Flutter’s US casino partner to borrow $600m as business reopens

Boyd Gaming gives Paddy Power’s US sister company Fanduel a bricks-and-mortar presence in US

Boyd Gaming, the US casino partner of Paddy Power-owner Flutter, hopes to complete a deal to borrow $600m this week

Boyd Gaming, the US casino partner of Paddy Power-owner Flutter, hopes to complete a deal to borrow $600m this week

 

The US casino partner of Paddy Power-owner Flutter hopes to complete a deal to borrow $600 million (€555m) this week as prepares to reopen some of its businesses.

Flutter’s US subsidiary Fanduel offers sports betting in partnership with Boyd Gaming at the latter’s casinos in a number of states.

New York-listed Boyd plans to borrow $600 million in a bond issue it hopes to complete on Thursday. The group originally announced that it would borrow $500 million, but upped the figure to $600 million at the end of last week.

Boyd, which runs casinos across the US, says it will use the cash for “general corporate purposes”.

It recently furloughed staff as US states implemented Covid-19 restrictions. Reports at the weekend suggested the group could reopen businesses in Mississippi and Louisiana at the end of May.

Fanduel needs a bricks-and-mortar presence in the US states where it is licensed to provide digital sports betting. It chose Boyd as its partner in 2018 after a federal court ruling liberalised betting on sports, including football, baseball and basketball.

Flutter recently completed its merger with Canada’s The Stars Group to create the world’d biggest online gambling company, with businesses in Europe, the Americas, Australia and Asia.