• MGM Resorts or Caesars Entertainment for local and regional gaming markets across the U.S.

• Casino Gaming Services: Operating various gambling activities including slot machines, table games, and sports betting.
• Hospitality Services: Providing hotel accommodation, dining, and beverage options for guests.
• Entertainment & Retail Services: Offering live performances, events, and other leisure activities and amenities.

Boyd Gaming (symbol: BYD) primarily sells its services directly to **individuals** rather than other companies. As an operator of casino entertainment properties, its major customers are the guests who visit its resorts and casinos.

The company serves the following categories of individual customers:

• Leisure Travelers and Tourists: These customers visit Boyd Gaming properties for vacations, weekend getaways, or as part of broader travel plans. They seek a comprehensive entertainment experience, including lodging, dining, entertainment shows, and gaming.
• Gamblers and Gaming Enthusiasts: This category includes individuals whose primary motivation for visiting is to participate in casino gaming. This ranges from casual slot players to high-stakes table game players and those who are part of player loyalty programs. They may be local residents or visitors traveling specifically for the gaming experience.
• Event Attendees and Local Patrons: This group includes individuals attending concerts, shows, sporting events, or conventions held at Boyd Gaming properties. It also encompasses local residents who frequent the properties for dining, entertainment, or casual gaming without necessarily staying overnight.

• Light & Wonder (LNW)
• IGT (IGT)
• Aristocrat Leisure (ALL)

Keith E. Smith, President and Chief Executive Officer

Keith E. Smith joined Boyd Gaming Corporation in 1990 as Corporate Controller and has over 30 years of gaming experience. He served as Executive Vice President of Operations, Chief Operating Officer, and President before being named Chief Executive Officer in January 2008. As CEO, he successfully guided Boyd Gaming through a period of significant growth and diversification, including several strategic acquisitions. Prior to his CEO role, he held senior management positions at properties in both Atlantic City and Las Vegas. He also served as Chairman of the Los Angeles Branch of the Federal Reserve Bank of San Francisco, Chairman of the American Gaming Association, and Chairman of the Nevada Resort Association.

Josh Hirsberg, Executive Vice President, Chief Financial Officer and Treasurer

Josh Hirsberg joined Boyd Gaming in January 2008 and oversees the company's financial operations. He has 30 years of experience in the industry. Before joining Boyd Gaming, Hirsberg was the Chief Financial Officer for EdgeStar Partners, a real estate acquisition and development company. He previously held senior-level finance positions at other publicly-traded gaming companies, including Vice President and Treasurer for Caesars Entertainment and Vice President, Strategic Planning and Investor Relations for Harrah's Entertainment.

William S. Boyd, Chairman Emeritus

William S. Boyd co-founded Boyd Gaming Corporation in 1975 with his father, Sam Boyd. He transitioned from a practicing attorney to full-time gaming in 1975 and served as Chief Executive Officer of Boyd Gaming from 1993 to 2008, overseeing a period of national expansion. Following his tenure as CEO, he served as Executive Chair of the Board of Directors from 2008 to 2023, and was named Chairman Emeritus in May 2023.

Marianne Johnson, Executive Chairman

Marianne Johnson joined Boyd Gaming in January 1977 and has been a member of the Board of Directors since 1990. She previously held the role of Executive Vice President and Chief Diversity Officer, where she was responsible for the Company's purchasing programs and diversity initiatives.

Steve Thompson, Chief Administrative Officer

Steve Thompson has held numerous executive positions at Boyd Gaming since he joined the company in 1983. His roles have included Executive Vice President, Operations for the Nevada region from 2016.

The key risks to Boyd Gaming's business include significant indebtedness, intense market and economic pressures, and cybersecurity vulnerabilities.

1. Significant Indebtedness
   Boyd Gaming carries a substantial amount of debt, which places financial restrictions on the company and necessitates considerable cash flow for servicing. Rising interest rates and broader economic conditions could adversely affect the company's ability to refinance or manage this debt effectively, imposing financial limitations.
2. Market and Economic Pressures
   The gaming industry is characterized by intense competition from both established and emerging gaming operations, including online platforms and Native American casinos, which can reduce market share and profitability. Furthermore, the company's revenue is sensitive to economic conditions; a cooling employment market or rising inflation could negatively impact consumer spending and visitation patterns, thereby affecting overall revenue.
3. Cybersecurity Risks
   Boyd Gaming has recently faced cybersecurity incidents, including a data breach in September 2025 that exposed employee and customer information, leading to multiple class-action lawsuits. While the company has stated that the financial impact is not expected to be material and that it has cyber insurance, such breaches pose significant operational and reputational risks, with potential for ongoing legal costs and damage to customer trust.

The rapid and widespread expansion of online gaming and sports betting, driven by increasing state legalizations and intense competition, poses an emerging threat. While Boyd Gaming participates in the online market through its partnership with FanDuel and its own platforms, this fundamental shift in consumer behavior and market dynamics presents several risks to its traditional brick-and-mortar casino operations:

• Cannibalization of Brick-and-Mortar Revenue: The convenience and accessibility of online platforms may lead some customers to reduce their visits or spending at physical casino properties, potentially eroding the revenue base of Boyd Gaming's land-based assets.
• Escalating Customer Acquisition Costs: The highly competitive online gambling market necessitates significant marketing and promotional expenditures to acquire and retain customers, which can weigh on profitability.
• Shift in Industry Valuation: A long-term trend towards online play could lead to a re-evaluation of the intrinsic value of physical casino real estate and operations, potentially making them less attractive compared to pure-play online operators.

Boyd Gaming Corporation (NYSE: BYD) operates primarily within the gambling and hospitality sectors in the United States. The company's main products and services include casino gaming and hotel accommodations.

Addressable Markets for Boyd Gaming's Main Products or Services (U.S.)

• Casino Gaming: The U.S. casino gaming market was estimated at USD 99.0 billion in 2024 and is projected to reach USD 222 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 7.61% from 2025 to 2035. Commercial gaming revenue in the U.S. reached a record USD 66.5 billion in 2023. The U.S. online gambling market, a component of the broader gaming market, was estimated at USD 12.68 billion in 2024 and is expected to grow to USD 22.19 billion by 2030, with a CAGR of 9.8% from 2025 to 2030.
• Hotels/Hospitality: The U.S. hotels market size was estimated at USD 263.21 billion in 2024 and is projected to grow at a CAGR of 7.1% from 2025 to 2030. The broader U.S. hospitality market, which encompasses lodging, food and beverage services, event planning, entertainment, and tourism, is estimated at USD 247.45 billion in 2025 and is expected to reach USD 313.87 billion by 2030, at a CAGR of 4.87%.

Boyd Gaming (BYD) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Continued Expansion of Digital Gaming Platforms: Boyd Gaming has made significant investments in online gambling and sports betting, notably through its partnership with FanDuel and the acquisition of Pala Interactive. This digital segment has shown substantial revenue growth and is anticipated to continue its strong trajectory, becoming a main revenue stream.
2. Strategic Capital Investments and Property Development: The company is undertaking significant capital investments in new resort developments and property renovations. Key projects include the Cadence Crossing Casino in southern Nevada, scheduled to open in mid-2026, and a $750 million resort in Norfolk, Virginia, expected to debut in late 2027. Additionally, renovations are underway at existing properties such as Suncoast and Gold Coast, aimed at enhancing the customer experience and driving visitation.
3. Growth from Core and Retail Customer Engagement: Boyd Gaming has consistently demonstrated strong performance driven by its core gaming customers and improving trends among retail players. This growth is particularly evident in its Las Vegas Locals and Midwest & South operating segments, where the company focuses on catering to local preferences and strengthening customer loyalty through its brand recognition and rewards programs.
4. Revenue from Management Agreements and Services: Boyd Gaming has established management consulting and services as an additional revenue stream. The company has seen increasing revenue from management agreements, such as its ongoing partnership with the Wilton Rancheria for the Sky River Casino in Northern California.

Share Repurchases

• Boyd Gaming repurchased $328 million in shares during the first quarter of 2025.
• The company repurchased $105 million in shares during the second quarter of 2025 and an additional $160 million in shares during the third quarter of 2025.
• As of September 30, 2025, Boyd Gaming had approximately $547 million remaining under its current share repurchase authorization, which included an additional $500 million authorized by the Board of Directors on July 17, 2025.

Share Issuance

• No significant share issuances by Boyd Gaming (BYD) were identified in the provided timeframe, with the company primarily focused on share repurchases.

Outbound Investments

• Boyd Gaming had a 5% equity interest in FanDuel Group as part of a strategic partnership.
• In the third quarter of 2025, Boyd Gaming completed the sale of its 5% equity interest in FanDuel Group to Flutter Entertainment for $1.758 billion in cash.
• The proceeds from the FanDuel sale are intended for debt reduction and strategic investments.

Capital Expenditures

• Boyd Gaming's capital expenditures were $269.2 million in 2022, $373.95 million in 2023, and $400.4 million in 2024.
• For the full year 2025, the company projects capital expenditures of $600 million to $650 million.
• Major capital projects include a $750 million resort development in Norfolk, Virginia (expected to open in 2027), a new Las Vegas Locals property, Cadence Crossing (broke ground April 2025, expected to open by mid-2026), and ongoing renovations at properties such as Suncoast and Orleans.