Boyd Gaming Corporation (NYSE:BYD) Q1 2023 Earnings Call Transcript

Keith Smith : Look, I think anything that draws people into Las Vegas and fills up hotel rooms and creates demand, whether you’re on the strip, whether you’re in the locals market, we all benefit. And as they’re able to price their rooms up, we’re able to price our rooms up as the town is full. I gave a statistic during my prepared remarks that talked about 58% of the people visiting Las Vegas visit Downtown. So more people visiting Las Vegas means more people visit downtown that supports our overall Downtown business. So there’s not a huge distinction whether it is a sports-oriented crowd, a leisure-oriented crowd, and event oriented and a crowd whether it’s focused on entertainment or something else, if it’s filling up the hotel rooms in Las Vegas, it’s bringing people in town, then we’re going to do better.

Stephen Grambling : Great. That’s helpful. And maybe one other follow-up on FanDuel. Are the license access fees set over a specific length of time? Or are these negotiable at various points or even if they list the U.S. entity, does that trigger any changes in terms of the contract?

Josh Hirsberg : Yes, Steve. So basically, each agreement has a life associated with it when it was originally approved in that state. It’s generally a decade or more. And then there’s no triggering event as a result of them choosing to list either flatter or if they chose to list FanDuel at some point, that wouldn’t trigger anything from our perspective either. So it’s all status quo.

Operator: That will conclude the question and answers for this call. So I will pass the conference back over to the management team for any closing remarks.

Josh Hirsberg : Thank you, Sierra, and thank you, everyone, for spending time with us today. And if you have additional questions or follow-up, please feel free to reach out to the company. Thank you very much.

Operator: That concludes the Boyd Gaming First Quarter 2023 Conference Call. Thank you all for your participation. You may now