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What are the key sales KPIs for the Casino and Gaming Resort Operations industry in 2027?

👁 0 views📖 1,928 words⏱ 9 min read5/30/2026

Direct Answer

The nine KPIs that actually run a casino and gaming resort business in 2027 are: Gross Gaming Revenue (GGR), Hold % / Win %, Slot vs Table Mix %, Hotel RevPAR ($), F&B Revenue per Occupied Room, Customer Reinvestment Rate (comp ratio), VIP/High-Roller Drop, iGaming & Online Sports Betting Mix %, and EBITDAR Margin per Property.

Together they answer the only three questions the CFO and the board care about every quarter: are you winning more per visitor, are you keeping the right ones coming back, and is the integrated-resort cash flywheel actually compounding faster than your reinvestment and debt service.

TL;DR
— Casinos are not slot floors with a hotel attached; they are EBITDAR factories where every $1 of GGR has to fund ~30–40% comps, ~$0.07–$0.10 of gaming tax, and a 15–20% reinvestment cycle into the property. If your blended hold drifts below 8% on tables or above 9% on slots without holding volume, or your property EBITDAR margin slips under 28%, the model breaks.
Track the nine KPIs daily, run the rated-player reinvestment review monthly, and re-rate the digital mix every quarter — that is the operating cadence MGM, Caesars, Wynn, and Las Vegas Sands all converged on after the 2024–2025 digital-pivot reset.

Why Casino and Gaming Resort Operations Works Differently

Theoretical-win economics, not booked revenue. A casino does not really "sell" anything in the SaaS sense — it earns the statistical hold on a fixed number of player-hours times average bet. The American Gaming Association tracked $9.30B of Q1 2026 slot revenue, up 3.1%, against a slot floor that barely grew — meaning revenue per unit climbed almost entirely on hold and volume mix.

The whole business is built on the law of large numbers, which is why a 30-bps hold variance on Strip tables can swing a quarter for MGM or Caesars by $40–$80M.

Comps and reinvestment are the real CAC. Loyalty programs (MGM Rewards, Caesars Rewards, Wynn Rewards, Boyd Rewards) reinvest 30–40% of theoretical win back to rated players as free play, room comps, F&B, and air. That comp ratio IS the customer acquisition cost — it has no separate marketing line that means anything.

Get it wrong by 200 bps across a property portfolio and you have given away the entire operating income line.

Integrated-resort cross-subsidy. The hotel, F&B, entertainment, and retail are not standalone P&Ls — they are gaming-acquisition assets. Las Vegas Sands reported Q1 2026 Macao slot win per unit per day of $630 at The Londoner versus $368 at The Parisian, but the bigger lever is hotel RevPAR, which determines whether a high-value player books your resort or the property across the street.

Strip RevPAR routinely runs $250–$350; Wynn pushes north of $400 during peak compression.

Digital pivot and iGaming mix. AGA's Q1 2026 data showed iGaming revenue at $3.04B, up 20.7% YoY — now the fastest-growing segment in the industry. Sports-betting hold climbed 85 bps to 9.8% in the same quarter. Land-based operators that did not lock down a digital partner (BetMGM, Caesars Digital, ESPN Bet via Penn, FanDuel via Boyd) are losing a share of their best customers to DraftKings and Flutter and have no good answer in the earnings call.

The 9 KPIs, In Depth

1. Gross Gaming Revenue (GGR, $M). The top-line statistical win before comps, taxes, and promotional credits. AGA reported U.S. Commercial GGR up 9.1% in 2025 to a record above $72B. Always reported by vertical (slots, tables, sports betting, iGaming) and by property — blended GGR hides the mix story that drives margin.

2. Hold % / Win %. Slot hold runs ~8–9% of coin-in; table hold varies wildly (~14–16% baccarat, ~12–14% blackjack, ~18–22% craps) but blended Strip table hold is the watched number. Wynn's VIP baccarat hold variance is the largest single quarterly swing factor for the company.

3. Slot vs Table Mix %. Slots are ~65–70% of U.S. Casino GGR but only ~45–50% on the Strip and under 30% in Macao. The mix dictates labor model, hold volatility, and capital intensity. Boyd Gaming's regional portfolio is ~78% slots; Las Vegas Sands Macao is the opposite.

4. Hotel RevPAR ($). Room revenue per available room — the single best demand indicator for an integrated resort. Strip RevPAR ran $200–$280 in 2025 across MGM and Caesars Strip portfolios; Wynn Las Vegas consistently clears $400+. A 5% RevPAR drop typically signals a 100–150 bps EBITDAR margin compression a quarter later.

5. F&B Revenue per Occupied Room. Spend captured in restaurants, bars, and in-room across the resort divided by occupied rooms. Strip integrated resorts run $180–$260 per occupied room. Below $150 means the property is not converting its captive audience and the entertainment programming is misfiring.

6. Customer Reinvestment Rate (comp ratio). Total comp expense divided by theoretical win on the rated player base. Healthy range is 30–38%.

Above 40% and you are buying volume; below 28% and you are losing your rated players to the competing property. Caesars Rewards runs the largest cross-property reinvestment book in the industry at ~65M members.

7. VIP/High-Roller Drop ($M). Total chip drop from premium players, plus the win on that drop. Wynn and LVS in Macao live and die on this — Macao VIP baccarat alone moved more than $25B of drop in 2024 across the market. In Vegas, Wynn's Tower Suites and MGM's Mansion drive a disproportionate share of property contribution.

8. IGaming & Online Sports Betting Mix %. Digital GGR as a share of consolidated GGR. BetMGM crossed $2.5B revenue in 2025; DraftKings and FanDuel dominate OSB share but Penn's ESPN Bet relaunch is the watched 2026 story. Land-based operators target 15–25% digital mix by 2027 to defend the rated-player wallet.

9. EBITDAR Margin per Property. Property-level EBITDAR divided by property net revenue. Wynn sets the industry benchmark at ~30% consolidated; MGM Strip properties run 28–32%; Caesars regional properties run 32–36% (less F&B drag, more slot mix); Penn Entertainment has been pressured into the low-20s after digital losses.

Below 25% sustained means the property cannot service its debt and its REIT rent.

flowchart TD A[Visitor Arrival] --> B{Channel} B -->|Walk-In| C[Unrated Play] B -->|Rewards Member| D[Rated Play + Tracked Theo] C --> E[Slot/Table GGR] D --> E E --> F[Hold Captured 8-22%] F --> G{Comp Allocation 30-38%} G -->|Free Play| H[Replays Slot Floor] G -->|Room/F&B Comp| I[Hotel + Restaurant Volume] I --> J[RevPAR + F&B per Occupied Room] H --> E J --> K[Property EBITDAR] F --> K K --> L{Margin 28-36%?} L -->|Yes| M[Reinvest Capex + Pay REIT Rent] L -->|No| N[Cut Comps or Refinance] M --> O[Refreshed Slot Floor + New Entertainment] O --> A

Real Operators

MGM Resorts International runs the largest Strip footprint — Bellagio, MGM Grand, Aria, Mandalay Bay, plus MGM China — and posted record consolidated net revenues in 2025 on the back of MGM China hitting an all-time high. Caesars Entertainment is the regional/digital play with the largest loyalty network (Caesars Rewards ~65M members) and is still working down post-merger leverage.

Wynn Resorts is the EBITDAR-margin benchmark at ~30% with $7.14B of 2025 revenue and $2.22B of Adjusted Property EBITDAR, plus the upcoming Wynn Al Marjan UAE opening. Las Vegas Sands is the pure Asia play — Macao plus Marina Bay Sands Singapore — with no remaining Vegas presence.

Penn Entertainment is the cautionary tale: regional land-based plus ESPN Bet digital losses pulled EBITDAR margins into the low-20s and triggered an activist shareholder fight in 2026. Boyd Gaming is the disciplined regional operator with stable 30%+ property margins and a 5% stake in FanDuel.

Red Rock Resorts (Station Casinos) dominates the Las Vegas locals market with sector-leading margins. Churchill Downs combines horse racing, HRMs, and TwinSpires digital. Genting runs Resorts World Las Vegas and the international Singapore/Malaysia book.

Bally's is the cross-vertical operator stretched across regional casinos, Bally Bet, and the Tropicana redevelopment.

Failure Modes

The four that kill casino operators. (1) Hold variance masked as performance — one good baccarat quarter at Wynn Macao can hide a 200-bps volume decline; the reverse can torpedo an earnings call. (2) Comp inflation — letting the reinvestment ratio drift above 40% to chase volume permanently resets the player's expectations and you cannot pull it back.

(3) REIT-rent inflexibility — operators on VICI or GLPI master leases (MGM Strip properties, most of Caesars, Penn's portfolio) cannot flex fixed rent in a downturn; one bad year compresses coverage ratios fast. (4) Digital dilution without a moat — running BetMGM or ESPN Bet at a loss for three years without earning structural share against DraftKings/FanDuel burns billions and dilutes the land-based brand.

Reporting Cadence

Daily: GGR by vertical, hold % vs theoretical, hotel occupancy and ADR, slot coin-in. Weekly: RevPAR vs comp set, F&B revenue per occupied room, rated-player visits, top-100 player win/loss. Monthly: comp ratio by tier, property EBITDAR roll-up, digital GGR share, sports-betting hold normalization.

Quarterly: full property P&L, REIT-rent coverage, regional vs Strip vs Macao mix, capex pacing, and the high-roller drop reconciliation for the earnings call.

flowchart TD A[Daily Telemetry] --> B[GGR + Hold + Occupancy + Coin-In] B --> C[Weekly Property Review] C --> D[RevPAR vs Comp Set + Rated Visits + Top-100 Players] D --> E[Monthly Business Review] E --> F[Comp Ratio + EBITDAR Roll-Up + Digital Mix] F --> G[Quarterly Earnings + Board] G --> H[Property P&L + REIT Coverage + High-Roller Drop] H --> I[Re-forecast Slate of Events + Reinvestment + Capex] I --> A

30/60/90 Day Plan

Days 1–30: instrument the nine KPIs end-to-end and reconcile theoretical win across the slot management system, table-game pit tracker, and the casino accounting ledger. They will not match on day one and the variance is your first finding. Establish hold benchmarks by game, RevPAR by property, and comp ratio by player tier.

Days 31–60: ship the rated-player reinvestment dashboard. Wire it to the loyalty system on one side and the property contribution model on the other. Identify the bottom-quartile tier-3 players consuming comp dollars at a loss and the top-quartile tier-1 players who are under-comped relative to their theoretical — both buckets need re-rating before quarter-end.

Days 61–90: run the first integrated cross-property review covering Strip, regional, and digital. Model the EBITDAR margin trajectory for each property against REIT rent coverage and capex commitments. Present the full operating model to the CFO with monthly checkpoints, a quarterly hold-variance reserve, and a 12-month digital mix target.

FAQ

Is GGR or net revenue the right top-line metric? GGR for operational comparison across operators and states; net revenue (GGR minus comps and promotional credits) for property-level margin work. Mixing them is how analysts get the wrong read on Caesars vs MGM regional performance.

How do you compare a Strip property to a regional casino? Adjust for slot mix (regionals are 75%+ slots), labor model (regionals run leaner), and REIT rent. A regional running 33% EBITDAR margin is often more cash-generative than a Strip property at 30% because there is less F&B drag and far less capex.

What's a healthy customer reinvestment rate? 30–38% of theoretical win is the operating band. Below 28% you are losing rated players to the competing property; above 40% you have permanently reset expectations and the ratio rarely comes back down.

How fast is iGaming actually taking share from land-based? Faster than the 2023 consensus assumed — AGA reported iGaming up 20.7% in Q1 2026 against ~3% slot growth. In the seven legal iGaming states it now represents 20%+ of total commercial gaming revenue and is still compounding.

Sources

American Gaming Association — State of the States 2026
American Gaming Association — Commercial Gaming Revenue Tracker (Q1 2026)
American Gaming Association — Gaming Industry Outlook
MGM Resorts International — Form 10-K (FY 2025)
Caesars Entertainment, Inc. — Form 10-K (FY 2025)
Wynn Resorts, Limited — Form 10-K and Q1 2026 Form 8-K
Las Vegas Sands Corp. — Form 10-K and Q1 2026 Form 8-K
Penn Entertainment, Inc. — Form 10-K (FY 2025)
Boyd Gaming Corporation — Form 10-K (FY 2025)
Nevada Gaming Control Board — Monthly Gaming Revenue Reports

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### Direct Answer

The nine KPIs that actually run a casino and gaming resort business in 2027 are: **Gross Gaming Revenue (GGR)**, **Hold % / Win %**, **Slot vs Table Mix %**, **Hotel RevPAR ($)**, **F&B Revenue per Occupied Room**, **Customer Reinvestment Rate (comp ratio)**, **VIP/High-Roller Drop**, **iGaming & Online Sports Betting Mix %**, and **EBITDAR Margin per Property**. Together they answer the only three questions the CFO and the board care about every quarter: are you winning more per visitor, are you keeping the right ones coming back, and is the integrated-resort cash flywheel actually compounding faster than your reinvestment and debt service.

> **TL;DR** — Casinos are not slot floors with a hotel attached; they are **EBITDAR factories** where every $1 of GGR has to fund ~30–40% comps, ~$0.07–$0.10 of gaming tax, and a 15–20% reinvestment cycle into the property. If your blended hold drifts below 8% on tables or above 9% on slots without holding volume, or your property EBITDAR margin slips under 28%, the model breaks. Track the nine KPIs daily, run the rated-player reinvestment review monthly, and re-rate the digital mix every quarter — that is the operating cadence MGM, Caesars, Wynn, and Las Vegas Sands all converged on after the 2024–2025 digital-pivot reset.

## Why Casino and Gaming Resort Operations Works Differently

**Theoretical-win economics, not booked revenue.** A casino does not really "sell" anything in the SaaS sense — it earns the **statistical hold** on a fixed number of player-hours times average bet. The American Gaming Association tracked $9.30B of Q1 2026 slot revenue, up 3.1%, against a slot floor that barely grew — meaning revenue per unit climbed almost entirely on hold and volume mix. The whole business is built on the law of large numbers, which is why a 30-bps hold variance on Strip tables can swing a quarter for **MGM** or **Caesars** by $40–$80M.

**Comps and reinvestment are the real CAC.** Loyalty programs (**MGM Rewards**, **Caesars Rewards**, **Wynn Rewards**, **Boyd Rewards**) reinvest 30–40% of theoretical win back to rated players as free play, room comps, F&B, and air. That comp ratio IS the customer acquisition cost — it has no separate marketing line that means anything. Get it wrong by 200 bps across a property portfolio and you have given away the entire operating income line.

**Integrated-resort cross-subsidy.** The hotel, F&B, entertainment, and retail are not standalone P&Ls — they are **gaming-acquisition assets**. **Las Vegas Sands** reported Q1 2026 Macao slot win per unit per day of $630 at The Londoner versus $368 at The Parisian, but the bigger lever is hotel RevPAR, which determines whether a high-value player books your resort or the property across the street. Strip RevPAR routinely runs $250–$350; Wynn pushes north of $400 during peak compression.

**Digital pivot and iGaming mix.** AGA's Q1 2026 data showed iGaming revenue at $3.04B, up 20.7% YoY — now the fastest-growing segment in the industry. Sports-betting hold climbed 85 bps to 9.8% in the same quarter. Land-based operators that did not lock down a digital partner (**BetMGM**, **Caesars Digital**, **ESPN Bet via Penn**, **FanDuel via Boyd**) are losing a share of their best customers to **DraftKings** and **Flutter** and have no good answer in the earnings call.

## The 9 KPIs, In Depth

**1. Gross Gaming Revenue (GGR, $M).** The top-line statistical win before comps, taxes, and promotional credits. AGA reported U.S. Commercial GGR up 9.1% in 2025 to a record above $72B. Always reported by vertical (slots, tables, sports betting, iGaming) and by property — blended GGR hides the mix story that drives margin.

**2. Hold % / Win %.** Slot hold runs ~8–9% of coin-in; table hold varies wildly (~14–16% baccarat, ~12–14% blackjack, ~18–22% craps) but blended Strip table hold is the watched number. **Wynn**'s VIP baccarat hold variance is the largest single quarterly swing factor for the company.

**3. Slot vs Table Mix %.** Slots are ~65–70% of U.S. Casino GGR but only ~45–50% on the Strip and under 30% in Macao. The mix dictates labor model, hold volatility, and capital intensity. **Boyd Gaming**'s regional portfolio is ~78% slots; **Las Vegas Sands** Macao is the opposite.

**4. Hotel RevPAR ($).** Room revenue per available room — the single best demand indicator for an integrated resort. Strip RevPAR ran $200–$280 in 2025 across **MGM** and **Caesars** Strip portfolios; **Wynn Las Vegas** consistently clears $400+. A 5% RevPAR drop typically signals a 100–150 bps EBITDAR margin compression a quarter later.

**5. F&B Revenue per Occupied Room.** Spend captured in restaurants, bars, and in-room across the resort divided by occupied rooms. Strip integrated resorts run $180–$260 per occupied room. Below $150 means the property is not converting its captive audience and the entertainment programming is misfiring.

**6. Customer Reinvestment Rate (comp ratio).** Total comp expense divided by theoretical win on the rated player base. Healthy range is 30–38%. Above 40% and you are buying volume; below 28% and you are losing your rated players to the competing property. **Caesars Rewards** runs the largest cross-property reinvestment book in the industry at ~65M members.

**7. VIP/High-Roller Drop ($M).** Total chip drop from premium players, plus the win on that drop. **Wynn** and **LVS** in Macao live and die on this — Macao VIP baccarat alone moved more than $25B of drop in 2024 across the market. In Vegas, **Wynn**'s Tower Suites and **MGM**'s Mansion drive a disproportionate share of property contribution.

**8. IGaming & Online Sports Betting Mix %.** Digital GGR as a share of consolidated GGR. **BetMGM** crossed $2.5B revenue in 2025; **DraftKings** and **FanDuel** dominate OSB share but **Penn**'s ESPN Bet relaunch is the watched 2026 story. Land-based operators target 15–25% digital mix by 2027 to defend the rated-player wallet.

**9. EBITDAR Margin per Property.** Property-level EBITDAR divided by property net revenue. **Wynn** sets the industry benchmark at ~30% consolidated; **MGM** Strip properties run 28–32%; **Caesars** regional properties run 32–36% (less F&B drag, more slot mix); **Penn Entertainment** has been pressured into the low-20s after digital losses. Below 25% sustained means the property cannot service its debt and its REIT rent.

```mermaid
flowchart TD
    A[Visitor Arrival] --> B{Channel}
    B -->|Walk-In| C[Unrated Play]
    B -->|Rewards Member| D[Rated Play + Tracked Theo]
    C --> E[Slot/Table GGR]
    D --> E
    E --> F[Hold Captured 8-22%]
    F --> G{Comp Allocation 30-38%}
    G -->|Free Play| H[Replays Slot Floor]
    G -->|Room/F&B Comp| I[Hotel + Restaurant Volume]
    I --> J[RevPAR + F&B per Occupied Room]
    H --> E
    J --> K[Property EBITDAR]
    F --> K
    K --> L{Margin 28-36%?}
    L -->|Yes| M[Reinvest Capex + Pay REIT Rent]
    L -->|No| N[Cut Comps or Refinance]
    M --> O[Refreshed Slot Floor + New Entertainment]
    O --> A
```

## Real Operators

**MGM Resorts International** runs the largest Strip footprint — Bellagio, MGM Grand, Aria, Mandalay Bay, plus MGM China — and posted record consolidated net revenues in 2025 on the back of MGM China hitting an all-time high. **Caesars Entertainment** is the regional/digital play with the largest loyalty network (Caesars Rewards ~65M members) and is still working down post-merger leverage. **Wynn Resorts** is the EBITDAR-margin benchmark at ~30% with $7.14B of 2025 revenue and $2.22B of Adjusted Property EBITDAR, plus the upcoming Wynn Al Marjan UAE opening. **Las Vegas Sands** is the pure Asia play — Macao plus Marina Bay Sands Singapore — with no remaining Vegas presence. **Penn Entertainment** is the cautionary tale: regional land-based plus ESPN Bet digital losses pulled EBITDAR margins into the low-20s and triggered an activist shareholder fight in 2026. **Boyd Gaming** is the disciplined regional operator with stable 30%+ property margins and a 5% stake in FanDuel. **Red Rock Resorts** (Station Casinos) dominates the Las Vegas locals market with sector-leading margins. **Churchill Downs** combines horse racing, HRMs, and TwinSpires digital. **Genting** runs Resorts World Las Vegas and the international Singapore/Malaysia book. **Bally's** is the cross-vertical operator stretched across regional casinos, Bally Bet, and the Tropicana redevelopment.

## Failure Modes

The four that kill casino operators. **(1) Hold variance masked as performance** — one good baccarat quarter at **Wynn Macao** can hide a 200-bps volume decline; the reverse can torpedo an earnings call. **(2) Comp inflation** — letting the reinvestment ratio drift above 40% to chase volume permanently resets the player's expectations and you cannot pull it back. **(3) REIT-rent inflexibility** — operators on **VICI** or **GLPI** master leases (MGM Strip properties, most of Caesars, Penn's portfolio) cannot flex fixed rent in a downturn; one bad year compresses coverage ratios fast. **(4) Digital dilution without a moat** — running **BetMGM** or **ESPN Bet** at a loss for three years without earning structural share against **DraftKings/FanDuel** burns billions and dilutes the land-based brand.

## Reporting Cadence

**Daily:** GGR by vertical, hold % vs theoretical, hotel occupancy and ADR, slot coin-in. **Weekly:** RevPAR vs comp set, F&B revenue per occupied room, rated-player visits, top-100 player win/loss. **Monthly:** comp ratio by tier, property EBITDAR roll-up, digital GGR share, sports-betting hold normalization. **Quarterly:** full property P&L, REIT-rent coverage, regional vs Strip vs Macao mix, capex pacing, and the high-roller drop reconciliation for the earnings call.

```mermaid
flowchart TD
    A[Daily Telemetry] --> B[GGR + Hold + Occupancy + Coin-In]
    B --> C[Weekly Property Review]
    C --> D[RevPAR vs Comp Set + Rated Visits + Top-100 Players]
    D --> E[Monthly Business Review]
    E --> F[Comp Ratio + EBITDAR Roll-Up + Digital Mix]
    F --> G[Quarterly Earnings + Board]
    G --> H[Property P&L + REIT Coverage + High-Roller Drop]
    H --> I[Re-forecast Slate of Events + Reinvestment + Capex]
    I --> A
```

## 30/60/90 Day Plan

**Days 1–30:** instrument the nine KPIs end-to-end and reconcile theoretical win across the slot management system, table-game pit tracker, and the casino accounting ledger. They will not match on day one and the variance is your first finding. Establish hold benchmarks by game, RevPAR by property, and comp ratio by player tier.

**Days 31–60:** ship the rated-player reinvestment dashboard. Wire it to the loyalty system on one side and the property contribution model on the other. Identify the bottom-quartile tier-3 players consuming comp dollars at a loss and the top-quartile tier-1 players who are under-comped relative to their theoretical — both buckets need re-rating before quarter-end.

**Days 61–90:** run the first integrated cross-property review covering Strip, regional, and digital. Model the EBITDAR margin trajectory for each property against REIT rent coverage and capex commitments. Present the full operating model to the CFO with monthly checkpoints, a quarterly hold-variance reserve, and a 12-month digital mix target.

## FAQ

**Is GGR or net revenue the right top-line metric?** GGR for operational comparison across operators and states; net revenue (GGR minus comps and promotional credits) for property-level margin work. Mixing them is how analysts get the wrong read on Caesars vs MGM regional performance.

**How do you compare a Strip property to a regional casino?** Adjust for slot mix (regionals are 75%+ slots), labor model (regionals run leaner), and REIT rent. A regional running 33% EBITDAR margin is often more cash-generative than a Strip property at 30% because there is less F&B drag and far less capex.

**What's a healthy customer reinvestment rate?** 30–38% of theoretical win is the operating band. Below 28% you are losing rated players to the competing property; above 40% you have permanently reset expectations and the ratio rarely comes back down.

**How fast is iGaming actually taking share from land-based?** Faster than the 2023 consensus assumed — AGA reported iGaming up 20.7% in Q1 2026 against ~3% slot growth. In the seven legal iGaming states it now represents 20%+ of total commercial gaming revenue and is still compounding.

## Sources

- American Gaming Association — State of the States 2026
- American Gaming Association — Commercial Gaming Revenue Tracker (Q1 2026)
- American Gaming Association — Gaming Industry Outlook
- MGM Resorts International — Form 10-K (FY 2025)
- Caesars Entertainment, Inc. — Form 10-K (FY 2025)
- Wynn Resorts, Limited — Form 10-K and Q1 2026 Form 8-K
- Las Vegas Sands Corp. — Form 10-K and Q1 2026 Form 8-K
- Penn Entertainment, Inc. — Form 10-K (FY 2025)
- Boyd Gaming Corporation — Form 10-K (FY 2025)
- Nevada Gaming Control Board — Monthly Gaming Revenue Reports

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