v2.4.0.8

Deconsolidation of LVE Energy Partners, LLC (LVE) | 9 Months Ended
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Sep. 30, 2013
LVE |
Consolidated Entities [Line Items] |
Consolidation of Certain Interests | DECONSOLIDATION OF LVE ENERGY PARTNERS, LLC In connection with the disposition of Echelon on March 4, 2013 (see Note 3, Acquisitions and Divestitures), we exercised an option to acquire the central energy center assets from LVE Energy Partners, LLC (“LVE”), a joint venture between Marina Energy LLC and DCO ECH Energy, LLC, for $187 million. We immediately sold these assets to the buyer of Echelon, and our agreements with LVE were terminated. Prior to these transactions, we had determined that we were the primary beneficiary of the contract with LVE, which required us to consolidate LVE for financial statement purposes. As a result of the March 4, 2013 transactions, we ceased consolidation of LVE as of that date. The effects of the consolidation of LVE on our financial position as of December 31, 2012, and its impact on our results of operations for the nine months ended September 30, 2013 and for the three and nine months ended September 30, 2012 are reconciled by respective line items to amounts as reported in our condensed consolidated balance sheets and condensed consolidated statements of operations as follows:
| December 31, 2012
|  |  |  |  |  |  | Boyd Gaming
| Boyd Gaming |  |  |  |  |  | Corporation
| Corporation |  | LVE, LLC |  | Eliminations |  | (as consolidated)
(In thousands) |
ASSETS |  |  |  |  |  |  |
Current assets | $ | 354,140 |  |  | $ | 1,453 |  |  | $ | — |  |  | $ | 355,593 |
Property and equipment, net | 3,587,314 |  |  | — |  |  | — |  |  | 3,587,314 |
Assets held for development | 168,251 |  |  | 163,519 |  |  | — |  |  | 331,770 |
Debt financing costs, net | 83,020 |  |  | 2,448 |  |  | — |  |  | 85,468 |
Restricted investments | — |  |  | 21,382 |  |  | — |  |  | 21,382 |
Other assets | 98,415 |  |  | — |  |  | — |  |  | 98,415 |
Intangible assets, net | 1,119,638 |  |  | — |  |  | — |  |  | 1,119,638 |
Goodwill, net | 694,929 |  |  | — |  |  | — |  |  | 694,929 |
Assets of discontinued operation | 37,684 |  |  | — |  |  | — |  |  | 37,684 |
Total Assets | $ | 6,143,391 |  |  | $ | 188,802 |  |  | $ | — |  |  | $ | 6,332,193 |
LIABILITIES |  |  |  |  |  |  |
Current maturities of long-term debt | $ | 61,570 |  |  | $ | — |  |  | $ | — |  |  | $ | 61,570 |
Accounts payable | 90,992 |  |  | 164 |  |  | — |  |  | 91,156 |
Accrued and other liabilities | 355,246 |  |  | 8,486 |  |  | — |  |  | 363,732 |
Income taxes payable | 8,129 |  |  | — |  |  | — |  |  | 8,129 |
Non-recourse obligations of variable interest entity | — |  |  | 225,113 |  |  | — |  |  | 225,113 |
Long-term debt, net of current maturities | 4,827,853 |  |  | — |  |  | — |  |  | 4,827,853 |
Deferred income taxes | 139,943 |  |  | — |  |  | — |  |  | 139,943 |
Long-term tax and other liabilities | 146,706 |  |  | — |  |  | — |  |  | 146,706 |
Liabilities of discontinued operation | 864 |  |  | — |  |  | — |  |  | 864 |
STOCKHOLDERS' EQUITY |  |  |  |  |  |  |
Common stock | 869 |  |  | — |  |  | — |  |  | 869 |
Additional paid-in capital | 655,694 |  |  | — |  |  | — |  |  | 655,694 |
Retained earnings | (351,810 | ) |  | — |  |  | — |  |  | (351,810 | )
Accumulated other comprehensive income (loss) | (962 | ) |  | — |  |  | — |  |  | (962 | )
Noncontrolling interest | 208,297 |  |  | (44,961 | ) |  | — |  |  | 163,336 |
Total Liabilities and Stockholders' Equity | $ | 6,143,391 |  |  | $ | 188,802 |  |  | $ | — |  |  | $ | 6,332,193 |
| Three Months Ended September 30, 2012
|  |  |  |  |  |  | Boyd Gaming
| Boyd Gaming |  |  |  |  |  | Corporation
| Corporation |  | LVE, LLC |  | Eliminations |  | (as consolidated)
(In thousands) |
REVENUES |  |  |  |  |  |  |
Other revenue | $ | 38,911 |  |  | $ | 2,724 |  |  | $ | (2,724 | ) |  | $ | 38,911 |
COSTS AND EXPENSES |  |  |  |  |  |  |
Selling, general and administrative | $ | 112,389 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 112,393 |
Preopening expenses | $ | 4,342 |  |  | $ | — |  |  | $ | (2,724 | ) |  | $ | 1,618 |
Operating income | $ | 46,667 |  |  | $ | 2,720 |  |  | $ | — |  |  | $ | 49,387 |
Other expense |  |  |  |  |  |  |
Interest expense, net | $ | 71,134 |  |  | $ | 2,981 |  |  | $ | — |  |  | $ | 74,115 |
Loss from continuing operations before income taxes | $ | (24,195 | ) |  | $ | (261 | ) |  | $ | — |  |  | $ | (24,456 | )
Income taxes | 8,050 |  |  | — |  |  | — |  |  | 8,050 |
Loss from continuing operations, net of tax | (16,145 | ) |  | (261 | ) |  | — |  |  | (16,406 | )
Loss from discontinued operations, net of tax | (676 | ) |  | — |  |  | — |  |  | (676 | )
Net loss | (16,821 | ) |  | (261 | ) |  | — |  |  | (17,082 | )
Net income attributable to noncontrolling interest | 1,025 |  |  | — |  |  | 261 |  |  | 1,286 |
Net income (loss) attributable to Boyd Gaming Corporation | $ | (15,796 | ) |  | $ | (261 | ) |  | $ | 261 |  |  | $ | (15,796 | )
| Nine Months Ended September 30, 2013
|  |  |  |  |  |  | Boyd Gaming
| Boyd Gaming |  |  |  |  |  | Corporation
| Corporation |  | LVE, LLC |  | Eliminations |  | (as consolidated)
(In thousands) |
REVENUES |  |  |  |  |  |  |
Other revenue | $ | 125,017 |  |  | $ | 1,933 |  |  | $ | (1,933 | ) |  | $ | 125,017 |
COSTS AND EXPENSES |  |  |  |  |  |  |
Selling, general and administrative | $ | 373,865 |  |  | $ | — |  |  | $ | — |  |  | $ | 373,865 |
Preopening expenses | $ | 6,762 |  |  | $ | — |  |  | $ | (1,933 | ) |  | $ | 4,829 |
Operating income | $ | 237,188 |  |  | $ | 1,933 |  |  | $ | — |  |  | $ | 239,121 |
Other expense |  |  |  |  |  |  |
Interest expense, net | $ | 264,577 |  |  | $ | 2,376 |  |  | $ | — |  |  | $ | 266,953 |
Loss from continuing operations before income taxes | $ | (54,788 | ) |  | $ | (443 | ) |  | $ | — |  |  | $ | (55,231 | )
Income taxes | 3,478 |  |  | — |  |  | — |  |  | 3,478 |
Loss from continuing operations, net of tax | (51,310 | ) |  | (443 | ) |  | — |  |  | (51,753 | )
Income from discontinued operations, net of tax | 10,790 |  |  | — |  |  | — |  |  | 10,790 |
Net loss | (40,520 | ) |  | (443 | ) |  | — |  |  | (40,963 | )
Net income attributable to noncontrolling interest | 7,596 |  |  | — |  |  | 443 |  |  | 8,039 |
Net income (loss) attributable to Boyd Gaming Corporation | $ | (32,924 | ) |  | $ | (443 | ) |  | $ | 443 |  |  | $ | (32,924 | )
| Nine Months Ended September 30, 2012
|  |  |  |  |  |  | Boyd Gaming
| Boyd Gaming |  |  |  |  |  | Corporation
| Corporation |  | LVE, LLC |  | Eliminations |  | (as consolidated)
(In thousands) |
REVENUES |  |  |  |  |  |  |
Other revenue | $ | 110,416 |  |  | $ | 8,172 |  |  | $ | (8,172 | ) |  | $ | 110,416 |
COSTS AND EXPENSES |  |  |  |  |  |  |
Selling, general and administrative | $ | 330,698 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 330,711 |
Maintenance and utilities | $ | 115,924 |  |  | $ | — |  |  | $ | — |  |  | $ | 115,924 |
Preopening expenses | $ | 13,660 |  |  | $ | — |  |  | $ | (8,172 | ) |  | $ | 5,488 |
Operating income | $ | 178,305 |  |  | $ | 8,159 |  |  | $ | — |  |  | $ | 186,464 |
Other expense |  |  |  |  |  |  |
Interest expense, net | $ | 193,708 |  |  | $ | 9,023 |  |  | $ | — |  |  | $ | 202,731 |
Loss from continuing operations before income taxes | $ | (14,719 | ) |  | $ | (864 | ) |  | $ | — |  |  | $ | (15,583 | )
Income taxes | 6,427 |  |  | — |  |  | — |  |  | 6,427 |
Loss from continuing operations, net of tax | (8,292 | ) |  | (864 | ) |  | — |  |  | (9,156 | )
Loss from discontinued operations, net of tax | (2,142 | ) |  | — |  |  | — |  |  | (2,142 | )
Net loss | (10,434 | ) |  | (864 | ) |  | — |  |  | (11,298 | )
Net income attributable to noncontrolling interest | 1,467 |  |  | — |  |  | 864 |  |  | 2,331 |
Net income (loss) attributable to Boyd Gaming Corporation | $ | (8,967 | ) |  | $ | (864 | ) |  | $ | 864 |  |  | $ | (8,967 | )
The reduction in other revenue and preopening expenses reflects the elimination of the Periodic Fee paid by Boyd Gaming to LVE. Such fee was recognized as revenue by LVE, but eliminated in consolidation completely, thereby having no impact on our consolidated other revenues. Although this Periodic Fee is eliminated in consolidation, it was actually paid to LVE directly on a monthly basis through March 4, 2013, the date we completed the Echelon transaction.

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