Deconsolidation of LVE Energy Partners, LLC (Tables)

Condensed Consolidating Balance Sheets



	September 30, 2013
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
(In thousands)
Assets
Cash and cash equivalents	$	—		$	99,487		$	30,866		$	35,450		$	—		$	165,803
Other current assets	90,894			(15,574		)	37,657			45,955			135			159,067
Property and equipment, net	63,431			1,839,262			448,036			1,174,817			—			3,525,546
Investments in subsidiaries	3,158,525			268,870			8,213			311			(3,435,919		)	—
Intercompany receivable	—			563,945			47,096			—			(611,041		)	—
Other assets, net	38,440			12,724			79,411			14,081			—			144,656
Intangible assets, net	—			466,676			556,060			60,344			—			1,083,080
Goodwill, net	—			212,795			482,134			—			—			694,929
Total assets	$	3,351,290		$	3,448,185		$	1,689,473		$	1,330,958		$	(4,046,825	)	$	5,773,081

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	21,500		$	—		$	8,259		$	—		$	—		$	29,759
Other current liabilities	57,662			214,282			68,169			103,274			(573		)	442,814
Intercompany payable	485,232			—			125,398			103			(610,733		)	—
Long-term debt, net of current maturities	2,265,508			—			1,293,995			753,481			—			4,312,984
Other long-term liabilities	11,617			186,586			47,832			30,925			92			277,052

Common stock	1,078			31,124			—			—			(31,124		)	1,078
Additional paid-in capital	894,222			2,736,895			244,003			480,833			(3,461,731		)	894,222
Retained earnings (deficit)	(384,734		)	279,298			(97,388		)	(37,658		)	(144,252		)	(384,734		)
Accumulated other comprehensive loss	(795		)	—			(795		)	—			795			(795		)
Total Boyd Gaming Corporation stockholders' equity	509,771			3,047,317			145,820			443,175			(3,636,312		)	509,771
Noncontrolling interest	—			—			—			—			200,701			200,701
Total stockholders' equity	509,771			3,047,317			145,820			443,175			(3,435,611		)	710,472
Total liabilities and stockholders' equity	$	3,351,290		$	3,448,185		$	1,689,473		$	1,330,958		$	(4,046,825	)	$	5,773,081

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		$	36,619		$	34,692		$	—		$	192,545
Other current assets	87,493			(4,371		)	32,460			50,751			(3,970		)	162,363
Current assets from discontinued operation	—			—			685			—			—			685
Property and equipment, net	67,500			1,691,120			462,986			1,365,708			—			3,587,314
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			81,846			64,748			—			205,265
Intangible assets, net	—			468,229			589,845			61,564			—			1,119,638
Goodwill, net	—			212,795			482,134			—			—			694,929
Noncurrent assets from discontinued operation	—			—			37,684			—			—			37,684
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
Other current liabilities	66,121			208,399			79,928			109,442			(873		)	463,017
Current liabilities from discontinued operation	—			—			70,864			—			(70,000		)	864
Intercompany payable	—			—			58,198			—			(58,198		)	—
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

Preferred stock	—			—			—			—						—
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	(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 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	)

Condensed Consolidating Statements of Operations



	Three Months Ended September 30, 2013
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
(In thousands)
Net revenues	$	32,018		$	395,991		$	147,905		$	200,051		$	(37,396	)	$	738,569

Costs and expenses
Operating	462			223,748			80,857			100,573			—			405,640
Selling, general and administrative	11,698			58,809			15,510			36,830			(10		)	122,837
Maintenance and utilities	—			25,639			4,040			16,056			—			45,735
Depreciation and amortization	1,610			30,281			22,774			14,337			—			69,002
Corporate expense	11,423			(7		)	668			—			—			12,084
Preopening expense	(537		)	—			1,883			329			—			1,675
Impairments of assets	—			1,250			—			—			—			1,250
Asset transactions costs	(1,692		)	399			132			(201		)	—			(1,362		)
Other operating charges and credits, net	134			43			63			3,146			—			3,386
Intercompany expenses	301			26,885			10,200			—			(37,386		)	—
Total costs and expenses	23,399			367,047			136,127			171,070			(37,396		)	660,247

Equity in earnings of subsidiaries	11,012			(4,291		)	—			—			(6,721		)	—
Operating income (loss)	19,631			24,653			11,778			28,981			(6,721		)	78,322

Other expense (income)
Interest expense, net	36,936			2,270			23,104			20,282			—			82,592
Loss on early extinguishments of debt	24,605			—			—			2,536			—			27,141
Other, net	136			—			—			—			—			136
Total other expense, net	61,677			2,270			23,104			22,818			—			109,869

Income (loss) from continuing operations before income taxes	(42,046		)	22,383			(11,326		)	6,163			(6,721		)	(31,547		)
Income taxes benefit (expense)	4,779			(1,336		)	(5,760		)	(731		)	—			(3,048		)
Income (loss) from continuing operations, net of tax	(37,267		)	21,047			(17,086		)	5,432			(6,721		)	(34,595		)
Income (loss) from discontinued operations, net of tax	—			—			—			—			—			—
Net income (loss)	(37,267		)	21,047			(17,086		)	5,432			(6,721		)	(34,595		)
Net loss attributable to noncontrolling interest	—			—			—			—			(2,672		)	(2,672		)
Net income (loss) attributable to controlling interest	$	(37,267	)	$	21,047		$	(17,086	)	$	5,432		$	(9,393	)	$	(37,267	)
Comprehensive income (loss)	$	(37,215	)	$	21,047		$	(17,034	)	$	5,432		$	(6,773	)	$	(34,543	)

Condensed Consolidating Statements of Operations - continued



	Three Months Ended September 30, 2012
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
(In thousands)
Net revenues	$	27,949		$	413,281		$	12,554		$	189,815		$	(31,209	)	$	612,390

Costs and expenses
Operating	456			235,163			12,796			102,357			—			350,772
Selling, general and administrative	11,331			63,579			2,008			35,475			—			112,393
Maintenance and utilities	—			21,532			483			15,914			—			37,929
Depreciation and amortization	1,925			31,567			624			16,308			—			50,424
Corporate expense	9,877			25			415			—			—			10,317
Preopening expense	589			3,493			260			—			(2,724		)	1,618
Asset transactions costs	645			—			—			—			—			645
Other operating charges and credits, net	—			524			5			(1,624		)	—			(1,095		)
Intercompany expenses	346			27,644			495			—			(28,485		)	—
Total costs and expenses	25,169			383,527			17,086			168,430			(31,209		)	563,003

Equity in earnings of subsidiaries	10,122			(2,584		)	—			—			(7,538		)	—
Operating income (loss)	12,902			27,170			(4,532		)	21,385			(7,538		)	49,387

Other expense (income)
Interest expense, net	43,415			3,350			3,342			23,736			—			73,843
Total other expense, net	43,415			3,350			3,342			23,736			—			73,843

Income (loss) from continuing operations before income taxes	(30,513		)	23,820			(7,874		)	(2,351		)	(7,538		)	(24,456		)
Income taxes benefit (expense)	14,717			(7,828		)	1,124			37						8,050
Income (loss) from continuing operations, net of tax	(15,796		)	15,992			(6,750		)	(2,314		)	(7,538		)	(16,406		)
Income (loss) from discontinued operations, net of tax	—			—			(676		)	—			—			(676		)
Net income (loss)	(15,796		)	15,992			(7,426		)	(2,314		)	(7,538		)	(17,082		)
Net loss attributable to noncontrolling interest	—			—			—			—			1,286			1,286
Net income (loss) attributable to controlling interest	$	(15,796	)	$	15,992		$	(7,426	)	$	(2,314	)	$	(6,252	)	$	(15,796	)
Comprehensive income (loss)	$	(15,796	)	$	15,992		$	(7,426	)	$	(1,080	)	$	(7,538	)	$	(15,848	)



	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