BOYD GAMING TO SELL FANDUEL INTEREST FOR $1.755 BILLION

Core Viewpoint - Boyd Gaming Corporation has entered into a definitive agreement to sell its 5% equity interest in FanDuel Group to Flutter Entertainment for cash consideration of $1.755 billion, which is expected to unlock significant unrealized value for Boyd shareholders [1][2][3] Group 1: Transaction Details - The transaction is anticipated to close in the third quarter of 2025, pending regulatory approvals [2] - Boyd plans to utilize the net proceeds from the sale to reduce its debt [2] - The revised market-access agreements with FanDuel will extend through 2038 and will provide Boyd with a fixed fee per state from FanDuel's mobile sports-betting operations in several states [3][4] Group 2: Financial Impact - Boyd's Online segment is projected to generate operating income and Adjusted EBITDAR of $50 million to $55 million for the full year 2025, and approximately $30 million in 2026 [4] - The partnership with FanDuel has been described as a remarkable success, with FanDuel being a leader in online sports betting, allowing Boyd to profitably participate in the sector's growth [5] Group 3: Advisory and Legal Support - Moelis & Company LLC acted as the exclusive financial advisor to Boyd Gaming for the transaction, while Morrison & Foerster LLP provided legal advice [5]