Boyd Gaming to sell 5% FanDuel stake for $1.755 billion in cash
Boyd Gaming's subsidiary agreed on July 10, 2025, to sell its 5% equity interest in FanDuel to TSE Holdings Ltd. for $1.755 billion in cash, and the companies will also enter new commercial arrangements. The company says it intends to use the net proceeds to reduce debt, and the deal is expected to close in the third quarter of 2025, subject to regulatory approvals.
Key points
- Cash consideration of $1.755 billion for Boyd's 5% FanDuel equity interest, subject to an adjustment described in the Purchase Agreement
- Closing expected in the third quarter of 2025; if it does not close by July 18, 2025, Boyd is entitled to additional consideration; either party may terminate if no closing by December 19, 2025
- Boyd's Online segment now expects $50 million to $55 million in operating income and Adjusted EBITDAR for full-year 2025, and approximately $30 million in 2026
The filing
Written by AI on Nov 8, 2026, 1:05 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 15, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.