Condensed Consolidating Financial Information (Tables)

Condensed Consolidating Balance Sheets



	March 31, 2013
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
							(In thousands)
Assets
Cash and cash equivalents	$	163,855		$	124,658		$	33,308		$	36,533		$	—		$	358,354
Other current assets	87,965			(8,049		)	43,212			80,866			(986		)	203,008
Property and equipment, net	63,628			1,862,935			495,634			1,190,311			—			3,612,508
Investments in subsidiaries	3,111,455			266,031			14,226			—			(3,391,712		)	—
Intercompany receivable	—			481,285			10			(229		)	(481,066		)	—
Other assets, net	45,491			12,915			76,734			43,762			—			178,902
Intangible assets, net	—			467,712			578,384			61,188			—			1,107,284
Goodwill, net	—			212,795			482,134			—			—			694,929
Total assets	$	3,472,394		$	3,420,282		$	1,723,642		$	1,412,431		$	(3,873,764	)	$	6,154,985

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	192,500		$	—		$	8,259		$	—		$	—		$	200,759
Current liabilities	64,146			241,671			86,710			135,514			(694		)	527,347
Intercompany payable	344,461			—			136,517			—			(480,978		)	—
Long-term debt, net of current maturities	2,544,603			—			1,304,153			788,307			—			4,637,063
Other long-term liabilities	25,796			182,210			38,083			38,442			—			284,531

Common stock	869			31,129			(9,500		)	—			(21,629		)	869
Additional paid-in capital	659,780			2,756,184			250,504			480,833			(3,487,521		)	659,780
Retained earnings (deficit)	(359,094		)	209,088			(90,417		)	(30,665		)	(88,006		)	(359,094		)
Accumulated other comprehensive loss, net	(667		)	—			(667		)	—			667			(667		)
Total Boyd Gaming Corporation stockholders' equity	300,888			2,996,401			149,920			450,168			(3,596,489		)	300,888
Noncontrolling interest	—			—			—			—			204,397			204,397
Total stockholders' equity	300,888			2,996,401			149,920			450,168			(3,392,092		)	505,285
Total liabilities and stockholders' equity	$	3,472,394		$	3,420,282		$	1,723,642		$	1,412,431		$	(3,873,764	)	$	6,154,985

Condensed Consolidating Balance Sheets - continued



	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		$	36,902		$	34,692		$	—		$	192,828
Other current assets	87,493			(4,371		)	32,862			50,751			(3,970		)	162,765
Property and equipment, net	67,500			1,691,120			500,660			1,365,708			—			3,624,988
Assets held for development	775			330,995			—			—			—			331,770
Investments in subsidiaries	3,089,125			267,777			4,103			—			(3,361,005		)	—
Intercompany receivable	(134,385		)	264,686			10			(224		)	(130,087		)	—
Other assets, net	45,880			12,791			81,856			64,748			—			205,275
Intangible assets, net	—			468,229			589,845			61,564			—			1,119,638
Goodwill, net	—			212,795			482,134			—			—			694,929
Total assets	$	3,158,908		$	3,362,736		$	1,728,372		$	1,577,239		$	(3,495,062	)	$	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	66,121			208,399			80,792			109,442			(873		)	463,881
Intercompany payable	—			—			128,198			—			(128,198		)	—
Long-term debt, net of current maturities	2,723,234			—			1,311,295			793,324			—			4,827,853
Other long-term liabilities	23,262			185,717			41,289			36,350			31			286,649

Common stock	869			31,128			—			—			(31,128		)	869
Additional paid-in capital	655,694			2,756,184			250,504			480,833			(3,487,521		)	655,694
Retained earnings (deficit)	(351,810		)	170,967			(91,473		)	(67,823		)	(11,671		)	(351,810		)
Accumulated other comprehensive loss, net	(962		)	—			(962		)	—			962			(962		)
Total Boyd Gaming Corporation stockholders' equity	303,791			2,958,279			158,069			413,010			(3,529,358		)	303,791
Noncontrolling interest	—			—			—			—			163,336			163,336
Total stockholders' equity	303,791			2,958,279			158,069			413,010			(3,366,022		)	467,127
Total liabilities and stockholders' equity	$	3,158,908		$	3,362,736		$	1,728,372		$	1,577,239		$	(3,495,062	)	$	6,332,193



	Three Months Ended March 31, 2013

										Boyd Gaming
	Boyd Gaming									Corporation
	Corporation			LVE, LLC			Eliminations			(as consolidated)
	(In thousands)
REVENUES
Other revenue	$	39,420		$	1,933		$	(1,933	)	$	39,420

COSTS AND EXPENSES
Selling, general and administrative	$	124,905		$	—		$	—		$	124,905
Preopening expenses	$	2,365		$	—		$	—		$	2,365

Operating income	$	80,457		$	1,933		$	(1,933	)	$	80,457

Other expense
Interest expense, net	$	93,306		$	2,376		$	—		$	95,682

Income (loss) before income taxes	$	(11,675	)	$	(443	)	$	(1,933	)	$	(14,051	)
Income taxes	2,424			—			—			2,424
Net income (loss)	(9,251		)	(443		)	(1,933		)	(11,627		)
Net (income) loss attributable to noncontrolling interest	3,900			—			443			4,343
Net income (loss) attributable to Boyd Gaming Corporation	$	(5,351	)	$	(443	)	$	(1,490	)	$	(7,284	)



	Three Months Ended March 31, 2012
	Boyd Gaming
	Corporation									Boyd Gaming
	(as historically									Corporation
	presented)			LVE, LLC			Eliminations			(as consolidated)
	(In thousands)
REVENUES
Other revenue	$	35,832		$	2,724		$	(2,724	)	$	35,832

COSTS AND EXPENSES
Maintenance and utilities	$	38,763		$	—		$	—		$	38,763
Preopening expenses	$	4,384		$	—		$	(2,724	)	$	1,660

Operating income	$	73,861		$	2,721		$	—		$	76,582

Other expense
Interest expense, net	$	60,435		$	3,393		$	—		$	63,828

Income (loss) before income taxes	$	13,430		$	(672	)	$	—		$	12,758
Income taxes	(6,283		)	—			—			(6,283		)
Net income (loss)	7,147			(672		)	—			6,475
Net (income) loss attributable to noncontrolling interest	(1,295		)	672			—			(623		)
Net income (loss) attributable to Boyd Gaming Corporation	$	5,852		$	—		$	—		$	5,852

Condensed Consolidating Statements of Operations



	Three Months Ended March 31, 2013
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
							(In thousands)
Net revenues	$	37,175		$	424,664		$	152,350		$	167,577		$	(44,783	)	$	736,983

Costs and expenses
Operating	462			231,768			79,519			88,148			—			399,897
Selling, general and administrative	11,814			61,087			17,229			34,775			—			124,905
Maintenance and utilities	—			21,457			3,579			14,317			—			39,353
Depreciation and amortization	1,714			30,424			22,325			15,608			—			70,071
Corporate expense	13,886			116			1,354			—			—			15,356
Preopening expenses	1,030			2,789			414			4			(1,872		)	2,365
Other operating charges, net	2,849			1,259			137			334			—			4,579
Intercompany expenses	325			31,752			10,836			—			(42,913		)	—
Total costs and expenses	32,080			380,652			135,393			153,186			(44,785		)	656,526

Equity in earnings of subsidiaries	27,812			(4,425		)	—			—			(23,387		)	—
Operating income (loss)	32,907			39,587			16,957			14,391			(23,385		)	80,457

Other expense (income)
Interest expense, net	43,774			2,842			25,259			23,151			—			95,026
Other income	—			—			(518		)	—			—			(518		)
Total other expense, net	43,774			2,842			24,741			23,151			—			94,508

Income (loss) before income taxes	(10,867		)	36,745			(7,784		)	(8,760		)	(23,385		)	(14,051		)
Income taxes	3,583			(1,669		)	(2		)	512			—			2,424
Net income (loss)	(7,284		)	35,076			(7,786		)	(8,248		)	(23,385		)	(11,627		)
Net loss attributable to noncontrolling interest	—			—			—			—			4,343			4,343
Net income (loss) attributable to controlling interest	$	(7,284	)	$	35,076		$	(7,786	)	$	(8,248	)	$	(19,042	)	$	(7,284	)
Comprehensive income (loss)	$	(6,989	)	$	35,076		$	(7,491	)	$	(8,248	)	$	(23,680	)	$	(11,332	)

Condensed Consolidating Statements of Operations - continued



	Three Months Ended March 31, 2012
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
							(In thousands)
Net revenues	$	33,009		$	442,364		$	15,111		$	178,875		$	(36,276	)	$	633,083

Costs and expenses
Operating	456			236,987			15,364			90,422			—			343,229
Selling, general and administrative	11,339			62,721			3,114			32,543			—			109,717
Maintenance and utilities	—			23,948			508			14,307			—			38,763
Depreciation and amortization	2,130			32,061			693			15,130			—			50,014
Corporate expense	12,556			5			310			—			—			12,871
Preopening expenses	384			3,899			(31		)	132			(2,724		)	1,660
Other operating charges, net	29			247			—			(29		)	—			247
Intercompany expenses	332			32,725			495			—			(33,552		)	—
Total costs and expenses	27,226			392,593			20,453			152,505			(36,276		)	556,501

Equity in earnings of subsidiaries	25,979			1,044			—			—			(27,023		)	—
Operating income (loss)	31,762			50,815			(5,342		)	26,370			(27,023		)	76,582

Other expense (income)
Interest expense, net	36,169			3,780			—			23,875			—			63,824
Total other expense, net	36,169			3,780			—			23,875			—			63,824

Income (loss) before income taxes	(4,407		)	47,035			(5,342		)	2,495			(27,023		)	12,758
Income taxes	10,259			(17,402		)	1,437			(577		)	—			(6,283		)
Net income (loss)	5,852			29,633			(3,905		)	1,918			(27,023		)	6,475
Net loss attributable to noncontrolling interest	—			—			—			—			(623		)	(623		)
Net income (loss) attributable to controlling interest	$	5,852		$	29,633		$	(3,905	)	$	1,918		$	(27,646	)	$	5,852
Comprehensive income (loss)	$	5,852		$	29,633		$	(3,905	)	$	4,358		$	(27,023	)	$	8,915

Condensed Consolidating Statements of Cash Flows



	Three Months Ended March 31, 2013
							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	$	39,351		$	18,438		$	23,025		$	11,020		$	(3,716	)	$	88,118

Cash flows from investing activities
Capital expenditures	(1,028		)	(12,494		)	(5,904		)	(3,155		)	—			(22,581		)
Proceeds from Echelon sale	343,750			—			—			—			—			343,750
Cash paid for LVE option	(187,000		)	—			—			—			—			(187,000		)
Investment in subsidiaries	(3,716		)	—			—			—			3,716			—
Other investing activities	—			—			(79		)	(24		)	—			(103		)
Net cash from investing activities	152,006			(12,494		)	(5,983		)	(3,179		)	3,716			134,066

Cash flows from financing activities
Borrowings under bank credit facility	202,200			—			68,200			103,600			—			374,000
Payments under bank credit facility	(232,025		)	—			(78,863		)	(109,600		)	—			(420,488		)
Debt issuance costs, net	694			—			—			—			—			694
Payments under note payable	(10,341		)	—			(473		)	—			—			(10,814		)
Distributions to parent	9,500			—			(9,500		)	—			—			—
Other financing activities	(50		)	—			—			—			—			(50		)
Net cash from financing activities	(30,022		)	—			(20,636		)	(6,000		)	—			(56,658		)

Net change in cash and cash equivalents	161,335			5,944			(3,594		)	1,841			—			165,526
Cash and cash equivalents, beginning of period	2,520			118,714			36,902			34,692			—			192,828
Cash and cash equivalents, end of period	$	163,855		$	124,658		$	33,308		$	36,533		$	—		$	358,354

Condensed Consolidating Statements of Cash Flows - continued



	Three Months Ended March 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	$	58,559		$	(2,182	)	$	(209	)	$	21,320		$	—	$	77,488

Cash flows from investing activities
Capital expenditures	(7,566		)	(7,736		)	(28		)	(17,466		)	—		(32,796		)
Investment in subsidiaries	(1,390		)	—			—			1,390			—		—
Other investing activities	—			—			—			28			—		28
Net cash from investing activities	(8,956		)	(7,736		)	(28		)	(16,048		)	—		(32,768		)

Cash flows from financing activities
Borrowings under bank credit facility	134,800			—			—			182,900			—		317,700
Payments under bank credit facility	(184,425		)	—			—			(200,600		)	—		(385,025		)
Payments on long-term debt	(44		)	—			—			—			—		(44		)
Payments on obligations of variable interest entity	—			—			—			919			—		919
Other financing activities	117			(179		)	—			(250		)	—		(312		)
Net cash from financing activities	(49,552		)	(179		)	—			(17,031		)	—		(66,762		)

Net change in cash and cash equivalents	51			(10,097		)	(237		)	(11,759		)	—		(22,042		)
Cash and cash equivalents, beginning of period	364			128,185			3,944			46,263			—		178,756
Cash and cash equivalents, end of period	$	415		$	118,088		$	3,707		$	34,504		$	—	$	156,714