Boyd Gaming Reports First-Quarter Results

LAS VEGAS, April 24, 2013 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the first quarter ended March 31, 2013.  

(Logo: http://photos.prnewswire.com/prnh/20030219/BOYDLOGO)

Boyd Gaming reported net revenues of $737.0 million, an increase of 16.4% from $633.1 million during the same quarter in 2012.  Total Adjusted EBITDA(1) increased 22.2% to $163.5 million, compared to $133.8 million in the year-ago quarter.  Results reflect the addition of the operations of Peninsula Gaming, LLC, acquired by the Company on November 20, 2012.

Boyd Gaming's wholly-owned business reported first-quarter 2013 net revenues of $569.9 million, up 25.1% from $455.5 million in the year-ago period.  Wholly-owned Adjusted EBITDA was $135.1 million, an increase of 42.3% from $94.9 million in the first quarter of 2012.  Borgata, the Company's 50% joint venture, reported first-quarter 2013 net revenues of $165.6 million, compared to $176.2 million in the year-ago period, while Adjusted EBITDA was $28.4 million, down from $38.9 million in the first quarter of 2012. 

Adjusted Earnings(1) for the first quarter 2013 were $0.4 million, or $0.01 per share, compared $8.4 million, or $0.10 per share, for the same period in 2012.   The calculations of Adjusted Earnings and Adjusted Earnings per share are presented in a table at the end of this press release.

On a GAAP basis, the Company reported a net loss of $7.3 million, or $0.08 per share, for the first quarter 2013, compared to net income of $5.9 million, or $0.07 per share, for the year-ago period.

"We saw positive momentum across our operations in March, driving first-quarter results that were ahead of our previous expectations. We were particularly encouraged by improvements in our Las Vegas Locals business, as we were able to generate EBITDA growth for the first time in more than a year," said Keith Smith, President and Chief Executive Officer of Boyd Gaming.  "As we look forward, we are excited by the potential of our online gaming strategy.  New Jersey and Nevada are now laying the regulatory groundwork for online gaming, and other states are considering legalization as well.  This emerging business provides a compelling opportunity to significantly grow and diversify our business, and we intend to take full advantage of it."

(1)

See footnotes at the end of the release for additional information relative to non-GAAP financial measures.

Key Operations Review

Las Vegas Locals

In the Las Vegas Locals segment, first-quarter 2013 net revenues were $152.8 million compared to $154.8 million in the first quarter of 2012.  First-quarter 2013 Adjusted EBITDA was $39.2 million, up from $38.5 million in the year-ago period.  Our new slot initiatives and associated marketing programs continued to perform well during the quarter, while EBITDA benefited from improved operating margins.

Downtown

The Downtown Las Vegas region reported net revenues of $54.1 million for the first quarter of 2013, down from $57.0 million in the year-ago period. Adjusted EBITDA was $7.1 million, compared to $8.4 million in the first quarter of 2012.  Declines were the result of softness in business volumes early in the quarter.

Midwest and South

In the Midwest and South region, net revenues were $229.1 million, compared to $243.7 million in the first quarter of 2012.  Adjusted EBITDA was $49.7 million versus $58.1 million in the year-ago period.  Winter weather impacted business levels early in the quarter.  However, trends began to improve across the region in March.

Peninsula

During our first full quarter of ownership, the five Peninsula Gaming properties contributed net revenues of $133.9 million, and Adjusted EBITDA of $50.7 million.  The Peninsula properties performed in line with our expectations, including the Kansas Star, which opened a permanent casino and five new food and beverage outlets in late December.

Borgata

Borgata, the Company's 50% joint venture, reported first-quarter 2013 net revenues of $165.6 million, compared to $176.2 million in the year-ago period. Adjusted EBITDA was $28.4 million, down from $38.9 million in the first quarter of 2012.  Borgata significantly outperformed the Atlantic City market in slot, table game and poker revenue, further increasing its leading market share as the region continued to recover from the impact of Superstorm Sandy. 

Conference Call Information

Boyd Gaming will host its first-quarter 2013 conference call today, April 24, at 12:00 p.m. Eastern, on which the Company will provide guidance for the second quarter 2013.  The conference call number is (888) 317-6003, passcode 2086018.  Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call. 

The conference call will also be available live on the Internet at www.boydgaming.com, or:  http://www.videonewswire.com/event.asp?id=93589

Following the call's completion, a replay will be available by dialing (877) 344-7529 today, April 24, beginning at 2:00 p.m. Eastern and continuing through Thursday, May 2, at 9 a.m. Eastern.  The conference number for the replay will be 10027939.  The replay will also be available on the Internet at www.boydgaming.com.

 

BOYD GAMING CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)



Three Months Ended


March 31,

(In thousands, except per share data)

2013


2012

Revenues




  Gaming

$ 633,767


$ 535,748

  Food and beverage

111,864


106,132

  Room

63,855


65,997

  Other

39,420


35,832

Gross revenues

848,906


743,709

Less promotional allowances

111,923


110,626

     Net revenues

736,983


633,083





Costs and expenses




  Gaming

298,409


248,955

  Food and beverage

60,167


54,078

  Room

13,100


14,135

  Other

28,221


26,061

  Selling, general and administrative

124,905


109,717

  Maintenance and utilities

39,353


38,763

  Depreciation and amortization

70,071


50,014

  Corporate expense

15,356


12,871

  Preopening expenses

2,365


1,660

  Asset transactions costs

3,013


45

  Other operating charges, net

1,566


202

  Total costs and expenses

656,526


556,501

Operating income

80,457


76,582





Other expense (income)




  Interest income

(656)


(4)

  Interest expense, net of amounts capitalized

95,682


63,828

  Other, net

(518)


     Total other expense, net

94,508


63,824





Income (loss) before income taxes

(14,051)


12,758

  Income taxes

2,424


(6,283)

Net income (loss)

(11,627)


6,475

  Net (income) loss attributable to noncontrolling
   interest

4,343


(623)

Net income (loss) attributable to Boyd
  Gaming Corporation

$   (7,284)


$     5,852





Basic net income (loss) per common share

$     (0.08)


$       0.07





  Weighted average basic shares outstanding

87,974


87,530





Diluted net income (loss) per common share

$     (0.08)


$       0.07





  Weighted average diluted shares outstanding

87,974


87,987

 

 

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA to Operating Income (Loss)
(Unaudited)



Three Months Ended


March 31,

(In thousands)

2013


2012

Net Revenues by Reportable Segment




  Las Vegas Locals

$              152,827


$              154,789

  Downtown Las Vegas

54,083


57,008

  Midwest and South

229,117


243,722

  Peninsula Gaming (1)

133,913


  Atlantic City

165,644


176,150

  Reportable Segment Net revenues

735,584


631,669

  Other

1,399


1,414

  Net revenues

$              736,983


$              633,083





Adjusted EBITDA by Reportable Segment




  Las Vegas Locals

$                39,205


$                38,486

  Downtown Las Vegas

7,111


8,432

  Midwest and South

49,682


58,130

  Peninsula Gaming (1)

50,712


  Wholly owned property Adjusted EBITDA

146,710


105,048

  Corporate expense (2)

(11,638)


(10,127)

  Wholly owned Adjusted EBITDA

135,072


94,921

  Atlantic City

28,405


38,881

  Adjusted EBITDA

163,477


133,802





Other operating costs and expenses




  Deferred rent

957


996

  Depreciation and amortization

70,071


50,014

  Preopening expenses

2,365


1,660

  Share-based compensation expense

4,091


3,116

  Asset transactions costs

3,013


45

  Other charges, net

2,523


1,389

  Total other operating costs and expenses

83,020


57,220

Operating income

80,457


76,582

Other non-operating items




  Interest expense, net

95,026


63,824

  Other income

(518)


    Total other non-operating costs and expenses, net

94,508


63,824

Income (loss) before income taxes

(14,051)


12,758

  Income taxes

2,424


(6,283)

Net income (loss)

(11,627)


6,475

  Net (income) loss attributable to noncontrolling interest

4,343


(623)

Net income (loss) attributable to Boyd Gaming Corporation

$                (7,284)


$                  5,852

______________________________________




   (1) Peninsula Gaming was acquired on November 20, 2012

   (2) Reconciliation of corporate expense:









Three Months Ended


March 31,

(In thousands)

2013


2012

Corporate expense as reported on Condensed
   Consolidated Statements of Operations

$                15,356


$                12,871

Corporate share-based compensation expense

(3,718)


(2,744)

Corporate expense as reported on the above table

$                11,638


$                10,127

 

 BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss) and

Net Income (Loss) Per Share to Adjusted Earnings (Loss) Per Share

(Unaudited)



Three Months Ended


March 31,


2013


2012

(In thousands, except per share data)






Net income (loss) attributable to Boyd Gaming
   Corporation

$ (7,284)


$  5,852

   Pretax adjustments related to Boyd Gaming:




  Preopening expenses, excluding impact of LVE

4,298


4,252

  Asset transactions costs

2,679


73

  Adjustments to property tax accruals, net


(597)

  Other operating charges, net

1,566


202

     Other non-operating expense (income)

(817)






Pretax adjustments related to Borgata:




Preopening expenses


132

Valuation adjustments related to consolidation, net

(259)


(19)

    Asset transactions costs

334


(25)

Total adjustments

7,801


4,018





Income tax effect for above adjustments

(31)


(1,410)

Impact on noncontrolling interest, net

(38)


(44)

Adjusted earnings (loss)

$     448


$  8,416









Net income (loss) per share

$   (0.08)


$    0.07

Pretax adjustments related to Boyd Gaming:




Preopening expenses, excluding impact of LVE

0.05


0.05

Asset transactions costs

0.03


Adjustments to property tax accruals, net


(0.01)

Other operating charges, net

0.02


Other income

(0.01)






Pretax adjustments related to Borgata:




Preopening expenses


Valuation adjustments related to consolidation, net


Asset transactions costs


Total adjustments

0.09


0.04





Income tax effect for above adjustments


(0.02)

Impact on noncontrolling interest, net


0.01

Adjusted earnings (loss)

$    0.01


$    0.10





Weighted average shares outstanding

88,354


87,987

 

 

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statement of Operations
Three Months Ended March 31, 2013
(Unaudited)

(In Thousands, except per share data)



Boyd Gaming Wholly Owned










Excluding Peninsula Gaming


Peninsula Gaming


Eliminations


Total


Borgata (1)


LVE (Variable Interest Entity) (2)


Eliminations


Boyd Gaming Consolidated

















Revenues
















  Gaming

$       362,176


$       125,911


$               —


$       488,087


$       145,680


$               —


$               —


$       633,767

















  Food and beverage

68,238


9,691



77,929


33,935




111,864

















  Room

37,181




37,181


26,674




63,855

















  Other

31,705


3,696


(5,171)


30,230


9,190


1,933


(1,933)


39,420

Gross revenues

499,300


139,298


(5,171)


633,427


215,479


1,933


(1,933)


848,906

















  Less promotional allowances

56,702


5,385



62,087


49,836




111,923

  Net revenues

442,598


133,913


(5,171)


571,340


165,643


1,933


(1,933)


736,983

















Costs and expenses
















  Gaming

180,504


56,759



237,263


61,146




298,409

















  Food and beverage

36,139


6,700



42,839


17,328




60,167

















  Room

10,103




10,103


2,997




13,100

















  Other

19,252


7,463


(5,171)


21,544


6,677




28,221

















  Selling, general and administrative

75,759


14,371



90,130


34,775




124,905

















  Maintenance and utilities

21,958


3,079



25,037


14,316




39,353

















  Depreciation and amortization

32,766


21,697



54,463


15,608




70,071

















  Corporate expense

14,270


1,086



15,356





15,356

















  Preopening expenses

4,298




4,298




(1,933)


2,365

















  Asset transactions costs

2,571


108



2,679


334




3,013

















    Other operating charges, net

1,566




1,566





1,566

    Total costs and expenses

399,186


111,263


(5,171)


505,278


153,181



(1,933)


656,526

















Operating income from Borgata

6,231




6,231




(6,231)


















Operating income (loss)

49,643


22,650



72,293


12,462


1,933


(6,231)


80,457

















Other expense (income)
















  Interest income

(129)


(527)



(656)





(656)

















  Interest expense, net of amounts capitalized

50,147


22,385



72,532


20,774


2,376



95,682

















  Other income


(518)



(518)





(518)

















  Other non-operating expenses from Borgata

10,131




10,131




(10,131)


    Total other expense, net

60,149


21,340



81,489


20,774


2,376


(10,131)


94,508

















Income (loss) before income taxes

(10,506)


1,310




(9,196)


(8,312)


(443)


3,900


(14,051)

















Income taxes

6,603


(4,691)



1,912


512




2,424

















Net income (loss)

(3,903)


(3,381)



(7,284)


(7,800)


(443)


3,900


(11,627)

Net (income) loss attributable to noncontrolling interest






443


3,900


4,343

















Net income (loss) attributable to Boyd Gaming Corporation

$          (3,903)


$          (3,381)


$               —


$          (7,284)


$          (7,800)


$               —


$           7,800


$          (7,284)

















Basic net loss per common share







$           (0.08)








$           (0.08)

















Weighted average basic shares outstanding







87,974








87,974

















Diluted net loss per common share







$           (0.08)








$           (0.08)

















Weighted average diluted shares outstanding







87,974








87,974



(1)

Borgata's financial results include the impact of certain valuation adjustments made upon consolidation.  These valuation adjustments are not pushed down to Borgata and are therefore not reflected in Borgata's standalone financial statements.



(2)

Boyd Gaming's contractual agreements with LVE were terminated on March 4, 2013, in connection with the sale of the Echelon development site. As a result, Boyd Gaming ceased consolidation of LVE as of that date. The financial results presented for LVE include only that portion of the period that the variable interest entity was consolidated by Boyd Gaming.




BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Condensed Consolidating Statement of Operations

Three Months Ended March 31, 2012

(Unaudited)




Boyd Gaming  Wholly Owned


Borgata (1)


LVE (Variable Interest Entity)


Eliminations


Boyd Gaming Consolidated

(In thousands, except per share data)






















Revenues











  Gaming


$       380,295


$       155,453


$               —


$               —


$       535,748

  Food and beverage


69,886


36,246




106,132

  Room


38,840


27,157




65,997

  Other


27,254


8,578


2,724


(2,724)


35,832

Gross revenues


516,275


227,434


2,724


(2,724)


743,709

  Less promotional allowances


59,342


51,284




110,626

    Net revenues


456,933


176,150


2,724


(2,724)


633,083












Costs and expenses











  Gaming


185,907


63,048




248,955

  Food and beverage


36,237


17,841




54,078

  Room


10,933


3,202




14,135

  Other


19,730


6,331




26,061

  Selling, general and administrative


77,175


32,539


3



109,717

  Maintenance and utilities


24,456


14,307




38,763

  Depreciation and amortization


34,884


15,130




50,014

  Corporate expense


12,871





12,871

  Preopening expenses


4,252


132



(2,724)


1,660

  Asset transactions costs


73


(28)




45

  Other operating charges, net


202





202

    Total costs and expenses


406,720


152,502


3


(2,724)


556,501












Operating income from Borgata


11,824




(11,824)













Operating income


62,037


23,648


2,721


(11,824)


76,582












Other expense (income)











   Interest income


(4)





(4)

   Interest expense, net of amounts capitalized


39,953


20,482


3,393



63,828

   Other non-operating expenses from Borgata, net


10,530




(10,530)


    Total other expense, net


50,479


20,482


3,393


(10,530)


63,824












Income (loss) before income taxes


11,558


3,166


(672)


(1,294)


12,758

Income taxes


(5,706)


(577)




(6,283)












Net income (loss)


5,852


2,589


(672)


(1,294)


6,475

Net income attributable to noncontrolling interest




672


(1,295)


(623)












Net income attributable to Boyd Gaming Corporation


$           5,852


$           2,589


$               —


$          (2,589)


$           5,852












Basic net income per common share


$             0.07








$            0.07












Weighted average basic shares outstanding


87,530








87,530












Diluted net income per common share


$             0.07








$            0.07












Weighted average diluted shares outstanding


87,987








87,987












_________________________________














(1)

Borgata's financial results include the impact of certain valuation adjustments made upon consolidation. These valuation adjustments are not pushed down to Borgata and are therefore not reflected in Borgata's standalone financial statements.

 

 

 


BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidated Statements of Operations of Peninsula Gaming Segment (1)
Successor and Predecessor Periods Comprising the Three Month Periods Ended March 31, 2013 and 2012
(Unaudited)










Successor



Predecessor (2)




Three Months



Three Months




Ended 



Ended




March 31, 2013



March 31, 2012



(In thousands)






Revenues







  Gaming

$  125,911



$  127,549



  Food and beverage

9,691



8,477



  Other

3,696



3,567



Gross revenues

139,298



139,593



  Less promotional allowances

5,385



4,935



    Net revenues

133,913



134,658










Costs and expenses







  Gaming

56,759



56,392



  Food and beverage

6,700



5,190



  Other

2,292



2,276



  Selling, general and administrative

14,371



12,356



  Maintenance and utilities

3,079



2,492



  Depreciation and amortization

21,697



10,442



  Corporate expense

1,086



2,859



   Affiliate management fee

5,171



2,411



   Asset transactions costs

108



(20)



     Total costs and expenses

111,263



94,398



Operating income (loss)

22,650



40,260










Other expense (income)







   Interest income

(527)



(562)



   Interest expense, net of amounts capitalized

22,385



18,411



   Loss from equity affiliate

299



28



   Other nonoperating income

(817)





     Total other expense, net

21,340



17,877










Income (loss) before income taxes

1,310



22,383



Income taxes (3)

(4,691)





Net income (loss)

$  (3,381)



$  22,383










Adjusted EBITDA, after corporate expense

$  49,626



$  53,093











(1)

Peninsula Gaming, LLC ("PGL") was acquired by Boyd Gaming on November 20, 2012. In accordance with Generally Accepted Accounting Principles ("GAAP"), PGL's post acquisition financial results have been prepared on Boyd Gaming's ("Successor") basis of accounting and reflect adjustments resulting from the application of the acquisition method. Financial information for the prior year period has been prepared on PGL's ("Predecessor") basis of accounting. Consequently, the financial statements for the Successor and Predecessor periods are presented on different bases.

(2)

Certain amounts for the prior year have been reclassified to conform with the Successor presentation. These reclassifications had no impact on income from operations or net income as previously reported by the Predecessor.

(3)

The Predecessor was structured as a limited liability company and the members were taxed on their proportionate share of its taxable income. Accordingly, no provision for income taxes was included in the financial statements of the Predecessor

 

Footnotes and Safe Harbor Statements

Non-GAAP Financial Measures

Regulation G, "Conditions for Use of Non-GAAP Financial Measures," prescribes the conditions for use of non-GAAP financial information in public disclosures. We believe that our presentations of the following non-GAAP financial measures are important supplemental measures of operating performance to investors: earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA, Adjusted Earnings and Adjusted Earnings Per Share (Adjusted EPS). The following discussion defines these terms and why we believe they are useful measures of our performance.

EBITDA and Adjusted EBITDA

EBITDA is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States ("GAAP"), provides our investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes and facilitates comparisons between us and our competitors. Management has historically adjusted EBITDA when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide the most accurate measure of our core operating results and as a means to evaluate period-to-period results. We refer to this measure as Adjusted EBITDA. We have chosen to provide this information to investors to enable them to perform more meaningful comparisons of past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported this measure to our investors and believe that the continued inclusion of Adjusted EBITDA provides consistency in our financial reporting. We use Adjusted EBITDA in this press release because we believe it is useful to investors in allowing greater transparency related to a significant measure used by our management in their financial and operational decision-making. Adjusted EBITDA is among the more significant factors in management's internal evaluation of total company and individual property performance and in the evaluation of incentive compensation related to property management. Management also uses Adjusted EBITDA as a measure in the evaluation of potential acquisitions and dispositions. Adjusted EBITDA is also used by management in the annual budget process. Externally, we believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company. Adjusted EBITDA reflects EBITDA adjusted for deferred rent, preopening expenses, share-based compensation expense, impairments of assets and other operating charges, net, and our share of Borgata's non-operating expenses, preopening expenses and other items and write-downs, net. In addition, Adjusted EBITDA includes corporate expense. A reconciliation of Adjusted EBITDA to net income (loss), based upon GAAP, is included in the financial schedules accompanying this release.

Adjusted Earnings and Adjusted EPS

Adjusted Earnings is net income (loss) before preopening expenses, asset transactions costs, net gains on insurance settlements, impairments of assets, adjustments to property tax accruals, write-downs and other charges, net, accelerated amortization of deferred loan fees, changes in the fair value of derivative instruments, gain on early retirements of debt, other non-recurring adjustments, net, valuation adjustments related to the consolidation of Borgata, and our share of Borgata's preopening expenses and other items and write-downs, net. Adjusted Earnings and Adjusted EPS are presented solely as supplemental disclosures because management believes that they are widely used measures of performance in the gaming industry. A reconciliation of net income (loss) based upon GAAP to Adjusted Earnings and Adjusted EPS are included in the financial schedules accompanying this release.

Limitations on the Use of Non-GAAP Measures

The use of EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures has certain limitations. Our presentation of EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS or certain other non-GAAP financial measures may be different from the presentation used by other companies and therefore comparability may be limited. Depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred and are not reflected in the presentation of EBITDA or Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, EBITDA and Adjusted EBITDA do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.

Forward Looking Statements and Company Information

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release include statements regarding: improvements in the Company's Las Vegas Locals business; the potential for online gaming, the Company's online gaming strategy, the status of online gaming in Nevada and New Jersey, the potential for other states to legalize online gaming and that online gaming provides a compelling opportunity to significantly grow and diversify the Company's business; the effect of the Company's new slot initiatives and related marketing programs; and improving trends in certain of the geographic areas where the Company operates. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks and uncertainties include, but are not limited to: fluctuations in the Company's operating results; recovery of its properties in various markets; the state of the economy and its effect on consumer spending and the Company's results of operations; the timing for economic recovery, its effect on the Company's business and the local economies where the Company's properties are located; the satisfaction to the various conditions to the Company's pending Dania transaction, and whether such conditions will be satisfied when expected, if at all; the availability of financing to the purchaser of Dania; the receipt of legislative, and other state, federal and local approvals for the Company's development projects in Florida, California and other jurisdictions; whether online gaming will become legalized in various states, the Company's ability to operate online gaming profitably, or otherwise; consumer reaction to fluctuations in the stock market and economic factors; the fact that the Company's expansion, development and renovation projects (including enhancements to improve property performance) are subject to many risks inherent in expansion, development or construction of a new or existing project; the effects of events adversely impacting the economy or the regions from which the Company draws a significant percentage of its customers; competition; litigation; financial community and rating agency perceptions of the Company and its subsidiaries; changes in laws and regulations, including increased taxes; the availability and price of energy, weather, regulation, economic, credit and capital market conditions; and the effects of war, terrorist or similar activity. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

About Boyd Gaming

Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a leading diversified owner and operator of 22 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi and New Jersey. Boyd Gaming press releases are available at www.prnewswire.com. Additional news and information on Boyd Gaming can be found at www.boydgaming.com.

 

SOURCE Boyd Gaming Corporation



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