Casino Development and Management - The Company has entered into agreements to develop and manage the Norfolk Casino, with expected expenditures of approximately 750million[571]−TheNorfolkCasinoisanticipatedtoopenatransitionalfacilityinNovember2025andafullcasinohotelresortbylate2027[571]−TheCompanyenteredintoagreementsfortheNorfolkCasinodevelopment,whichincludesreceivinganexclusiveoptiontopurchasemembershipinterestsandbecomingthedeveloperandmanageroftheproject[506]FinancialPerformance−Totalrevenuesfor2024reached3,930,194, an increase of 5.1% compared to 3,738,492in2023[335]−Gamingrevenuedecreasedto2,583,926 in 2024 from 2,613,288in2023,adeclineof1.3606,233, up 43.6% from 422,211in2023[335]−Netincomefor2024was577,952, a decrease of 6.8% from 620,023in2023[337]−Basicnetincomepershareincreasedto6.19 in 2024 from 6.12in2023[335]−Comprehensiveincomefor2024was576,648, down from 620,307in2023[337]AssetsandLiabilities−Totalassetsgrewto6,391,815 in 2024, up from 6,273,126in2023,reflectinga1.93,132,584 in 2024 from 2,871,223in2023,representingariseof9.13,200.3 million, with a carrying value of 3,176.6million[318]−Thecarryingvalueofgoodwillandgaminglicenserightsindefinite−livedintangibleassetswas957.9 million and 1,105.1million,respectively,asofDecember31,2024[327]CashFlowandInvestments−Cashflowsfromoperatingactivitiesincreasedto957,075 in 2024, compared to 914,516in2023,reflectingagrowthof4.6433,912 in 2024, compared to 264,330in2023,representingasignificantincreaseof64.2509,501 in 2024 from 637,248in2023,areductionof20.013.0 million[318] - The average interest rate for fixed-rate long-term debt is 4.8%, while the average interest rate for variable-rate long-term debt is 6.2%[317] - The Company reported total long-term debt of 3.176590billionasofDecember31,2024,withacreditfacilityinterestrateof6.16910.5 million for a gaming license right indefinite-lived intangible asset in the Midwest & South segment for the year ended December 31, 2024[327] - An impairment charge of 10.5 million was recorded in Q1 2024 for a gaming license right related to the Midwest & South segment, following a 21.3 million impairment charge in 2023 for the same segment[441] - The Online segment experienced goodwill impairment charges of 82.0millionin2023,contributingtoatotalof86.5 million across all segments[445] Acquisitions and Expansions - Boyd Interactive Gaming, Inc. completed the acquisition of Resorts Digital for a total cash consideration of 34.0million,netcashpaidforacquisitionswas30.3 million[411][413] - Boyd Interactive Inc. also acquired Pala Interactive for a total cash consideration of 175.2million,netcashpaidforacquisitionswas167.9 million[421] - The acquisition includes a 20-year marketing agreement with a 10-year renewal option, enhancing Boyd's online casino business in New Jersey[412] Taxation and Deferred Tax Assets - The total provision for income taxes for the year ended December 31, 2024, was 174.1million,comparedto132.9 million in 2023[482] - The effective tax rate for the year ended December 31, 2024, was 23.1%, up from 17.6% in 2023[482] - The gross deferred income tax assets amounted to 246.6millionin2024,adecreasefrom260.0 million in 2023[478] Marketing and Customer Engagement - The company established a player loyalty point program to encourage repeat business, allowing members to earn points based on gaming activity[385] - The estimated retail value of complimentary goods and services provided to customers, which reduces gaming revenues, was 119.2 million for food & beverage, 62.5 million for rooms, and $8.6 million for other services in 2024[389] - The company has established marketing agreements that provide significant after-tax savings on projected marketing expenses, enhancing brand visibility and customer engagement[436]
Boyd Gaming (BYD)2025-02-21 21:37