BOYD GAMING CORP 8-K

What Happened Boyd Gaming Corporation (BYD) reported in an 8-K that in December 2025 it entered into purchase agreements to acquire renewable energy investment tax credits (ITCs) generated under Sections 48 and 48E of the Internal Revenue Code. The purchases are intended to lower the economic cost of satisfying the Company’s 2025 federal income tax obligations and cover ITCs in aggregate amounts not to exceed approximately $465 million. The agreements include customary conditions, representations, warranties and termination rights.

Key Details

• Agreements executed in December 2025 to purchase ITCs tied to various renewable energy and storage projects (Sections 48 and 48E).
• Aggregate purchase amount capped at approximately $465 million.
• Boyd is indemnified for attributable losses if ITCs are not effectively transferred or are determined invalid, subject to customary limitations.
• Agreements include conditions to payment and a termination right if actions needed to effectuate IRS transfer are not completed by September 15, 2026.

Why It Matters This transaction is a tax-structuring move intended to reduce Boyd’s effective cost of meeting its 2025 federal income tax obligations by purchasing renewable energy tax credits rather than paying full cash tax. The $465 million cap and indemnification language limit Boyd’s exposure but investors should note the timing and IRS transfer condition (deadline Sept. 15, 2026) that could affect whether the credits are ultimately available.