Exhibit 99.3

The following table reconciles Peninsula Gaming’s Property Net Revenues and Property EBITDA to amounts as reported in its consolidated statements of operations for the years ended December 31, 2011, 2010, 2009 and 2008, as reported in its Annual Reports on Form 10-K filed with the Securities and Exchange Commission (the “SEC”). The Net Revenues and Property EBITDA amounts as reported herein were derived from the Current Reports on Form 8-K, as filed with the SEC, reporting on periodic earnings.

|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |  |  | 2008 |
|  | (in thousands) |
Net Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diamond Jo Dubuque |  | $ | 68,911 |  |  | $ | 67,835 |  |  | $ | 71,876 |  |  | $ | 42,364 |
Diamond Jo Worth |  |  | 93,924 |  |  |  | 86,568 |  |  |  | 83,897 |  |  |  | 84,596 |
Evangeline Downs |  |  | 115,438 |  |  |  | 112,993 |  |  |  | 122,808 |  |  |  | 132,193 |
Amelia Belle |  |  | 47,965 |  |  |  | 47,962 |  |  |  | 7,699 |  |  |  | — |
Kansas Star |  |  | 6,060 |  |  |  | — |  |  |  | — |  |  |  | — |
Consolidated net revenues |  |  | 332,298 |  |  |  | 315,358 |  |  |  | 286,280 |  |  |  | 259,153 |
Property EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diamond Jo Dubuque |  | $ | 23,884 |  |  | $ | 22,690 |  |  | $ | 23,759 |  |  | $ | 12,929 |
Diamond Jo Worth |  |  | 38,736 |  |  |  | 35,542 |  |  |  | 33,567 |  |  |  | 32,602 |
Evangeline Downs |  |  | 30,099 |  |  |  | 29,820 |  |  |  | 34,355 |  |  |  | 38,941 |
Amelia Belle |  |  | 14,345 |  |  |  | 15,146 |  |  |  | 1,932 |  |  |  | — |
Kansas Star |  |  | 3,318 |  |  |  | — |  |  |  | — |  |  |  | — |
Consolidated Property Adjusted EBITDA |  |  | 110,382 |  |  |  | 103,198 |  |  |  | 93,613 |  |  |  | 84,472 |
Corporate expense |  |  | 9,424 |  |  |  | 6,924 |  |  |  | 5,638 |  |  |  | 4,782 |
Consolidated Adjusted EBITDA |  |  | 100,958 |  |  |  | 96,274 |  |  |  | 87,975 |  |  |  | 79,690 |
Other operating costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 29,427 |  |  |  | 29,413 |  |  |  | 24,651 |  |  |  | 20,134 |
Preopening and development expenses |  |  | 10,136 |  |  |  | 33 |  |  |  | 1,217 |  |  |  | (137 | )
Affiliate management fee |  |  | 6,185 |  |  |  | 5,756 |  |  |  | 5,318 |  |  |  | 5,401 |
Write-downs and other items, net |  |  | (532 | ) |  |  | 184 |  |  |  | 1,770 |  |  |  | 926 |
Other |  |  | — |  |  |  | 28 |  |  |  | (2,412 | ) |  |  | (6,559 | )
Total other operating costs and expenses |  |  | 45,216 |  |  |  | 35,414 |  |  |  | 30,544 |  |  |  | 19,765 |
Operating income |  |  | 55,742 |  |  |  | 60,860 |  |  |  | 57,431 |  |  |  | 59,925 |
Other non-operating items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 65,952 |  |  |  | 57,349 |  |  |  | 48,397 |  |  |  | 37,169 |
Loss on early retirement of debt |  |  | — |  |  |  | — |  |  |  | 22,475 |  |  |  | — |
Loss from equity affiliate |  |  | 91 |  |  |  | 29 |  |  |  | — |  |  |  | — |
Total other non-operating costs and expenses, net |  |  | 66,043 |  |  |  | 57,378 |  |  |  | 70,872 |  |  |  | 37,169 |
Net income (loss) |  | $ | (10,301 | ) |  | $ | 3,482 |  |  | $ | (13,441 | ) |  | $ | 22,756 |

The following table reconciles Peninsula Gaming’s Property Net Revenues and Property EBITDA to amounts as reported in its consolidated statements of operations for the quarters ended June 30, 2011, September 30, 2011, December 31, 2011 and March 31, 2012, which were derived from its Quarterly Reports on Form 10-Q filed with the SEC for each respective period. The Net Revenues and Property EBITDA amounts as reported herein were derived from the Current Reports on Form 8-K, as filed with the SEC, reporting on periodic earnings. These quarters were compiled to present the twelve month period ended March 31, 2012.

|  |  |  |  |  |  |  |  |  |  |  |  |  | Twelve Months |
|  | Three Months Ended |  |  | Ended |
|  | June 30, 2011 |  |  | September 30, 2011 |  |  | December 31, 2011 |  |  | March 31, 2012 |  |  | March 31, 2012 |
|  | (in thousands) |
Net Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diamond Jo Dubuque |  | $ | 17,233 |  |  | $ | 17,970 |  |  | $ | 16,951 |  |  |  | 17,629 |  |  | $ | 69,783 |
Diamond Jo Worth |  |  | 24,495 |  |  |  | 24,607 |  |  |  | 23,237 |  |  |  | 23,940 |  |  |  | 96,279 |
Evangeline Downs |  |  | 31,435 |  |  |  | 28,799 |  |  |  | 26,586 |  |  |  | 30,092 |  |  |  | 116,912 |
Amelia Belle |  |  | 11,331 |  |  |  | 12,497 |  |  |  | 10,696 |  |  |  | 12,878 |  |  |  | 47,402 |
Kansas Star |  |  | — |  |  |  | — |  |  |  | 6,020 |  |  |  | 50,264 |  |  |  | 56,284 |
Consolidated net revenues |  |  | 84,494 |  |  |  | 83,873 |  |  |  | 83,490 |  |  |  | 134,803 |  |  |  | 386,660 |
Property EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diamond Jo Dubuque |  | $ | 6,121 |  |  | $ | 6,484 |  |  | $ | 5,588 |  |  | $ | 6,056 |  |  | $ | 24,249 |
Diamond Jo Worth |  |  | 10,148 |  |  |  | 10,399 |  |  |  | 9,497 |  |  |  | 9,921 |  |  |  | 39,965 |
Evangeline Downs |  |  | 8,232 |  |  |  | 6,913 |  |  |  | 6,375 |  |  |  | 8,917 |  |  |  | 30,437 |
Amelia Belle |  |  | 3,258 |  |  |  | 3,707 |  |  |  | 2,997 |  |  |  | 4,272 |  |  |  | 14,234 |
Kansas Star |  |  | — |  |  |  | — |  |  |  | 3,318 |  |  |  | 26,786 |  |  |  | 30,104 |
Consolidated Property Adjusted EBITDA |  |  | 27,759 |  |  |  | 27,503 |  |  |  | 27,775 |  |  |  | 55,952 |  |  |  | 138,989 |
Corporate expense |  |  | 2,217 |  |  |  | 2,147 |  |  |  | 2,747 |  |  |  | 2,859 |  |  |  | 9,970 |
Consolidated Adjusted EBITDA |  |  | 25,542 |  |  |  | 25,356 |  |  |  | 25,028 |  |  |  | 53,093 |  |  |  | 129,019 |
Other operating costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 7,142 |  |  |  | 7,099 |  |  |  | 7,963 |  |  |  | 10,442 |  |  |  | 32,646 |
Preopening and development expenses |  |  | 1,883 |  |  |  | 3,923 |  |  |  | 3,273 |  |  |  | — |  |  |  | 9,079 |
Affiliate management fee |  |  | 1,604 |  |  |  | 1,565 |  |  |  | 1,477 |  |  |  | 2,411 |  |  |  | 7,057 |
Write-downs and other items, net |  |  | 43 |  |  |  | 9 |  |  |  | 93 |  |  |  | (20 | ) |  |  | 125 |
Total other operating costs and expenses |  |  | 10,672 |  |  |  | 12,596 |  |  |  | 12,806 |  |  |  | 12,833 |  |  |  | 48,907 |
Operating income |  |  | 14,870 |  |  |  | 12,760 |  |  |  | 12,222 |  |  |  | 40,260 |  |  |  | 80,112 |
Other non-operating items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 16,940 |  |  |  | 16,520 |  |  |  | 16,512 |  |  |  | 17,849 |  |  |  | 67,821 |
(Gain) loss from equity affiliate |  |  | 27 |  |  |  | (3 | ) |  |  | 29 |  |  |  | 28 |  |  |  | 81 |
Total other non-operating costs and expenses, net |  |  | 16,967 |  |  |  | 16,517 |  |  |  | 16,541 |  |  |  | 17,877 |  |  |  | 67,902 |
Net income (loss) |  | $ | (2,097 | ) |  | $ | (3,757 | ) |  | $ | (4,319 | ) |  | $ | 22,383 |  |  | $ | 12,210 |

The following table presents Boyd Gaming Corporation’s Net Revenues and Adjusted EBITDA by operating segment and reconciles Adjusted EBITDA to Net income (loss) as reported in our consolidated statements of operations for the quarters ended June 30, 2011, September 30, 2011, December 31, 2011 and March 31, 2012, which were compiled from our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC for each respective period. The twelve month period ended March 31, 2012 was compiled from such amounts.

|  |  |  |  | Twelve Months |
|  | Three Months Ended |  |  | Ended |
|  | June 30, 2011 |  |  | September 30, 2011 |  |  | December 31, 2011 |  |  | March 31, 2012 |  |  | March 31, 2012 |
|  |  |  |  | (in thousands) |  |  |  |  |  |  |
Net Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 151,836 |  |  | $ | 145,915 |  |  | $ | 152,696 |  |  | $ | 154,789 |  |  | $ | 605,236 |
Downtown Las Vegas |  |  | 56,585 |  |  |  | 53,327 |  |  |  | 58,671 |  |  |  | 57,008 |  |  |  | 225,591 |
Midwest and South |  |  | 181,751 |  |  |  | 187,906 |  |  |  | 217,567 |  |  |  | 243,722 |  |  |  | 830,946 |
Atlantic City |  |  | 182,756 |  |  |  | 202,018 |  |  |  | 176,410 |  |  |  | 176,150 |  |  |  | 737,334 |
Reportable Segment Net revenues |  |  | 572,928 |  |  |  | 589,166 |  |  |  | 605,344 |  |  |  | 631,669 |  |  |  | 2,399,107 |
Other |  |  | 1,475 |  |  |  | 1,049 |  |  |  | 1,330 |  |  |  | 1,414 |  |  |  | 5,268 |
Net revenues |  | $ | 574,403 |  |  | $ | 590,215 |  |  | $ | 606,674 |  |  | $ | 633,083 |  |  | $ | 2,404,375 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 38,570 |  |  | $ | 30,793 |  |  | $ | 36,842 |  |  | $ | 38,486 |  |  | $ | 144,691 |
Downtown Las Vegas |  |  | 9,366 |  |  |  | 6,005 |  |  |  | 10,839 |  |  |  | 8,432 |  |  |  | 34,642 |
Midwest and South |  |  | 42,276 |  |  |  | 44,524 |  |  |  | 39,090 |  |  |  | 58,130 |  |  |  | 184,020 |
Wholly-owned property Adjusted EBITDA |  |  | 90,212 |  |  |  | 81,322 |  |  |  | 86,771 |  |  |  | 105,048 |  |  |  | 363,353 |
Corporate expense |  |  | 10,457 |  |  |  | 9,570 |  |  |  | 10,363 |  |  |  | 10,127 |  |  |  | 40,517 |
Wholly-owned Adjusted EBITDA |  |  | 79,755 |  |  |  | 71,752 |  |  |  | 76,408 |  |  |  | 94,921 |  |  |  | 322,836 |
Atlantic City |  |  | 38,657 |  |  |  | 50,287 |  |  |  | 37,860 |  |  |  | 38,881 |  |  |  | 165,685 |
Adjusted EBITDA |  | $ | 118,412 |  |  | $ | 122,039 |  |  | $ | 114,268 |  |  | $ | 133,802 |  |  | $ | 488,521 |
Other operating costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred rent |  | $ | 1,032 |  |  | $ | 1,034 |  |  | $ | 1,034 |  |  | $ | 996 |  |  | $ | 4,096 |
Depreciation and amortization |  |  | 48,488 |  |  |  | 46,034 |  |  |  | 50,237 |  |  |  | 50,014 |  |  |  | 194,773 |
Preopening expenses |  |  | 1,741 |  |  |  | 1,720 |  |  |  | 1,342 |  |  |  | 1,660 |  |  |  | 6,463 |
Share-based compensation expense |  |  | 2,140 |  |  |  | 1,787 |  |  |  | 2,257 |  |  |  | 3,116 |  |  |  | 9,300 |
Other operating charges, net |  |  | 2,262 |  |  |  | 2,300 |  |  |  | 4,789 |  |  |  | 247 |  |  |  | 9,598 |
Other |  |  | 759 |  |  |  | 1,000 |  |  |  | (237 | ) |  |  | 1,187 |  |  |  | 2,709 |
Total other operating costs and expenses |  |  | 56,422 |  |  |  | 53,875 |  |  |  | 59,422 |  |  |  | 57,220 |  |  |  | 226,939 |
Operating income |  |  | 61,990 |  |  |  | 68,164 |  |  |  | 54,846 |  |  |  | 76,582 |  |  |  | 261,582 |
Other non-operating items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 66,674 |  |  |  | 60,068 |  |  |  | 66,657 |  |  |  | 63,824 |  |  |  | 257,223 |
Fair value adjustment of derivative instruments |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 48 |
(Gain) loss on early retirements of debt, net |  |  | — |  |  |  | (54 | ) |  |  | 48 |  |  |  | — |  |  |  | (6 | )
Other income |  |  | — |  |  |  | (1,000 | ) |  |  | (10,582 | ) |  |  | — |  |  |  | (11,582 | )
Total other non-operating costs and expenses, net |  |  | 66,722 |  |  |  | 59,014 |  |  |  | 56,123 |  |  |  | 63,824 |  |  |  | 245,683 |
Income (loss) before income taxes |  |  | (4,732 | ) |  |  | 9,150 |  |  |  | (1,277 | ) |  |  | 12,758 |  |  |  | 15,899 |
Income taxes |  |  | (911 | ) |  |  | (2,170 | ) |  |  | (1,749 | ) |  |  | (6,283 | ) |  |  | (11,113 | )
Net income (loss) |  |  | (5,643 | ) |  |  | 6,980 |  |  |  | (3,026 | ) |  |  | 6,475 |  |  |  | 4,786 |
Net (income) loss attributable to noncontrolling interest |  |  | 2,692 |  |  |  | (3,871 | ) |  |  | 2,535 |  |  |  | (623 | ) |  |  | 733 |
Net income (loss) attributable to Boyd Gaming Corporation |  | $ | (2,951 | ) |  | $ | 3,109 |  |  | $ | (491 | ) |  | $ | 5,852 |  |  | $ | 5,519 |

The following table reconciles the presentation of corporate expense on our condensed consolidated statements of operations for the indicated periods to the presentation on the previous table.

|  | Three Months Ended |  |  | Twelve Months Ended |
|  | June 30, 2011 |  |  | September 30, 2011 |  |  | December 31, 2011 |  |  | March 31, 2012 |  |  | March 31, 2012 |
|  |  |  |  | (in thousands) |  |  |  |  |  |  |
Corporate expense as reported on our consolidated statements of operations |  | $ | 12,264 |  |  | $ | 11,025 |  |  | $ | 12,393 |  |  | $ | 12,871 |  |  | $ | 48,553 |
Corporate share-based compensation expense |  |  | (1,807 | ) |  |  | (1,455 | ) |  |  | (2,030 | ) |  |  | (2,744 | ) |  |  | (8,036 | )
Corporate expense as reported on the previous table |  | $ | 10,457 |  |  | $ | 9,570 |  |  | $ | 10,363 |  |  | $ | 10,127 |  |  | $ | 40,517 |

The following table allocates corporate expense to Wholly-Owned property Adjusted EBITDA (which is presented and reconciled in a previous table).

|  | Twelve Months ended March 31, 2012 |
|  | Las Vegas Locals |  |  | Downtown Las Vegas |  |  | Atlantic City |  |  | Subtotal |  |  | Midwest and South |  |  | Total |
|  |  |  |  |  |  |  | (in thousands) |  |  |  |  |  |  |
Wholly Owned property Adjusted EBITDA |  | $ | 144,691 |  |  | $ | 34,642 |  |  | $ | 165,685 |  |  | $ | 345,018 |  |  | $ | 184,020 |  |  | $ | 529,038 |
Allocation of corporate expense |  |  | 11,081 |  |  |  | 2,653 |  |  |  | 13,189 |  |  |  | 26,923 |  |  |  | 13,594 |  |  |  | 40,517 |
Adjusted EBITDA |  | $ | 133,610 |  |  | $ | 31,989 |  |  | $ | 152,496 |  |  | $ | 318,095 |  |  | $ | 170,426 |  |  | $ | 488,521 |

The following table presents the calculation of Free Cash Flow, and with the tables below, reconciles the line items to the amounts reported in our consolidated statements of operations and cash flows for the respective periods presented.

|  | Year Ended December 31, |  |  | Three Months Ended March 31, |  |  | Twelve Months Ended |
|  | 2011 |  |  | 2012 |  |  | 2011 |  |  | March 31, 2012 |
|  | (in thousands) |
Wholly-Owned EBITDA |  | $ | 307,974 |  |  | $ | 94,921 |  |  | $ | 80,059 |  |  | $ | 322,836 |
Interest expense |  |  | (152,618 | ) |  |  | (39,949 | ) |  |  | (39,875 | ) |  |  | (152,692 | )
Capital expenditures |  |  | (54,598 | ) |  |  | (15,330 | ) |  |  | (17,221 | ) |  |  | (52,707 | )
Taxes |  |  | (468 | ) |  |  | (5,706 | ) |  |  | 2,437 |  |  |  | (8,611 | )
Free Cash Flow |  | $ | 100,290 |  |  | $ | 33,936 |  |  | $ | 25,400 |  |  | $ | 108,826 |

The following table reconciles interest expense, as presented in the free cash flow calculation above, to the amount as reported in our consolidated statements of operations for the respective periods presented.

|  | Year Ended December 31, |  |  | Three Months Ended March 31, |  |  | Twelve Months Ended |
|  | 2011 |  |  | 2012 |  |  | 2011 |  |  | March 31, 2012 |
|  |  | (in thousands) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Boyd Gaming Corporation |  | $ | 152,618 |  |  | $ | 39,949 |  |  | $ | 39,875 |  |  | $ | 152,692 |
Borgata |  |  | 81,314 |  |  |  | 20,482 |  |  |  | 17,283 |  |  |  | 84,513 |
Variable Interest Entity |  |  | 16,753 |  |  |  | 3,393 |  |  |  | 128 |  |  |  | 20,018 |
Interest expense as reported in our consolidated statements of operations |  | $ | 250,685 |  |  | $ | 63,824 |  |  | $ | 57,286 |  |  | $ | 257,223 |

The following table reconciles capital expenditures, as presented in the free cash flow calculation above, to the amount as reported in our consolidated statements of cash flows for the respective periods presented.

|  | Year Ended December 31, |  |  | Three Months Ended March 31, |  |  | Twelve Months Ended |
|  | 2011 |  |  | 2012 |  |  | 2011 |  |  | March 31, 2012 |
|  |  | (in thousands) |
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Boyd Gaming Corporation |  | $ | 54,598 |  |  | $ | 15,330 |  |  | $ | 17,221 |  |  | $ | 52,707 |
Borgata |  |  | 32,626 |  |  |  | 17,466 |  |  |  | 3,637 |  |  |  | 46,455 |
Capital expenditures as reported in our consolidated statements of cash flows. |  | $ | 87,224 |  |  | $ | 32,796 |  |  | $ | 20,858 |  |  | $ | 99,162 |

The following table reconciles income tax expense, as presented in the free cash flow calculation above, to the amount as reported in our consolidated statements of operations for the respective periods presented.

|  | Year Ended December 31, |  |  | Three Months Ended March 31, |  |  | Twelve Months Ended |
|  | 2011 |  |  | 2012 |  |  | 2011 |  |  | March 31, 2012 |
|  |  | (in thousands) |
Income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Boyd Gaming Corporation |  | $ | 468 |  |  | $ | 5,706 |  |  | $ | 2,437 |  |  | $ | 8,611 |
Borgata |  |  | 1,253 |  |  |  | 577 |  |  |  | 671 |  |  |  | 2,501 |
Income taxes as reported in our consolidated statements of operations |  | $ | 1,721 |  |  | $ | 6,283 |  |  | $ | (3,108 | ) |  | $ | 11,112 |

The following tables present the data used in the public company peer group disclosures. All information was obtained from the Current Reports on Form 8-K related to the periodic release of earnings, filed with the SEC by these respective companies, for these respective periods. The twelve month period ended March 31, 2012 was compiled from this data.

|  | Year Ended December 31, |  |  | Three Months Ended March 31, |  |  | Twelve Months Ended |
|  | 2011 |  |  | 2012 |  |  | 2011 |  |  | March 31, 2012 |
|  | (in thousands) |
Ameristar Casinos |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenue |  | $ | 1,214,506 |  |  | $ | 312,134 |  |  | $ | 308,743 |  |  | $ | 1,217,897 |
EBITDA |  |  | 365,136 |  |  |  | 101,975 |  |  |  | 96,360 |  |  |  | 370,751 |
EBITDA Margin |  |  | 30.1 | % |  |  | 32.7 | % |  |  | 31.2 | % |  |  | 30.4 | %
Penn National Gaming |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenue |  | $ | 2,742,257 |  |  | $ | 736,059 |  |  | $ | 667,023 |  |  | $ | 2,811,293 |
EBITDA |  |  | 730,236 |  |  |  | 200,740 |  |  |  | 178,035 |  |  |  | 752,941 |
EBITDA Margin |  |  | 26.6 | % |  |  | 27.3 | % |  |  | 26.7 | % |  |  | 26.8 | %
Pinnacle Entertainment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenue |  | $ | 1,141,198 |  |  | $ | 292,985 |  |  | $ | 280,147 |  |  |  | 1,154,036 |
EBITDA |  |  | 252,129 |  |  |  | 74,553 |  |  |  | 62,562 |  |  |  | 264,120 |
EBITDA Margin |  |  | 22.1 | % |  |  | 25.4 | % |  |  | 22.3 | % |  |  | 22.9 | %
Isle of Capri |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenue |  | $ | 1,004,995 |  |  | $ | 245,807 |  |  | $ | 251,921 |  |  | $ | 998,881 |
EBITDA |  |  | 184,960 |  |  |  | 38,685 |  |  |  | 43,219 |  |  |  | 180,426 |
EBITDA Margin |  |  | 18.4 | % |  |  | 15.7 | % |  |  | 17.2 | % |  |  | 18.1 | %

The following tables present the data used in the public company peer group disclosures. All information was obtained from the Current Reports on Form 8-K related to the periodic release of earnings, filed with the SEC by these respective companies, for these respective periods. The twelve month period ended March 31, 2012 was compiled from this data.

|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |  |  | 2008 |
|  |  |  |  | (in thousands) |  |  |  |
Ameristar Casinos |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net revenues |  | $ | 1,214,506 |  |  | $ | 1,189,282 |  |  |  | 1,215,445 |  |  | $ | 1,267,902 |
Same store net revenues |  | $ | 1,214,506 |  |  | $ | 1,189,282 |  |  | $ | 1,215,445 |  |  | $ | 1,267,902 |
Penn National Gaming |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net revenues |  | $ | 2,742,257 |  |  | $ | 2,459,111 |  |  | $ | 2,369,275 |  |  |  | 2,423,053 |
Less properties not in operation in all periods: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hollywood Casino Perryville |  |  | (114,690 | ) |  |  | (29,111 | ) |  | $ | — |  |  |  | — |
M Resort |  |  | (103,565 | ) |  |  | — |  |  |  | — |  |  |  | — |
Beulah Park |  |  | (11,372 | ) |  |  | (3,809 | ) |  |  | — |  |  |  | — |
Same store sales revenues |  | $ | 2,512,630 |  |  | $ | 2,426,191 |  |  | $ | 2,369,275 |  |  | $ | 2,423,053 |
Pinnacle Entertainment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net revenues |  | $ | 1,141,198 |  |  | $ | 1,058,568 |  |  | $ | 987,739 |  |  | $ | 1,044,684 |
Less properties not in operation in all periods: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
St. Louis |  |  | (382,019 | ) |  |  | (337,043 | ) |  |  | (219,006 | ) |  |  | (174,185 | )
River Downs |  |  | (10,258 | ) |  |  | — |  |  |  | — |  |  |  | — |
Boomtown Reno |  |  | — |  |  |  | — |  |  |  | (39,113 | ) |  |  | (46,007 | )
Casino Magic Argentina |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (40,006 | )
President Casino |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (25,784 | )
Same store sales revenues |  | $ | 748,921 |  |  | $ | 721,525 |  |  | $ | 729,620 |  |  | $ | 758,702 |

Footnotes and Safe Harbor Statements

Non-GAAP Financial Measures

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

EBITDA, Adjusted EBITDA (collectively “EBITDA”)

As presented herein with respect to Boyd Gaming Corporation

EBITDA is a commonly used measure of performance in our industry which we believe, when considered with measures calculated in accordance with GAAP, gives investors a more complete understanding of operating results before the impact of investing and financing transactions and income taxes and facilitates comparisons between us and our competitors. Management has historically adjusted EBITDA when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide the most accurate measure of our core operating results and as a means to evaluate period-to-period results. We have chosen to provide this information to investors to enable them to perform more meaningful comparisons of past, present and future operating results and as a means to evaluate the results of core on- going operations. We do not reflect such items when calculating EBITDA; however, we adjust for these items and refer to this measure as Adjusted EBITDA. We have historically reported this measure to our investors and believe that the continued inclusion of Adjusted EBITDA provides consistency in our financial reporting. We use Adjusted EBITDA in this press release because we believe it is useful to investors in allowing greater transparency related to a significant measure used by management in its financial and operational decision-making. Adjusted EBITDA is among the more significant factors in management’s internal evaluation of total company and individual property performance and in the evaluation of incentive compensation related to property management. Management also uses Adjusted EBITDA as a measure in determining the value of acquisitions and dispositions. Adjusted EBITDA is also widely used by management in the annual budget process. Externally, we believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company. Adjusted EBITDA reflects EBITDA adjusted for deferred rent, preopening expenses, share-based compensation expense, write-downs and other charges, net, increase in value of derivative instruments, gain on early retirements of debt, other non-operating expenses, and our share of Borgata’s non-operating expenses, preopening expenses and other items and write-downs, net. In addition, Adjusted EBITDA includes corporate expense. A reconciliation of Adjusted EBITDA to net income (loss), based upon GAAP, is included in the financial schedules accompanying this release.

Property EBITDA, and Consolidated Property EBITDA

As presented herein with respect to Peninsula Gaming Corp.

Property EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. Property EBITDA is adjusted, as applicable, for pre-opening expense, affiliate management fees, loss from equity affiliate, gain or loss on disposal of assets and gain on settlement. EBITDA, Adjusted EBITDA, Consolidated Adjusted EBITDA and Consolidated Property Adjusted EBITDA are not measures of financial performance under GAAP. Accordingly, the use of these measures should not be construed as an alternative to operating income, as an indicator of the Company’s operating performance, or as an alternative to cash flow from operating activities, as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. The Company has significant uses of cash, including capital expenditures, interest payments and debt principal repayments, which are not reflected in Consolidated Adjusted EBITDA or Consolidated Property Adjusted EBITDA

Free Cash Flow

Free Cash Flow is a commonly used measure of performance in our industry which we believe, when considered with measures calculated in accordance with GAAP, gives investors a more complete understanding of operating results before the impact of investing and financing transactions and income taxes and facilitates comparisons between us and our competitors. We use free cash flow to measure our financial performance and ability to repay obligations as they become due, considering our debt servicing requirements, capital expenditures related to maintaining our properties and income taxes as due.

Limitations on the Use of Non-GAAP Measures

The use of EBITDA, Free Cash Flow and certain other non-GAAP financial measures has certain limitations. Our presentation of EBITDA, Free Cash Flow 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. Each of these items should also be considered in the overall evaluation of our results. Additionally, EBITDA do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

EBITDA, Free Cash Flow and certain other non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. EBITDA, Free Cash Flow 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, Free Cash Flow and certain other non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.