Boyd Gaming Reports First-Quarter 2016 Results
First-Quarter 2016 Highlights
- Companywide Revenue, Adjusted EBITDA Increase for 7th Consecutive Quarter
- Companywide Operating Margins Improve Nearly 200 Basis Points
- Las Vegas Locals Posts Revenue, Double-Digit Adjusted EBITDA Growth for 4th Straight Quarter

LAS VEGAS, April 26, 2016 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the first quarter ended March 31, 2016.  

Boyd Gaming logo.

Boyd Gaming reported first-quarter 2016 net revenues of $552.4 million, up from $550.6 million in the year-ago quarter.  Total Adjusted EBITDA(1) was $160.4 million, up 7.5% from $149.2 million in the first quarter of 2015.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our Company continues to perform at a high level and deliver strong results, as the positive trends we saw in 2015 carried into the first quarter of 2016.  Thanks to a strengthening southern Nevada economy, growth accelerated throughout our Las Vegas Locals business, which achieved its best year-over-year revenue comparisons in more than a decade. Recent investments across our portfolio delivered strong returns, driving increases in both visitation and revenues.  And we used our substantial free cash flow to further deleverage our balance sheet, paying down nearly $125 million in debt during the quarter.  In all, this was another great quarter for our Company as we continued to successfully execute our strategy, and we remain optimistic about our long-term growth potential."

Commenting on the Company's recently announced acquisitions of Aliante Casino Hotel & Spa and the Las Vegas assets of Cannery Casino Resorts, Smith added: "The Las Vegas Valley's growth prospects are compelling.  We are excited to add three more assets that will expand and further diversify our presence in this high-growth market, and believe these acquisitions will deliver strong long-term returns for our shareholders."

Adjusted Earnings(1) for the first quarter 2016 were $34.0 million, or $0.30 per share, compared to earnings of $14.2 million, or $0.13 per share, for the same period in 2015. 

On a GAAP basis, the Company reported net income of $33.2 million, or $0.29 per share, for the first quarter 2016, compared to net income of $35.1 million, or $0.31 per share, for the year-ago period.  Settlements of previous years' income tax appeals reduced the first-quarter 2015 income tax provision by $23.2 million.  The impact of the settlements is not included in the prior year's Adjusted Earnings or Adjusted Earnings per share.

(1)

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

Key Operations Review

Las Vegas Locals
In the Las Vegas Locals segment, first-quarter 2016 net revenues were $158.4 million, an increase of 5.4% from $150.3 million in the year-ago quarter.  First-quarter 2016 Adjusted EBITDA was $44.3 million, up 13.9% from $38.9 million in the first quarter of 2015.

The first quarter of 2016 marked the fourth consecutive quarter of revenue and double-digit Adjusted EBITDA gains for the segment, as all major Locals properties achieved both higher revenues and Adjusted EBITDA.   A strengthening local economy and recent investments in property amenities drove growth in visitation, gaming revenues and non-gaming revenues.  Adjusted EBITDA gains reflect strong flow-through of incremental revenues, as operating margins improved more than 200 basis points.

Downtown Las Vegas
In the Downtown Las Vegas segment, net revenues were $58.6 million in the first quarter of 2016, up 3.5% from $56.6 million in the year-ago period.  Adjusted EBITDA increased 18.8% to $12.7 million, compared to $10.7 million in the first quarter of 2015.

All properties in the segment grew revenue and Adjusted EBITDA during the quarter – led by a record first-quarter Adjusted EBITDA performance at the Fremont – as operating margins improved 280 basis points across the segment.  Positive results reflect continued growth in visitation throughout the Downtown area, as well as strengthening business volumes from the Company's Hawaiian customer segments.

Midwest and South; Peninsula
In the Midwest and South segment, net revenues were $209.2 million, compared to $217.8 million in the first quarter of 2015.  Adjusted EBITDA was $48.8 million versus $51.0 million in the year-ago period.

The Peninsula segment reported net revenues of $126.2 million, compared to $125.9 million in the first quarter of 2015. Adjusted EBITDA rose 1.6% to $47.1 million, versus $46.4 million in the year-ago period.

Improved operating trends continued at a number of properties in the segments, with both revenue and Adjusted EBITDA growth at Blue Chip, Diamond Jo Dubuque, Diamond Jo Worth, Treasure Chest and Kansas Star.  Strong performances at these properties were offset by the impact of severe regional flooding in March, which affected operations in portions of Louisiana and Mississippi.  Additionally, results at the IP reflect the short-term impact of the recent opening of a new competitor in the Biloxi market.

Borgata
Borgata reported first quarter 2016 net revenues of $190.3 million, an increase of 4.2% from $182.6 million in revenues in the year-ago period. Adjusted EBITDA at Borgata was $45.3 million, an increase of 19.9% from $37.8 million in the first quarter of 2015. 

Borgata recorded its strongest first-quarter Adjusted EBITDA performance since 2009, led by significant growth in slot volumes.  The property continued to successfully maintain operating efficiencies, improving operating margins by more than 300 basis points. 

The Company accounts for its 50% investment in Borgata by applying the equity method of accounting. The Company's share of Borgata's Adjusted EBITDA was $22.7 million for the first quarter of 2016, compared to $18.9 million in the year-ago period.

Balance Sheet Statistics
Including operating cash balances and excess cash proceeds from its recent bond offering, Boyd Gaming had cash on hand of $616.2 million, including $27.2 million related to Peninsula, as of March 31, 2016.  Total debt was $3.75 billion, of which $0.99 billion was related to Peninsula.

Borgata's cash and debt balances are not included in the Company's balance sheet. Borgata had cash on hand of $29.8 million and total debt of $651.5 million at March 31, 2016. 

Full Year 2016 Guidance
For the full year 2016, the Company is re-affirming its previously provided guidance of total Adjusted EBITDA, including Peninsula and 50% of Borgata's Adjusted EBITDA, of $635 million to $655 million. This guidance excludes the Company's recently announced acquisitions.

Conference Call Information
Boyd Gaming will host its conference call to discuss first-quarter 2016 results today, April 26, at 5:00 p.m. Eastern.  The conference call number is (888) 317-6003, passcode 1870859.  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: https://www.webcaster4.com/Webcast/Page/964/14670

Following the call's completion, a replay will be available by dialing (877) 344-7529 today, April 26, beginning at 7:00 p.m. Eastern and continuing through Tuesday, May 3, at 11:59 p.m. Eastern.  The conference number for the replay will be 10084676.  The replay will also be available on the Internet at www.boydgaming.com.

BOYD GAMING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)










Three Months Ended


March 31,

(In thousands, except per share data)

2016


2015

Revenues




Gaming

$

462,551



$

464,757


Food and beverage

76,800



76,296


Room

41,875



39,353


Other

31,466



29,685


Gross revenues

612,692



610,091


Less promotional allowances

60,314



59,513


Net revenues

552,378



550,578


Operating costs and expenses




Gaming

223,525



226,697


Food and beverage

41,803



41,567


Room

10,499



10,047


Other

19,332



19,646


Selling, general and administrative

81,851



81,689


Maintenance and utilities

23,848



25,319


Depreciation and amortization

47,653



51,942


Corporate expense

17,907



19,652


Project development, preopening and writedowns

1,841



955


Impairments of assets

1,440



1,065


Other operating items, net

429



116


Total operating costs and expenses

470,128



478,695


Boyd's share of Borgata's operating income

18,836



11,675


Operating income

101,086



83,558


Other expense (income)




Interest income

(497)



(471)


Interest expense, net of amounts capitalized

53,065



56,935


Loss on early extinguishments of debt

427



508


Other, net

77



618


Boyd's share of Borgata's non-operating items, net

7,206



7,661


Total other expense, net

60,278



65,251


Income before income taxes

40,808



18,307


Income taxes benefit (provision)

(7,618)



16,796


Net income

$

33,190



$

35,103






Basic net income per common share

$

0.29



$

0.31


Weighted average basic shares outstanding

114,109



111,446






Diluted net income per common share

$

0.29



$

0.31


Weighted average diluted shares outstanding

114,868



112,358


 

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA to Operating Income

(Unaudited)










Three Months Ended


March 31,

(In thousands)

2016


2015

Net Revenues by Reportable Segment




Las Vegas Locals

$

158,398



$

150,302


Downtown Las Vegas

58,605



56,603


Midwest and South

209,185



217,764


Peninsula

126,190



125,909


  Net revenues

$

552,378



$

550,578






Adjusted EBITDA by Reportable Segment




Las Vegas Locals

$

44,271



$

38,877


Downtown Las Vegas

12,681



10,677


Midwest and South

48,813



50,984


Peninsula

47,112



46,363


  Wholly owned property Adjusted EBITDA

152,877



146,901


Corporate expense (a)

(15,185)



(16,642)


  Wholly owned Adjusted EBITDA

137,692



130,259


Borgata

22,668



18,913


  Adjusted EBITDA

160,360



149,172






Other operating costs and expenses




Deferred rent

817



857


Depreciation and amortization

47,653



51,942


Share-based compensation expense

3,263



3,441


Project development, preopening and writedowns

1,841



955


Impairments of assets

1,440



1,065


Other operating items, net

429



116


Boyd's share of Borgata's other operating costs and expenses

3,831



7,238


Total other operating costs and expenses

59,274



65,614


Operating income

101,086



83,558


Other expense (income)




Interest income

(497)



(471)


Interest expense, net of amounts capitalized

53,065



56,935


Loss on early extinguishments of debt

427



508


Other, net

77



618


Boyd's share of Borgata's non-operating items, net

7,206



7,661


Total other expense, net

60,278



65,251


Income before income taxes

40,808



18,307


Income taxes benefit (provision)

(7,618)



16,796


Net income

$

33,190



$

35,103


 

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA to Operating Income

(Unaudited)

(Continued)


(a) Reconciliation of corporate expense:











Three Months Ended


March 31,

(In thousands)

2016


2015

Corporate expense as reported on Consolidated Statements of Operations

$

17,907


$

19,652

Corporate share-based compensation expense


(2,722)



(3,010)

Corporate expense as reported on the above table

$

15,185


$

16,642

 

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Net Income to Adjusted Earnings and Net Income Per Share to

Adjusted Earnings Per Share

(Unaudited)












Three Months Ended


March 31,

(In thousands, except per share data)

2016


2015

Net income

$

33,190



$

35,103


Pretax adjustments related to Boyd Gaming:




  Project development, preopening and writedowns

1,841



955


  Impairments of assets

1,440



1,065


  Other operating items, net

77



116


  Loss on early extinguishments of debt

427



508


  Other, net

429



618






Boyd's share of pretax adjustments related to Borgata:




  Preopening expenses

36




  Loss on early extinguishments of debt

163



246


  Recovery of property taxes

(3,380)




  Other operating items, net



(162)


 Total adjustments

1,033



3,346






Income tax effect for above adjustments

(263)



(1,004)


Impact of tax audit settlements on provision



(23,196)


Adjusted earnings

$

33,960



$

14,249






Net income per share

$

0.29



$

0.31


Pretax adjustments related to Boyd Gaming:




  Project development, preopening and writedowns

0.02



0.01


  Impairments of assets

0.01



0.01


  Other operating items, net




  Loss on early extinguishments of debt



0.01


  Other, net

0.01



0.01






Boyd's share of pretax adjustments related to Borgata:




  Preopening expenses




  Loss on early extinguishments of debt




  Recovery of property taxes

(0.03)




  Other operating items, net




 Total adjustments

0.01



0.04






Income tax effect for above adjustments



(0.01)


Impact of tax audit settlements on provision



(0.21)


Adjusted earnings per share

$

0.30



$

0.13






Weighted average shares outstanding

114,868



112,358


 

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Condensed Consolidating Statements of Operations

Three Months Ended March 31, 2016

(Unaudited)










Boyd Gaming

(In thousands, except per share data)

Excluding

Peninsula

Segment


Peninsula

Segment


Eliminations


Consolidated

Revenues








Gaming

$

345,306



$

117,245



$



$

462,551


Food and beverage

67,275



9,525





76,800


Room

41,875







41,875


Other

31,981



4,363



(4,878)



31,466


Gross revenues

486,437



131,133



(4,878)



612,692


Less promotional allowances

55,371



4,943





60,314


  Net revenues

431,066



126,190



(4,878)



552,378


Operating costs and expenses








Gaming

169,724



53,801





223,525


Food and beverage

35,433



6,370





41,803


Room

10,499







10,499


Other

17,062



7,148



(4,878)



19,332


Selling, general and administrative

68,303



13,548





81,851


Maintenance and utilities

20,759



3,089





23,848


Depreciation and amortization

34,070



13,583





47,653


Corporate expense

17,498



409





17,907


Project development, preopening and writedowns

1,690



151





1,841


Impairments of assets

1,440







1,440


Other operating items, net

429







429


  Total operating costs and expenses

376,907



98,099



(4,878)



470,128


Boyd's share of Borgata's operating income

18,836







18,836


Operating income

72,995



28,091





101,086


Other expense (income)








Interest income

(35)



(462)





(497)


Interest expense, net of amounts capitalized

35,254



17,811





53,065


Loss on early extinguishments of debt



427





427


Other, net

(15)



92





77


Boyd's share of Borgata's non-operating items, net

7,206







7,206


    Total other expense, net

42,410



17,868





60,278


Income before income taxes

30,585



10,223





40,808


Income taxes provision

(2,013)



(5,605)





(7,618)


Net income

$

28,572



$

4,618



$



$

33,190










Basic net income per common share







$

0.29


Weighted average basic shares outstanding







114,109










Diluted net income per common share







$

0.29


Weighted average diluted shares outstanding







114,868


 

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Condensed Consolidating Statements of Operations

Three Months Ended March 31, 2015

(Unaudited)










Boyd Gaming

(In thousands, except per share data)

Excluding

Peninsula

Segment


Peninsula

Segment


Eliminations


Consolidated

Revenues








Gaming

$

347,714



$

117,043



$



$

464,757


Food and beverage

66,317



9,979





76,296


Room

39,353







39,353


Other

30,608



3,905



(4,828)



29,685


Gross revenues

483,992



130,927



(4,828)



610,091


Less promotional allowances

54,495



5,018





59,513


  Net revenues

429,497



125,909



(4,828)



550,578


Operating costs and expenses








Gaming

172,417



54,280





226,697


Food and beverage

35,198



6,369





41,567


Room

10,047







10,047


Other

17,264



7,210



(4,828)



19,646


Selling, general and administrative

68,433



13,256





81,689


Maintenance and utilities

22,060



3,259





25,319


Depreciation and amortization

34,954



16,988





51,942


Corporate expense

19,247



405





19,652


Project development, preopening and writedowns

827



128





955


Impairments of assets

1,065







1,065


Other operating items, net

70



46





116


  Total operating costs and expenses

381,582



101,941



(4,828)



478,695


Boyd's share of Borgata's operating income

11,675







11,675


Operating income

59,590



23,968





83,558


Other expense (income)








Interest income

(4)



(467)





(471)


Interest expense, net of amounts capitalized

38,265



18,670





56,935


Loss on early extinguishments of debt



508





508


Other, net

457



161





618


Boyd's share of Borgata's non-operating items, net

7,661







7,661


    Total other expense, net

46,379



18,872





65,251


Income before income taxes

13,211



5,096





18,307


Income taxes provision

21,294



(4,498)





16,796


Net income

$

34,505



$

598



$



$

35,103










Basic net income per common share







$

0.31


Weighted average basic shares outstanding







111,446










Diluted net income per common share







$

0.31


Weighted average diluted shares outstanding







112,358


 

MARINA DISTRICT DEVELOPMENT COMPANY, LLC

dba BORGATA HOTEL CASINO AND SPA

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)










Three Months Ended


March 31,

(In thousands)

2016


2015

Revenues




Gaming

$

174,013



$

165,128


Food and beverage

33,758



34,468


Room

28,628



27,604


Other

9,127



8,510


Gross revenues

245,526



235,710


Less promotional allowances

55,233



53,121


Net revenues

190,293



182,589


Operating costs and expenses




Gaming

67,793



66,919


Food and beverage

16,784



17,687


Room

3,269



3,260


Other

7,323



6,754


Selling, general and administrative

35,422



34,153


Maintenance and utilities

14,367



15,991


Depreciation and amortization

14,349



14,799


Preopening expenses

71




Other operating items, net

(6,758)



(324)


Total operating costs and expenses

152,620



159,239


Operating income

37,673



23,350


Other expense




Interest expense, net of amounts capitalized

11,755



16,657


Loss on early extinguishments of debt

325



492


Total other expense

12,080



17,149


Income before state income taxes

25,593



6,201


State income tax benefit (expense)

(2,332)



1,827


Net income

$

23,261



$

8,028










Reconciliation of Adjusted EBITDA to Operating Income




Three Months Ended


March 31,

(In thousands)

2016


2015

Adjusted EBITDA

$

45,335



$

37,825


  Less:




   Depreciation and amortization

14,349



14,799


   Preopening expenses

71




   Other operating items, net

(6,758)



(324)


Operating income

$

37,673



$

23,350


 

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, share-based compensation expense, project development, preopening and write-down expenses, impairments of assets, loss on early extinguishments of debt and other operating items, net, and Boyd's share of Borgata's non-operating expenses, preopening expenses and other items and write-downs, net.

Adjusted Earnings and Adjusted EPS

Adjusted Earnings is net income (loss) before project development, preopening and write-down expenses,  impairments of assets, certain adjustments to property tax accruals, other items, net,  gain or loss on early extinguishments of debt, other non-recurring adjustments, net,  the impact on Boyd's income tax provision of tax audit settlements, and Boyd's share of Borgata's preopening expenses and other items, losses on early extinguishments of debt,  write-downs, net, and the income tax provision of tax audit settlements. 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 strengthening southern Nevada economy, growth in the Las Vegas Locals business, optimism regarding long-term growth, Las Vegas Valley's long-term growth potential, discussions regarding the recently announced transactions to acquire Aliante Casino Hotel & Spa and the Las Vegas assets of Cannery Casino Resorts, and the belief that these transactions will deliver strong long-term returns to the Company's shareholders, and all of the statements under the heading "Full-Year 2016 Guidance." 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 and ability to close the pending acquisitions, the ability to successfully integrate the companies or to recognize synergies from the pending acquisitions, if the transactions close, 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; 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.

Logo - http://photos.prnewswire.com/prnh/20030219/BOYDLOGO

 

SOURCE Boyd Gaming Corporation

For further information: Financial Contact: Josh Hirsberg, (702) 792-7234, joshhirsberg@boydgaming.com; OR Media Contact: David Strow, (702) 792-7386, davidstrow@boydgaming.com