Condensed Consolidating Financial Information (Tables)

Condensed Consolidating Balance Sheets



	December 31, 2012
									Non-				Non-
									Guarantor				Guarantor
									Subsidiaries				Subsidiaries
					Guarantor				(100%				(Not 100%
	Parent				Subsidiaries				Owned)				Owned)				Eliminations				Consolidated
									(In thousands)
Assets
Cash and cash equivalents	$	2,520			$	118,714			$	37,002			$	34,592			$	—			$	192,828
Other current assets	87,967				(4,905		)		36,491				49,843				(6,631		)		162,765
Property and equipment, net	67,499				1,691,120				500,660				1,365,709				—				3,624,988
Assets held for development	775				330,995				—				—				—				331,770
Investments in subsidiaries	3,093,287				(191,180		)		—				—				(2,902,107		)		—
Intercompany receivable	—				264,687				—				—				(264,687		)		—
Other assets, net	45,844				12,791				81,891				64,749				—				205,275
Intangible assets, net	—				468,229				589,845				61,564				—				1,119,638
Goodwill, net	—				212,795				482,134				—				—				694,929
Total assets	$	3,297,892			$	2,903,246			$	1,728,023			$	1,576,457			$	(3,173,425	)		$	6,332,193

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	42,500			$	10,341			$	8,729			$	—			$	—		—	$	61,570
Non-recourse debt	—				—				—				225,113				—				225,113
Current liabilities	70,721				203,484				83,090				109,441				(2,855		)		463,881
Intercompany payable	134,386				—				129,985				—				(264,371		)		—
Long-term debt, net of current maturities	2,723,232				—				1,311,296				793,325				—				4,827,853
Due from affiliates	—				—				—				—				—				—
Other long-term liabilities	23,262				185,350				42,595				35,442				—				286,649
Non-recourse debt	—				—				—				—				—				—

Preferred stock	—				—				—				—				—				—
Common stock	869				31,097				305,387				—				(336,484		)		869
Additional paid-in capital	655,694				2,538,402				502,742				476,733				(3,517,877		)		655,694
Retained earnings (deficit)	(351,810		)		(65,428		)		(654,839		)		(63,597		)		783,864				(351,810		)
Accumulated other comprehensive loss, net	(962		)		—				(962		)		—				962				(962		)
Total Boyd Gaming Corporation stockholders' equity (deficit)	303,791				2,504,071				152,328				413,136				(3,069,535		)		303,791
Noncontrolling interest	—			—	—			—	—			—	—			—	163,336				163,336
Total stockholders' equity (deficit)	303,791				2,504,071				152,328				413,136				(2,906,199		)		467,127
Total liabilities and stockholders' equity	$	3,297,892			$	2,903,246			$	1,728,023			$	1,576,457			$	(3,173,425	)		$	6,332,193

Condensed Consolidating Balance Sheets - continued



	December 31, 2011
					Non-			Non-
					Guarantor			Guarantor
					Subsidiaries			Subsidiaries
			Guarantor		(100%			(Not 100%
	Parent		Subsidiaries		Owned)			Owned)			Eliminations			Consolidated
					(In thousands)
Assets
Cash and cash equivalents	$	364	$	128,185	$	3,944		$	46,263		$	—		$	178,756
Other current assets	29,818		70,448		13,459			50,413			—			164,138
Property and equipment, net	115,346		2,120,227		75,739			1,230,796			—			3,542,108
Assets held for development	—		926,013		—			163,806			—			1,089,819
Investments in subsidiaries	3,777,298		353,740		32			—			(4,131,070		)	—
Intercompany receivable	—		187,911		—			—			(187,911		)	—
Other assets, net	28,501		15,068		5,993			71,077			—			120,639
Intangible assets, net	—		487,907		21,374			64,737			—			574,018
Goodwill, net	—		212,794		782			—			—			213,576
Total assets	$	3,951,327	$	4,502,293	$	121,323		$	1,627,092		$	(4,318,981	)	$	5,883,054

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	42,500	$	730	$	—		$	—		$	—		$	43,230
Non-recourse debt	—		—		—			29,686			—			29,686
Current liabilities	146,054		152,437		16,725			102,484			(18,596		)	399,104
Intercompany payable	455		—		216,211			—			(216,666		)	—
Long-term debt, net of current maturities	2,527,076		10,341		—			809,809			—			3,347,226
Other long-term liabilities	33,150		404,463		1,537			57,599			—			496,749
Non-recourse debt	—		—		—			192,980			—			192,980

Preferred stock	—		—		—			—			—			—
Common stock	863		31,128		32			—			(31,160		)	863
Additional paid-in capital	644,174		2,984,250		41,724			476,733			(3,502,707		)	644,174
Retained earnings (deficit)	557,055		918,944		(154,906		)	(42,199		)	(721,839		)	557,055
Total Boyd Gaming Corporation stockholders' equity (deficit)	1,202,092		3,934,322		(113,150		)	434,534			(4,255,706		)	1,202,092
Noncontrolling interest	—		—		—			—			171,987			171,987
Total stockholders' equity (deficit)	1,202,092		3,934,322		(113,150		)	434,534			(4,083,719		)	1,374,079
Total liabilities and stockholders' equity	$	3,951,327	$	4,502,293	$	121,323		$	1,627,092		$	(4,318,981	)	$	5,883,054

Condensed Consolidating Statements of Operations



	Year Ended December 31, 2012
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
							(In thousands)
Net revenues	$	138,926		$	1,689,284		$	111,921		$	697,118		$	(149,823	)	$	2,487,426

Costs and expenses
Operating	—			940,450			85,419			371,722			—			1,397,591
Selling, general and administrative	—			296,840			16,931			139,155			—			452,926
Maintenance and utilities	—			92,312			4,281			58,423			—			155,016
Depreciation and amortization	7,984			126,121			15,963			64,264			—			214,332
Corporate expense	86,084			368			1,631			—			(37,364		)	50,719
Preopening expenses	1,207			15,438			5,552			240			(10,896		)	11,541
Impairment of assets	97,868			1,044,112			—			2,811			(91,265		)	1,053,526
Other operating items, net	15,575			(5,503		)	3,081			(6,503		)	—			6,650
Total costs and expenses	208,718			2,510,138			132,858			630,112			(139,525		)	3,342,301

Equity in loss (earnings) of subsidiaries	929,465			(535		)	(87,151		)	—			(841,779		)	—
Operating income (loss)	(999,257		)	(820,319		)	66,214			67,006			831,481			(854,875		)

Other expense (income)
Interest expense, net	174,345			634			18,630			95,226			—			288,835
Other income	—			—			(91,128		)	—			91,265			137
Total other expense, net	174,345			634			(72,498		)	95,226			91,265			288,972

Income (loss) before income taxes	(1,173,602		)	(820,953		)	138,712			(28,220		)	740,216			(1,143,847		)
Income taxes	264,737			(50,745		)	5,501			1,279			—			220,772
Net income (loss)	(908,865		)	(871,698		)	144,213			(26,941		)	740,216			(923,075		)
Net loss attributable to noncontrolling interest	—			—			—			—			14,210			14,210
Net income (loss) attributable to Boyd Gaming Corporation	$	(908,865	)	$	(871,698	)	$	144,213		$	(26,941	)	$	754,426		$	(908,865	)
Comprehensive income (loss)	$	(909,827	)	$	(871,698	)	$	144,213		$	(21,402	)	$	740,216		$	(918,498	)

Condensed Consolidating Statements of Operations - continued



	Year Ended December 31, 2011
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
							(In thousands)
Net revenues	$	149,168		$	1,550,197		$	55,767		$	730,274		$	(149,168	)	$	2,336,238

Costs and expenses
Operating	—			848,973			57,620			383,041			—			1,289,634
Selling, general and administrative	—			258,026			10,023			126,942			—			394,991
Maintenance and utilities	—			89,092			2,255			62,165			—			153,512
Depreciation and amortization	8,371			118,621			2,914			65,437			—			195,343
Corporate expense	95,847			147			1,194			—			(48,226		)	48,962
Preopening expenses	907			16,356			—			(10,629		)	—			6,634
Other operating items, net	6,054			1,602			3			6,399			—			14,058
Total costs and expenses	111,179			1,332,817			74,009			633,355			(48,226		)	2,103,134

Equity in loss (earnings) of subsidiaries	(75,144		)	1,345			—			—			73,799			—
Operating income (loss)	113,133			216,035			(18,242		)	96,919			(174,741		)	233,104

Other expense (income)
Interest expense, net	151,931			687			—			98,067			—			250,685
Fair value adjustment of derivative instruments	265			—			—			—			—			265
Gain on early retirements of debt	20			—			—			(6		)	—			14
Other income	(7,000		)	(4,582		)	—			—			—			(11,582		)
Total other expense, net	145,216			(3,895		)	—			98,061			—			239,382

Income (loss) before income taxes	(32,083		)	219,930			(18,242		)	(1,142		)	(174,741		)	(6,278		)
Income taxes	28,229			(34,349		)	5,652			(1,253		)	—			(1,721		)
Net income (loss)	(3,854		)	185,581			(12,590		)	(2,395		)	(174,741		)	(7,999		)
Net loss attributable to noncontrolling interest	—			—			—			—			4,145			4,145
Net income (loss) attributable to Boyd Gaming Corporation	$	(3,854	)	$	185,581		$	(12,590	)	$	(2,395	)	$	(170,596	)	$	(3,854	)
Comprehensive income (loss)	$	3,740		$	185,581		$	(12,590	)	$	1,573		$	(174,741	)	$	3,563

Consolidating Statements of Operations - continued



	Year Ended December 31, 2010
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
							(In thousands)
Net revenues	$	134,190		$	1,501,899		$	58,860		$	580,140		$	(134,190	)	$	2,140,899

Costs and expenses
Operating	—			835,489			54,984			298,966			—			1,189,439
Selling, general and administrative	—			265,376			8,858			94,983			—			369,217
Maintenance and utilities	—			87,499			4,256			48,967			—			140,722
Depreciation and amortization	11,955			129,693			4,741			52,886			—			199,275
Corporate expense	83,437			59,710			9,295			—			(103,581		)	48,861
Preopening expenses	1,580			—			7,523			—			(1,644		)	7,459
Other operating items, net	4,456			68			197			(8		)	—			4,713
Total costs and expenses	101,428			1,377,835			89,854			495,794			(105,225		)	1,959,686

Equity in loss (earnings) of subsidiaries	(65,159		)	(47,393		)	—			—			104,406			(8,146		)
Operating income (loss)	97,921			171,457			(30,994		)	84,346			(133,371		)	189,359

Other expense (income)
Interest expense, net	118,585			731			(6		)	61,243			—			180,553
Fair value adjustment of derivative instruments	480			—			—			—			—			480
Gain on early retirements of debt	(2,758		)	—			—			—			—			(2,758		)
Other income	—			(12,535		)	—			—			—			(12,535		)
Other non-operating expenses, net	—			3,133			—			—			—			3,133
Total other expense, net	116,307			(8,671		)	(6		)	61,243			—			168,873

Income (loss) before income taxes	(18,386		)	180,128			(30,988		)	23,103			(133,371		)	20,486
Income taxes	28,696			(32,838		)	(27		)	(4,067		)	—			(8,236		)
Net income (loss)	10,310			147,290			(31,015		)	19,036			(133,371		)	12,250
Net loss attributable to noncontrolling interest	—			—			—			—			(1,940		)	(1,940		)
Net income (loss) attributable to Boyd Gaming Corporation	$	10,310		$	147,290		$	(31,015	)	$	19,036		$	(135,311	)	$	10,310
Comprehensive income	$	20,842		$	147,290		$	(31,015	)	$	14,920		$	(133,371	)	$	18,666

Condensed Consolidating Statements of Cash Flows



	Year Ended December 31, 2012
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
							(In thousands)
Cash flows from operating activities
Net cash from operating activities	$	77,534		$	16,372		$	9,995		$	34,252		$	4,292		$	142,445

Cash flows from investing activities
Capital expenditures	(50,536		)	(33,088		)	(7,894		)	(34,456		)	—			(125,974		)
Cash paid for acquisition, net of cash received	(198,726		)	—			(1,125,472		)	—			—			(1,324,198		)
Investment in and advances to unconsolidated subsidiaries, net	4,292			—			—			—			(4,292		)	—
Other investing activities	(790		)	7,245			1,828			6,730			—			15,013
Net cash from investing activities	(245,760		)	(25,843		)	(1,131,538		)	(27,726		)	(4,292		)	(1,435,159		)

Cash flows from financing activities
Borrowings under bank credit facility	787,100			—			871,100			632,700			—			2,290,900
Payments under bank credit facility	(951,250		)	—			(16,700		)	(652,900		)	—			(1,620,850		)
Debt issuance costs, net	(16,651		)	—			(47,989		)	(443		)	—			(65,083		)
Proceeds from issuance of senior secured notes	350,000			—			350,000			—			—			700,000
Proceeds from variable interest entities' issuance of debt	—			—			—			3,374			—			3,374
Proceeds on loans to members of variable interest entity	—			—			—			(928		)	—			(928		)
Other financing activities	1,183			—			(1,810		)	—			—			(627		)
Net cash from financing activities	170,382			—			1,154,601			(18,197		)	—			1,306,786

Net change in cash and cash equivalents	2,156			(9,471		)	33,058			(11,671		)	—			14,072
Cash and cash equivalents, beginning of period	364			128,185			3,944			46,263			—			178,756
Cash and cash equivalents, end of period	$	2,520		$	118,714		$	37,002		$	34,592		$	—		$	192,828

Condensed Consolidating Statements of Cash Flows - continued



	Year Ended December 31, 2011
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations		Consolidated
							(In thousands)
Cash flows from operating activities
Net cash from operating activities	$	97,965		$	68,797		$	26,294		$	60,454		$	—	$	253,510

Cash flows from investing activities
Capital expenditures	(24,815		)	(28,204		)	(1,579		)	(32,626		)	—		(87,224		)
Cash paid for business acquisition, net	(278,456		)	—			—			—			—		(278,456		)
Cash paid for development agreement	—			—			(24,450		)	—			—		(24,450		)
Other investing activities	895			—			—			26,448			—		27,343
Net cash from investing activities	(302,376		)	(28,204		)	(26,029		)	(6,178		)	—		(362,787		)

Cash flows from financing activities
Borrowings under bank credit facility	391,329			—			—			741,300			—		1,132,629
Payments under bank credit facility	(183,579		)	—			—			(762,000		)	—		(945,579		)
Debt financing costs, net	(14,221		)	—			—			(1,153		)	—		(15,374		)
Proceeds from issuance of debt	—			—			—			7,199			—		7,199
Payments on long-term debt	—			(690		)	—			—			—		(690		)
Payments on retirements of long-term debt	—			—			—			(8,198		)	—		(8,198		)
Proceed from stock options exercised	15			—			—			—			—		15
Payments under note payable by variable interest entity	—			—			—			(27,000		)	—		(27,000		)
Other financing activities	—			—			—			(592		)	—		(592		)
Net cash from financing activities	193,544			(690		)	—			(50,444		)	—		142,410

Net change in cash and cash equivalents	(10,867		)	39,903			265			3,832			—		33,133
Cash and cash equivalents, beginning of period	11,231			88,282			3,679			42,431			—		145,623
Cash and cash equivalents, end of period	$	364		$	128,185		$	3,944		$	46,263		$	—	$	178,756

Condensed Consolidating Statements of Cash Flows - continued



	Year Ended December 31, 2010
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
							(In thousands)
Cash flows from operating activities
Net cash from operating activities	$	226,650		$	78,597		$	970		$	91,379		$	(128,205	)	$	269,391

Cash flows from investing activities
Capital expenditures	(6,463		)	(56,884		)	(2,059		)	(10,552		)	—			(75,958		)
Net cash effect upon change in controlling interest of Borgata	—			26,025			—			26,025			(26,025		)	26,025
Other investing activities	69			—			—			987			—			1,056
Net cash from investing activities	(6,394		)	(30,859		)	(2,059		)	16,460			(26,025		)	(48,877		)

Cash flows from financing activities
Borrowings under bank credit facility	758,774			—			—			533,673			—			1,292,447
Payments under bank credit facility	(1,250,674		)	—			—			(1,105,062		)	—			(2,355,736		)
Debt financing costs, net	(20,617		)	—			—			(6,440		)	—			(27,057		)
Proceeds from issuance of debt	490,000			—			—			773,176			—			1,263,176
Proceeds from issuance of debt by variable interest entity	—			—			—			18,091			—			18,091
Payments on long-term debt	—			(46,875		)	—			(1,194		)	—			(48,069		)
Payments on retirements of long-term debt	(187,041		)	(652		)	—			—			—			(187,693		)
Other financing activities	170			—			—			(277,652		)	154,230			(123,252		)
Net cash from financing activities	(209,388		)	(47,527		)	—			(65,408		)	154,230			(168,093		)

Net change in cash and cash equivalents	10,868			211			(1,089		)	42,431			—			52,421
Cash and cash equivalents, beginning of period	363			88,071			4,768			—			—			93,202
Cash and cash equivalents, end of period	$	11,231		$	88,282		$	3,679		$	42,431		$	—		$	145,623