BOYD GAMING CORPORATION LAS VEGAS, July 23, 2015 /PRNewswire/ --Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the second quarter ended June 30, 2015.
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Boyd Gaming reported second-quarter 2015 net revenues of $559.9 million, an increase of $19.2 million, or 3.5%, from pro forma net revenues of $540.7 million for the same quarter in 2014. Total Adjusted EBITDA((1) )was $162.9 million, up $23.6 million or 17.0% from the comparable pro forma amount of $139.3 million for the year-ago period. Effective September 30, 2014, the Company deconsolidated Borgata and is accounting for its 50% investment in Borgata by applying the equity method for periods subsequent to that date. The prior-year pro forma amounts reflect the results for Borgata on a comparable equity method basis.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "This was an exceptional quarter for our Company, as our property management teams successfully capitalized on a strengthening consumer environment to deliver broad-based revenue growth. At the same time, we continued driving efficiencies to further improve our cost structure, leading to strong flow-through and our third straight quarter of double-digit EBITDA gains. In addition, the upgrades we are making to enhance our amenities also contributed to revenue growth across the portfolio. We are pleased with the progress we have made so far this year, and we remain focused on continuing to produce strong results for our shareholders."
Adjusted Earnings((1)) for the second quarter 2015 were $26.9 million, or $0.24 per share, compared to $5.2 million, or $0.05 per share, for the same period in 2014. The calculations of Adjusted Earnings, Adjusted Earnings per share, and pro forma results reflecting Borgata on a comparable basis for all periods are presented in tables at the end of this press release.
On a GAAP basis, the Company reported a net loss of $6.4 million, or $0.06 per share, for the second quarter 2015, due to pretax losses on the early extinguishments of debt of $31.0 million primarily related to the Company's redemption of its 9.125% Senior Notes due 2018. By comparison, the Company reported net income of $0.7 million, or $0.01 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, second-quarter 2015 net revenues rose 3.2% to $153.0 million, compared to $148.3 million in the year-ago quarter. Second-quarter 2015 Adjusted EBITDA grew 15.3% to $42.2 million, compared to $36.6 million in the second quarter of 2014. Despite significant disruption from roadwork next to Suncoast and Sam's Town, all four of the Company's major Locals properties achieved year-over-year EBITDA growth, led by continued strength at The Orleans and Gold Coast. Gaming revenues in the Las Vegas Locals segment increased year-over-year, with particularly strong growth in table games. Additionally, non-gaming revenues grew for the eighth consecutive quarter.
Downtown Las Vegas
In the Downtown Las Vegas segment, net revenues increased $2.9 million to $58.4 million, compared to $55.6 million in the second quarter of 2014. Adjusted EBITDA was $12.3 million, up $3.8 million from $8.6 million in the year-ago quarter. Significant growth in pedestrian traffic along Fremont Street, as well as continued strength in Hawaiian visitation, contributed to gaming and non-gaming revenue growth at all three downtown properties. EBITDA also benefitted from lower year-over-year fuel costs at the Company's Hawaiian charter service.
Midwest and South; Peninsula
In the Midwest and South segment, net revenues were $217.8 million, an increase of 4.1% from $209.1 million in the second quarter of 2014. Adjusted EBITDA increased 22.7% to $51.8 million, compared to $42.2 million in the year-ago period.
The Peninsula segment reported net revenues of $130.6 million, up 2.2% from $127.8 million in the second quarter of 2014. Adjusted EBITDA grew 8.6% to $49.2 million, compared to $45.3 million in the year-ago period.
Eleven of the 12 properties in the combined segments reported year-over-year EBITDA growth, as nine properties posted double-digit gains. Solid revenue growth and further operational refinements led to substantial flow-through across the two segments, as combined operating margins improved by 300 basis points. Additionally, Kansas Star achieved record second-quarter EBITDA.
Borgata
Borgata reported second-quarter 2015 net revenues of $191.2 million, increasing 5.1% from $181.9 million in the year-ago period. Adjusted EBITDA was $44.5 million, up 4.4% from $42.6 million in the second quarter of 2014. Excluding a one-time property tax benefit of $11.8 million recorded in the year-ago quarter, Borgata grew EBITDA by approximately 45% in the second quarter of 2015.
Due to its deconsolidation, the Company now applies the equity method of accounting to its 50% investment in Borgata. The Company's share of Borgata's Adjusted EBITDA was $22.3 million for the second quarter of 2015 as compared to pro forma Adjusted EBITDA of $21.3 million, inclusive of the Company's share of the one-time property tax benefit, in the prior-year period.
Borgata achieved growth throughout the business, with revenue increases in gaming, hotel, food and beverage, and entertainment. The property increased its market share of gross gaming revenue by nearly 400 basis points year-over-year, to more than 27% of the Atlantic City market. Online gaming contributed $1.6 million to EBITDA during the second quarter, marking a fourth consecutive quarter of profitability.
Balance Sheet Statistics
As of June 30, 2015, Boyd Gaming had cash on hand of $124.5 million, including $26.4 million related to Peninsula. Total debt was $3.40 billion, of which $1.04 billion was related to Peninsula. As a result of the deconsolidation, Borgata's cash and debt balances are no longer included in the Company's balance sheet. Borgata had cash on hand of $35.1 million and total debt of $710.8 million at June 30, 2015.
In May, the Company completed a public offering of $750 million in 6.875% Senior Notes due 2023. Net proceeds were used to redeem the Company's existing $500 million in 9.125% Senior Notes due 2018, and to pay down outstanding borrowings under the Company's revolving credit facility.
Full Year 2015 Guidance
Based on second-quarter results, and to reflect positive trends in the business, the Company is raising its previously provided guidance for the full year 2015. The Company now projects total Adjusted EBITDA, including Peninsula and 50% of Borgata's Adjusted EBITDA, of $575 million to $595 million.
Conference Call Information
Boyd Gaming will host its conference call to discuss second-quarter 2015 results today, July 23, at 5:00 p.m. Eastern. The conference call number is (888) 317-6003, passcode 1397357. 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/964/9595
Following the call's completion, a replay will be available by dialing (877) 344-7529 today, July 23, beginning at 7:00 p.m. Eastern and continuing through Friday, July 31, at 11:59 p.m. Eastern. The conference number for the replay will be 10069416. The replay will also be available on the Internet at www.boydgaming.com
BOYD GAMING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (a)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
(In thousands, except per share data) 2015 2014 2015 2014
---- ---- ---- ----
Revenues
Gaming $468,580 $618,914 $933,337 $1,227,671
Food and beverage 77,909 110,353 154,205 216,996
Room 42,332 70,362 81,685 134,742
Other 30,642 41,173 60,327 80,133
------ ------ ------ ------
Gross revenues 619,463 840,802 1,229,554 1,659,542
Less promotional allowances 59,596 118,268 119,109 228,659
------ ------- ------- -------
Net revenues 559,867 722,534 1,110,445 1,430,883
------- ------- --------- ---------
Operating costs and expenses
Gaming 224,686 288,214 451,383 573,388
Food and beverage 42,913 61,196 84,480 118,465
Room 10,682 14,481 20,729 27,651
Other 19,744 30,362 39,390 58,154
Selling, general and administrative 81,013 111,379 162,702 236,058
Maintenance and utilities 26,616 43,023 51,935 86,287
Depreciation and amortization 51,964 65,898 103,906 132,077
Corporate expense 17,352 17,621 37,004 37,541
Preopening expenses 830 1,790 1,335 2,574
Impairments of assets - 293 1,065 1,926
Asset transactions costs 919 1,859 1,369 2,014
Other operating items, net 54 (561) 170 (747)
--- ---- --- ----
Total operating costs and expenses 476,773 635,555 955,468 1,275,388
------- ------- ------- ---------
Boyd's share of Borgata's operating income (a) 15,088 - 26,763 -
------ --- ------ ---
Operating income 98,182 86,979 181,740 155,495
------ ------ ------- -------
Other expense (income)
Interest income (465) (470) (936) (946)
Interest expense, net of amounts capitalized 57,131 75,296 114,066 150,799
Loss on early extinguishments of debt 30,962 904 31,470 1,058
Other, net 1,270 670 1,888 382
Boyd's share of Borgata's non-operating items, net (a) 9,112 - 16,773 -
----- --- ------ ---
Total other expense, net 98,010 76,400 163,261 151,293
------ ------ ------- -------
Income before income taxes 172 10,579 18,479 4,202
Income taxes benefit (provision) (6,597) (5,241) 10,199 (10,089)
------ ------
Net income (loss) (6,425) 5,338 28,678 (5,887)
Net (income) loss attributable to noncontrolling interest (a) - (4,669) - 374
--- ------ --- ---
Net income (loss) attributable to Boyd Gaming Corporation $(6,425) $669 $28,678 $(5,513)
======= ==== ======= =======
Basic net income (loss) per common share $(0.06) $0.01 $0.26 $(0.05)
Weighted average basic shares outstanding 112,232 109,884 111,841 109,819
======= ======= ======= =======
Diluted net income (loss) per common share $(0.06) $0.01 $0.25 $(0.05)
======
Weighted average diluted shares outstanding 112,232 110,813 112,694 109,819
======= ======= ======= =======
(a) Due to the deconsolidation of Borgata
on September 30, 2014, the Company
has accounted for its 50% investment
in Borgata by applying the equity
method for the three and six months
ended June 30, 2015. For the three
and six months ended June 30, 2014,
Boyd Gaming consolidated the
financial results of Borgata. Please
see the unaudited pro forma financial
results also presented in this
release for a comparison of Boyd
Gaming's financial results reflecting
Borgata on the equity method for all
periods presented.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA to Operating Income (a)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
(In thousands) 2015 2014 2015 2014
---- ---- ---- ----
Net Revenues by Reportable Segment
Las Vegas Locals $153,032 $148,270 $303,332 $299,713
Downtown Las Vegas 58,434 55,552 115,038 111,285
Midwest and South 217,777 209,104 435,542 420,740
Peninsula 130,624 127,754 256,533 250,027
Borgata (b) - 181,854 - 349,118
---
Net revenues $559,867 $722,534 $1,110,445 $1,430,883
======== ======== ========== ==========
Adjusted EBITDA by Reportable Segment
Las Vegas Locals $42,175 $36,581 $81,052 $76,588
Downtown Las Vegas 12,307 8,551 22,984 17,878
Midwest and South 51,777 42,199 102,761 86,297
Peninsula 49,164 45,282 95,527 90,043
------ ------ ------ ------
Wholly owned property Adjusted EBITDA 155,423 132,613 302,324 270,806
Corporate expense (c) (14,777) (14,625) (31,419) (28,795)
------- ------- ------- -------
Wholly owned Adjusted EBITDA 140,646 117,988 270,905 242,011
Borgata (b) 22,264 42,598 41,176 63,044
------ ------ ------ ------
Adjusted EBITDA 162,910 160,586 312,081 305,055
------- ------- ------- -------
Other operating costs and expenses
Deferred rent 859 904 1,716 1,811
Depreciation and amortization 51,964 65,898 103,906 132,077
Preopening expenses 830 1,790 1,335 2,574
Share-based compensation expense 2,926 3,424 6,367 9,905
Impairments of assets - 293 1,065 1,926
Asset transactions costs 919 1,859 1,369 2,014
Other operating items, net 54 (561) 170 (747)
Boyd's share of Borgata's other operating costs and expenses 7,176 - 14,413 -
----- --- ------ ---
Total other operating costs and expenses 64,728 73,607 130,341 149,560
------ ------ ------- -------
Operating income 98,182 86,979 181,740 155,495
------ ------ ------- -------
Other expense (income)
Interest income (465) (470) (936) (946)
Interest expense, net of amounts capitalized 57,131 75,296 114,066 150,799
Loss on early extinguishments of debt 30,962 904 31,470 1,058
Other, net 1,270 670 1,888 382
Boyd's share of Borgata's non-operating items, net 9,112 - 16,773 -
----- --- ------ ---
Total other expense, net 98,010 76,400 163,261 151,293
------ ------ ------- -------
Income before income taxes 172 10,579 18,479 4,202
Income taxes benefit (provision) (6,597) (5,241) 10,199 (10,089)
------ ------ ------ -------
Net income (loss) (6,425) 5,338 28,678 (5,887)
Net (income) loss attributable to noncontrolling interest - (4,669) - 374
--- ------ --- ---
Net income (loss) attributable to Boyd Gaming Corporation $(6,425) $669 $28,678 $(5,513)
======= ==== ======= =======
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA to
Operating Income (a)
(Unaudited)
(Continued)
(a) See note (a) on Condensed
Consolidated Statements of
Operations.
(b) The following table reflects the
financial results of Borgata as
reported by Boyd Gaming in its
financial statements under the
respective method of accounting
for the indicated period. For
the three and six months ended
June 30, 2015, Boyd Gaming
accounted for its 50% investment
in Borgata by applying the
equity method. For the three and
six months ended June 30, 2014,
Boyd Gaming consolidated the
financial results of the
Borgata.
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
(In thousands) 2015 2014 2015 2014
---- ---- ---- ----
Revenues reported for Borgata
Consolidated $ - $181,854 $ - $349,118
Equity Method - - - -
---
Total $ - $181,854 $ - $349,118
=== === ======== === === ========
Adjusted EBITDA reported for Borgata
Consolidated $ - $42,598 $ - $63,044
Equity Method 22,264 - 41,176 -
------ ------
Total $22,264 $42,598 $41,176 $63,044
======= ======= ======= =======
(c) Reconciliation of corporate expense:
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
(In thousands) 2015 2014 2015 2014
---- ---- ---- ----
Corporate expense as reported on Consolidated Statements of Operations $17,352 $17,621 $37,004 $37,541
Corporate share-based compensation expense (2,575) (2,996) (5,585) (8,746)
------ ------ ------ ------
Corporate expense as reported on the above table $14,777 $14,625 $31,419 $28,795
======= ======= ======= =======
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Net Income (Loss) to Adjusted Earnings and Net Income (Loss) Per Share to
Adjusted Earnings Per Share (a)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
(In thousands, except per share data) 2015 2014 2015 2014
---- ---- ---- ----
Net income (loss) attributable to Boyd Gaming Corporation $(6,425) $669 $28,678 $(5,513)
------- ---- ------- -------
Pretax adjustments related to Boyd Gaming:
Preopening expenses 830 1,554 1,335 2,305
Loss on early extinguishments of debt 30,962 904 31,470 1,058
Impairments of assets - 293 1,065 1,926
Asset transactions costs 919 1,858 1,369 2,015
Other operating items, net 54 (561) 170 (345)
Other, net 1,270 670 1,888 295
Pretax adjustments related to Borgata (b):
Preopening expenses - 236 - 269
Loss on early extinguishments of debt 272 - 518 (1,268)
Valuation adjustments related to consolidation, net - (634) - -
Asset transactions costs - 1 - (1)
Other operating items, net (219) - (381) (402)
---- --- ---- ----
Total adjustments 34,088 4,321 37,434 5,852
Income tax effect for above adjustments (785) 18 (1,789) 63
Impact of tax audit settlement on provision - - (23,196) -
-
Impact on noncontrolling interest, net - 199 703
--- --- ---
Adjusted earnings $26,878 $5,207 $41,127 $1,105
======= ====== ======= ======
Net income (loss) per share attributable to Boyd Gaming Corporation $(0.06) $0.01 $0.25 $(0.05)
------ ----- ----- ------
Pretax adjustments related to Boyd Gaming:
Preopening expenses 0.01 0.01 0.01 0.02
Loss on early extinguishments of debt 0.28 0.01 0.29 0.01
Impairments of assets - - 0.01 0.01
Asset transactions costs 0.01 0.02 0.01 0.02
Other operating items, net - - - -
Other, net 0.01 0.01 0.02 -
Pretax adjustments related to Borgata (b):
Preopening expenses - - - -
Loss on early extinguishments of debt - - - (0.01)
Valuation adjustments related to consolidation, net - (0.01) - -
Asset transactions costs - - - -
Other operating items, net - - - -
Total adjustments 0.31 0.04 0.34 0.05
Income tax effect for above adjustments (0.01) - (0.02) -
Impact of tax audit settlement on provision - - (0.21) -
Impact on noncontrolling interest, net - - - 0.01
--- ---
Adjusted earnings per share $0.24 $0.05 $0.36 $0.01
===== ===== ===== =====
Weighted average shares outstanding 113,021 110,813 112,694 109,819
======= ======= ======= =======
(a) See note (a) on Condensed Consolidated
Statements of Operations.
(b) For periods after the September 30,
2014, date of Borgata's
deconsolidation, the calculation
includes Boyd's share of the adjusting
items. Prior to this date, the
calculation includes 100% of the
adjusting items for Borgata.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Operations
Three Months Ended June 30, 2015 (a)
(Unaudited)
Boyd Gaming Wholly Owned
(In thousands, except per share data) Excluding Peninsula Eliminations Boyd Gaming
Peninsula Segment Consolidated
Segment
-------
Revenues
Gaming $347,647 $120,933 $ - $468,580
Food and beverage 68,195 9,714 - 77,909
Room 42,332 - - 42,332
Other 30,755 4,940 (5,053) 30,642
------ ----- ------
Gross revenues 488,929 135,587 (5,053) 619,463
Less promotional allowances 54,631 4,965 - 59,596
------ ----- --- ------
Net revenues 434,298 130,622 (5,053) 559,867
------- ------- ------ -------
Operating costs and expenses
Gaming 168,830 55,856 - 224,686
Food and beverage 36,556 6,357 - 42,913
Room 10,682 - - 10,682
Other 16,759 8,038 (5,053) 19,744
Selling, general and administrative 68,023 12,990 - 81,013
Maintenance and utilities 23,345 3,271 - 26,616
Depreciation and amortization 34,863 17,101 - 51,964
Corporate expense 17,005 347 - 17,352
Preopening expenses 829 1 - 830
Impairments of assets - - - -
Asset transactions costs 397 522 - 919
Other operating items, net (1) 55 - 54
---
Total costs and expenses 377,288 104,538 (5,053) 476,773
------- ------- ------ -------
Boyd's share of Borgata's operating income 15,088 - - 15,088
------ --- --- ------
Operating income 72,098 26,084 - 98,182
------ ------ --- ------
Other expense (income)
Interest income - (465) - (465)
Interest expense, net of amounts capitalized 38,706 18,425 - 57,131
Loss on early extinguishments of debt 30,008 954 - 30,962
Other, net 1,245 25 - 1,270
Boyd's share of Borgata's non-operating expenses, net 9,112 - - 9,112
----- --- --- -----
Total other expense, net 79,071 18,939 - 98,010
------ ------ --- ------
Income (loss) before income taxes (6,973) 7,145 - 172
Income taxes benefit (provision) (2,099) (4,498) - (6,597)
------
Net income (loss) (9,072) 2,647 - (6,425)
Net (income) loss attributable to noncontrolling interest - - - -
Net income (loss) attributable to Boyd Gaming Corporation $(9,072) $2,647 $ - $(6,425)
======= ====== === === =======
Basic net loss per common share $(0.06)
Weighted average basic shares outstanding 112,232
=======
Diluted net loss per common share $(0.06)
======
Weighted average diluted shares outstanding 112,232
=======
(a) See note (a) on Condensed
Consolidated Statements of
Operations.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Operations
Three Months Ended June 30, 2014 (a)
(Unaudited)
Boyd Gaming Wholly Owned
------------------------
(In thousands, except per share data) Excluding Peninsula Eliminations Total Borgata (b) Eliminations Boyd
Segment Gaming
Peninsula
Consolidated
Segment
-------
Revenues
Gaming $334,090 $118,225 $ - $452,315 $166,599 $ - $618,914
Food and beverage 66,679 9,610 - 76,289 34,064 - 110,353
Room 40,760 - - 40,760 29,602 - 70,362
Other 30,861 4,825 (4,821) 30,865 10,308 - 41,173
------ ----- ------ ------ --- ------
Gross revenues 472,390 132,660 (4,821) 600,229 240,573 - 840,802
Less promotional allowances 54,643 4,906 - 59,549 58,719 - 118,268
------ ----- --- ------ --- -------
Net revenues 417,747 127,754 (4,821) 540,680 181,854 - 722,534
------- ------- ------ ------- ------- --- -------
Operating costs and expenses
Gaming 166,260 56,954 - 223,214 65,000 - 288,214
Food and beverage 36,786 6,165 - 42,951 18,245 - 61,196
Room 10,788 - - 10,788 3,693 - 14,481
Other 18,338 8,201 (4,821) 21,718 8,644 - 30,362
Selling, general and administrative 70,231 12,593 - 82,824 28,555 - 111,379
Maintenance and utilities 24,520 3,382 - 27,902 15,121 - 43,023
Depreciation and amortization 33,443 18,325 - 51,768 14,130 - 65,898
Corporate expense 17,236 385 - 17,621 - - 17,621
Preopening expenses 1,130 424 - 1,554 236 - 1,790
Impairments of assets 293 - - 293 - - 293
Asset transactions costs 1,755 103 - 1,858 1 - 1,859
Other operating items, net (578) 17 - (561) - - (561)
---- --- --- --- ---
Total costs and expenses 380,202 106,549 (4,821) 481,930 153,625 - 635,555
------- ------- ------ ------- ------- --- -------
Boyd's share of Borgata's operating income 14,115 - - 14,115 - (14,115) -
------ --- --- ------ --- ------- ---
Operating income 51,660 21,205 - 72,865 28,229 (14,115) 86,979
------ ------ --- ------ ------ ------- ------
Other expense (income)
Interest income - (470) - (470) - - (470)
Interest expense, net of amounts capitalized 38,293 19,175 57,468 17,828 - 75,296
Loss on early extinguishments of debt - 904 - 904 - - 904
Other, net 756 (86) - 670 - - 670
Boyd's share of Borgata's non-operating expenses, net 9,446 - - 9,446 - (9,446) -
Total other expense, net 48,495 19,523 - 68,018 17,828 (9,446) 76,400
------ ------ --- ------ ------ ------ ------
Income (loss) before income taxes 3,165 1,682 - 4,847 10,401 (4,669) 10,579
Income taxes provision (3,686) (492) - (4,178) (1,063) - (5,241)
Net income (loss) (521) 1,190 - 669 9,338 (4,669) 5,338
Net income attributable to noncontrolling interest - - - - - (4,669) (4,669)
Net income (loss) attributable to Boyd Gaming Corporation $(521) $1,190 $ - $669 $9,338 $(9,338) $669
===== ====== === === ==== ====== ======= ====
Basic net income per common share $0.01 $0.01
Weighted average basic shares outstanding 109,884 109,884
======= =======
Diluted net income per common share $0.01 $0.01
Weighted average diluted shares outstanding 110,813 110,813
======= =======
(a) See note (a) on Condensed
Consolidated Statements of
Operations.
(b) 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 Operations
Six Months Ended June 30, 2015 (a)
(Unaudited)
Boyd Gaming Wholly Owned
(In thousands, except per share data) Excluding Peninsula Eliminations Boyd Gaming
Consolidated
Peninsula Segment
Segment
-------
Revenues
Gaming $695,361 $237,976 $ - $933,337
Food and beverage 134,512 19,693 - 154,205
Room 81,685 - - 81,685
Other 61,363 8,845 (9,881) 60,327
------ ----- ------ ------
Gross revenues 972,921 266,514 (9,881) 1,229,554
Less promotional allowances 109,126 9,983 - 119,109
------- ----- --- -------
Net revenues 863,795 256,531 (9,881) 1,110,445
------- ------- ------ ---------
Operating costs and expenses
Gaming 341,246 110,137 - 451,383
Food and beverage 71,754 12,726 - 84,480
Room 20,729 - - 20,729
Other 34,023 15,248 (9,881) 39,390
Selling, general and administrative 136,456 26,246 - 162,702
Maintenance and utilities 45,406 6,529 - 51,935
Depreciation and amortization 69,817 34,089 - 103,906
Corporate expense 36,252 752 - 37,004
Preopening expenses 1,334 1 - 1,335
Impairments of assets 1,065 - - 1,065
Asset transactions costs 717 652 - 1,369
Other operating items, net 70 100 - 170
---
Total costs and expenses 758,869 206,480 (9,881) 955,468
------- ------- ------ -------
Boyd's share of Borgata's operating income 26,763 - - 26,763
------ --- --- ------
Operating income 131,689 50,051 - 181,740
------- ------ --- -------
Other expense (income)
Interest income (4) (932) - (936)
Interest expense, net of amounts capitalized 76,971 37,095 - 114,066
Loss on early extinguishments of debt 30,008 1,462 - 31,470
Other, net 1,702 186 - 1,888
Boyd's share of Borgata's non-operating expenses, net 16,773 - - 16,773
------ --- ---
Total other expense, net 125,450 37,811 - 163,261
------- ------ --- -------
Income before income taxes 6,239 12,240 - 18,479
Income taxes benefit (provision) 19,196 (8,997) - 10,199
------
Net income 25,435 3,243 - 28,678
Net (income) loss attributable to noncontrolling interest - - - -
Net income attributable to Boyd Gaming Corporation $25,435 $3,243 $ - $28,678
======= ====== === === =======
Basic net income per common share $0.26
=====
Weighted average basic shares outstanding 111,841
=======
Diluted net income per common share $0.25
=====
Weighted average diluted shares outstanding 112,694
=======
(a) See note (a) on Condensed
Consolidated Statements of
Operations.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Operations
Six Months Ended June 30, 2014 (a)
(Unaudited)
Boyd Gaming Wholly Owned
------------------------
(In thousands, except per share data) Excluding Peninsula Eliminations Total Borgata (b) Eliminations Boyd
Segment Gaming
Peninsula
Consolidated
Segment
-------
Revenues
Gaming $675,294 $232,092 $ - $907,386 $320,285 $ - $1,227,671
Food and beverage 132,820 19,058 - 151,878 65,118 - 216,996
Room 79,571 - - 79,571 55,171 - 134,742
Other 62,033 8,723 (9,502) 61,254 18,879 - 80,133
------ ----- ------ ------ --- ------
Gross revenues 949,718 259,873 (9,502) 1,200,089 459,453 - 1,659,542
Less promotional allowances 108,477 9,847 - 118,324 110,335 - 228,659
------- ----- --- ------- --- -------
Net revenues 841,241 250,026 (9,502) 1,081,765 349,118 - 1,430,883
------- ------- ------ --------- ------- --- ---------
Operating costs and expenses
Gaming 334,759 110,165 - 444,924 128,464 - 573,388
Food and beverage 72,274 12,251 - 84,525 33,940 - 118,465
Room 21,174 - - 21,174 6,477 - 27,651
Other 37,000 15,513 (9,502) 43,011 15,143 - 58,154
Selling, general and administrative 141,135 24,966 - 166,101 69,957 - 236,058
Maintenance and utilities 47,601 6,592 - 54,193 32,094 - 86,287
Depreciation and amortization 67,296 36,790 - 104,086 27,991 - 132,077
Corporate expense 36,733 808 - 37,541 - - 37,541
Preopening expenses 1,696 609 - 2,305 269 - 2,574
Impairments of assets 1,926 - - 1,926 - - 1,926
Asset transactions costs 1,895 120 - 2,015 (1) - 2,014
Other operating items, net (428) 83 - (345) (402) - (747)
---- --- --- ---- ---
Total costs and expenses 763,061 207,897 (9,502) 961,456 313,932 - 1,275,388
------- ------- ------ ------- ------- --- ---------
Boyd's share of Borgata's operating income 17,593 - - 17,593 - (17,593) -
------ --- --- ------ --- ------- ---
Operating income 95,773 42,129 - 137,902 35,186 (17,593) 155,495
------ ------ --- ------- ------ ------- -------
Other expense (income)
Interest income (4) (942) - (946) - - (946)
Interest expense, net of amounts capitalized 76,788 38,493 115,281 35,518 150,799
Loss on early extinguishments of debt - 1,058 - 1,058 - - 1,058
Other, net 365 17 - 382 - - 382
Boyd's share of Borgata's non-operating expenses, net 17,967 - - 17,967 - (17,967) -
Total other expense, net 95,116 38,626 - 133,742 35,518 (17,967) 151,293
------ ------ --- ------- ------ ------- -------
Income (loss) before income taxes 657 3,503 - 4,160 (332) 374 4,202
Income taxes provision (5,386) (4,287) - (9,673) (416) - (10,089)
Net income (loss) (4,729) (784) - (5,513) (748) 374 (5,887)
Net loss attributable to noncontrolling interest - - - - - 374 374
Net income (loss) attributable to Boyd Gaming Corporation $(4,729) $(784) $ - $(5,513) $(748) $748 $(5,513)
======= ===== === === ======= ===== ==== =======
Basic net loss per common share $(0.05) $(0.05)
====== ======
Weighted average basic shares outstanding 109,819 109,819
======= =======
Diluted net loss per common share $(0.05) $(0.05)
====== ======
Weighted average diluted shares outstanding 109,819 109,819
======= =======
(a) See note (a) on Condensed
Consolidated Statements of
Operations.
(b) 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.
MARINA DISTRICT DEVELOPMENT COMPANY, LLC
dba BORGATA HOTEL CASINO AND SPA
CONSOLIDATED STATEMENTS OF OPERATIONS (a)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
(In thousands) 2015 2014 2015 2014
---- ---- ---- ----
Revenues
Gaming $170,277 $166,599 $335,405 $320,285
Food and beverage 36,392 34,064 70,860 65,118
Room 30,349 29,602 57,953 55,171
Other 10,397 10,308 18,907 18,879
------ ------ ------ ------
Gross revenues 247,415 240,573 483,125 459,453
Less promotional allowances 56,252 58,719 109,373 110,335
------ ------ ------- -------
Net revenues 191,163 181,854 373,752 349,118
------- ------- ------- -------
Operating costs and expenses
Gaming 67,057 65,000 133,976 128,464
Food and beverage 19,147 18,245 36,834 33,940
Room 3,799 3,693 7,059 6,477
Other 9,590 8,644 16,344 15,143
Selling, general and administrative 32,523 28,555 66,676 69,957
Maintenance and utilities 14,520 15,072 30,511 31,999
Depreciation and amortization 14,791 14,812 29,590 29,354
Preopening expenses - 236 - 269
Other operating items, net (441) 1 (765) (403)
---- --- ---- ----
Total operating costs and expenses 160,986 154,258 320,225 315,200
Operating income 30,177 27,596 53,527 33,918
------ ------ ------ ------
Other expense
Interest expense, net of amounts capitalized 16,307 17,828 32,964 35,518
Loss on early extinguishments of debt 543 - 1,035 -
--- --- ----- ---
Total other expense 16,850 17,828 33,999 35,518
------ ------ ------ ------
Income (loss) before state income taxes 13,327 9,768 19,528 (1,600)
State income tax benefit (expense) (1,374) (1,006) 453 (302)
------ ------ --- ----
Net income (loss) $11,953 $8,762 $19,981 $(1,902)
======= ====== ======= =======
Reconciliation of Adjusted EBITDA to Operating Income
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
(In thousands) 2015 2014 2015 2014
---- ---- ---- ----
Adjusted EBITDA $44,527 $42,645 $82,352 $63,138
Less:
Depreciation and amortization 14,791 14,812 29,590 29,354
Preopening expenses - 236 - 269
Other operating items, net (441) 1 (765) (403)
---- --- ----
Operating income $30,177 $27,596 $53,527 $33,918
======= ======= ======= =======
(a) These financial statements
present the financial results
reported by Borgata on a
standalone basis and do not
include consolidation
adjustments recorded by Boyd
Gaming during the period that
Boyd Gaming consolidated
Borgata.
Boyd Gaming Corporation
Unaudited Supplemental Pro Forma Information
Boyd Gaming Corporation ("Boyd Gaming") and MGM Resorts International ("MGM") each originally held a 50% interest in Marina District Development Holding Co., LLC ("Holding Company"). Holding Company owns all the equity interests in Marina District Development Company, LLC, d.b.a. Borgata Hotel Casino and Spa ("Borgata"). Boyd Gaming is the managing member of Holding Company and is responsible for the day-to-day operations of Borgata.
In February 2010, Boyd Gaming entered into an agreement with MGM to amend the operating agreement to, among other things, facilitate the transfer of MGM's interest in Holding Company ("MGM Interest") to a divestiture trust (the "Divestiture Trust") established for the purpose of selling the MGM Interest to a third party. The proposed sale of the MGM Interest through the Divestiture Trust was part of a then-proposed settlement agreement between MGM and the New Jersey Department of Gaming Enforcement (the "NJDGE").
On March 17, 2010, MGM announced that its settlement agreement with the NJDGE had been approved by the New Jersey Casino Control Commission ("NJCCC"). MGM transferred the MGM Interest into the Divestiture Trust on March 24, 2010, and Boyd Gaming determined that it had control, as defined in the relevant accounting literature, of Holding Company and commenced consolidating the business as of that date. Subsequent to a Joint Petition of MGM, Boyd Gaming and Holding Company, on February 13, 2013, the NJCCC approved amendments to the settlement agreement which permitted MGM to file an application for a statement of compliance, which, if approved, would permit MGM to reacquire its interest in Holding Company.
The NJCCC approved MGM's application for licensure on September 10, 2014. On September 30, 2014, the Divestiture Trust was dissolved and MGM reacquired its Borgata ownership interest and its substantive participation rights in the management of Borgata. As a result, Boyd Gaming deconsolidated Borgata as of the close of business on September 30, 2014, and is accounting for its investment in Borgata applying the equity method for periods subsequent to the deconsolidation.
The following unaudited supplemental information presents Boyd Gaming's financial results for three and six months ended June 30, 2015 and pro forma financial results for the three and six months ended June 30, 2014. The prior year unaudited pro forma financial statements give effect to:
-- the deconsolidation by Boyd Gaming of Holding Company, and
-- the recording by Boyd Gaming using the equity method of accounting for
its 50% share of the operating results of Holding Company for the
periods presented,
and assumes that these transactions occurred as of January 1, 2014.
The unaudited supplemental pro forma information has been prepared based upon currently available information and assumptions that are deemed appropriate by Boyd Gaming's management. The pro forma information is for informational purposes only and is not intended to be indicative of Boyd Gaming's actual results that would have been reported had the transactions occurred on the date indicated, nor does the information represent a forecast of Boyd Gaming's financial results for any future period.
BOYD GAMING CORPORATION
SUPPLEMENTAL PRO FORMA INFORMATION
Pro Forma Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
(In thousands, except per share data) 2015 2014 2015 2014
---- ---- ---- ----
Revenues
Gaming $468,580 $452,315 $933,337 $907,386
Food and beverage 77,909 76,289 154,205 151,878
Room 42,332 40,760 81,685 79,571
Other 30,642 30,865 60,327 61,254
------ ------ ------ ------
Gross revenues 619,463 600,229 1,229,554 1,200,089
Less promotional allowances 59,596 59,549 119,109 118,324
------ ------- -------
Net revenues 559,867 540,680 1,110,445 1,081,765
------- ------- --------- ---------
Operating costs and expenses
Gaming 224,686 223,214 451,383 444,924
Food and beverage 42,913 42,951 84,480 84,525
Room 10,682 10,788 20,729 21,174
Other 19,744 21,718 39,390 43,011
Selling, general and administrative 81,013 82,824 162,702 166,101
Maintenance and utilities 26,616 27,902 51,935 54,193
Depreciation and amortization 51,964 51,768 103,906 104,086
Corporate expense 17,352 17,621 37,004 37,541
Preopening expenses 830 1,554 1,335 2,305
Impairments of assets - 293 1,065 1,926
Asset transactions costs 919 1,858 1,369 2,015
Other operating items, net 54 (561) 170 (345)
--- ---- --- ----
Total operating costs and expenses 476,773 481,930 955,468 961,456
Boyd's share of Borgata's operating income 15,088 14,115 26,763 17,593
------ ------ ------ ------
Operating income 98,182 72,865 181,740 137,902
------ ------ ------- -------
Other expense (income)
Interest income (465) (470) (936) (946)
Interest expense, net of amounts capitalized 57,131 57,468 114,066 115,281
Loss on early extinguishments of debt 30,962 904 31,470 1,058
Other, net 1,270 670 1,888 382
Boyd's share of Borgata's non-operating items, net 9,112 9,446 16,773 17,967
----- ----- ------ ------
Total other expense, net 98,010 68,018 163,261 133,742
------ ------ ------- -------
Income before income taxes 172 4,847 18,479 4,160
Income taxes benefit (provision) (6,597) (4,178) 10,199 (9,673)
Net income (loss) (6,425) 669 28,678 (5,513)
Net (income) loss attributable to noncontrolling interest - - - -
Net income (loss) attributable to Boyd Gaming Corporation $(6,425) $669 $28,678 $(5,513)
======= ==== ======= =======
Basic net income (loss) per common share $(0.06) $0.01 $0.26 $(0.05)
Weighted average basic shares outstanding 112,232 109,884 111,841 109,819
======= ======= ======= =======
Diluted net income (loss) per common share $(0.06) $0.01 $0.25 $(0.05)
====== ===== ===== ======
Weighted average diluted shares outstanding 112,232 110,813 112,694 109,819
======= ======= ======= =======
BOYD GAMING CORPORATION
SUPPLEMENTAL PRO FORMA INFORMATION
Reconciliation of Pro Forma Adjusted EBITDA to Pro Forma Operating Income
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
(In thousands) 2015 2014 2015 2014
---- ---- ---- ----
Net Revenues by Reportable Segment
Las Vegas Locals $153,032 $148,270 $303,332 $299,713
Downtown Las Vegas 58,434 55,552 115,038 111,285
Midwest and South 217,777 209,104 435,542 420,740
Peninsula 130,624 127,754 256,533 250,027
-------
Net revenues $559,867 $540,680 $1,110,445 $1,081,765
======== ======== ========== ==========
Adjusted EBITDA by Reportable Segment
Las Vegas Locals $42,175 $36,581 $81,052 $76,588
Downtown Las Vegas 12,307 8,551 22,984 17,878
Midwest and South 51,777 42,199 102,761 86,297
Peninsula 49,164 45,282 95,527 90,043
------ ------ ------ ------
Wholly owned property Adjusted EBITDA 155,423 132,613 302,324 270,806
Corporate expense (14,777) (14,625) (31,419) (28,795)
------- ------- ------- -------
Wholly owned Adjusted EBITDA 140,646 117,988 270,905 242,011
Boyd's share of Borgata's Adjusted EBITDA 22,264 21,299 41,176 31,522
------ ------ ------ ------
Adjusted EBITDA 162,910 139,287 312,081 273,533
------- ------- ------- -------
Other operating costs and expenses
Deferred rent 859 902 1,716 1,811
Depreciation and amortization 51,964 51,768 103,906 104,086
Preopening expenses 830 1,554 1,335 2,305
Share-based compensation expense 2,926 3,424 6,367 9,905
Impairments of assets - 293 1,065 1,926
Asset transactions costs 919 1,858 1,369 2,015
Other operating items, net 54 (561) 170 (346)
Boyd's share of Borgata's operating costs and expenses 7,176 7,184 14,413 13,929
----- ----- ------
Total other operating costs and expenses 64,728 66,422 130,341 135,631
------ ------ ------- -------
Operating income 98,182 72,865 181,740 137,902
------ ------ ------- -------
Other expense (income)
Interest income (465) (470) (936) (946)
Interest expense, net of amounts capitalized 57,131 57,468 114,066 115,281
Loss on early extinguishments of debt 30,962 904 31,470 1,058
Other, net 1,270 670 1,888 382
Boyd's share of Borgata's non-operating items, net 9,112 9,446 16,773 17,967
----- ----- ------ ------
Total other expense, net 98,010 68,018 163,261 133,742
------ ------ ------- -------
Income before income taxes 172 4,847 18,479 4,160
Income taxes benefit (provision) (6,597) (4,178) 10,199 (9,673)
------ ------ ------ ------
Net income (loss) (6,425) 669 28,678 (5,513)
Net (income) loss attributable to noncontrolling interest - - - -
--- --- --- ---
Net income (loss) attributable to Boyd Gaming Corporation $(6,425) $669 $28,678 $(5,513)
======= ==== ======= =======
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. For periods prior to the September 30, 2014, deconsolidation of Borgata, the calculation of Adjusted EBITDA includes 100% of the adjusting items for Borgata. For periods after the date of deconsolidation, the calculation includes Boyd's share of the adjusting items. Pro forma EBITDA and pro forma Adjusted EBITDA reflect Borgata on the equity method for all periods presented. Both EBITDA and Adjusted EBITDA include 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, the impact on Boyd's income tax provision of tax audit settlements, and Borgata's preopening expenses and other items and write-downs, net. For periods prior to the September 30, 2014, deconsolidation of Borgata, the calculation of Adjusted Earnings includes 100% of the adjusting items for Borgata. For periods after the date of deconsolidation, the calculation includes Boyd's share of the adjusting items. 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, among others, forward-looking statements in this press release include statements regarding: the Company's views that there is a strengthening consumer market, the Company's statement that is remaining focused on continuing to produce strong results for shareholders, and all of the statements under the heading "Full Year 2015 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 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
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SOURCE Boyd Gaming Corporation
