Boyd Gaming Corporation announced on July 10, 2025, that it has entered into a definitive agreement to sell its 5% equity interest in FanDuel Group to Flutter Entertainment plc for $1.755 billion in cash. The transaction is expected to close in the third quarter of 2025, pending regulatory approvals.
The company intends to use the net proceeds from this sale primarily to reduce debt, which is projected to lower its leverage from approximately 2.8x to below 2x. This deleveraging is expected to generate approximately $85 million in annualized interest expense savings.
In conjunction with the sale, Boyd and FanDuel will extend their market-access agreements through 2038. Boyd will receive 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. The Online segment is now expected to generate $50-55 million in operating income and Adjusted EBITDAR for full-year 2025, and approximately $30 million in 2026.
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