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.

Pavilion Payments, the leading omnichannel payment solutions provider in the gaming industry, has announced a partnership with Pawnee Nation, launching a suite of VIP Preferred funding solutions at their three properties: StoneWolf Casino, Trading Post Casino, and TeePee Casino and Smoke Shop.

Through this partnership, Pawnee Nation will leverage Pavilion Payments’ industry-leading VIP Preferred eCheck and Choice4 deferred settlement services at both the cage and VIP Financial Center self-service kiosks. Cash advance will be available at the cage, while the kiosks will offer multi-factor authentication (MFA) and ATM access, providing players with secure, convenient, and flexible funding options. Additionally, Pawnee Nation will implement VIP Shield, Pavilion Payments’ comprehensive Title 31 compliance solution, to enhance security and streamline regulatory compliance.

“We’re proud to partner with Pawnee Nation and support their ongoing commitment to delivering exceptional guest experiences. Our mission is to empower operators with secure, efficient, and forward-thinking payment technologies. We’re honored to support Pawnee Nation as they continue to drive innovation in the gaming space by streamlining transactions, strengthening compliance capabilities, and enhancing player satisfaction,” said Dan Connors, Chief Executive Officer of Pavilion Payments.

“Partnering with Pavilion Payments allows us to offer our players flexible and hassle-free funding options backed by trusted, industry-leading technology. This partnership aligns with our commitment to deliver exceptional guest experiences while supporting operational excellence across all three properties,” said Robert Wallar, CEO of Pawnee Tribal Development Corp.

By deploying Pavilion Payments’ integrated solutions, Pawnee Nation is making it easier for guests to access their funds and enjoy a more seamless and secure experience—while giving casino operators more control, insight, and efficiency in their payments environment.

Casinos.com has revealed the voting results for the tribal and First Nation casinos across the US and Canada that have had the greatest impact on their local communities.

Voted entirely by locals, the results recognize standout casino venues across four U.S. states and three Canadian provinces where tribal and First Nations gaming venues have a heavy presence. Locals were asked to vote for the casino in their area that has had the most significant community impact, whether that be through funding and donations or excellent entertainment services.

Voting Recognizes Seven Standout Casinos for Cultural Impact

The public voting campaign was conducted as part of Casinos.com’s Tribal Casinos Month initiative, dedicated to honoring the achievements, cultural contributions, and economic impact of Indigenous-owned and operated casinos across Canada and the US.

This month-long spotlight aligned with National Indigenous History Month in Canada and complemented broader efforts to recognize the sovereignty of First Nations, Inuit, Métis and Native American communities.

“We’re proud to help shine a spotlight on these tribal and First Nation casinos. These are organizations that go above and beyond to deliver meaningful change to their communities. The results reflect the thoughts of the community in terms of not only entertainment excellence, but dedication to cultural preservation, economic resilience, and community uplift,” said Lee Gwilliam, SVP at Casinos.com.

US Winners (percentage of votes in each area):

Michigan – Soaring Eagle Casino (53%)

Operated by the Saginaw Chippewa Indian Tribe, Soaring Eagle Casino was recognized for its commitment to education, health initiatives, and economic development in the central Michigan region. From scholarships to infrastructure investment, voters praised the casino’s broad and lasting contributions.

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The Nimkee Memorial Wellness Center is directly funded and supported by casino-generated revenue. The Soaring Eagle Casino & Resort routinely awards the Au Gres–Sims School District and Isabella County educational entities with grants that go beyond the 2% revenue-sharing program and fund initiatives such as Chromebook access, STEM curriculum and digital learning.

Florida – Seminole Hard Rock Hotel & Casino Tampa (54%)

With deep roots in community outreach and cultural celebration, the Seminole Hard Rock Tampa was honored for its high-profile support of local nonprofit organizations, disaster relief funding, and job creation across the Tampa Bay area.

Recently, the Seminole Hard Rock made a hefty donation to disaster relief efforts targeting communities affected by Hurricanes Helene and Milton. It supports World Central Kitchen and the American Red Cross. Casino’s COVID-19 efforts included donating food to Metropolitan Ministries.

California – Yaamava’ Resort & Casino (44%)

The Yaamava’ Resort & Casino, owned by the San Manuel Band of Mission Indians, was commended for its philanthropic leadership and expansive health, housing, and education programs that benefit the Inland Empire and beyond.

Casino famously supported wildfire relief with a $100,000 donation to the American Red Cross. Its $200,000 grant to the Inland Empire Ronald McDonald House provided housing for families of critically ill children being treated at Loma Linda University Medical Center.

Oklahoma – WinStar World Casino and Resort (49%)

A beacon of economic empowerment in southern Oklahoma, WinStar, operated by the Chickasaw Nation, earned distinction for driving regional growth, supporting healthcare access, and preserving Indigenous heritage.

The Chickasaw Nation has prioritized healthcare by establishing the Chickasaw Nation Medical Center and is invested in renewable energy projects.

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Canadian Winners:

Ontario – Casino Rama Resort (55%)

Owned by the Chippewas of Rama First Nation, Casino Rama stood out for its long-standing support of local arts, youth services, and Indigenous language revitalization efforts.

Casino Rama is big on local arts initiatives, so they enjoy supporting language revitalization projects like Ojibwe classes overseen by the Culture and Research Department and local Indigenous education charities such as Inspire.

Alberta – River Cree Resort and Casino (51%)

This Enoch Cree Nation enterprise was recognized for its focus on employment opportunities, cultural awareness initiatives, and sustained investment in wellness and community development across Alberta.

Through partnerships like the Enoch-Aecon Joint Venture, the Nation works on expanding trades training for Indigenous workers. The Nation also collaborates with educational advocates like Ever Active Schools, which described their work together as “a partnership, a friendship, and a commitment to the wellbeing of the community.”

Saskatchewan – Dakota Dunes Casino (56%)

Operated by the Saskatchewan Indian Gaming Authority (SIGA), Dakota Dunes Casino led voter sentiment for its impactful community programs, including education funding and mental health services in partnership with First Nations organizations.

Dakota Dunes opened a new mental health clinic with on-site access to counseling and wellness support. Major grants were awarded, such as $100,000 for Team Saskatchewan at the North American Indigenous Games, $100,000 to FSIN for a powwow, and $50,000 to Wanuskewin Heritage Park, each supporting Indigenous cultural development.

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In 2023, SIGA committed $1.89 million across its casino markets to support food security, mental health services, and Indigenous youth programs, as detailed in the SIGA Annual Report 2023.