All-Cash Transaction Unlocks Significant, Unrealized Value for Boyd Shareholders
Boyd, FanDuel Extend Market-Access Agreements through 2038

Boyd Gaming Corporation announced it has entered into a definitive agreement to sell the Company’s 5% equity interest in FanDuel Group to Flutter Entertainment plc for cash consideration of $1.755 billion.

The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals. The Company intends to use net proceeds to reduce debt.

Keith Smith, President and Chief Executive Officer of Boyd, said: “This transaction unlocks the tremendous unrealized value that our investment in FanDuel has created for our Company. As a result, we are in a significantly stronger financial position to continue executing our strategy of investing in our properties, pursuing growth opportunities, returning capital to our shareholders, and maintaining a strong balance sheet.”

In addition to purchasing Boyd’s equity interest in FanDuel, Boyd and FanDuel will terminate certain existing market-access agreements between the parties and enter into new agreements to provide, among other things, for an extended term through 2038. The agreements will also provide Boyd with a fixed fee per state from FanDuel’s mobile sports-betting operations in Iowa, Indiana, Kansas, Louisiana and Pennsylvania, as well as FanDuel’s online casino operations in Pennsylvania, upon the close of this transaction.  FanDuel will also continue to operate Boyd’s retail sportsbooks outside of Nevada through mid-2026, after which time Boyd will assume responsibility for these operations.

Under terms of the revised market-access agreements with FanDuel, the Company now expects its Online segment will generate $50 million to $55 million in operating income and Adjusted EBITDAR for the full year 2025, and approximately $30 million in 2026.

Smith added: “The partnership between Boyd and FanDuel has been a remarkable success for both companies.  FanDuel has emerged as the nation’s clear leader in online sports-betting, while Boyd has been able to leverage this partnership to profitably participate in the rapid growth of sports betting across the country.  It has been a privilege to work with the Flutter and FanDuel teams, and we look forward to supporting FanDuel’s continued growth and success through our market-access agreements across the country.”

Moelis & Company LLC served as exclusive financial advisor to Boyd Gaming on the transaction.  Morrison & Foerster LLP served as legal advisor to Boyd Gaming on the transaction, with Brownstein Hyatt Farber Schreck, LLP advising on the commercial agreements.

Valley Forge Casino Resort, a premier gaming and entertainment destination, announced the appointment of Martha Morales as its new Vice President and General Manager, pending regulatory approval.

Morales brings extensive leadership experience in the gaming and hospitality industries, most recently as Assistant General Manager of The Orleans Hotel and Casino in Las Vegas, a Boyd Gaming property. Prior to joining Boyd Gaming in 2023, she held various leadership roles at a major casino on the Las Vegas Strip.

Morales succeeds Ron Bailey, who has been appointed general manager of Boyd Gaming’s new casino resort development in Norfolk, Virginia.

“I am absolutely thrilled to join Valley Forge Casino Resort as General Manager and couldn’t be more excited for the opportunities ahead. The dedication and passion of this team are truly inspiring, and I look forward to working together to elevate the guest experience. Communication and collaboration are central to my leadership approach, and I’m committed to fostering an environment where every team member feels empowered to contribute and share their ideas,” said Morales.

A graduate of the University of Nevada, Las Vegas, with a bachelor’s degree in Hotel Administration-Hospitality Management, Morales also holds an MBA from the University of Southern California. Throughout her career, she has been recognized for her leadership and industry contributions, including being named one of UNLV’s 50 Most Intriguing Alumni and a Las Vegas Inc. 40 Under 40 honoree. She was also honored by OutFront Media during Hispanic Heritage Month for her impact on the Latino community and was recently recognized as one of 2024’s Women Rising in Gaming by CDC Gaming and Global Gaming Women.

Global Tote announced that it has renewed its contracts with Boyd Gaming racetracks Delta Downs Racetrack Casino Hotel, Evangeline Downs Racetrack & Casino – both in Louisiana – and Belterra Casino Resort in Cincinnati, Ohio.

Under the new agreement, Global Tote will provide a mix of terminals including its new BetLine Series teller and self-service wagering terminals. The agreement also includes the provision of new BetLine Cashing Kiosks, offering guests secure, convenient self-service cashing of pari-mutuel tickets.

Global Tote will continue to provide the three Boyd Gaming racetracks and associated off-track betting locations with the Quantum SaaS solution for pari-mutuel wagering, including the Quantum tote software, hosting from Global Tote’s AWS computing environment, central wagering system operations from Global Tote’s international service delivery network, and onsite service of the wagering devices at the tracks.

Zach Taylor, Director of Sales and Business Development, North America for Global Tote, said: “Global Tote is thrilled to renew our partnership with Boyd Gaming. With the Boyd Gaming racetracks each operating in unique and highly competitive betting markets, the enhanced wagering experience and robust performance of the BetLine terminals and Cashing Kiosks will give their racetracks and off-track betting locations the tools to offer their customers the best possible wagering experience. The BetLine Series terminals have been a big hit with our partners, and we are delighted to bring our new technology to the Louisiana and Ohio markets.”

Global Tote, a BetMakers Company, is a global leader in pari-mutuel (tote) wagering technologies and services, creating solutions that propel the racing industry forward. With a presence in over 35 countries, Global Tote’s Quantum and BetLine technologies set the standard in pari-mutuel wagering, global commingling, and wagering device solutions.