Boyd Gaming (BYD) risk factors, FY2024 10-K

Other

1. 01In addition to the other information contained in this report on Form 10-K, the following Risk Factors should be considered carefully in evaluating our business

Risks Related to our Business

1. 02Our business is particularly sensitive to reductions in discretionary consumer spending due to inflation and downturns in the economy
2. 03Failure to maintain the integrity of our information technology systems, protect our internal information, or comply with applicable privacy and data security regulations could adversely affect us
3. 04Our technology infrastructure is critical to the performance of our digital gaming operations, and any system failures, errors, defects, or disruptions could adversely affect our operations
4. 05Intense competition exists in the gaming industry, and we expect competition to continue to intensify
5. 06We also compete with legalized gaming from casinos located on Native American tribal lands. Expansion of Native American gaming in areas located near our properties, or in areas in or near those from which we draw our customers, could have an adverse effect on our operating results
6. 07We may incur impairments to goodwill, indefinite-lived intangible assets, or long-lived assets

Risks Related to the Regulation of our Industry

1. 08We are subject to extensive governmental regulation, including federal, state and local laws affecting business in general, which may harm our business
2. 09We are subject to extensive taxation policies, which may harm our business

Risks Related to our Properties

1. 10We own real property and are subject to extensive environmental regulation, which creates uncertainty regarding future environmental expenditures and liabilities and could affect our ability to develop, sell or rent our property or to borrow money using such property as collateral
2. 11Our operations could be impacted by extreme weather conditions
3. 12Our properties in Illinois, Indiana, Iowa, Kansas, Louisiana, Missouri, Ohio and Pennsylvania are at risk of experiencing snowstorms, tornadoes and flooding
4. 13We draw a significant percentage of our customers from certain geographic regions. Events adversely impacting the economy of these regions, including public health outbreaks and man-made or natural disasters, may adversely impact our business
5. 14Generally, all of our facilities are subject to the risk that operations could be halted for a temporary or extended period of time due to casualty, forces of nature, mechanical failure, or extended or extraordinary maintenance, among other causes
6. 15Some of our hotels and casinos are located on leased property. If we default on one or more leases, the applicable lessors could terminate the affected leases and we could lose possession of the affected hotel and/or casino

Risks Related to our Indebtedness

1. 16We have a significant amount of indebtedness
2. 17We require a significant amount of cash to service our debt. Our ability to generate cash depends on many factors beyond our control
3. 18Current and future economic, capital and credit market conditions could adversely affect our ability to service our substantial indebtedness and significant financial commitments or make planned expenditures
4. 19We and our subsidiaries are able to incur substantially more debt, which could further exacerbate the risks described above
5. 20We are required to pay a substantial amount of rent pursuant to our Master Lease agreements with GLPI, which impacts free cash flow and could limit our ability to invest in our operations or seek additional development or strategic opportunities
6. 21limit our ability to fund working capital, capital expenditures and other general corporate purposes; and

Risks Related to our Equity Ownership

1. 22Certain of our stockholders own large interests in our capital stock and may significantly influence our affairs