Boyd Gaming sells 5% FanDuel stake to Flutter for $1.755B cash; extends market-access deals through 2038

BOYD GAMING CORP

Cash consideration of $1.755 billion; net proceeds to be used to reduce debt.
Transaction expected to close in Q3 2025, subject to regulatory approvals.
New market-access agreements with FanDuel through 2038; fixed fees per state for mobile sports betting and online casino.
FanDuel to continue operating Boyd's retail sportsbooks outside Nevada through mid-2026; Boyd assumes operations after.
Online segment operating income expected $50-55M in 2025 and approximately $30M in 2026.

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