Boyd Gaming Reports Third Quarter Results

Oct 25, 2010, 07:00 ET from Boyd Gaming Corporation

LAS VEGAS, Oct. 25 /PRNewswire-FirstCall/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the third quarter ended September 30, 2010.  

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For the quarter, we reported net income of $5.6 million, or $0.06 per share, compared to net income of $6.3 million, or $0.07 per share, in the same period last year.  Certain pre-tax items resulted in a net decrease in income of $7.5 million ($4.2 million, net of tax, or $0.04 per share) during the third quarter 2010.  By comparison, the third quarter 2009 included certain pre-tax items that had a net effect of increasing net income by $1.3 million ($1.7 million, net of tax, or $0.02 per share).  Pre-tax items in the third quarter 2010 and 2009 are listed in a table at the end of this press release.

Adjusted Earnings(1) for the third quarter 2010 were $1.4 million, or $0.02 per share, compared to $8.0 million, or $0.09 per share, for the same period in 2009.  

Net revenues were $595.4 million for the third quarter 2010, compared to $620.8 million(2) during the same quarter in 2009, a decrease of 4.1%.  Total Adjusted EBITDA was $115.4 million for the quarter, a decrease of 18.2% from $141.0 million(2) in the prior year.

Commenting on the quarter, Keith Smith, President and Chief Executive Officer of Boyd Gaming, said, "We saw both stabilization and improvement in our business, as we reported the smallest declines in revenues and EBITDA since the third quarter of 2009.  We are encouraged by our results so far in October, and expect fourth-quarter comparisons will be the best of the year.  As conditions improve, we remain focused on deleveraging our balance sheet and controlling costs, ensuring we will be well-positioned to capitalize on the opportunities presented by a recovering economy."

(1)

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

(2)

See financial schedules at the end of this release for reconciliations relative to the pro forma effect of the consolidation of Borgata as if such consolidation had occurred as of the beginning of the period presented.

Year-To-Date Results

We reported net income for the nine months ended September 30, 2010 of $17.4 million, or $0.20 per share. By comparison, we reported net income of $5.3 million, or $0.06 per share for the nine months ended September 30, 2009.  

Adjusted Earnings for the nine months ended September 30, 2010 were $14.5 million, or $0.17 per share, compared to $31.4 million, or $0.36 per share for the nine-month period in 2009.

Net revenues as reported were $1.59 billion and $1.26 billion for the nine months ended September 30, 2010 and September 30, 2009, respectively. Total Adjusted EBITDA was $320.3 million for the current nine-month period, as compared to $314.2 million in the prior-year period. The periods ended September 30, 2010 reflect the consolidation of Borgata, effective March 24, 2010. Given the proforma effect of the consolidation of Borgata, as of the beginning of the nine-month periods ended September 30, 2010 and 2009, net revenues were $1.75 billion and $1.86 billion, respectively, and Adjusted EBITDA on a comparable basis was $345.2 million and $424.5 million for those periods, respectively.

Key Operations Review

Las Vegas Locals

In our Las Vegas Locals segment, third quarter 2010 net revenues were $145.6 million versus $150.7 million for the third quarter of 2009.  Third quarter 2010 Adjusted EBITDA was $26.1 million, versus $31.4 million in the same quarter of 2009.  As expected, we saw trends similar to the second quarter, as consumers remained cautious with discretionary spending.  However, in actual dollars, the Adjusted EBITDA decline matches the smallest quarterly gap in the last two years.  Although spend-per-visit was lower, visitation to our Las Vegas Locals properties remained strong.

Downtown

Our Downtown Las Vegas properties generated net revenues of $51.9 million for the third quarter 2010, compared to $54.9 million in the third quarter 2009. Adjusted EBITDA was $5.7 million, down from $8.7 million in the third quarter 2009.  Results reflect lower spend-per-visit, combined with lower ticket prices and increased fuel costs associated with our Hawaiian charter business. There is evidence of a strengthening recovery in Hawaii's tourism economy, which bodes well for our Hawaiian visitation.

Midwest and South

In our Midwest and South region, we recorded $188.7 million in net revenues for the third quarter 2010, compared to $190.9 million for the same period in 2009.  Adjusted EBITDA for the current period was $38.4 million, a decrease of 9.9% from the $42.6 million reported in the third quarter of 2009.  The region delivered the best revenue and EBITDA comparisons so far this year, as our Louisiana properties made considerable progress toward closing the gap on their strong 2009 results.  In addition, we maintained or increased market share at all six properties in the region.

Borgata

Borgata's net revenues for the third quarter 2010 were $207.7 million, versus $222.6 million in the third quarter 2009.  Adjusted EBITDA was $54.3 million, down 19.7% from $67.6 million in the comparable period in 2009.  Slot win was nearly flat during the quarter, compared to a 9% decline overall in the market, and hotel occupancy rose slightly year-over-year.  However, these positive trends were offset by unusually lucky play by table game customers during the quarter, which decreased our hold percentage to below historical levels.

Key Financial Statistics

The following is additional information as of September 30, 2010:

  • Cash, excluding Borgata: $77.0 million
  • Cash at Borgata: $15.6 million
  • Debt, excluding Borgata: $2.35 billion (including $1.73 billion outstanding under Boyd Gaming's bank credit facility)
  • Debt at Borgata: $820.8 million (including $47.1 million outstanding under Borgata's bank credit facility)

Conference Call Information

We will host our third quarter 2010 conference call today, October 25, at 1:00 p.m. Eastern.  The conference call number is 888.680.0869 and the passcode is 50084553.  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, www.streetevents.com, or:

http://phx.corporate-ir.net/playerlink.zhtml?c=95703&s=wm&e=3452210

Following the call's completion, a replay will be available by dialing 888.286.8010 today, October 25, beginning at 4:00 p.m. Eastern and continuing through Monday, November 1.  The passcode for the replay will be 50979831.  The replay will also be available on the Internet at www.boydgaming.com.

The results of Borgata for the period from July 1, 2010 through September 30, 2010 are included in our condensed consolidated statement of operations for the three months ended September 30, 2010, and its results for the period from March 24, 2010 through September 30, 2010 are included in our condensed consolidated statement of operations for the nine months ended September 30, 2010.

Three Months Ended

Nine Months Ended

September 30,

September 30,

2010

2009

2010

2009

Revenues

(In thousands, except per share data)

   Gaming

$ 503,746

$ 332,054

$ 1,344,283

$ 1,051,714

   Food and beverage

101,164

55,695

255,166

173,424

   Room

64,142

30,062

154,247

93,251

   Other

33,960

24,722

91,595

76,143

Gross revenues

703,012

442,533

1,845,291

1,394,532

Less promotional allowances

107,634

44,290

256,332

138,494

       Net revenues

595,378

398,243

1,588,959

1,256,038

Costs and expenses

   Gaming

237,601

161,690

635,461

502,029

   Food and beverage

50,690

31,026

132,481

94,524

   Room

13,661

10,186

36,767

30,212

   Other

28,089

19,863

74,333

58,730

   Selling, general and administrative

100,697

70,901

270,641

217,492

   Maintenance and utilities

42,661

24,753

104,770

70,111

   Depreciation and amortization

52,451

40,578

147,905

125,324

   Corporate expense

11,021

11,356

36,636

35,077

   Preopening expenses

2,684

4,880

4,990

14,773

   Write-downs and other charges, net

1,340

14,287

4,932

41,415

       Total costs and expenses

540,895

389,520

1,448,916

1,189,687

Operating income from Borgata

-

38,189

8,146

63,921

Operating income

54,483

46,912

148,189

130,272

Other expense (income)

   Interest income

-

(1)

(4)

(5)

   Interest expense, net of amounts capitalized

45,781

32,300

109,438

113,806

   Gain on early retirements of debt

-

(3,604)

(3,949)

(12,061)

   Other income

(10,000)

-

(10,000)

-

   Gain on equity distribution

(2,535)

-

(2,535)

-

   Other non-operating expenses

-

30

-

30

   Other non-operating expenses from Borgata, net

-

7,204

3,133

16,230

       Total other expense, net

33,246

35,929

96,083

118,000

Income before income taxes

21,237

10,983

52,106

12,272

Income taxes

(6,371)

(4,668)

(15,532)

(7,007)

Net income

14,866

6,315

36,574

5,265

Noncontrolling interest

(9,275)

-

(19,166)

-

Net income attributable to Boyd Gaming Corporation

$     5,591

$     6,315

$      17,408

$        5,265

Basic net income per common share

$       0.06

$       0.07

$          0.20

$          0.06

Weighted average basic shares outstanding

86,582

86,264

86,508

86,481

Diluted net income per common share

$       0.06

$       0.07

$          0.20

$          0.06

Weighted average diluted shares outstanding

86,684

86,436

86,724

86,550

The following table sets forth the consolidation of Borgata from a basis comparable to the historical reporting by Boyd Gaming Corporation. For purposes of this presentation, and consistent with GAAP, Borgata has been consolidated for the entire period presented, or for the period from July 1, 2010 through September 30, 2010. The historical column reflects the equity method accounting for Borgata. The consolidating columns are presented for purposes of additional disclosure and as a reconciliation to the current GAAP presentation of Boyd Gaming Corporation.

Three Months Ended September 30, 2010

Boyd Gaming Corp

Boyd Gaming Corp

Historical

MDDC LLC

Adjustments

Consolidated

(In thousands, except per share data)

Revenues

   Gaming

$          326,907

$         176,839

$                   -

$        503,746

   Food and beverage

57,932

43,232

-

101,164

   Room

30,052

34,090

-

64,142

   Other

21,273

12,687

-

33,960

Gross revenues

436,164

266,849

-

703,012

Less promotional allowances

48,473

59,161

-

107,634

       Net revenues

387,691

207,688

-

595,378

Costs and expenses

   Gaming

167,025

70,576

-

237,601

   Food and beverage

30,990

19,700

-

50,690

   Room

9,292

4,369

-

13,661

   Other

17,754

10,335

-

28,089

   Selling, general and administrative

69,524

31,173

-

100,697

   Maintenance and utilities

25,446

17,215

-

42,661

   Depreciation and amortization

35,999

16,452

-

52,451

   Corporate expense

11,021

-

-

11,021

   Preopening expenses

2,684

-

-

2,684

   Write-downs and other charges, net

1,344

(4)

-

1,340

       Total costs and expenses

371,079

169,816

-

540,895

Operating income from Borgata

18,942

-

(18,942)

-

Operating income

35,554

37,871

(18,942)

54,483

Other expense (income)

   Interest income

-

-

-

-

   Interest expense, net of amounts capitalized

28,506

17,275

-

45,781

   Gain on early retirements of debt

-

-

-

-

   Other income

(10,000)

-

-

(10,000)

   Gain on equity distribution

(2,535)

-

-

(2,535)

   Other non-operating expenses from Borgata, net

9,667

-

(9,667)

-

       Total other expense, net

25,638

17,275

(9,667)

33,246

Income before income taxes

9,916

20,596

(9,275)

21,237

Income taxes

(4,325)

(2,046)

-

(6,371)

Net income

5,591

18,550

(9,275)

14,866

Noncontrolling interest

-

-

(9,275)

(9,275)

Net income attributable to Boyd Gaming Corporation

$              5,591

$           18,550

$        (18,550)

$            5,591

Basic net income per common share

$                0.06

$              0.06

Weighted average basic shares outstanding

86,582

86,582

Diluted net income per common share

$                0.06

$              0.06

Weighted average diluted shares outstanding

86,684

86,684

The following supplemental pro forma information presents the financial results as if the effective control of Borgata had occurred on July 1, 2009 for the three months ended September 30, 2009, to provide a basis of comparability to the three months ended September 30, 2010. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what the actual results would have been had the consolidation of Borgata been completed as of the earlier dates, nor are they indicative of any future results.

Three Months Ended September 30, 2009

Boyd Gaming Corp

Boyd Gaming Corp

Historical

MDDC LLC

Adjustments

Pro Forma

(In thousands, except per share data)

Revenues

   Gaming

$          332,054

$  195,355

$                   -

$          527,409

   Food and beverage

55,695

42,630

-

98,325

   Room

30,062

33,892

-

63,954

   Other

24,722

12,889

-

37,611

Gross revenues

442,533

284,766

-

727,299

Less promotional allowances

44,290

62,169

-

106,459

       Net revenues

398,243

222,597

-

620,840

Costs and expenses

   Gaming

161,690

74,726

-

236,416

   Food and beverage

31,026

18,745

-

49,771

   Room

10,186

3,736

-

13,922

   Other

19,863

10,505

-

30,368

   Selling, general and administrative

70,901

31,620

-

102,521

   Maintenance and utilities

24,753

15,706

-

40,459

   Depreciation and amortization

40,578

19,208

325

60,111

   Corporate expense

11,356

-

-

11,356

   Preopening expenses

4,880

-

-

4,880

   Write-downs and other charges, net

14,287

(28,677)

-

(14,390)

       Total costs and expenses

389,520

145,569

325

535,414

Operating income from Borgata

38,189

-

(38,189)

-

Operating income

46,912

77,028

(38,514)

85,426

Other expense (income)

   Interest income

(1)

(1)

   Interest expense, net of amounts capitalized

32,300

6,423

-

38,723

   Gain on early retirements of debt

(3,604)

-

-

(3,604)

   Other non-operating expenses

30

-

-

30

   Other non-operating expenses from Borgata, net

7,204

-

(7,204)

-

       Total other expense, net

35,929

6,423

(7,204)

35,148

Income before income taxes

10,983

70,605

(31,310)

50,278

Income taxes

(4,668)

(7,986)

-

(12,654)

Net income

6,315

62,619

(31,310)

37,624

Noncontrolling interest

-

-

(31,309)

(31,309)

Net income attributable to Boyd Gaming Corporation

$              6,315

$    62,619

$        (62,619)

$              6,315

Basic net income per common share

$                0.07

$                0.07

Weighted average basic shares outstanding

86,264

86,264

Diluted net income per common share

$                0.07

$                0.07

Weighted average diluted shares outstanding

86,436

86,436

The following table sets forth the consolidation of Borgata from a basis comparable to the historical reporting by Boyd Gaming Corporation. For purposes of this presentation, and consistent with GAAP, Borgata has been consolidated for the period from March 24, 2010 through September 30, 2010. The historical column reflects the equity method accounting for Borgata. The consolidating columns are presented for purposes of additional disclosure and as a reconciliation to the current GAAP presentation of Boyd Gaming Corporation.

Nine Months Ended September 30, 2010

Boyd Gaming Corp

MDDC LLC

Boyd Gaming Corp

Historical

3/24/2010 to 9/30/2010

Adjustments

Consolidated

(In thousands, except per share data)

Revenues

   Gaming

$           986,969

$          357,314

$              -

$        1,344,283

   Food and beverage

172,794

82,372

-

255,166

   Room

90,205

64,042

-

154,247

   Other

67,548

24,047

-

91,595

Gross revenues

1,317,516

527,775

-

1,845,291

Less promotional allowances

139,912

116,420

-

256,332

       Net revenues

1,177,604

411,355

-

1,588,959

Costs and expenses

   Gaming

493,812

141,649

-

635,461

   Food and beverage

92,888

39,593

-

132,481

   Room

28,174

8,593

-

36,767

   Other

54,805

19,528

-

74,333

   Selling, general and administrative

206,168

64,473

-

270,641

   Maintenance and utilities

69,433

35,337

-

104,770

   Depreciation and amortization

111,592

36,313

-

147,905

   Corporate expense

36,636

-

-

36,636

   Preopening expenses

4,990

-

-

4,990

   Write-downs and other charges, net

4,924

8

-

4,932

       Total costs and expenses

1,103,422

345,494

-

1,448,916

Operating income from Borgata

41,083

-

(32,937)

8,146

Operating income

115,265

65,861

(32,937)

148,189

Other expense (income)

   Interest income

(4)

-

-

(4)

   Interest expense, net of amounts capitalized

86,091

23,347

-

109,438

   Gain on early retirements of debt

(3,949)

-

-

(3,949)

   Other income

(10,000)

(10,000)

   Gain on equity distribution

(2,535)

(2,535)

   Other non-operating expenses from Borgata, net

16,905

-

(13,772)

3,133

       Total other expense, net

86,508

23,347

(13,772)

96,083

Income before income taxes

28,757

42,514

(19,165)

52,106

Income taxes

(11,349)

(4,183)

-

(15,532)

Net income

17,408

38,331

(19,165)

36,574

Noncontrolling interest

-

-

(19,166)

(19,166)

Net income attributable to Boyd Gaming Corporation

$             17,408

$            38,331

$   (38,331)

$             17,408

Basic net income per common share

$                 0.20

$                 0.20

Weighted average basic shares outstanding

86,508

86,508

Diluted net income per common share

$                 0.20

$                 0.20

Weighted average diluted shares outstanding

86,724

86,724

The following supplemental pro forma information presents the financial results as if the effective control of Borgata had occurred on July 1, 2009 for the nine months ended September 30, 2009, to provide a basis of comparability to the nine months ended September 30, 2010. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what the actual results would have been had the consolidation of Borgata been completed as of the earlier dates, nor are they indicative of any future results.

Nine Months Ended September 30, 2009

Boyd Gaming Corp

Boyd Gaming Corp

Historical

MDDC LLC

Adjustments

Pro Forma

(In thousands, except share and per share data)

Revenues

   Gaming

$    1,051,714

$ 538,041

$                -

$       1,589,755

   Food and beverage

173,424

111,113

-

284,537

   Room

93,251

87,056

-

180,307

   Other

76,143

32,496

-

108,639

Gross revenues

1,394,532

768,706

-

2,163,238

Less promotional allowances

138,494

166,706

-

305,200

       Net revenues

1,256,038

602,000

-

1,858,038

Costs and expenses

   Gaming

502,029

215,268

-

717,297

   Food and beverage

94,524

48,822

-

143,346

   Room

30,212

8,998

-

39,210

   Other

58,730

26,585

-

85,315

   Selling, general and administrative

217,492

96,250

-

313,742

   Maintenance and utilities

70,111

44,866

-

114,977

   Depreciation and amortization

125,324

59,339

973

185,636

   Corporate expense

35,077

-

-

35,077

   Preopening expenses

14,773

699

-

15,472

   Write-downs and other charges, net

41,415

(28,616)

-

12,799

       Total costs and expenses

1,189,687

472,211

973

1,662,871

Operating income from Borgata

63,921

-

(63,921)

-

Operating income

130,272

129,789

(64,894)

195,167

Other expense (income)

   Interest income

(5)

-

-

(5)

   Interest expense, net of amounts capitalized

113,806

21,881

-

135,687

   Gain on early retirements of debt

(12,061)

-

-

(12,061)

   Other non-operating expenses

30

-

-

30

   Other non-operating expenses from Borgata, net

16,230

-

(16,230)

-

       Total other expense, net

118,000

21,881

(16,230)

123,651

Income before income taxes

12,272

107,908

(48,664)

71,516

Income taxes

(7,007)

(10,579)

-

(17,586)

Net income

5,265

97,329

(48,664)

53,930

Noncontrolling interest

-

-

(48,665)

(48,665)

Net income attributable to Boyd Gaming Corporation

$           5,265

$   97,329

$     (97,329)

$              5,265

Basic net income per common share

$             0.06

$                0.06

Weighted average basic shares outstanding

86,481

86,481

Diluted net income per common share

$             0.06

$                0.06

Weighted average diluted shares outstanding

86,550

86,550

The following table reconciles the net income in accordance with GAAP to adjusted earnings and adjusted earnings per share.

Three Months Ended

Nine Months Ended

September 30,

September 30,

2010

2009

2010

2009

(In thousands, except per share data)

Net income attributable to Boyd Gaming Corporation

$           5,591

$           6,315

$         17,408

$           5,265

  Adjustments related to Boyd Gaming:

     Preopening expenses

2,684

4,880

4,990

14,773

     Gain on early retirements of debt

-

(3,604)

(3,949)

(12,061)

     Other income

(10,000)

-

(10,000)

-

     Gain on equity distribution

(2,535)

-

(2,535)

-

     Write-downs and other charges, net

1,344

14,287

4,924

41,415

     Other non-operating expenses

-

30

-

30

     Prior period interest expense related to the finalization

     of our purchase price for Dania Jai-Alai

-

-

-

8,883

   Adjustments related to Borgata:

     Our share of Borgata's preopening expenses

-

-

-

349

     Our share of Borgata's write-downs and other items, net

-

(14,339)

34

(14,308)

     Accelerated amortization of deferred loan fees

2,012

2,012

     Write-downs and other charges, net

(4)

8

           Impact on noncontrolling interest

(1,004)

(1,010)

     Income tax effect for above adjustments

3,322

424

2,620

(12,922)

        Adjusted earnings

$           1,410

$           7,993

$         14,502

$         31,424

     Adjusted earnings per diluted share (Adjusted EPS)

$             0.02

$             0.09

$             0.17

$             0.36

     Weighted average diluted shares outstanding

86,684

86,436

86,724

86,550

The following table illustrates the impact of the above adjustments on earnings per share.  

Three Months Ended

Nine Months Ended

September 30,

September 30,

2010

2009

2010

2009

Diluted net income per share

$         0.06

$         0.07

$       0.20

$         0.06

  Adjustments related to Boyd Gaming:

     Preopening expenses

0.03

0.06

0.06

0.17

     Gain on early retirements of debt

-

(0.04)

(0.05)

(0.14)

     Other income

(0.12)

-

(0.12)

-

     Gain on equity distribution

(0.03)

-

(0.03)

-

     Write-downs and other charges, net

0.02

0.17

0.06

0.48

     Other non-operating expenses

-

0.00

-

0.00

     Prior period interest expense related to the finalization

     of our purchase price for Dania Jai-Alai

-

-

-

0.10

  Adjustments related to Borgata:

     Our share of Borgata's preopening expenses

-

-

-

0.00

     Our share of Borgata's write-downs and other items, net

-

(0.17)

0.00

(0.17)

     Accelerated amortization of deferred loan fees

0.02

-

0.02

-

     Write-downs and other charges, net

(0.00)

-

0.00

-

           Impact on noncontrolling interest

(0.01)

-

(0.01)

-

     Income tax effect for above adjustments

0.04

0.00

0.03

(0.15)

         Adjusted earnings per share

$         0.02

$         0.09

$       0.17

$         0.36

The following table presents Net Revenues and Adjusted EBITDA by operating segment and reconciles Adjusted EBITDA to net income attributable to Boyd Gaming Corporation on our condensed consolidated statements of operations for the three and nine months ended September 30, 2010 and 2009. Note that the results from Dania Jai-Alai are classified as part of total other operating costs and expenses and are not included in Adjusted EBITDA. Additionally, the results for the three months ended September 30, 2010, as reported in the table below, reflect the consolidation of Borgata for the entire period and the results for the nine months ended September 30, 2010 reflect the consolidation of Borgata for the period from March 24, 2010 through September 30, 2010. The three and nine month periods ended September 30, 2009 are reported on a historical basis.

Three Months Ended

Nine Months Ended

September 30,

September 30,

2010

2009

2010

2009

Net Revenues

(In thousands)

   Las Vegas Locals

$ 145,593

$ 150,749

$    455,243

$    486,975

   Downtown Las Vegas

51,898

54,857

161,088

171,100

   Midwest and South

188,695

190,864

556,221

592,085

   Atlantic City

207,687

-

411,355

-

           Reportable Segment Net revenues

593,873

396,470

1,583,907

1,250,160

   Other

1,505

1,773

5,052

5,878

           Net revenues

$ 595,378

$ 398,243

$ 1,588,959

$ 1,256,038

Adjusted EBITDA

   Las Vegas Locals

$   26,116

$   31,363

$    103,339

$    120,600

   Downtown Las Vegas

5,679

8,701

23,361

33,855

   Midwest and South

38,407

42,567

113,276

136,165

       Wholly-owned property Adjusted EBITDA

70,202

82,631

239,976

290,620

        Corporate expense

(9,144)

(9,157)

(30,065)

(27,353)

        Wholly-owned Adjusted EBITDA

61,058

73,474

209,911

263,267

   Atlantic City

54,319

-

102,182

-

       Our share of Borgata's operating income before net

         amortization, preopening and other items

-

24,175

8,180

50,935

           Adjusted EBITDA

$ 115,377

$   97,649

$    320,273

$    314,202

Other operating costs and expenses

   Deferred rent

1,069

1,090

3,204

3,266

   Depreciation and amortization

52,451

40,903

147,905

126,297

   Preopening expenses

2,684

4,880

4,990

14,773

   Our share of Borgata's preopening expenses

-

-

-

349

   Our share of Borgata's write-downs and other items, net

-

(14,339)

34

(14,308)

   Share-based compensation expense

2,396

2,886

8,124

9,784

   Write-downs and other charges, net

1,340

14,287

4,932

41,415

   Other

954

1,030

2,895

2,354

           Total other operating costs and expenses

60,894

50,737

172,084

183,930

Operating income

54,483

46,912

148,189

130,272

Other non-operating items

   Interest expense, net

45,781

32,299

109,434

113,801

   Gain on early retirements of debt

-

(3,604)

(3,949)

(12,061)

   Other income

(10,000)

-

(10,000)

-

   Gain on equity distribution

(2,535)

-

(2,535)

-

   Other non-operating expenses

-

30

-

30

   Our share of Borgata's non-operating expenses, net

-

7,204

3,133

16,230

           Total other non-operating costs and expenses, net

33,246

35,929

96,083

118,000

Income before income taxes

21,237

10,983

52,106

12,272

Income taxes

(6,371)

(4,668)

(15,532)

(7,007)

Net income

14,866

6,315

36,474

5,265

Noncontrolling interest

(9,275)

-

(19,166)

-

Net income attributable to Boyd Gaming Corporation

$     5,591

$     6,315

$      17,408

$        5,265

The following table sets forth the consolidation of Borgata from a basis comparable to the historical reporting by Boyd Gaming Corporation. For purposes of this presentation, and consistent with GAAP, Borgata has been consolidated for the entire period presented, or for the period from July 1, 2010 through September 30, 2010. The historical column reflects the equity method accounting for Borgata. The consolidating columns are presented for purposes of additional disclosure and as a reconciliation to the current GAAP presentation of Boyd Gaming Corporation.

Three Months Ended September 30, 2010

Boyd Gaming Corp

MDDC LLC

Boyd Gaming Corp

Historical

7/1/2010 to 9/30/2010

Adjustments

Consolidated

(In thousands)

Net Revenues

   Las Vegas Locals

$        145,593

$                   -

$            -

$      145,593

   Downtown Las Vegas

51,898

-

-

51,898

   Midwest and South

188,695

-

-

188,695

   Atlantic City

-

207,687

-

207,687

           Reportable Segment Net revenues

386,186

207,687

-

593,873

   Other

1,505

-

-

1,505

           Net revenues

$        387,691

$       207,687

$            -

$      595,378

Adjusted EBITDA

   Las Vegas Locals

$          26,116

$                   -

$            -

$        26,116

   Downtown Las Vegas

5,679

-

-

5,679

   Midwest and South

38,407

-

-

38,407

       Wholly-owned property Adjusted EBITDA

70,202

-

-

70,202

        Corporate expense

(9,144)

-

-

(9,144)

        Wholly-owned Adjusted EBITDA

61,058

-

-

61,058

   Atlantic City

-

54,319

-

54,319

       Our share of Borgata's operating income before net

         amortization, preopening and other items

18,942

-

(18,942)

-

           Adjusted EBITDA

$          80,000

$         54,319

$ (18,942)

$      115,377

Other operating costs and expenses

   Deferred rent

1,069

-

-

1,069

   Depreciation and amortization

35,999

16,452

-

52,451

   Preopening expenses

2,684

-

-

2,684

   Share-based compensation expense

2,396

-

-

2,396

   Write-downs and other charges, net

1,344

(4)

-

1,340

   Other

954

-

-

954

           Total other operating costs and expenses

44,446

16,448

-

60,894

Operating income

35,554

37,871

(18,942)

54,483

Other non-operating items

   Interest expense, net

28,506

17,275

-

45,781

   Gain on early retirements of debt

-

-

-

   Other income

(10,000)

(10,000)

   Gain on equity distribution

(2,535)

(2,535)

   Our share of Borgata's non-operating expenses, net

9,667

-

(9,667)

-

           Total other non-operating costs and expenses, net

25,638

17,275

(9,667)

33,246

Income before income taxes

9,916

20,596

(9,275)

21,237

Income taxes

(4,325)

(2,046)

-

(6,371)

Net income

5,591

18,550

(9,275)

14,866

Noncontrolling interest

-

-

(9,275)

(9,275)

Net income attributable to Boyd Gaming Corporation

$            5,591

$         18,550

$ (18,550)

$          5,591

The following supplemental pro forma information presents the financial results as if the effective control of Borgata had occurred on July 1, 2009. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what the actual results would have been had the consolidation of Borgata been completed as of the earlier dates, nor are they indicative of any future results.

Three Months Ended September 30, 2009

Boyd Gaming Corp

MDDC LLC

Boyd Gaming Corp

Historical

7/1/2009 to 9/30/2009

Adjustments

Pro Forma

(In thousands)

Net Revenues

   Las Vegas Locals

$           150,749

$                         -

$             -

$          150,749

   Downtown Las Vegas

54,857

-

-

54,857

   Midwest and South

190,864

-

-

190,864

   Atlantic City

-

222,597

-

222,597

           Reportable Segment Net revenues

396,470

222,597

-

619,067

   Other

1,773

-

-

1,773

           Net revenues

$           398,243

$             222,597

$             -

$          620,840

Adjusted EBITDA

   Las Vegas Locals

$             31,363

$                         -

$             -

$            31,363

   Downtown Las Vegas

8,701

-

-

8,701

   Midwest and South

42,567

-

-

42,567

       Wholly-owned property Adjusted EBITDA

82,631

-

-

82,631

        Corporate expense

(9,157)

-

-

(9,157)

        Wholly-owned Adjusted EBITDA

73,474

-

-

73,474

   Atlantic City

-

67,559

-

67,559

       Our share of Borgata's operating income before net

-

         amortization, preopening and other items

24,175

-

(24,175)

-

           Adjusted EBITDA

$             97,649

$               67,559

$  (24,175)

$          141,033

Other operating costs and expenses

-

-

   Deferred rent

1,090

-

-

1,090

   Depreciation and amortization

40,903

19,208

-

60,111

   Preopening expenses

4,880

-

-

4,880

   Our share of Borgata's preopening expenses

-

-

-

-

   Our share of Borgata's write-downs and other items, net

(14,339)

-

14,339

-

   Share-based compensation expense

2,886

-

-

2,886

   Write-downs and other charges, net

14,287

(28,677)

-

(14,390)

   Other

1,030

-

-

1,030

           Total other operating costs and expenses

50,737

(9,469)

14,339

55,607

Operating income

46,912

77,028

(38,514)

85,426

Other non-operating items

   Interest expense, net

32,299

6,423

-

38,722

   Gain on early retirements of debt

(3,604)

-

-

(3,604)

   Other non-operating expenses

30

-

-

30

   Our share of Borgata's non-operating expenses, net

7,204

-

(7,204)

-

           Total other non-operating costs and expenses, net

35,929

6,423

(7,204)

35,148

Income before income taxes

10,983

70,605

(31,310)

50,278

Income taxes

(4,668)

(7,986)

-

(12,654)

Net income

6,315

62,619

(31,310)

37,624

Noncontrolling interest

-

-

(31,309)

(31,309)

Net income attributable to Boyd Gaming Corporation

$               6,315

$               62,619

$  (62,619)

$              6,315

The following supplemental pro forma information presents the financial results as if the effective control of Borgata had occurred on January 1, 2010, for the nine months ended September 30, 2010. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what the actual results would have been had the consolidation of Borgata been completed as of the earlier dates, nor are they indicative of any future results.

Nine Months Ended September 30, 2010

Boyd Gaming Corp

MDDC LLC

Boyd Gaming Corp

Consolidated

1/1/2010 to 3/23/2010

Adjustments

Pro Forma

(In thousands)

Net Revenues

   Las Vegas Locals

$        455,243

$                  -

$                -

$         455,243

   Downtown Las Vegas

161,088

-

-

161,088

   Midwest and South

556,221

-

-

556,221

   Atlantic City

411,355

158,290

-

569,645

           Reportable Segment Net revenues

1,583,907

158,290

-

1,742,197

   Other

5,052

-

-

5,052

           Net revenues

$     1,588,959

$      158,290

$                -

$      1,747,249

Adjusted EBITDA

   Las Vegas Locals

$        103,339

$                  -

$                -

$         103,339

   Downtown Las Vegas

23,361

-

-

23,361

   Midwest and South

113,276

-

-

113,276

       Wholly-owned property Adjusted EBITDA

239,976

-

-

239,976

        Corporate expense

(30,065)

-

-

(30,065)

        Wholly-owned Adjusted EBITDA

209,911

-

-

209,911

   Atlantic City

102,182

33,113

-

135,295

       Our share of Borgata's operating income before net

-

         amortization, preopening and other items

8,180

-

(8,180)

-

           Adjusted EBITDA

$        320,273

$        33,113

$       (8,180)

$         345,206

Other operating costs and expenses

-

-

   Deferred rent

3,204

-

-

3,204

   Depreciation and amortization

147,905

16,754

-

164,659

   Preopening expenses

4,990

-

-

4,990

   Our share of Borgata's preopening expenses

-

-

-

-

   Our share of Borgata's write-downs and other items, net

34

-

(34)

-

   Share-based compensation expense

8,124

-

-

8,124

   Write-downs and other charges, net

4,932

68

-

5,000

   Other

2,895

-

-

2,895

           Total other operating costs and expenses

172,084

16,822

(34)

188,872

Operating income

148,189

16,291

(8,146)

156,334

Other non-operating items

   Interest expense, net

109,434

5,060

-

114,494

   Gain on early retirements of debt

(3,949)

-

-

(3,949)

   Other income

(10,000)

(10,000)

   Gain on equity distribution

(2,535)

(2,535)

   Our share of Borgata's non-operating expenses, net

3,133

-

(3,133)

-

           Total other non-operating costs and expenses, net

96,083

5,060

(3,133)

98,010

Income before income taxes

52,106

11,231

(5,013)

58,324

Income taxes

(15,532)

(1,206)

-

(16,738)

Net income

36,574

10,025

(5,013)

41,586

Noncontrolling interest

(19,166)

-

(5,012)

(24,178)

Net income attributable to Boyd Gaming Corporation

$          17,408

$        10,025

$     (10,025)

$           17,408

The following supplemental pro forma information presents the financial results as if the effective control of Borgata had occurred on July 1, 2009, for the nine months ended September 30, 2009. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what the actual results would have been had the consolidation of Borgata been completed as of the earlier dates, nor are they indicative of any future results.

Nine Months Ended September 30, 2009

Boyd Gaming Corp

MDDC LLC

Boyd Gaming Corp

Historical

1/1/2009 to 9/30/2009

Adjustments

Pro Forma

(In thousands)

Net Revenues

   Las Vegas Locals

$             486,975

$                         -

$               -

$             486,975

   Downtown Las Vegas

171,100

-

-

171,100

   Midwest and South

592,085

-

-

592,085

   Atlantic City

-

602,000

-

602,000

           Reportable Segment Net revenues

1,250,160

602,000

-

1,852,160

   Other

5,878

-

-

5,878

           Net revenues

$          1,256,038

$             602,000

$               -

$          1,858,038

Adjusted EBITDA

   Las Vegas Locals

$             120,600

$                         -

$               -

$             120,600

   Downtown Las Vegas

33,855

-

-

33,855

   Midwest and South

136,165

-

-

136,165

       Wholly-owned property Adjusted EBITDA

290,620

-

-

290,620

        Corporate expense

(27,353)

-

-

(27,353)

        Wholly-owned Adjusted EBITDA

263,267

-

-

263,267

   Atlantic City

-

161,211

-

161,211

       Our share of Borgata's operating income before net

-

         amortization, preopening and other items

50,935

-

(50,935)

-

           Adjusted EBITDA

$             314,202

$             161,211

$    (50,935)

$             424,478

Other operating costs and expenses

-

-

   Deferred rent

3,266

-

-

3,266

   Depreciation and amortization

126,297

59,339

-

185,636

   Preopening expenses

14,773

699

-

15,472

   Our share of Borgata's preopening expenses

349

-

(349)

-

   Our share of Borgata's write-downs and other items, net

(14,308)

-

14,308

-

   Share-based compensation expense

9,784

-

-

9,784

   Write-downs and other charges, net

41,415

(28,616)

-

12,799

   Other

2,354

-

-

2,354

           Total other operating costs and expenses

183,930

31,422

13,959

229,311

Operating income

130,272

129,789

(64,894)

195,167

Other non-operating items

   Interest expense, net

113,801

21,881

-

135,682

   Gain on early retirements of debt

(12,061)

-

-

(12,061)

   Other non-operating expenses

30

-

-

30

   Our share of Borgata's non-operating expenses, net

16,230

-

(16,230)

-

           Total other non-operating costs and expenses, net

118,000

21,881

(16,230)

123,651

Income before income taxes

12,272

107,908

(48,664)

71,516

Income taxes

(7,007)

(10,579)

-

(17,586)

Net income (loss)

5,265

97,329

(48,664)

53,930

Noncontrolling interest

-

-

(48,665)

(48,665)

Net income (loss) attributable to Boyd Gaming Corporation

$                 5,265

$               97,329

$    (97,329)

$                 5,265

The following table reconciles the presentation of corporate expense on our condensed consolidated statements of operations to the presentation on the accompanying table.

Three Months Ended

Nine Months Ended

September 30,

September 30,

2010

2009

2010

2009

(In thousands)

Corporate expense as reported on our condensed

  consolidated statements of operations

$         11,021

$         11,356

$         36,636

$         35,077

Corporate share-based compensation expense

(1,877)

(2,199)

(6,571)

(7,724)

Corporate expense as reported on the accompanying table

$           9,144

$           9,157

$         30,065

$         27,353

The following table reconciles the presentation of our share of Borgata’s operating income on our condensed consolidated statements of operations to the presentation of our share of Borgata’s results on the accompanying table.

Three Months Ended

Nine Months Ended

September 30,

September 30,

2010

2009

2010

2009

(In thousands)

Operating income from Borgata, as reported on our

    condensed consolidated statements of operations

$                   -

$         38,189

$           8,146

$         63,921

Add back:

   Net amortization expense related to our

       investment in Borgata

-

325

-

973

   Our share of preopening expenses

-

-

-

349

   Our share of write-downs and other items, net

-

(14,339)

34

(14,308)

Our share of Borgata's operating income before net

   amortization, preopening and other items

   as reported on the accompanying table

$                   -

$         24,175

$           8,180

$         50,935

The following table reconciles the presentation of depreciation and amortization on our condensed consolidated statements of operations to the presentation on the accompanying table.

Three Months Ended

Nine Months Ended

September 30,

September 30,

2010

2009

2010

2009

(In thousands)

Depreciation and amortization as reported on our

  condensed consolidated statements of operations

$         52,451

$         40,578

$       147,905

$       125,324

Net amortization expense related to our investment in Borgata

-

325

-

973

Depreciation and amortization as reported on

  the accompanying table

$         52,451

$         40,903

$       147,905

$       126,297

The following table presents Borgata's condensed consolidated statements of operations.

Three Months Ended

Nine Months Ended

September 30,

September 30,

2010

2009

2010

2009

(In thousands)

Revenues

   Gaming

$       176,839

$     195,355

$       495,145

$      538,041

   Food and beverage

43,232

42,630

113,589

111,113

   Room

34,090

33,892

88,196

87,056

   Other

12,687

12,889

33,226

32,496

Gross revenues

266,848

284,766

730,156

768,706

Less promotional allowances

59,161

62,169

160,511

166,706

       Net revenues

207,687

222,597

569,645

602,000

Costs and expenses

   Gaming

70,576

74,726

201,510

215,268

   Food and beverage

19,700

18,745

53,093

48,822

   Room

4,369

3,736

10,778

8,998

   Other

10,335

10,505

26,655

26,585

   Selling, general and administrative

31,173

31,620

93,454

96,250

   Maintenance and utilities

17,215

15,706

48,859

44,866

   Depreciation and amortization

16,452

19,208

53,067

59,339

   Preopening expenses

-

-

-

699

   Write-downs and other charges, net

(4)

(28,677)

76

(28,616)

       Total costs and expenses

169,816

145,569

487,492

472,211

Operating income

37,871

77,028

82,153

129,789

Other expense (income)

   Interest expense, net of amounts capitalized

17,275

6,423

28,407

21,881

Income before state income taxes

20,596

70,605

53,746

107,908

State income taxes

(2,046)

(7,986)

(5,389)

(10,579)

Net income

$         18,550

$       62,619

$         48,357

$        97,329

The following table reconciles operating income to Adjusted EBITDA for Borgata.

Three Months Ended

Nine Months Ended

September 30,

September 30,

2010

2009

2010

2009

(In thousands)

Operating income

$         37,871

$         77,028

$       82,153

$       129,789

   Depreciation and amortization

16,452

19,208

53,067

59,339

   Preopening expenses

-

-

-

699

   Write-downs and other items, net

(4)

(28,677)

76

(28,616)

Adjusted EBITDA

$         54,319

$         67,559

$     135,296

$       161,211

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, Adjusted Earnings Per Share (Adjusted EPS) and net revenues (excluding the 8 days of consolidation for Borgata). The following discussion defines these terms and why we believe they are useful measures of our performance.

In the accompanying release, and the Company's periodic reports filed with the Securities and Exchange Commission, Dania Jai-Alai's results are included as part of total other operating costs and expenses. In addition, as of the same date, we reclassified the reporting of corporate expense to exclude it from our subtotal for Reportable Segment Adjusted EBITDA and include it as part of total other operating costs and expenses. Furthermore, in the Company's periodic reports, corporate expense is presented to include its portion of share-based compensation expense.

EBITDA and Adjusted EBITDA

EBITDA is a commonly used measure of performance in our industry which we believe, when considered with measures calculated in accordance with GAAP, gives investors a more complete understanding of 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 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 do not reflect such items when calculating EBITDA; however, we adjust for these items and refer to this measure as Adjusted EBITDA. 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 management in its 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 determining the value of acquisitions and dispositions. Adjusted EBITDA is also widely 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, write-downs and other charges, net, increase in value of derivative instruments, gain on early retirements of debt, other non-operating expenses, 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, increase in value of derivative instruments, write-downs and other charges, net, gain on early retirements of debt, prior period interest expense related to the finalization of our purchase price for Dania Jai-Alai, accelerated interest expense related to our bank credit facility amendment, certain one-time permanent tax readjustments, other non-operating expenses, 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 loss based upon GAAP to Adjusted Earnings and Adjusted EPS are included in the financial schedules accompanying this release.

Pro Forma Effect of Consolidation of Borgata

The effective change in control of Borgata was triggered at the end of the first quarter 2010. For purposes of comparability throughout this release, when such results are reported on a consolidated basis, the results of the prior year are retroactively recast to present such results on a consolidated basis, comparable to the current period. Additionally, for further purposes of comparability, certain year to date amounts have been presented on a pro forma basis, as if the consolidation of Borgata had occurred as of the beginning of the period presented (i.e. January 1, for the nine months ended September 30, 2010, or September 30, 2009, as applicable).

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 the future, including, but not limited to, statements regarding current results in October, that we expect fourth quarter comparisons to be the best quarterly comparisons of the year, that we will be well positioned to capitalize on opportunities presented by a recovering economy, and that there is evidence of a strengthening recovery in Hawaii's tourism industry and that it will bode well for the Company's Hawaiian visitation.  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 our operating results; recovery of our properties in various markets; the state of the economy and its effect on consumer spending and our results of operations; consumer reaction to fluctuations in the stock market and economic factors; the fact that our 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 we draw a significant percentage of our customers; competition; litigation; financial community and rating agency perceptions of the Company; 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, filed with the SEC, 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 16 gaming entertainment properties located in Nevada, New Jersey, Mississippi, Illinois, Indiana, and Louisiana.  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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