What Boyd Gaming Corporation told the SEC could break it.

Boyd's Online segment depends on third-party operator market-access agreements; terminations/repricing starting Q3 2025 cut market-access revenue by $56.5M, and online reimbursements (gaming taxes paid for online partners) were 14% of 2025 revenue.

“The $56.5 million decrease in revenue from market access agreements for 2025 was due to the termination of certain agreements starting in third quarter 2025 and in some instances, entry into new agreements at lower rates than those terminated.”

A meaningful share of Boyd's properties serve the Las Vegas locals market, including three downtown properties marketing to a niche Hawaiian customer segment — concentrating exposure to Nevada local economics and Hawaii travel patterns.

“our Las Vegas Locals properties are well-positioned to capitalize on the attractive Las Vegas locals market; three of our properties are located in the downtown Las Vegas market and also market to a unique niche - Hawaiian customers;”

Boyd's primary market-risk exposure is interest-rate risk on its long-term debt — U.S. treasury rates, high-yield spreads, and SOFR.

“Our primary exposure to market risk is interest rate risk, specifically long-term United States ("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.”