Boyd Gaming Corporation has officially completed the sale of its 5% equity stake in FanDuel Group, giving Flutter Entertainment plc the full share for $1.758bn (£1.324bn).
This transaction marks a significant financial event for Boyd, as it unlocks nearly $1.8bn (£1.3 bn) in liquidity and brings a high-profile partnership in the U.S. sports betting market to a close.
In a statement issued this week, the company confirmed the completion of the deal and described its immediate and long-term plans for the incoming funds.
Boyd Gaming stated that after the deal was completed, it plans to use the money raised to mostly settle its current debt, which will help it achieve its objective of keeping a strong balance sheet.
The business also restated its overarching plan, which calls for it to keep investing in its current properties, look for new growth prospects, and give money back to shareholders to optimise long-term value.
Strategic Shift as Boyd Strengthens Its Core Business
Boyd Gaming’s new chapter in its development as a casino and entertainment operator in the United States has begun with the completion of this sale, which coincides with the company’s 50th anniversary.
In addition to managing a tribal casino in California and 28 gaming properties spread across ten states, Boyd currently runs its Boyd Interactive division, which offers both B2B and B2C services.
Boyd Gaming is now in a position to concentrate resources on its primary land-based operations and expanding online business after making money off of its initial investment in FanDuel.
The announcement states that the business will continue “executing its strategy of investing in its properties, pursuing growth opportunities and returning capital to shareholders while maintaining a strong balance sheet.”
Boyd Gaming, which has one of the most experienced leadership teams in the business, is starting its sixth decade with a larger cash reserve and a well-defined plan for long-term growth.
Flutter Entertainment’s full ownership of FanDuel is expected to strengthen its position as the industry leader in sports betting in the United States.
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