SYS-CON MEDIA Authors: Pat Romanski, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

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Boyd Gaming Reports Fourth-Quarter, Full-Year Results

Full-Year 2013 Highlights

LAS VEGAS, March 5, 2014 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the fourth quarter and full year ended December 31, 2013.  

Boyd Gaming logo.

Boyd Gaming reported fourth-quarter 2013 net revenues of $681.5 million, up 9.1% from $624.7 million during the same quarter in 2012.  Total Adjusted EBITDA(1)  was $131.5 million, an increase of 30.4% from $100.9 million in the year-ago quarter.  Results reflect the addition of the operations of Peninsula Gaming, LLC, which was acquired by the Company on November 20, 2012.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "We made great progress executing on our strategic plan in 2013, despite some external headwinds that we faced over the course of the year.  We made significant refinements to our marketing and operations, launched a market-leading online gaming presence in New Jersey, and introduced our Penny Lane initiative across the country.  We successfully integrated Peninsula Gaming into our Company, generating nearly $100 million in free cash flow from these assets during our first full year of ownership.  Our Las Vegas Locals business returned to consistent growth, with four consecutive quarters of EBITDA gains.  And we significantly strengthened our balance sheet, repaying $525 million in debt and eliminating more than $60 million in interest expense."

Smith continued: "Looking ahead, we are taking the right steps to drive efficiencies, grow EBITDA and margins, and maximize long-term shareholder value.  We are well-positioned to capitalize on future growth in online gaming across the country.  We are beginning the roll-out of our B Connected program at the Peninsula properties, further enhancing our ability to cross-market our properties nationwide.  And we continue to pursue opportunities to further expand our pipeline of growth projects.  Boyd Gaming is moving in the right direction, and I am optimistic about our prospects in 2014 and beyond."   

Adjusted Earnings(1) for the fourth quarter 2013 reflect a loss of $26.4 million, or $0.24 per share, compared to a loss of $25.2 million, or $0.29 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.

During the fourth quarter of 2013, Boyd Gaming reported an aggregate pretax loss on early extinguishments of debt of $24.7 million, primarily due to the redemption of all of the outstanding 2015 notes at Borgata using the net proceeds from Borgata's new $380 million term loan. Results for the prior-year period included impairment charges of $1.05 billion, including a $993.9 million impairment charge associated with the former Echelon site on the Las Vegas Strip, sold by the Company on March 4, 2013.  These charges are not included in Adjusted Earnings or Adjusted Earnings per share. 

On a GAAP basis, the Company reported a net loss of $47.3 million, or $0.43 per share, for the fourth quarter 2013, compared to a net loss of $899.9 million, or $10.24 per share, for the year-ago period. 

(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, fourth-quarter 2013 net revenues were $148.6 million, even with net revenues in the prior-year period.  Fourth-quarter 2013 Adjusted EBITDA was $33.2 million, an increase of 5.6% from $31.5 million in the fourth quarter of 2012.  Lower and more effective marketing spend, and continued operating efficiencies, drove the fourth consecutive quarter of year-over-year EBITDA gains, as margins improved by more than 120 basis points. 

Downtown
In the Downtown Las Vegas segment, net revenues were $59.8 million in the fourth quarter of 2013, up 3.7% from $57.7 million in the year-ago period.  Adjusted EBITDA increased 31.8% to $13.1 million, compared to $9.9 million in the fourth quarter of 2012.  The Downtown properties experienced broad-based strength in operations.  Revenue growth at all three properties, as well as efficiencies throughout our operations, contributed to EBITDA gains. 

Midwest and South; Peninsula
In the Midwest and South segment, net revenues were $196.0 million, compared to $213.8 million in the fourth quarter of 2012.  Adjusted EBITDA was $39.7 million, including a one-time, favorable property tax adjustment of $9.3 million. By comparison, Adjusted EBITDA was $34.5 million in the year-ago period. 

During the fourth quarter 2013, the Peninsula segment reported net revenues of $119.9 million and Adjusted EBITDA of $41.0 million.  This compares to net revenues of $56.9 million and Adjusted EBITDA of $21.2 million that Boyd Gaming generated from the business from November 20 to December 31, 2012.

Revenues were impacted by continued softness in consumer spending in many markets, as well as severe winter weather in December.  However, a significant amount of the revenue shortfall's impact on EBITDA was successfully mitigated through ongoing cost-containment measures. 

Borgata
Borgata, the Company's 50% joint venture, reported fourth-quarter 2013 net revenues of $157.1 million, including $2.2 million from its online gaming operations.  This represented a 6.5% increase from the $147.6 million in revenues reported in the year-ago period. Adjusted EBITDA rose 17.0% to $16.4 million, compared to $14.0 million in the fourth quarter of 2012. 

Borgata's December 2013 results were adversely impacted by an unusually low hold percentage and severe winter weather. Prior-year results reflect the impact of Superstorm Sandy. 

Full-Year 2013 Results
For the full year ended December 31, 2013, Boyd Gaming reported net revenues of $2.89 billion, an increase of 16.6% from the $2.48 billion in net revenues reported in the year-ago period.  Total Adjusted EBITDA was $610.4 million, up 35.0% from $452.1 million in the prior year.

Adjusted Earnings for the year ended December 31, 2013, reflect a loss of $33.4 million, or $0.34 per share, compared to a loss of $20.1 million, or $0.23 per share, for the year ended December 31, 2012.

For the full year 2013, Boyd Gaming reported an aggregate pretax loss on early extinguishments and modifications of debt of $54.2 million.  The Company also reported impairment charges of $10.4 million in 2013, as compared to the $1.05 billion reported in the prior year.  Results for all periods reflect the Dania Jai-Alai business (sold in the second quarter of 2013) as discontinued operations. These amounts are excluded from Adjusted Earnings and Adjusted Earnings per share.

On a GAAP basis, including discontinued operations, Boyd Gaming reported a net loss of $80.3 million, or $0.83 per share, for the full year ended December 31, 2013.  By comparison, the Company reported a net loss of $908.9 million, or $10.37 per share, for the comparable prior-year period.

Key Balance Sheet Statistics
As of December 31, 2013, Boyd Gaming had cash on hand of $177.8 million, including $31.2 million related to Peninsula and $37.5 million related to Borgata.

Total debt was $4.43 billion, of which $1.15 billion was related to Peninsula and $813.4 million was related to Borgata. 

First-Quarter and Full-Year 2014 Guidance
For the first quarter of 2014, Boyd Gaming expects to generate total Adjusted EBITDA (including Peninsula and Borgata) of $140 million to $145 million.

For the full year 2014, Boyd Gaming currently projects total Adjusted EBITDA, including Peninsula and Borgata, of $600 million to $630 million.

Conference Call Information
Boyd Gaming will host its conference call to discuss fourth-quarter and full-year 2013 results today, March 5, at 5:00 p.m. Eastern.  The conference call number is (888) 317-6003, passcode 9793904.  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=98245

Following the call's completion, a replay will be available by dialing (877) 344-7529 today, March 5, beginning at 7:00 p.m. Eastern and continuing through Thursday, March 13, at 9 a.m. Eastern.  The conference number for the replay will be 10041845.  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


Year Ended


December 31,


December 31,

(In thousands, except per share data)

2013


2012


2013


2012

Revenues








   Gaming

$

585,261


$

541,451


$

2,478,983


$

2,106,211

   Food and beverage

107,392


99,308


446,367


417,184

   Room

62,063


59,314


265,371


264,903

   Other

40,173


34,760


165,190


145,176

Gross revenues

794,889


734,833


3,355,911


2,933,474

   Less promotional allowances

113,352


110,134


461,473


450,646

     Net revenues

681,537


624,699


2,894,438


2,482,828









Costs and expenses








   Gaming

283,407


267,588


1,170,843


1,006,830

   Food and beverage

58,131


50,368


240,081


219,497

   Room

12,727


11,860


54,338


55,531

   Other

29,171


28,324


121,600


110,967

   Selling, general and administrative

116,361


118,575


490,226


449,286

   Maintenance and utilities

40,412


38,384


166,398


154,308

   Depreciation and amortization

69,055


63,177


278,413


214,236

   Corporate expense

20,661


14,522


63,249


50,719

   Preopening expenses

4,203


6,053


9,032


11,541

   Impairments of assets

4,101


1,053,526


10,383


1,053,526

   Asset transactions costs

3,311


11,525


5,576


18,442

   Other operating charges and credits, net

817


(2,476)


5,998


(11,792)

     Total costs and expenses

642,357


1,661,426


2,616,137


3,333,091

Operating income (loss)

39,180


(1,036,727)


278,301


(850,263)









Other expense (income)








   Interest income

(368)


(485)


(2,147)


(1,169)

   Interest expense, net of amounts capitalized

77,377


87,273


344,330


290,004

   Loss on early extinguishments of debt

24,689



54,202


   Other, net

(1,755)


137


(2,090)


137

     Total other expense, net

99,943


86,925


394,295


288,972









Loss from continuing operations before income taxes

(60,763)


(1,123,652)


(115,994)


(1,139,235)

   Income taxes

(6,828)


214,362


(3,350)


220,789

Loss from continuing operations, net of tax

(67,591)


(909,290)


(119,344)


(918,446)

Income (loss) from discontinued operations, net of tax


(2,487)


10,790


(4,629)

Net loss

(67,591)


(911,777)


(108,554)


(923,075)

   Net loss attributable to noncontrolling interest

20,251


11,879


28,290


14,210

Net loss attributable to Boyd Gaming Corporation

$

(47,340)


$

(899,898)


$

(80,264)


$

(908,865)








Basic net loss per common share







   Continuing operations

$

(0.43)


$

(10.22)


$

(0.94)


$

(10.32)

   Discontinued operations


(0.02)


0.11


(0.05)

     Basic net loss per common share

$

(0.43)


$

(10.24)


$

(0.83)


$

(10.37)

   Weighted average basic shares outstanding

109,471


87,846


97,243


87,652








Diluted net loss per common share







   Continuing operations

$

(0.43)


$

(10.22)


$

(0.94)


$

(10.32)

   Discontinued operations


(0.02)


0.11


(0.05)

     Diluted net loss per common share

$

(0.43)


$

(10.24)


$

(0.83)


$

(10.37)

   Weighted average diluted shares outstanding

109,471


87,846


97,243


87,652

         

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA to Operating Income (Loss)

(Unaudited)



Three Months Ended


Year Ended


December 31,


December 31,

(In thousands)

2013


2012


2013


2012

Net Revenues by Reportable Segment








   Las Vegas Locals

$

148,639


$

148,743


$

591,447


$

591,306

   Downtown Las Vegas

59,831


57,684


222,715


224,178

   Midwest and South

196,025


213,782


864,247


924,197

   Peninsula (1)

119,914


56,925


520,329


56,925

   Borgata

157,128


147,565


695,700


686,222

     Net revenues

$

681,537


$

624,699


$

2,894,438


$

2,482,828









Adjusted EBITDA by Reportable Segment








   Las Vegas Locals

$

33,223


$

31,450


$

137,501


$

128,742

   Downtown Las Vegas

13,094


9,935


35,036


32,832

   Midwest and South

39,733


34,508


179,976


192,349

   Peninsula (1)

40,960


21,152


185,269


21,152

     Wholly owned property Adjusted EBITDA

127,010


97,045


537,782


375,075

   Corporate expense (2)

(11,919)


(10,198)


(46,594)


(39,954)

     Wholly owned Adjusted EBITDA

115,091


86,847


491,188


335,121

   Borgata

16,393


14,010


119,237


116,976

     Adjusted EBITDA

131,484


100,857


610,425


452,097









Other operating costs and expenses








   Deferred rent

959


996


3,831


3,984

   Depreciation and amortization

69,055


63,177


278,413


214,236

   Preopening expenses

4,203


6,053


9,032


11,541

   Share-based compensation expense

9,858


4,687


18,891


12,247

   Impairments of assets

4,101


1,053,526


10,383


1,053,526

   Asset transactions costs

3,311


11,525


5,576


18,442

   Other operating charges and credits, net

817


(2,380)


5,998


(11,616)

     Total other operating costs and expenses

92,304


1,137,584


332,124


1,302,360

Operating income (loss)

39,180


(1,036,727)


278,301


(850,263)

Other non-operating items








   Interest expense, net

77,009


86,788


342,183


288,835

   Loss on early extinguishments of debt

24,689



54,202


   Other, net

(1,755)


137


(2,090)


137

     Total other non-operating items, net

99,943


86,925


394,295


288,972

Loss from continuing operations before taxes

(60,763)


(1,123,652)


(115,994)


(1,139,235)

   Income taxes

(6,828)


214,362


(3,350)


220,789

Loss from continuing operations, net of tax

(67,591)


(909,290)


(119,344)


(918,446)

Income (loss) from discontinued operations, net of tax


(2,487)


10,790


(4,629)

Net loss

(67,591)


(911,777)


(108,554)


(923,075)

   Net loss attributable to noncontrolling interest

20,251


11,879


28,290


14,210

Net loss attributable to Boyd Gaming Corporation

$

(47,340)


$

(899,898)


$

(80,264)


$

(908,865)


_______________________________________________

(1)

Peninsula Gaming was acquired on November 20, 2012.

(2)

Reconciliation of corporate expense:

       


Three Months Ended


Year Ended


December 31,


December 31,

(In thousands)

2013


2012


2013


2012

Corporate expense as reported on Consolidated Statements of Operations

$

20,661


$

14,522


$

63,249


$

50,719

Corporate share-based compensation expense

(8,742)


(4,324)


(16,655)


(10,765)

Corporate expense as reported on the above table

$

11,919


$

10,198


$

46,594


$

39,954

       

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Net Loss to Adjusted Earnings (Loss) and Net Loss Per Share to Adjusted Earnings (Loss) Per Share

(Unaudited)



Three Months Ended


Year Ended


December 31,


December 31,

(In thousands, except per share data)

2013


2012


2013


2012

Net loss attributable to Boyd Gaming Corporation

$

(47,340)


$

(899,898)


$

(80,264)


$

(908,865)

Less: (income) loss from discontinued operations, net of tax (1)


2,487


(10,790)


4,629

Adjusted net loss attributable to Boyd Gaming Corporation

(47,340)


(897,411)


(91,054)


(904,236)









Pretax adjustments related to Boyd Gaming:








   Preopening expenses, excluding impact of LVE

616


8,776


6,909


22,196

   Loss on early extinguishments of debt

1,368



28,346


   Impairments of assets

4,101


1,050,715


5,351


1,050,715

   Asset transactions costs

3,336


11,734


5,396


18,651

   Adjustments to property tax accruals, net

(9,325)



(9,325)


(1,255)

   Other operating charges and credits, net

825


6


2,861


(5,498)

   Interest on acquisition financing


4,163



7,776

   Other (income) loss

(1,509)


137


(2,325)


137









Pretax adjustments related to Borgata:








   Preopening expenses

3,587



4,056


240

   Loss on early extinguishments of debt

23,321



25,856


   Valuation adjustments related to consolidation, net

(290)


(137)


(973)


295

   Impairments of assets


2,811


5,032


2,811

   Asset transactions costs

(25)


(209)


180


(209)

   Other operating charges and credits, net

(8)


(2,483)


3,137


(6,294)

     Total adjustments

25,997


1,075,513


74,501


1,089,565









 Income tax effect for above adjustments

8,245


(203,283)


1,844


(207,020)

 Impact on noncontrolling interest, net

(13,294)


9


(18,649)


1,579

Adjusted loss

$

(26,392)


$

(25,172)


$

(33,358)


$

(20,112)









Net loss per share attributable to Boyd Gaming Corporation

$

(0.43)


$

(10.24)


$

(0.83)


$

(10.37)

Less: (income) loss from discontinued operations, net of tax (1)


0.02


(0.11)


0.05

Adjusted net loss per share attributable to Boyd Gaming Corporation

(0.43)


(10.22)


(0.94)


(10.32)

 Pretax adjustments related to Boyd Gaming:








   Preopening expenses, excluding impact of LVE

0.01


0.10


0.07


0.25

   Loss on early extinguishments of debt

0.01



0.29


   Impairments of assets

0.04


11.96


0.06


11.99

   Asset transactions costs

0.03


0.13


0.06


0.21

   Adjustments to property tax accruals, net

(0.09)



(0.10)


(0.01)

   Other operating charges and credits, net

0.01



0.03


(0.06)

   Interest on acquisition financing


0.05



0.09

   Other (income) loss

(0.02)



(0.02)










 Pretax adjustments related to Borgata:








   Preopening expenses

0.03



0.04


   Loss on early extinguishments of debt

0.21



0.27


   Valuation adjustments related to consolidation, net



(0.01)


   Impairments of assets


0.03


0.05


0.03

   Asset transactions costs




   Other operating charges and credits, net


(0.03)


0.03


(0.07)

     Total adjustments

0.23


12.24


0.77


12.43









 Income tax effect for above adjustments

0.08


(2.31)


0.02


(2.36)

 Impact on noncontrolling interest, net

(0.12)



(0.19)


0.02

Adjusted loss per share

$

(0.24)


$

(0.29)


$

(0.34)


$

(0.23)









Weighted average shares outstanding

109,471


87,846


97,243


87,652


_______________________________________________

(1)

Results for all periods are adjusted to exclude the financial results of Dania Jai-Alai, which was sold during the second quarter of 2013.

       

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Condensed Consolidating Statements of Income

Three Months Ended December 31, 2013

(Unaudited)




Boyd Gaming Wholly Owned







(In thousands, except per share data)


Excluding

Peninsula

Segment


Peninsula

Segment


Eliminations


Total


Borgata (1)


Eliminations


Boyd Gaming

Consolidated

Revenues















   Gaming


$

330,687


$

110,882


$


$

441,569


$

143,692


$


$

585,261

   Food and beverage


65,629


9,682



75,311


32,081



107,392

   Room


36,080




36,080


25,983



62,063

   Other


31,035


4,521


(4,423)


31,133


9,040



40,173

Gross revenues


463,431


125,085


(4,423)


584,093


210,796



794,889

   Less promotional allowances


54,513


5,171



59,684


53,668



113,352

     Net revenues


408,918


119,914


(4,423)


524,409


157,128



681,537
















Costs and expenses















   Gaming


169,328


52,866



222,194


61,213



283,407

   Food and beverage


35,245


6,313



41,558


16,573



58,131

   Room


9,960




9,960


2,767



12,727

   Other


18,322


7,520


(4,423)


21,419


7,752



29,171

   Selling, general and administrative


65,418


13,389



78,807


37,554



116,361

   Maintenance and utilities


22,247


3,288



25,535


14,877



40,412

   Depreciation and amortization


33,081


21,676



54,757


14,298



69,055

   Corporate expense


20,088


573



20,661




20,661

   Preopening expenses


616




616


3,587



4,203

   Impairments of assets


901


3,200



4,101




4,101

   Asset transactions costs


1,568


1,768



3,336


(25)



3,311

   Other, net


711


114



825


(8)



817

     Total costs and expenses


377,485


110,707


(4,423)


483,769


158,588



642,357
















Operating loss from Borgata


(729)




(729)



729

















Operating income (loss)


30,704


9,207



39,911


(1,460)


729


39,180
















Other expense (income)















   Interest income


123


(491)



(368)




(368)

   Interest expense, net of amounts capitalized


38,254


19,687



57,941


19,436



77,377

   Loss on early extinguishments of debt



1,368



1,368


23,321



24,689

   Other, net


(1,523)


(232)



(1,755)




(1,755)

   Other non-operating expenses from Borgata, net


19,521




19,521



(19,521)


        Total other expense, net


56,375


20,332



76,707


42,757


(19,521)


99,943
















Income (loss) from continuing operations before taxes


(25,671)


(11,125)



(36,796)


(44,217)


20,250


(60,763)

   Income taxes


(10,306)


(236)



(10,542)


3,714



(6,828)

Income (loss) from continuing operations, net of tax


(35,977)


(11,361)



(47,338)


(40,503)


20,250


(67,591)

Income (loss) from discontinued operations, net of tax








Net income (loss)


(35,977)


(11,361)



(47,338)


(40,503)


20,250


(67,591)

   Net income (loss) attributable to noncontrolling interest







20,251


20,251

Net income (loss) attributable to Boyd Gaming Corporation


$

(35,977)


$

(11,361)


$


$

(47,338)


$

(40,503)


$

40,501


$

(47,340)
















       

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Condensed Consolidating Statements of Income

Three Months Ended December 31, 2013

(Unaudited)




Boyd Gaming Wholly Owned







(In thousands, except per share data)


Excluding

Peninsula

Segment


Peninsula

Segment


Eliminations


Total


Borgata (1)


Eliminations


Boyd Gaming

Consolidated
















Basic net loss per common share















   Continuing operations








$

(0.43)






$

(0.43)

   Discontinued operations













     Basic net loss per common share








$

(0.43)






$

(0.43)

   Weighted average basic shares outstanding








109,471






109,471
















Diluted net loss per common share















   Continuing operations








$

(0.43)






$

(0.43)

   Discontinued operations













     Diluted net loss per common share








$

(0.43)






$

(0.43)

   Weighted average diluted shares outstanding








109,471






109,471


_______________________________________________

(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 Consolidating Statements of Income

Three Months Ended December 31, 2012

(Unaudited)




Boyd Gaming Wholly Owned









(In thousands, except per share data)


Excluding

Peninsula

Segment


Peninsula

Segment (1)


Eliminations


Total


Borgata (2)


LVE (Variable Interest Entity)


Eliminations


Boyd Gaming

Consolidated

Revenues

















   Gaming


$

349,167


$

53,442


$


$

402,609


$

138,842


$


$


$

541,451

   Food and beverage


67,279


3,988



71,267


28,041




99,308

   Room


35,857




35,857


23,457




59,314

   Other


27,285


1,687


(2,181)


26,791


7,969


2,724


(2,724)


34,760

Gross revenues


479,588


59,117


(2,181)


536,524


198,309


2,724


(2,724)


734,833

   Less promotional allowances


57,198


2,192



59,390


50,744




110,134

     Net revenues


422,390


56,925


(2,181)


477,134


147,565


2,724


(2,724)


624,699


















Costs and expenses

















   Gaming


183,314


24,565



207,879


59,709




267,588

   Food and beverage


32,462


2,855



35,317


15,051




50,368

   Room


9,313




9,313


2,547




11,860

   Other


20,867


3,271


(2,181)


21,957


6,367




28,324

   Selling, general and administrative


77,184


5,250



82,434


36,100


41



118,575

   Maintenance and utilities


22,591


2,015



24,606


13,778




38,384

   Depreciation and amortization


33,039


13,327



46,366


16,811




63,177

   Corporate expense


14,147


375



14,522





14,522

   Preopening expenses


8,239


538



8,777




(2,724)


6,053

   Impairments of assets


1,050,715




1,050,715


2,811




1,053,526

   Asset transactions costs


11,734




11,734


(209)




11,525

   Other, net


6




6


(2,482)




(2,476)

     Total costs and expenses


1,463,611


52,196


(2,181)


1,513,626


150,483


41


(2,724)


1,661,426


















Operating loss from Borgata


(1,461)




(1,461)




1,461



















Operating income (loss)


(1,042,682)


4,729



(1,037,953)


(2,918)


2,683


1,461


(1,036,727)


















Other expense (income)

















   Interest income


(238)


(247)



(485)





(485)

Interest expense, net of amounts capitalized


52,891


10,065




62,956


21,017


3,300




87,273

   Other, net



137



137





137

   Other non-operating expenses from Borgata, net


9,800




9,800




(9,800)


        Total other expense, net


62,453


9,955



72,408


21,017


3,300


(9,800)


86,925


















Income (loss) from continuing operations before taxes


(1,105,135)


(5,226)



(1,110,361)


(23,935)


(617)


11,261


(1,123,652)

   Income taxes


212,950




212,950


1,412




214,362

Income (loss) from continuing operations, net of tax


(892,185)


(5,226)



(897,411)


(22,523)


(617)


11,261


(909,290)

Income (loss) from discontinued operations, net of tax


(2,487)




(2,487)





(2,487)

Net income (loss)


(894,672)


(5,226)



(899,898)


(22,523)


(617)


11,261


(911,777)

   Net income (loss) attributable to noncontrolling interest







617


11,262


11,879

Net income (loss) attributable to Boyd Gaming Corporation


$

(894,672)


$

(5,226)


$


$

(899,898)


$

(22,523)


$


$

22,523


$

(899,898)


















        

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Condensed Consolidating Statements of Income

Three Months Ended December 31, 2012

(Unaudited)




Boyd Gaming Wholly Owned









(In thousands, except per share data)


Excluding

Peninsula

Segment


Peninsula

Segment (1)


Eliminations


Total


Borgata (2)


LVE (Variable Interest Entity)


Eliminations


Boyd Gaming

Consolidated


















Basic net loss per common share

















   Continuing operations








$

(10.22)








$

(10.22)

   Discontinued operations








(0.02)








(0.02)

     Basic net loss per common share








$

(10.24)








$

(10.24)

   Weighted average basic shares outstanding








87,846








87,846


















Diluted net loss per common share

















   Continuing operations








$

(10.22)








$

(10.22)

   Discontinued operations








(0.02)








(0.02)

     Diluted net loss per common share








$

(10.24)








$

(10.24)

   Weighted average diluted shares outstanding








87,846








87,846


_______________________________________________

(1)

Results of Peninsula Gaming are included from the November 20, 2012, date of acquisition.

(2)

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 Consolidating Statements of Income

Year Ended December 31, 2013

(Unaudited)




Boyd Gaming Wholly Owned









(In thousands, except per share data)


Excluding

Peninsula

Segment


Peninsula Segment


Eliminations


Total


Borgata (1)


LVE (Variable Interest Entity)(2)


Eliminations


Boyd Gaming

Consolidated

Revenues

















   Gaming


$

1,378,458


$

484,791


$


$

1,863,249


$

615,734


$


$


$

2,478,983

   Food and beverage


266,868


39,207



306,075


140,292




446,367

   Room


150,258




150,258


115,113




265,371

   Other


124,463


17,934


(19,584)


122,813


42,377


1,933


(1,933)


165,190

Gross revenues


1,920,047


541,932


(19,584)


2,442,395


913,516


1,933


(1,933)


3,355,911

   Less promotional allowances


222,054


21,603



243,657


217,816




461,473

     Net revenues


1,697,993


520,329


(19,584)


2,198,738


695,700


1,933


(1,933)


2,894,438


















Costs and expenses

















   Gaming


694,581


226,905



921,486


249,357




1,170,843

   Food and beverage


142,579


26,454



169,033


71,048




240,081

   Room


41,404




41,404


12,934




54,338

   Other


74,218


32,324


(19,584)


86,958


34,642




121,600

   Selling, general and administrative


285,700


55,746



341,446


148,780




490,226

   Maintenance and utilities


93,483


13,212



106,695


59,703




166,398

   Depreciation and amortization


130,816


87,851



218,667


59,746




278,413

   Corporate expense


60,576


2,673



63,249





63,249

   Preopening expenses


6,818


91



6,909


4,056



(1,933)


9,032

   Impairments of assets


2,151


3,200



5,351


5,032




10,383

   Asset transactions costs


3,334


2,062



5,396


180




5,576

   Other, net


2,548


313



2,861


3,137




5,998

     Total costs and expenses


1,538,208


450,831


(19,584)


1,969,455


648,615



(1,933)


2,616,137


















Operating income from Borgata


23,542




23,542




(23,542)



















Operating income


183,327


69,498



252,825


47,085


1,933


(23,542)


278,301


















Other expense (income)

















   Interest income


(21)


(2,126)



(2,147)





(2,147)

Interest expense, net of amounts capitalized


177,823


82,795



260,618


81,335


2,377



344,330

   Loss on early extinguishments of debt


25,002


3,344



28,346


25,856




54,202

   Other, net


(2,252)


162



(2,090)





(2,090)

Other non-operating expenses from Borgata, net


51,388




51,388




(51,388)


Total other expense, net


251,940


84,175



336,115


107,191


2,377


(51,388)


394,295


















Income (loss) from continuing operations before taxes


(68,613)


(14,677)



(83,290)


(60,106)


(444)


27,846


(115,994)

    Income taxes


2,731


(10,496)



(7,765)


4,415




(3,350)

Income (loss) from continuing operations, net of tax


(65,882)


(25,173)



(91,055)


(55,691)


(444)


27,846


(119,344)

Income (loss) from discontinued operations, net of tax


10,790




10,790





10,790

Net income (loss)


(55,092)


(25,173)



(80,265)


(55,691)


(444)


27,846


(108,554)

    Net income (loss) attributable to noncontrolling interest







444


27,846


28,290

Net income (loss) attributable to Boyd Gaming Corporation


$

(55,092)


$

(25,173)


$


$

(80,265)


$

(55,691)


$


$

55,692


$

(80,264)


















       

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Condensed Consolidating Statements of Income

Year Ended December 31, 2013

(Unaudited)




Boyd Gaming Wholly Owned









(In thousands, except per share data)


Excluding

Peninsula

Segment


Peninsula Segment


Eliminations


Total


Borgata (1)


LVE (Variable Interest Entity)(2)


Eliminations


Boyd Gaming

Consolidated


















Basic net loss per common share

















   Continuing operations








$

(0.94)








$

(0.94)

   Discontinued operations








0.11








0.11

       Basic net loss per common share








$

(0.83)








$

(0.83)

   Weighted average basic shares outstanding








97,243








97,243


















Diluted net loss per common share

















   Continuing operations








$

(0.94)








$

(0.94)

   Discontinued operations








0.11








0.11

      Diluted net loss per common share








$

(0.83)








$

(0.83)

   Weighted average diluted shares outstanding








97,243








97,243


_______________________________________________

(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 Statements of Income

Year Ended December 31, 2012

(Unaudited)




Boyd Gaming Wholly Owned









(In thousands, except per share data)


Excluding

Peninsula

Segment


Peninsula

Segment (1)


Eliminations


Total


Borgata (2)


LVE (Variable Interest Entity)


Eliminations


Boyd Gaming

Consolidated

Revenues

















   Gaming


$

1,443,642


$

53,442


$


$

1,497,084


$

609,127


$


$


$

2,106,211

   Food and beverage


272,805


3,988



276,793


140,391




417,184

   Room


150,398




150,398


114,505




264,903

   Other


106,154


1,687


(2,181)


105,660


39,516


10,896


(10,896)


145,176

Gross revenues


1,972,999


59,117


(2,181)


2,029,935


903,539


10,896


(10,896)


2,933,474

   Less promotional allowances


231,137


2,192



233,329


217,317




450,646

     Net revenues


1,741,862


56,925


(2,181)


1,796,606


686,222


10,896


(10,896)


2,482,828


















Costs and expenses

















   Gaming


727,331


24,565



751,896


254,934




1,006,830

   Food and beverage


145,058


2,855



147,913


71,584




219,497

   Room


42,040




42,040


13,491




55,531

   Other


78,165


3,271


(2,181)


79,255


31,712




110,967

   Selling, general and administrative


304,881


5,250



310,131


139,100


55



449,286

   Maintenance and utilities


93,871


2,015



95,886


58,422




154,308

   Depreciation and amortization


136,646


13,327



149,973


64,263




214,236

   Corporate expense


50,344


375



50,719





50,719

   Preopening expenses


21,659


538



22,197


240



(10,896)


11,541

   Impairments of assets


1,050,715




1,050,715


2,811




1,053,526

   Asset transactions costs


18,651




18,651


(209)




18,442

   Other, net


(5,498)




(5,498)


(6,294)




(11,792)

     Total costs and expenses


2,663,863


52,196


(2,181)


2,713,878


630,054


55


(10,896)


3,333,091


















Operating income from Borgata


28,082




28,082




(28,082)



















Operating income


(893,919)


4,729



(889,190)


56,168


10,841


(28,082)


(850,263)


















Other expense (income)

















   Interest income


(922)


(247)



(1,169)





(1,169)

   Interest expense, net of amounts capitalized


184,714


10,065




194,779


82,902


12,323




290,004

   Other, net



137



137





137

   Other non-operating expenses from Borgata, net


40,810




40,810




(40,810)


       Total other expense, net


224,602


9,955



234,557


82,902


12,323


(40,810)


288,972


















Income (loss) from continuing operations before taxes


(1,118,521)


(5,226)



(1,123,747)


(26,734)


(1,482)


12,728


(1,139,235)

   Income taxes


219,510






219,510


1,279






220,789

Income (loss) from continuing operations, net of tax


(899,011)


(5,226)



(904,237)


(25,455)


(1,482)


12,728


(918,446)

Income (loss) from discontinued operations, net of tax


(4,629)




(4,629)





(4,629)

Net income (loss)


(903,640)


(5,226)



(908,866)


(25,455)


(1,482)


12,728


(923,075)

   Net income (loss) attributable to noncontrolling interest







1,482


12,728


14,210

Net income (loss) attributable to Boyd Gaming Corporation


$

(903,640)


$

(5,226)


$


$

(908,866)


$

(25,455)


$


$

25,456


$

(908,865)


















       


BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Condensed Consolidating Statements of Income

Year Ended December 31, 2012

(Unaudited)




Boyd Gaming Wholly Owned









(In thousands, except per share data)


Excluding

Peninsula

Segment


Peninsula

Segment (1)


Eliminations


Total


Borgata (2)


LVE (Variable Interest Entity)


Eliminations


Boyd Gaming

Consolidated


















Basic net loss per common share

















   Continuing operations








$

(10.32)








$

(10.32)

   Discontinued operations








(0.05)








(0.05)

     Basic net loss per common share








$

(10.37)








$

(10.37)

   Weighted average basic shares outstanding








87,652








87,652


















Diluted net loss per common share

















   Continuing operations








$

(10.32)








$

(10.32)

   Discontinued operations








(0.05)








(0.05)

     Diluted net loss per common share








$

(10.37)








$

(10.37)

   Weighted average diluted shares outstanding








87,652








87,652


_______________________________________________

(1)

Results of Peninsula Gaming are included from the November 20, 2012, date of acquisition.

(2)

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 Segment (1)

Successor and Predecessor Periods Comprising the Three Month Periods Ended December 31, 2013 and 2012

(Unaudited)













Successor


Successor



Predecessor (2)



Combined


October 1, 2013


November 20, 2012

October 1, 2012


October 1, 2012


Through


Through

Through


Through

(In thousands)

December 31, 2013


December 31, 2012

November 19, 2012


December 31, 2012

Revenues







    Gaming

$

110,882


$

53,442

$

63,338


$

116,780

    Food and beverage

9,682


3,988

4,507


8,495

    Other

4,521


1,687

2,299


3,986

Gross revenues

125,085


59,117

70,144


129,261

   Less promotional allowances

5,171


2,192

2,725


4,917

        Net revenues

119,914


56,925

67,419


124,344








Costs and expenses







    Gaming

52,866


24,565

29,337


53,902

    Food and beverage

6,313


2,855

2,865


5,720

    Other

3,097


1,090

1,547


2,637

    Selling, general and administrative

13,389


5,250

7,208


12,458

    Maintenance and utilities

3,288


2,015

1,518


3,533

    Depreciation and amortization

21,676


13,327

5,504


18,831

    Corporate expense

573


375

2,685


3,060

   Affiliate management fee

4,423


2,181

1,096


3,277

    Preopening expenses


538

392


930

   Impairments of assets

3,200



   Asset transaction costs

1,768


26,830


26,830

    Other, net

114



        Total costs and expenses

110,707


52,196

78,982


131,178

Operating income (loss)

9,207


4,729

(11,563)


(6,834)








Other expense (income)







    Interest income

(491)


(247)

(309)


(556)

    Interest expense, net of amounts capitalized

19,687


10,065

9,231


19,296

    Loss on early retirements of debt, net

1,368


79,571


79,571

   Gain from equity affiliate

(11)


137


137

   Other non-operating items

(221)






        Total other expense, net

20,332


9,955

88,493


98,448








Income (loss) before income taxes

(11,125)


(5,226)

(100,056)


(105,282)

 Income taxes (3)

(236)



Net income (loss)

$

(11,361)


$

(5,226)

$

(100,056)


$

(105,282)








Adjusted EBITDA, after corporate expense

$

40,388


$

20,775

$

22,259


$

43,034


_______________________________________________


(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 pre-acquisition 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. However, the Successor and Predecessor periods' results comprising the quarter ended December 31, 2012, are also presented on a combined basis because management believes doing so provides a meaningful presentation and comparison of results.



(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.

       

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Condensed Consolidated Statements of Operations of Peninsula Segment (1)

Successor and Predecessor Periods Comprising the Years Ended December 31, 2013 and 2012

(Unaudited)















Successor


Successor



Predecessor (2)


Combined


January 1, 2013


November 20, 2012


January 1, 2012


January 1, 2012


Through


Through


Through


Through

(In thousands)

December 31, 2013


December 31, 2012


November 19, 2012


December 31, 2012

Revenues








    Gaming

$

484,791


$

53,442


$

438,417


$

491,859

    Food and beverage

39,207


3,988


29,802


33,790

    Other

17,934


1,687


14,655


16,342

Gross revenues

541,932


59,117


482,874


541,991

    Less promotional allowances

21,603


2,192


17,686


19,878

        Net revenues

520,329


56,925


465,188


522,113









Costs and expenses








    Gaming

226,905


24,565


198,680


223,245

    Food and beverage

26,454


2,855


18,736


21,591

    Other

12,740


1,090


10,190


11,280

    Selling, general and administrative

55,746


5,250


44,160


49,410

    Maintenance and utilities

13,212


2,015


9,792


11,807

    Depreciation and amortization

87,851


13,327


36,743


50,070

    Corporate expense

2,673


375


11,572


11,947

   Affiliate management fee

19,584


2,181


8,145


10,326

    Preopening expenses

91


538


548


1,086

   Impairments of assets

3,200




   Asset transactions costs

2,062



26,784


26,784

    Other, net

313



2,474


2,474

        Total costs and expenses

450,831


52,196


367,824


420,020

Operating income

69,498


4,729


97,364


102,093









Other expense (income)








    Interest income

(2,126)


(247)


(1,994)


(2,241)

    Interest expense, net of amounts capitalized

82,795


10,065


62,935


73,000

    Loss on early retirements of debt, net

3,344



79,571


79,571

   Loss from equity affiliate

383


137


62


199

   Other non-operating items

(221)




        Total other expense, net

84,175


9,955


140,574


150,529









Income (loss) before income taxes

(14,677)


(5,226)


(43,210)


(48,436)

     Income taxes (3)

(10,496)




Net income (loss)

$

(25,173)


$

(5,226)


$

(43,210)


$

(48,436)









Adjusted EBITDA, after corporate expense

$

182,599


$

20,775


$

172,058


$

192,833


_______________________________________________



(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 pre-acquisition 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. However, the Successor and Predecessor periods' results comprising the year ended December 31, 2012, are also presented on a combined basis because management believes doing so provides a meaningful presentation and comparison of results.



(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.

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.  We do not provide a reconciliation of forward-looking non-GAAP financial measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.

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, asset transactions costs, loss on early extinguishments of debt and other operating charges, net, and Borgata's non-operating expenses, preopening expenses and other items and write-downs, net. In addition, Adjusted EBITDA includes corporate expense.

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, certain adjustments to property tax accruals, write-downs and other charges, net, accelerated amortization of deferred loan fees, gain or loss on early retirements of debt, other non-recurring adjustments, net, valuation adjustments related to the consolidation of Borgata, and 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.

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 historical 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 historical 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: the Company's steps to drive efficiencies, improve margins and maximize EBITDA growth, future growth in online gaming across the country, actions to enhance the Company's ability to cross-market its properties nationwide, expanding the Company's pipeline of growth projects, and prospects for 2014. 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 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.

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SOURCE Boyd Gaming Corporation

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