       3,867       3,053       4,622       3,914       1,083       16,539   2028     —       3,867       3,053       4,365       3,914       1,083       16,282   Thereafter     —       17,076       1,910       14,250       3,864       6,321       43,421   Total future amortization   $ 20     $ 34,478     $ 15,649     $ 34,958     $ 21,473     $ 11,194     $ 117,772
Schedule of Goodwill [Table Text Block]	June 30, 2024                               Effect of               Gross             Accumulated     Foreign               Carrying     Accumulated     Impairment     Currency     Goodwill,   (In thousands)   Value     Amortization     Losses     Exchange     Net   Goodwill, net by Segment                                         Las Vegas Locals   $ 593,567     $ —     $ (188,079 )   $ —     $ 405,488   Downtown Las Vegas     6,997       (6,134 )     —       —       863   Midwest & South     636,269       —       (107,470 )     —       528,799   Online     94,037       —       (82,000 )     94       12,131   Managed & Other     30,529       —       (30,529 )     —       —   Balances, June 30, 2024   $ 1,361,399     $ (6,134 )   $ (408,078 )   $ 94     $ 947,281       December 31, 2023                               Effect of               Gross             Accumulated     Foreign               Carrying     Accumulated     Impairment     Currency     Goodwill,   (In thousands)   Value     Amortization     Losses     Exchange     Net   Goodwill, net by Segment                                         Las Vegas Locals   $ 593,567     $ —     $ (188,079 )   $ —     $ 405,488   Downtown Las Vegas     6,997       (6,134 )     —       —       863   Midwest & South     636,269       —       (107,470 )     —       528,799   Online     94,037       —       (82,000 )     154       12,191   Managed & Other     30,529       —       (30,529 )     —       —   Balances, December 31, 2023   $ 1,361,399     $ (6,134 )   $ (408,078 )   $ 154     $ 947,341

Note 4 - Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30,     December 31,   (In thousands)   2024     2023   Payroll and related   $ 65,829     $ 82,327   Interest     17,951       17,841   Gaming     68,810       68,749   Player loyalty program     19,784       23,850   Advance deposits     15,969       15,511   Outstanding chips     6,772       8,164   Dividends payable     15,736       15,508   Operating leases     98,622       98,867   Other     106,808       96,562   Total accrued liabilities   $ 416,281     $ 427,379

Note 5 - Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	June 30, 2024       Interest             Unamortized               Rates at             Origination               June 30,     Outstanding     Fees and     Long-Term   (In thousands)   2024     Principal     Costs     Debt, Net   Credit facility     7.161 %   $ 1,087,600     $ (11,249 )   $ 1,076,351   4.750% senior notes due 2027     4.750 %     1,000,000       (6,818 )     993,182   4.750% senior notes due 2031     4.750 %     900,000       (9,437 )     890,563   Other     5.208 %     416       —       416   Total long-term debt             2,988,016       (27,504 )     2,960,512   Less current maturities             44,416       —       44,416   Long-term debt, net           $ 2,943,600     $ (27,504 )   $ 2,916,096       December 31, 2023       Interest             Unamortized               Rates at             Origination               December 31,     Outstanding     Fees and     Long-Term   (In thousands)   2023     Principal     Costs     Debt, Net   Credit facility     7.164 %   $ 1,046,300     $ (13,403 )   $ 1,032,897   4.750% senior notes due 2027     4.750 %     1,000,000       (7,792 )     992,208   4.750% senior notes due 2031     4.750 %     900,000       (10,111 )     889,889   Other     5.208 %     504       —       504   Total long-term debt             2,946,804       (31,306 )     2,915,498   Less current maturities             44,275       —       44,275   Long-term debt, net           $ 2,902,529     $ (31,306 )   $ 2,871,223
Schedule of Line of Credit Facilities [Table Text Block]	June 30,     December 31,   (In thousands)   2024     2023   Revolving Credit Facility   $ 255,000     $ 180,000   Term A Loan     781,000       803,000   Swing Loan     51,600       63,300   Total outstanding principal amounts   $ 1,087,600     $ 1,046,300

Note 7 - Stockholders' Equity and Stock Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Share Repurchase Program [Table Text Block]	Three Months Ended     Six Months Ended       June 30,     June 30,   (In thousands, except per share data)   2024     2023     2024     2023   Shares repurchased (2)     3,144       1,492       4,802       3,219   Total cost, including brokerage fees (3)   $ 175,686     $ 100,028     $ 281,186     $ 206,356   Average repurchase price per share (4)   $ 55.88     $ 67.02     $ 58.55     $ 64.11
Dividends Declared [Table Text Block]	Declaration date   Record date   Payment date   Amount per share   December 8, 2022   December 19, 2022   January 15, 2023   $ 0.15   February 14, 2023   March 15, 2023   April 15, 2023     0.16   May 4, 2023   June 15, 2023   July 15, 2023     0.16   December 7, 2023   December 22, 2023   January 15, 2024     0.16   February 28, 2024   March 15, 2024   April 15, 2024     0.17   May 9, 2024   June 15, 2024   July 15, 2024     0.17
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended     Six Months Ended       June 30,     June 30,   (In thousands)   2024     2023     2024     2023   Gaming   $ 289     $ 307     $ 524     $ 528   Food & beverage     55       59       100       101   Room     27       28       48       48   Selling, general and administrative     1,471       1,563       2,663       2,683   Corporate expense     8,523       10,241       13,890       16,657   Total share-based compensation expense   $ 10,365     $ 12,198     $ 17,225     $ 20,017

Note 8 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	June 30, 2024   (In thousands)   Balance     Level 1     Level 2     Level 3   Assets                                 Cash and cash equivalents   $ 280,783     $ 280,783     $ —     $ —   Restricted cash     3,946       3,946       —       —   Investment available for sale     12,495       —       —       12,495       December 31, 2023   (In thousands)   Balance     Level 1     Level 2     Level 3   Assets                                 Cash and cash equivalents   $ 304,271     $ 304,271     $ —     $ —   Restricted cash     3,659       3,659       —       —   Investment available for sale     13,327       —       —       13,327
Fair Value Asset (Liability) Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block]	Three Months Ended     Six Months Ended       June 30,     June 30,   (In thousands)   2024     2023     2024     2023   Balance at beginning of reporting period   $ 13,550     $ 14,348     $ 13,327     $ 13,670   Total gains (realized or unrealized):                                 Included in interest income     45       44       89       87   Included in other comprehensive income (loss)     (370 )     (497 )     (191 )     138   Purchases, sales, issuances and settlements:                                 Settlements     (730 )     (680 )     (730 )     (680 ) Balance at end of reporting period   $ 12,495     $ 13,215     $ 12,495     $ 13,215
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]	June 30, 2024     Outstanding     Carrying     Estimated   Fair Value (In thousands)   Face Amount     Value     Fair Value   Hierarchy Liabilities                           Obligation under assessment arrangements   $ 19,121     $ 16,924     $ 22,101   Level 3     December 31, 2023     Outstanding     Carrying     Estimated   Fair Value (In thousands)   Face Amount     Value     Fair Value   Hierarchy Asset                           Note receivable   $ 419     $ 419     $ 419   Level 3 Liabilities                           Obligation under assessment arrangements     20,199       17,752       23,282   Level 3
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	June 30, 2024     Outstanding     Carrying     Estimated   Fair Value (In thousands)   Face Amount     Value     Fair Value   Hierarchy Credit facility   $ 1,087,600     $ 1,076,351     $ 1,066,123   Level 2 4.750% senior notes due 2027     1,000,000       993,182       957,500   Level 1 4.750% senior notes due 2031     900,000       890,563       815,625   Level 1 Other     416       416       416   Level 3 Total debt   $ 2,988,016     $ 2,960,512     $ 2,839,664         December 31, 2023     Outstanding     Carrying     Estimated   Fair Value (In thousands)   Face Amount     Value     Fair Value   Hierarchy Credit facility   $ 1,046,300     $ 1,032,897     $ 1,021,206   Level 2 4.750% senior notes due 2027     1,000,000       992,208       957,500   Level 1 4.750% senior notes due 2031     900,000       889,889       819,000   Level 1 Other     504       504       504   Level 3 Total debt   $ 2,946,804     $ 2,915,498     $ 2,798,210

Note 9 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended June 30, 2024               Food &                     Management                       Gaming     Beverage     Room     Online     Fee     Other     Total   (In thousands)   Revenue     Revenue     Revenue     Revenue     Revenue     Revenue     Revenue   Revenues                                                         Las Vegas Locals   $ 162,915     $ 23,373     $ 24,697     $ —     $ —     $ 14,069     $ 225,054   Downtown Las Vegas     36,725       11,085       6,893       —       —       2,998       57,701   Midwest & South     440,296       42,536       21,005       —       —       17,913       521,750   Online     —       —       —       129,930       —       —       129,930   Managed & Other     10,891       —       —       —       21,252       934       33,077   Total Revenues   $ 650,827     $ 76,994     $ 52,595     $ 129,930     $ 21,252     $ 35,914     $ 967,512       Three Months Ended June 30, 2023               Food &                     Management                       Gaming     Beverage     Room     Online     Fee     Other     Total   (In thousands)   Revenue     Revenue     Revenue     Revenue     Revenue     Revenue     Revenue   Revenues                                                         Las Vegas Locals   $ 171,986     $ 22,219     $ 23,295     $ —     $ —     $ 13,440     $ 230,940   Downtown Las Vegas     34,432       10,142       5,636       —       —       2,781       52,991   Midwest & South     443,440       38,005       20,830       —       —       16,571       518,846   Online     —       —       —       85,002       —       —       85,002   Managed & Other     10,871       —       —       —       17,446       854       29,171   Total Revenues   $ 660,729     $ 70,366     $ 49,761     $ 85,002     $ 17,446     $ 33,646     $ 916,950       Six Months Ended June 30, 2024               Food &                     Management                       Gaming     Beverage     Room     Online     Fee     Other     Total   (In thousands)   Revenue     Revenue     Revenue     Revenue     Revenue     Revenue     Revenue   Revenues                                                         Las Vegas Locals   $ 324,371     $ 45,795     $ 50,453     $ —     $ —     $ 30,057     $ 450,676   Downtown Las Vegas     70,446       21,500       13,461       —       —       5,825       111,232   Midwest & South     868,537       82,338       37,628       —       —       34,013       1,022,516   Online     —       —       —       276,100       —       —       276,100   Managed & Other     21,604       —       —       —       43,497       2,408       67,509   Total Revenues   $ 1,284,958     $ 149,633     $ 101,542     $ 276,100     $ 43,497     $ 72,303     $ 1,928,033       Six Months Ended June 30, 2023               Food &                     Management                       Gaming     Beverage     Room     Online     Fee     Other     Total   (In thousands)   Revenue     Revenue     Revenue     Revenue     Revenue     Revenue     Revenue   Revenues                                                         Las Vegas Locals   $ 348,307     $ 44,982     $ 48,676     $ —     $ —     $ 29,245     $ 471,210   Downtown Las Vegas     70,849       20,639       12,485       —       —       5,575       109,548   Midwest & South     883,525       76,329       38,665       —       —       32,500       1,031,019   Online     —       —       —       207,865       —       —       207,865   Managed & Other     22,356       —       —       —       37,476       1,442       61,274   Total Revenues   $ 1,325,037     $ 141,950     $ 99,826     $ 207,865     $ 37,476     $ 68,762     $ 1,880,916
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Three Months Ended     Six Months Ended       June 30,     June 30,   (In thousands)   2024     2023     2024     2023   Adjusted EBITDAR                                 Las Vegas Locals   $ 109,253     $ 118,395     $ 219,691     $ 244,555   Downtown Las Vegas     22,018       19,652       39,833       42,019   Midwest & South     195,455       201,833       376,449       400,517   Online     17,057       13,400       37,533       34,023   Managed & Other     23,140       19,546       47,921       41,097   Corporate expense     (22,732 )     (21,464 )     (46,750 )     (43,703 ) Adjusted EBITDAR     344,191       351,362       674,677       718,508   Other operating costs and expenses                                 Deferred rent     163       177       324       354   Master lease rent expense     27,852       27,099       55,087       53,927   Depreciation and amortization     65,677       62,220       128,590       123,780   Share-based compensation expense     10,365       12,198       17,225       20,017   Project development, preopening and writedowns     7,586       5,201       10,607       (13,673 ) Impairment of assets     —       —       10,500       4,537   Other operating items, net     5,442       438       5,853       658   Total other operating costs and expenses     117,085       107,333       228,186       189,600   Operating income     227,106       244,029       446,491       528,908   Other expense (income)                                 Interest income     (403 )     (2,715 )     (849 )     (20,860 ) Interest expense, net of amounts capitalized     42,949       42,715       85,258       86,581   Other, net     50       522       100       626   Total other expense, net     42,596       40,522       84,509       66,347   Income before income taxes     184,510       203,507       361,982       462,561   Income tax provision     (44,665 )     (11,053 )     (85,664 )     (70,376 ) Net income   $ 139,845     $ 192,454     $ 276,318     $ 392,185
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	June 30,     December 31,   (In thousands)   2024     2023   Assets                 Las Vegas Locals   $ 1,625,829     $ 1,634,732   Downtown Las Vegas     289,557       295,494   Midwest & South     3,829,675       3,805,301   Online     135,816       155,356   Managed & Other     118,122       124,161   Corporate     262,421       258,082   Total Assets   $ 6,261,420     $ 6,273,126

Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Number of Gaming Entertainment Properties	28		28
Taxes, Other	$ 130.2	$ 129.7	$ 256.9	$ 259.8
Taxes Deposited Pursuant to the Online Collaborative Agreements	3.1	1.2	5.6	1.8
Deferred Tax Assets, Valuation Allowance		35.9		35.9
Online [Member]
Taxes Deposited Pursuant to the Online Collaborative Agreements	$ 103.5	$ 63.3	$ 219.5	$ 159.3

Note 1 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and cash equivalents	$ 280,783	$ 304,271	$ 260,787	$ 283,472
Restricted cash	3,946	3,659	11,615	11,593
Total cash, cash equivalents and restricted cash	$ 284,729	$ 307,930	$ 272,402	$ 295,065

Note 1 - Summary of Significant Accounting Policies - Schedule of Promotional Allowances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Food and Beverage [Member]
Promotional allowance	$ 31,785	$ 29,336	$ 62,453	$ 57,595
Occupancy [Member]
Promotional allowance	15,668	15,346	30,340	30,494
Product and Service, Other [Member]
Promotional allowance	$ 2,348	$ 2,061	$ 4,373	$ 3,937

Note 2 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property and equipment, gross	$ 5,935,252	$ 5,743,534
Less accumulated depreciation	(3,309,125)	(3,201,022)
Property and equipment, net	2,626,127	2,542,512
Land [Member]
Property and equipment, gross	338,469	338,469
Building and Building Improvements [Member]
Property and equipment, gross	3,361,145	3,237,863
Furniture and Fixtures [Member]
Property and equipment, gross	1,844,689	1,742,666
Riverboats And Barges [Member]
Property and equipment, gross	241,825	241,826
Construction in Progress [Member]
Property and equipment, gross	$ 149,124	$ 182,710

Note 2 - Property and Equipment, Net - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Depreciation expense	$ 61,553	$ 58,066	$ 120,376	$ 115,465

Note 3 - Goodwill and Intangible Assets, Net (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Gaming License Right [Member] | Midwest and South [Member]
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)	$ 10.5

Note 3 - Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Intangible assets, gross carrying value	$ 165,982	$ 195,404
Intangible assets, cumulative amortization	(48,184)	(71,109)
Intangible assets, cumulative impairment losses	0	0
Effect of foreign currency exchange	(26)	277
Intangible assets, net	117,772	124,572
Intangible assets, gross carrying value	1,577,981	1,577,981
Intangible assets, cumulative amortization	(33,960)	(33,960)
Intangible assets, cumulative impairment losses	(286,249)	(275,749)
Effect of foreign currency exchange	0	0
Intangible assets, net	1,257,772	1,268,272
Intangible assets, gross carrying value	1,743,963	1,773,385
Intangible assets, cumulative amortization	(82,144)	(105,069)
Intangible assets, cumulative impairment losses	(286,249)	(275,749)
Effect of foreign currency exchange	(26)	277
Intangible assets, net	1,375,544	1,392,844
Trademarks [Member]
Intangible assets, gross carrying value	199,900	199,900
Intangible assets, cumulative amortization	0	0
Intangible assets, cumulative impairment losses	(32,275)	(32,275)
Effect of foreign currency exchange	0	0
Intangible assets, net	167,625	167,625
Gaming License Right [Member]
Intangible assets, gross carrying value	1,378,081	1,378,081
Intangible assets, cumulative amortization	(33,960)	(33,960)
Intangible assets, cumulative impairment losses	(253,974)	(243,474)
Effect of foreign currency exchange	0	0
Intangible assets, net	1,090,147	1,100,647
Customer Relationships [Member]
Intangible assets, gross carrying value	3,925	35,050
Intangible assets, cumulative amortization	(3,905)	(35,010)
Intangible assets, cumulative impairment losses	0	0
Effect of foreign currency exchange	0	0
Intangible assets, net	$ 20	$ 40
Customer Relationships [Member] | Weighted Average [Member]
Intangible assets, weighted average life remaining (Year)	6 months	1 month 6 days
Host Agreements [Member]
Intangible assets, gross carrying value	$ 58,000	$ 58,000
Intangible assets, cumulative amortization	(23,522)	(21,589)
Intangible assets, cumulative impairment losses	0	0
Effect of foreign currency exchange	0	0
Intangible assets, net	$ 34,478	$ 36,411
Host Agreements [Member] | Weighted Average [Member]
Intangible assets, weighted average life remaining (Year)	8 years 10 months 24 days	9 years 4 months 24 days
Development Agreements [Member]
Intangible assets, gross carrying value	$ 21,373	$ 21,373
Intangible assets, cumulative amortization	(5,724)	(4,198)
Intangible assets, cumulative impairment losses	0	0
Effect of foreign currency exchange	0	0
Intangible assets, net	$ 15,649	$ 17,175
Development Agreements [Member] | Weighted Average [Member]
Intangible assets, weighted average life remaining (Year)	5 years 1 month 6 days	5 years 7 months 6 days
Developed Technology Rights [Member]
Intangible assets, gross carrying value	$ 41,684	$ 39,981
Intangible assets, cumulative amortization	(6,704)	(4,482)
Intangible assets, cumulative impairment losses	0	0
Effect of foreign currency exchange	(22)	225
Intangible assets, net	$ 34,958	$ 35,724
Developed Technology Rights [Member] | Weighted Average [Member]
Intangible assets, weighted average life remaining (Year)	7 years 10 months 24 days	8 years 6 months
Business to Business Relationships [Member]
Intangible assets, gross carrying value	$ 28,000	$ 28,000
Intangible assets, cumulative amortization	(6,523)	(4,566)
Intangible assets, cumulative impairment losses	0	0
Effect of foreign currency exchange	(4)	52
Intangible assets, net	$ 21,473	$ 23,486
Business to Business Relationships [Member] | Weighted Average [Member]
Intangible assets, weighted average life remaining (Year)	5 years 6 months	6 years
Business to Consumer Relationship [Member]
Intangible assets, gross carrying value	$ 13,000	$ 13,000
Intangible assets, cumulative amortization	(1,806)	(1,264)
Intangible assets, cumulative impairment losses	0	0
Effect of foreign currency exchange	0	0
Intangible assets, net	$ 11,194	$ 11,736
Business to Consumer Relationship [Member] | Weighted Average [Member]
Intangible assets, weighted average life remaining (Year)	10 years 3 months 18 days	10 years 9 months 18 days

Note 3 - Goodwill and Intangible Assets, Net - Future Amortization (Details) $ in Thousands	Jun. 30, 2024 USD ($)
2024 (excluding six months ended June 30, 2024)	$ 8,355
2025	16,635
2026	16,540
2027	16,539
2028	16,282
Thereafter	43,421
Total future amortization	117,772
Customer Relationships [Member]
2024 (excluding six months ended June 30, 2024)	20
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total future amortization	20
Host Agreements [Member]
2024 (excluding six months ended June 30, 2024)	1,934
2025	3,867
2026	3,867
2027	3,867
2028	3,867
Thereafter	17,076
Total future amortization	34,478
Development Agreement [Member]
2024 (excluding six months ended June 30, 2024)	1,527
2025	3,053
2026	3,053
2027	3,053
2028	3,053
Thereafter	1,910
Total future amortization	15,649
Developed Technology Rights [Member]
2024 (excluding six months ended June 30, 2024)	2,380
2025	4,718
2026	4,623
2027	4,622
2028	4,365
Thereafter	14,250
Total future amortization	34,958
Business to Business Relationships [Member]
2024 (excluding six months ended June 30, 2024)	1,953
2025	3,914
2026	3,914
2027	3,914
2028	3,914
Thereafter	3,864
Total future amortization	21,473
Business to Consumer Relationship [Member]
2024 (excluding six months ended June 30, 2024)	541
2025	1,083
2026	1,083
2027	1,083
2028	1,083
Thereafter	6,321
Total future amortization	$ 11,194

Note 3 - Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill, gross	$ 1,361,399	$ 1,361,399
Goodwill, cumulative amortization	(6,134)	(6,134)
Goodwill, cumulative impairment losses	(408,078)	(408,078)
Effect of Foreign Currency Exchange	94	154
Goodwill, net	947,281	947,341
Las Vegas Locals [Member]
Goodwill, gross	593,567	593,567
Goodwill, cumulative amortization	0	0
Goodwill, cumulative impairment losses	(188,079)	(188,079)
Effect of Foreign Currency Exchange	0	0
Goodwill, net	405,488	405,488
Downtown Las Vegas [Member]
Goodwill, gross	6,997	6,997
Goodwill, cumulative amortization	(6,134)	(6,134)
Goodwill, cumulative impairment losses	0	0
Effect of Foreign Currency Exchange	0	0
Goodwill, net	863	863
Midwest and South [Member]
Goodwill, gross	636,269	636,269
Goodwill, cumulative amortization	0	0
Goodwill, cumulative impairment losses	(107,470)	(107,470)
Effect of Foreign Currency Exchange	0	0
Goodwill, net	528,799	528,799
Online [Member]
Goodwill, gross	94,037	94,037
Goodwill, cumulative amortization	0	0
Goodwill, cumulative impairment losses	(82,000)	(82,000)
Effect of Foreign Currency Exchange	94	154
Goodwill, net	12,131	12,191
Managed and Other [Member]
Goodwill, gross	30,529	30,529
Goodwill, cumulative amortization	0	0
Goodwill, cumulative impairment losses	(30,529)	(30,529)
Effect of Foreign Currency Exchange	0	0
Goodwill, net	$ 0	$ 0

Note 4 - Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payroll and related	$ 65,829	$ 82,327
Interest	17,951	17,841
Gaming	68,810	68,749
Player loyalty program	19,784	23,850
Advance deposits	15,969	15,511
Outstanding chips	6,772	8,164
Dividends payable	15,736	15,508
Operating leases	98,622	98,867
Other	106,808	96,562
Total accrued liabilities	$ 416,281	$ 427,379

Note 5 - Long-term Debt (Details Textual) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Long-Term Line of Credit	$ 1,087.6	$ 1,046.3
Line of Credit Facility, Remaining Borrowing Capacity	1,130.0
Bank Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	1,450.0
Long-Term Line of Credit	255.0
Bank Credit Facility [Member] | Swing Loan [Member]
Long-Term Line of Credit	51.6
Bank Credit Facility [Member] | Letter of Credit [Member]
Long-Term Line of Credit	$ 13.4

Note 5 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long-term debt, outstanding principal	$ 2,988,016	$ 2,946,804
Long-term debt, unamortized original fees and costs	(27,504)	(31,306)
Long-term debt, net	2,960,512	2,915,498
Long-term debt, outstanding principal, current	44,416	44,275
Long-term debt, unamortized original fees and costs, current	0	0
Current maturities of long-term debt	44,416	44,275
Long-term debt, outstanding principal, noncurrent	2,943,600	2,902,529
Long-term debt, unamortized original fees and costs, noncurrent	(27,504)	(31,306)
Long-term debt, net of current maturities and debt issuance costs	$ 2,916,096	$ 2,871,223
Line of Credit [Member] | Bank Credit Facility [Member]
Long-term debt, interest rate	7.161%	7.164%
Long-term debt, outstanding principal	$ 1,087,600	$ 1,046,300
Long-term debt, unamortized original fees and costs	(11,249)	(13,403)
Long-term debt, net	$ 1,076,351	$ 1,032,897
Senior Notes [Member] | Senior Note 4.750% Due 2027 [Member]
Long-term debt, interest rate	4.75%	4.75%
Long-term debt, outstanding principal	$ 1,000,000	$ 1,000,000
Long-term debt, unamortized original fees and costs	(6,818)	(7,792)
Long-term debt, net	$ 993,182	$ 992,208
Senior Notes [Member] | Senior Note 4750 Due 2031 Member
Long-term debt, interest rate	4.75%	4.75%
Long-term debt, outstanding principal	$ 900,000	$ 900,000
Long-term debt, unamortized original fees and costs	(9,437)	(10,111)
Long-term debt, net	$ 890,563	$ 889,889
Other Long-Term Debt [Member]
Long-term debt, interest rate	5.208%	5.208%
Long-term debt, outstanding principal	$ 416	$ 504
Long-term debt, unamortized original fees and costs	0	0
Long-term debt, net	$ 416	$ 504

Note 5 - Long-term Debt - Outstanding Principal Amounts (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Outstanding principal amounts	$ 1,087.6	$ 1,046.3
Line of Credit [Member] | Term A Loan [Member]
Outstanding principal amounts	781.0	803.0
Line of Credit [Member] | Swing Loan [Member]
Outstanding principal amounts	51.6	63.3
Revolving Credit Facility [Member] | Line of Credit [Member]
Outstanding principal amounts	$ 255.0	$ 180.0

Note 6 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Project Development, Preopening and Writedowns Expense	$ 7,586	$ 5,201	$ 10,607	$ (13,673)
Proceeds from Collection of Loans Receivable			208	49,720
Interest Payments Received			213	8,513
Revenue from Contract with Customer, Including Assessed Tax	967,512	916,950	$ 1,928,033	1,880,916
Management Service [Member]
Management Agreement, Term (Year)			7 years
Revenue from Contract with Customer, Including Assessed Tax	$ 21,252	$ 17,446	$ 43,497	37,476
Development Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage					12.50%
Project Development, Preopening and Writedowns Expense				20,100
Interest Income (Expense), Net				14,300
Proceeds from Collection of Loans Receivable			200	49,700
Interest Payments Received			$ 200	$ 8,500

Note 7 - Stockholders' Equity and Stock Incentive Plans (Details Textual) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	May 09, 2024	May 04, 2023	Jun. 01, 2022	Oct. 21, 2021
Share-Based Payment Arrangement, Expense	$ 10,365		$ 12,198		$ 17,225	$ 20,017
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares)		241,277		519,782
Shares Issued Per Unit (in shares)		1.94		2
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)		94,862		200,904
Share Based Payment Arrangement, Shares Issued In Period, Net of Tax Withholdings (in shares)		146,415		318,878
Share-Based Payment Arrangement, Expense		$ 800
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	5,700				$ 5,700
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					2 years 3 months 18 days
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	15,600				$ 15,600
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					2 years 3 months 18 days
Career Shares [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	1,700				$ 1,700
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					3 years 6 months
The 2021 Share Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount							$ 500,000	$ 500,000	$ 500,000	$ 300,000
Share Repurchase Program, Remaining Authorized, Amount	$ 545,100				$ 545,100

Note 7 - Stockholders' Equity and Stock Incentive Plans - Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Shares repurchased (2) (in shares)	[1],[2]	3,144	1,492	4,802	3,219
Total cost, including brokerage fees (3)	[2],[3]	$ 175,686	$ 100,028	$ 281,186	$ 206,356
Average repurchase price per share (4) (in dollars per share)	[2],[4]	$ 55.88	$ 67.02	$ 58.55	$ 64.11
[1] All shares repurchased have been retired and constitute authorized but unissued shares. [2] Shares repurchased reflect repurchases settled during the three and six months ended June 30, 2024 and 2023. These amounts exclude repurchases, if any, traded but not yet settled on or before June 30, 2024 and 2023, respectively. [3] Costs exclude 1% excise tax on corporate stock buybacks. [4] Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers and excludes the 1% excise tax.

Note 7 - Stockholders' Equity and Stock Incentive Plans - Dividends (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jul. 15, 2024	Apr. 15, 2024	Jan. 15, 2024	Jul. 15, 2023	Apr. 15, 2023	Jan. 15, 2023
O 2022 Q4 Dividends [Member]
Dividends, record date	Dec. 19, 2022
Dividends, payment date	Jan. 15, 2023
Dividends, amount per share (in dollars per share)							$ 0.15
O 2023 Q1 Dividends [Member]
Dividends, record date	Mar. 15, 2023
Dividends, payment date	Apr. 15, 2023
Dividends, amount per share (in dollars per share)						$ 0.16
O 2023 Q2 Dividends [Member]
Dividends, record date	Jun. 15, 2023
Dividends, payment date	Jul. 15, 2023
Dividends, amount per share (in dollars per share)					$ 0.16
O 2023 Q4 Dividends [Member]
Dividends, record date	Dec. 22, 2023
Dividends, payment date	Jan. 15, 2024
Dividends, amount per share (in dollars per share)				$ 0.16
O 2024 Q1 Dividends [Member]
Dividends, record date	Mar. 15, 2024
Dividends, payment date	Apr. 15, 2024
Dividends, amount per share (in dollars per share)			$ 0.17
O 2024 Q2 Dividends [Member]
Dividends, record date	Jun. 15, 2024
Dividends, payment date	Jul. 15, 2024
O 2024 Q2 Dividends [Member] | Subsequent Event [Member]
Dividends, amount per share (in dollars per share)		$ 0.17

Note 7 - Stockholders' Equity and Stock Incentive Plans - Classification of Total Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based compensation expense	$ 10,365	$ 12,198	$ 17,225	$ 20,017
Gaming [Member]
Share-based compensation expense	289	307	524	528
Food & Beverage [Member]
Share-based compensation expense	55	59	100	101
Room [Member]
Share-based compensation expense	27	28	48	48
Selling, General and Administrative Expenses [Member]
Share-based compensation expense	1,471	1,563	2,663	2,683
Corporate Expense [Member]
Share-based compensation expense	$ 8,523	$ 10,241	$ 13,890	$ 16,657

Note 8 - Fair Value Measurements (Details Textual) $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-Sale, Amortized Cost	$ 16.4
Debt Security Interest Rate Stated Percentage	7.50%
Debt Security, Available-For-Sale, Fair Value Discount Amount	$ 1.9	$ 2.0
Prepaid Expenses and Other Current Assets [Member]
Debt Securities, Available-for-Sale, Current	0.8	0.7
Other Noncurrent Assets [Member]
Debt Securities, Available-for-Sale, Noncurrent	$ 11.7	$ 12.6
Measurement Input, Discount Rate [Member]
Debt Securities, Available-for-Sale, Measurement Input	0.128	0.124

Note 8 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 280,783	$ 304,271
Restricted cash	3,946	3,659
Investment available for sale	12,495	13,327
Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	280,783	304,271
Restricted cash	3,946	3,659
Investment available for sale	0	0
Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents	0	0
Restricted cash	0	0
Investment available for sale	0	0
Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents	0	0
Restricted cash	0	0
Investment available for sale	$ 12,495	$ 13,327

Note 8 - Fair Value Measurements - Changes in Fair Value of Level 3 Assets and Liabilities (Details) - Investment, Available-For-Sale [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Balance at beginning of reporting period, asset	$ 13,550	$ 14,348	$ 13,327	$ 13,670
Included in interest income (expense), asset	45	44	89	87
Included in other comprehensive income (loss), asseta	(370)	(497)	(191)	138
Settlements, asset	(730)	(680)	(730)	(680)
Balance at end of reporting period, asset	$ 12,495	$ 13,215	$ 12,495	$ 13,215

Note 8 - Fair Value Measurements - Minimum Assessment Agreements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Obligation under assessment arrangements	$ 19,121	$ 20,199
Note receivable		419
Reported Value Measurement [Member]
Obligation under assessment arrangements	16,924	17,752
Note receivable		419
Estimate of Fair Value Measurement [Member]
Obligation under assessment arrangements	$ 22,101	23,282
Note receivable		$ 419

Note 8 - Fair Value Measurements - Long-term Debt (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long-term debt	$ 2,988,016	$ 2,946,804
Reported Value Measurement [Member]
Long-term debt	2,960,512	2,915,498
Estimate of Fair Value Measurement [Member]
Long-term debt	2,839,664	2,798,210
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member]
Long-term debt	1,087,600	1,046,300
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Reported Value Measurement [Member]
Long-term debt	1,076,351	1,032,897
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Estimate of Fair Value Measurement [Member]
Long-term debt	1,066,123	1,021,206
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member]
Long-term debt	1,000,000	1,000,000
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | Reported Value Measurement [Member]
Long-term debt	993,182	992,208
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | Estimate of Fair Value Measurement [Member]
Long-term debt	957,500	957,500
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member]
Long-term debt	900,000	900,000
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member] | Reported Value Measurement [Member]
Long-term debt	890,563	889,889
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member] | Estimate of Fair Value Measurement [Member]
Long-term debt	815,625	819,000
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member]
Long-term debt	416	504
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Reported Value Measurement [Member]
Long-term debt	416	504
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Estimate of Fair Value Measurement [Member]
Long-term debt	$ 416	$ 504

Note 9 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2024
Number of Reportable Segments	4

Note 9 - Segment Information - Revenues for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer, Including Assessed Tax	$ 967,512	$ 916,950	$ 1,928,033	$ 1,880,916
Casino [Member]
Revenue from Contract with Customer, Including Assessed Tax	650,827	660,729	1,284,958	1,325,037
Food and Beverage [Member]
Revenue from Contract with Customer, Including Assessed Tax	76,994	70,366	149,633	141,950
Occupancy [Member]
Revenue from Contract with Customer, Including Assessed Tax	52,595	49,761	101,542	99,826
Online [Member]
Revenue from Contract with Customer, Including Assessed Tax	129,930	85,002	276,100	207,865
Management Fee [Member]
Revenue from Contract with Customer, Including Assessed Tax	21,252	17,446	43,497	37,476
Product and Service, Other [Member]
Revenue from Contract with Customer, Including Assessed Tax	35,914	33,646	72,303	68,762
Las Vegas Locals [Member]
Revenue from Contract with Customer, Including Assessed Tax	225,054	230,940	450,676	471,210
Las Vegas Locals [Member] | Casino [Member]
Revenue from Contract with Customer, Including Assessed Tax	162,915	171,986	324,371	348,307
Las Vegas Locals [Member] | Food and Beverage [Member]
Revenue from Contract with Customer, Including Assessed Tax	23,373	22,219	45,795	44,982
Las Vegas Locals [Member] | Occupancy [Member]
Revenue from Contract with Customer, Including Assessed Tax	24,697	23,295	50,453	48,676
Las Vegas Locals [Member] | Online [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Las Vegas Locals [Member] | Management Fee [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Las Vegas Locals [Member] | Product and Service, Other [Member]
Revenue from Contract with Customer, Including Assessed Tax	14,069	13,440	30,057	29,245
Downtown Las Vegas [Member]
Revenue from Contract with Customer, Including Assessed Tax	57,701	52,991	111,232	109,548
Downtown Las Vegas [Member] | Casino [Member]
Revenue from Contract with Customer, Including Assessed Tax	36,725	34,432	70,446	70,849
Downtown Las Vegas [Member] | Food and Beverage [Member]
Revenue from Contract with Customer, Including Assessed Tax	11,085	10,142	21,500	20,639
Downtown Las Vegas [Member] | Occupancy [Member]
Revenue from Contract with Customer, Including Assessed Tax	6,893	5,636	13,461	12,485
Downtown Las Vegas [Member] | Online [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Downtown Las Vegas [Member] | Management Fee [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Downtown Las Vegas [Member] | Product and Service, Other [Member]
Revenue from Contract with Customer, Including Assessed Tax	2,998	2,781	5,825	5,575
Midwest and South [Member]
Revenue from Contract with Customer, Including Assessed Tax	521,750	518,846	1,022,516	1,031,019
Midwest and South [Member] | Casino [Member]
Revenue from Contract with Customer, Including Assessed Tax	440,296	443,440	868,537	883,525
Midwest and South [Member] | Food and Beverage [Member]
Revenue from Contract with Customer, Including Assessed Tax	42,536	38,005	82,338	76,329
Midwest and South [Member] | Occupancy [Member]
Revenue from Contract with Customer, Including Assessed Tax	21,005	20,830	37,628	38,665
Midwest and South [Member] | Online [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Midwest and South [Member] | Management Fee [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Midwest and South [Member] | Product and Service, Other [Member]
Revenue from Contract with Customer, Including Assessed Tax	17,913	16,571	34,013	32,500
Online [Member]
Revenue from Contract with Customer, Including Assessed Tax	129,930	85,002	276,100	207,865
Online [Member] | Casino [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Online [Member] | Food and Beverage [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Online [Member] | Occupancy [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Online [Member] | Online [Member]
Revenue from Contract with Customer, Including Assessed Tax	129,930	85,002	276,100	207,865
Online [Member] | Management Fee [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Online [Member] | Product and Service, Other [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Managed and Other [Member]
Revenue from Contract with Customer, Including Assessed Tax	33,077	29,171	67,509	61,274
Managed and Other [Member] | Casino [Member]
Revenue from Contract with Customer, Including Assessed Tax	10,891	10,871	21,604	22,356
Managed and Other [Member] | Food and Beverage [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Managed and Other [Member] | Occupancy [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Managed and Other [Member] | Online [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Managed and Other [Member] | Management Fee [Member]
Revenue from Contract with Customer, Including Assessed Tax	21,252	17,446	43,497	37,476
Managed and Other [Member] | Product and Service, Other [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 934	$ 854	$ 2,408	$ 1,442

Note 9 - Segment Information - Reconciliation of Total Reportable Segment Adjusted EBITDAR to Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Corporate expense	$ 31,255		$ 31,705		$ 60,640	$ 60,360
Adjusted EBITDAR	344,191		351,362		674,677	718,508
Deferred rent	163		177		324	354
Master lease rent expense	27,852		27,099		55,087	53,927
Depreciation and amortization	65,677		62,220		128,590	123,780
Share-based compensation expense	10,365		12,198		17,225	20,017
Project Development, Preopening and Writedowns Expense	7,586		5,201		10,607	(13,673)
Non-cash impairment of assets	0		0		10,500	4,537
Other operating items, net	5,442		438		5,853	658
Total other operating costs and expenses	117,085		107,333		228,186	189,600
Operating income	227,106		244,029		446,491	528,908
Interest income	(403)		(2,715)		(849)	(20,860)
Interest expense, net of amounts capitalized	42,949		42,715		85,258	86,581
Other, net	50		522		100	626
Total other expense, net	42,596		40,522		84,509	66,347
Income before income taxes	184,510		203,507		361,982	462,561
Income tax provision	(44,665)		(11,053)		(85,664)	(70,376)
Net income	139,845	$ 136,473	192,454	$ 199,731	276,318	392,185
Las Vegas Locals [Member]
Total Reportable Segment Adjusted EBITDAR	109,253		118,395		219,691	244,555
Downtown Las Vegas [Member]
Total Reportable Segment Adjusted EBITDAR	22,018		19,652		39,833	42,019
Midwest and South [Member]
Total Reportable Segment Adjusted EBITDAR	195,455		201,833		376,449	400,517
Online [Member]
Total Reportable Segment Adjusted EBITDAR	17,057		13,400		37,533	34,023
Managed and Other [Member]
Total Reportable Segment Adjusted EBITDAR	23,140		19,546		47,921	41,097
Corporate Segment [Member]
Corporate expense	$ (22,732)		$ (21,464)		$ (46,750)	$ (43,703)

Note 9 - Segment Information - Assets By Reportable Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets	$ 6,261,420	$ 6,273,126
Las Vegas Locals [Member]
Assets	1,625,829	1,634,732
Downtown Las Vegas [Member]
Assets	289,557	295,494
Midwest and South [Member]
Assets	3,829,675	3,805,301
Online [Member]
Assets	135,816	155,356
Managed and Other [Member]
Assets	118,122	124,161
Corporate Segment [Member]
Assets	$ 262,421	$ 258,082

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