Exhibit 99.1

Financial Contact:

Josh Hirsberg

(702) 792-7234

joshhirsberg@boydgaming.com

Media Contact:

David Strow

(702) 792-7386

davidstrow@boydgaming.com

BOYD GAMING REPORTS FOURTH-QUARTER, FULL-YEAR RESULTS

Full-Year 2013 Highlights

• Four Consecutive Quarters of EBITDA Growth in Las Vegas Locals

• $525 Million in Debt Reduction; Annual Interest Expense Cut by More Than $60 Million

• Market-Leading Online Gaming Presence Launched in New Jersey

LAS VEGAS - MARCH 5, 2014 - Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the fourth quarter and full year ended December 31, 2013.

Boyd Gaming reported fourth-quarter 2013 net revenues of $681.5 million, up 9.1% from $624.7 million during the same quarter in 2012. Total Adjusted EBITDA⁽¹⁾ was $131.5 million, an increase of 30.4% from $100.9 million in the year-ago quarter. Results reflect the addition of the operations of Peninsula Gaming, LLC, which was acquired by the Company on November 20, 2012.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “We made great progress executing on our strategic plan in 2013, despite some external headwinds that we faced over the course of the year. We made significant refinements to our marketing and operations, launched a market-leading online gaming presence in New Jersey, and introduced our Penny Lane initiative across the country. We successfully integrated Peninsula Gaming into our Company, generating nearly $100 million in free cash flow from these assets during our first full year of ownership. Our Las Vegas Locals business returned to consistent growth, with four consecutive quarters of EBITDA gains. And

1

we significantly strengthened our balance sheet, repaying $525 million in debt and eliminating more than $60 million in interest expense.”

Smith continued: “Looking ahead, we are taking the right steps to drive efficiencies, grow EBITDA and margins, and maximize long-term shareholder value. We are well-positioned to capitalize on future growth in online gaming across the country. We are beginning the roll-out of our B Connected program at the Peninsula properties, further enhancing our ability to cross-market our properties nationwide. And we continue to pursue opportunities to further expand our pipeline of growth projects. Boyd Gaming is moving in the right direction, and I am optimistic about our prospects in 2014 and beyond.”

Adjusted Earnings⁽¹⁾ for the fourth quarter 2013 reflect a loss of $26.4 million, or $0.24 per share, compared to a loss of $25.2 million, or $0.29 per share, for the same period in 2012. The calculations of Adjusted Earnings and Adjusted Earnings per share are presented in a table at the end of this press release.

During the fourth quarter of 2013, Boyd Gaming reported an aggregate pretax loss on early extinguishments of debt of $24.7 million, primarily due to the redemption of all of the outstanding 2015 notes at Borgata using the net proceeds from Borgata’s new $380 million term loan. Results for the prior-year period included impairment charges of $1.05 billion, including a $993.9 million impairment charge associated with the former Echelon site on the Las Vegas Strip, sold by the Company on March 4, 2013. These charges are not included in Adjusted Earnings or Adjusted Earnings per share.

On a GAAP basis, the Company reported a net loss of $47.3 million, or $0.43 per share, for the fourth quarter 2013, compared to a net loss of $899.9 million, or $10.24 per share, for the year-ago period.

(1) _{See footnotes at the end of the release for additional information relative to non-GAAP financial measures.} 

2

Key Operations Review

Las Vegas Locals

In the Las Vegas Locals segment, fourth-quarter 2013 net revenues were $148.6 million, even with net revenues in the prior-year period. Fourth-quarter 2013 Adjusted EBITDA was $33.2 million, an increase of 5.6% from $31.5 million in the fourth quarter of 2012. Lower and more effective marketing spend and continued operating efficiencies drove the fourth consecutive quarter of year-over-year EBITDA gains, as margins improved by more than 120 basis points.

Downtown

In the Downtown Las Vegas segment, net revenues were $59.8 million in the fourth quarter of 2013, up 3.7% from $57.7 million in the year-ago period. Adjusted EBITDA increased 31.8% to $13.1 million, compared to $9.9 million in the fourth quarter of 2012. The Downtown properties experienced broad-based strength in operations. Revenue growth at all three properties, as well as efficiencies throughout our operations, contributed to EBITDA gains.

Midwest and South; Peninsula

In the Midwest and South segment, net revenues were $196.0 million, compared to $213.8 million in the fourth quarter of 2012. Adjusted EBITDA was $39.7 million, including a one-time, favorable property tax adjustment of $9.3 million. By comparison, Adjusted EBITDA was $34.5 million in the year-ago period.

During the fourth quarter 2013, the Peninsula segment reported net revenues of $119.9 million and Adjusted EBITDA of $41.0 million. This compares to net revenues of $56.9 million and Adjusted EBITDA of $21.2 million that Boyd Gaming generated from the business from November 20 to December 31, 2012.

Revenues were impacted by continued softness in consumer spending in many markets, as well as severe winter weather in December. However, a significant amount of the revenue shortfall’s impact on EBITDA was successfully mitigated through ongoing cost-containment measures.

3

Borgata

Borgata, the Company’s 50% joint venture, reported fourth-quarter 2013 net revenues of $157.1 million, including $2.2 million from its online gaming operations. This represented a 6.5% increase from the $147.6 million in revenues reported in the year-ago period. Adjusted EBITDA rose 17.0% to $16.4 million, compared to $14.0 million in the fourth quarter of 2012.

Borgata’s December 2013 results were adversely impacted by an unusually low hold percentage and severe winter weather. Prior-year results reflect the impact of Superstorm Sandy.

Full-Year 2013 Results

For the full year ended December 31, 2013, Boyd Gaming reported net revenues of $2.89 billion, an increase of 16.6% from the $2.48 billion in net revenues reported in the year-ago period. Total Adjusted EBITDA was $610.4 million, up 35.0% from $452.1 million in the prior year.

Adjusted Earnings for the year ended December 31, 2013, reflect a loss of $33.4 million, or $0.34 per share, compared to a loss of $20.1 million, or $0.23 per share, for the year ended December 31, 2012.

For the full year 2013, Boyd Gaming reported an aggregate pretax loss on early extinguishments and modifications of debt of $54.2 million. The Company also reported impairment charges of $10.4 million in 2013, as compared to the $1.05 billion reported in the prior year. Results for all periods reflect the Dania Jai-Alai business (sold in the second quarter of 2013) as discontinued operations. These amounts are excluded from Adjusted Earnings and Adjusted Earnings per share.

On a GAAP basis, including discontinued operations, Boyd Gaming reported a net loss of $80.3 million, or $0.83 per share, for the full year ended December 31, 2013. By comparison, the Company reported a net loss of $908.9 million, or $10.37 per share, for the comparable prior-year period.

Key Balance Sheet Statistics

As of December 31, 2013, Boyd Gaming had cash on hand of $177.8 million, including $31.2 million related to Peninsula and $37.5 million related to Borgata.

Total debt was $4.43 billion, of which $1.15 billion was related to Peninsula and $813.4 million was related to Borgata.

4

First-Quarter and Full-Year 2014 Guidance

For the first quarter of 2014, Boyd Gaming expects to generate total Adjusted EBITDA (including Peninsula and Borgata) of $140 million to $145 million.

For the full year 2014, Boyd Gaming currently projects total Adjusted EBITDA, including Peninsula and Borgata, of $600 million to $630 million.

Conference Call Information

Boyd Gaming will host its conference call to discuss fourth-quarter and full-year 2013 results today, March 5, at 5:00 p.m. Eastern. The conference call number is (888) 317-6003, passcode 9793904. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call.

The conference call will also be available live on the Internet at www.boydgaming.com, or: http://www.videonewswire.com/event.asp?id=98245

Following the call’s completion, a replay will be available by dialing (877) 344-7529 today, March 5, beginning at 7:00 p.m. Eastern and continuing through Thursday, March 13, at 9 a.m. Eastern. The conference number for the replay will be 10041845. The replay will also be available on the Internet at www.boydgaming.com.

5

BOYD GAMING CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)

	Three Months Ended								Year Ended
	December 31,								December 31,
(In thousands, except per share data)	2013				2012				2013				2012
Revenues
Gaming	$	585,261			$	541,451			$	2,478,983			$	2,106,211
Food and beverage	107,392				99,308				446,367				417,184
Room	62,063				59,314				265,371				264,903
Other	40,173				34,760				165,190				145,176
Gross revenues	794,889				734,833				3,355,911				2,933,474
Less promotional allowances	113,352				110,134				461,473				450,646
Net revenues	681,537				624,699				2,894,438				2,482,828
Costs and expenses
Gaming	283,407				267,588				1,170,843				1,006,830
Food and beverage	58,131				50,368				240,081				219,497
Room	12,727				11,860				54,338				55,531
Other	29,171				28,324				121,600				110,967
Selling, general and administrative	116,361				118,575				490,226				449,286
Maintenance and utilities	40,412				38,384				166,398				154,308
Depreciation and amortization	69,055				63,177				278,413				214,236
Corporate expense	20,661				14,522				63,249				50,719
Preopening expenses	4,203				6,053				9,032				11,541
Impairments of assets	4,101				1,053,526				10,383				1,053,526
Asset transactions costs	3,311				11,525				5,576				18,442
Other operating charges and credits, net	817				(2,476		)		5,998				(11,792		)
Total costs and expenses	642,357				1,661,426				2,616,137				3,333,091
Operating income (loss)	39,180				(1,036,727		)		278,301				(850,263		)
Other expense (income)
Interest income	(368		)		(485		)		(2,147		)		(1,169		)
Interest expense, net of amounts capitalized	77,377				87,273				344,330				290,004
Loss on early extinguishments of debt	24,689				—				54,202				—
Other, net	(1,755		)		137				(2,090		)		137
Total other expense, net	99,943				86,925				394,295				288,972
Loss from continuing operations before income taxes	(60,763		)		(1,123,652		)		(115,994		)		(1,139,235		)
Income taxes	(6,828		)		214,362				(3,350		)		220,789
Loss from continuing operations, net of tax	(67,591		)		(909,290		)		(119,344		)		(918,446		)
Income (loss) from discontinued operations, net of tax	—				(2,487		)		10,790				(4,629		)
Net loss	(67,591		)		(911,777		)		(108,554		)		(923,075		)
Net loss attributable to noncontrolling interest	20,251				11,879				28,290				14,210
Net loss attributable to Boyd Gaming Corporation	$	(47,340	)		$	(899,898	)		$	(80,264	)		$	(908,865	)
Basic net loss per common share
Continuing operations	$	(0.43	)		$	(10.22	)		$	(0.94	)		$	(10.32	)
Discontinued operations	—				(0.02		)		0.11				(0.05		)
Basic net loss per common share	$	(0.43	)		$	(10.24	)		$	(0.83	)		$	(10.37	)
Weighted average basic shares outstanding	109,471				87,846				97,243				87,652
Diluted net loss per common share
Continuing operations	$	(0.43	)		$	(10.22	)		$	(0.94	)		$	(10.32	)
Discontinued operations	—				(0.02		)		0.11				(0.05		)
Diluted net loss per common share	$	(0.43	)		$	(10.24	)		$	(0.83	)		$	(10.37	)
Weighted average diluted shares outstanding	109,471				87,846				97,243				87,652

6

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA to Operating Income (Loss)

(Unaudited)

	Three Months Ended								Year Ended
	December 31,								December 31,
(In thousands)	2013				2012				2013				2012
Net Revenues by Reportable Segment
Las Vegas Locals	$	148,639			$	148,743			$	591,447			$	591,306
Downtown Las Vegas	59,831				57,684				222,715				224,178
Midwest and South	196,025				213,782				864,247				924,197
Peninsula (1)	119,914				56,925				520,329				56,925
Borgata	157,128				147,565				695,700				686,222
Net revenues	$	681,537			$	624,699			$	2,894,438			$	2,482,828
Adjusted EBITDA by Reportable Segment
Las Vegas Locals	$	33,223			$	31,450			$	137,501			$	128,742
Downtown Las Vegas	13,094				9,935				35,036				32,832
Midwest and South	39,733				34,508				179,976				192,349
Peninsula (1)	40,960				21,152				185,269				21,152
Wholly owned property Adjusted EBITDA	127,010				97,045				537,782				375,075
Corporate expense (2)	(11,919		)		(10,198		)		(46,594		)		(39,954		)
Wholly owned Adjusted EBITDA	115,091				86,847				491,188				335,121
Borgata	16,393				14,010				119,237				116,976
Adjusted EBITDA	131,484				100,857				610,425				452,097
Other operating costs and expenses
Deferred rent	959				996				3,831				3,984
Depreciation and amortization	69,055				63,177				278,413				214,236
Preopening expenses	4,203				6,053				9,032				11,541
Share-based compensation expense	9,858				4,687				18,891				12,247
Impairments of assets	4,101				1,053,526				10,383				1,053,526
Asset transactions costs	3,311				11,525				5,576				18,442
Other operating charges and credits, net	817				(2,380		)		5,998				(11,616		)
Total other operating costs and expenses	92,304				1,137,584				332,124				1,302,360
Operating income (loss)	39,180				(1,036,727		)		278,301				(850,263		)
Other non-operating items
Interest expense, net	77,009				86,788				342,183				288,835
Loss on early extinguishments of debt	24,689				—				54,202				—
Other, net	(1,755		)		137				(2,090		)		137
Total other non-operating items, net	99,943				86,925				394,295				288,972
Loss from continuing operations before taxes	(60,763		)		(1,123,652		)		(115,994		)		(1,139,235		)
Income taxes	(6,828		)		214,362				(3,350		)		220,789
Loss from continuing operations, net of tax	(67,591		)		(909,290		)		(119,344		)		(918,446		)
Income (loss) from discontinued operations, net of tax	—				(2,487		)		10,790				(4,629		)
Net loss	(67,591		)		(911,777		)		(108,554		)		(923,075		)
Net loss attributable to noncontrolling interest	20,251				11,879				28,290				14,210
Net loss attributable to Boyd Gaming Corporation	$	(47,340	)		$	(899,898	)		$	(80,264	)		$	(908,865	)

_______________________________________________

(1) Peninsula Gaming was acquired on November 20, 2012.

(2) Reconciliation of corporate expense:

	Three Months Ended								Year Ended
	December 31,								December 31,
(In thousands)	2013				2012				2013				2012
Corporate expense as reported on Consolidated Statements of Operations	$	20,661			$	14,522			$	63,249			$	50,719
Corporate share-based compensation expense	(8,742		)		(4,324		)		(16,655		)		(10,765		)
Corporate expense as reported on the above table	$	11,919			$	10,198			$	46,594			$	39,954

7

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Net Loss to Adjusted Earnings (Loss) and Net Loss Per Share to Adjusted Earnings (Loss) Per Share

(Unaudited)

	Three Months Ended								Year Ended
	December 31,								December 31,
(In thousands, except per share data)	2013				2012				2013				2012
Net loss attributable to Boyd Gaming Corporation	$	(47,340	)		$	(899,898	)		$	(80,264	)		$	(908,865	)
Less: (income) loss from discontinued operations, net of tax (1)	—				2,487				(10,790		)		4,629
Adjusted net loss attributable to Boyd Gaming Corporation	(47,340		)		(897,411		)		(91,054		)		(904,236		)
Pretax adjustments related to Boyd Gaming:
Preopening expenses, excluding impact of LVE	616				8,776				6,909				22,196
Loss on early extinguishments of debt	1,368				—				28,346				—
Impairments of assets	4,101				1,050,715				5,351				1,050,715
Asset transactions costs	3,336				11,734				5,396				18,651
Adjustments to property tax accruals, net	(9,325		)		—				(9,325		)		(1,255		)
Other operating charges and credits, net	825				6				2,861				(5,498		)
Interest on acquisition financing	—				4,163				—				7,776
Other (income) loss	(1,509		)		137				(2,325		)		137
Pretax adjustments related to Borgata:
Preopening expenses	3,587				—				4,056				240
Loss on early extinguishments of debt	23,321				—				25,856				—
Valuation adjustments related to consolidation, net	(290		)		(137		)		(973		)		295
Impairments of assets	—				2,811				5,032				2,811
Asset transactions costs	(25		)		(209		)		180				(209		)
Other operating charges and credits, net	(8		)		(2,483		)		3,137				(6,294		)
Total adjustments	25,997				1,075,513				74,501				1,089,565
Income tax effect for above adjustments	8,245				(203,283		)		1,844				(207,020		)
Impact on noncontrolling interest, net	(13,294		)		9				(18,649		)		1,579
Adjusted loss	$	(26,392	)		$	(25,172	)		$	(33,358	)		$	(20,112	)
Net loss per share attributable to Boyd Gaming Corporation	$	(0.43	)		$	(10.24	)		$	(0.83	)		$	(10.37	)
Less: (income) loss from discontinued operations, net of tax (1)	—				0.02				(0.11		)		0.05
Adjusted net loss per share attributable to Boyd Gaming Corporation	(0.43		)		(10.22		)		(0.94		)		(10.32		)
Pretax adjustments related to Boyd Gaming:
Preopening expenses, excluding impact of LVE	0.01				0.10				0.07				0.25
Loss on early extinguishments of debt	0.01				—				0.29				—
Impairments of assets	0.04				11.96				0.06				11.99
Asset transactions costs	0.03				0.13				0.06				0.21
Adjustments to property tax accruals, net	(0.09		)		—				(0.10		)		(0.01		)
Other operating charges and credits, net	0.01				—				0.03				(0.06		)
Interest on acquisition financing	—				0.05				—				0.09
Other (income) loss	(0.02		)		—				(0.02		)		—
Pretax adjustments related to Borgata:
Preopening expenses	0.03				—				0.04				—
Loss on early extinguishments of debt	0.21				—				0.27				—
Valuation adjustments related to consolidation, net	—				—				(0.01		)		—
Impairments of assets	—				0.03				0.05				0.03
Asset transactions costs	—				—				—				—
Other operating charges and credits, net	—				(0.03		)		0.03				(0.07		)
Total adjustments	0.23				12.24				0.77				12.43
Income tax effect for above adjustments	0.08				(2.31		)		0.02				(2.36		)
Impact on noncontrolling interest, net	(0.12		)		—				(0.19		)		0.02
Adjusted loss per share	$	(0.24	)		$	(0.29	)		$	(0.34	)		$	(0.23	)
Weighted average shares outstanding	109,471				87,846				97,243				87,652

_______________________________________________

(1) Results for all periods are adjusted to exclude the financial results of Dania Jai-Alai, which was sold during the second quarter of 2013.

8

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Three Months Ended December 31, 2013
(Unaudited)
		Boyd Gaming Wholly Owned
(In thousands, except per share data)		Excluding Peninsula Segment				Peninsula Segment				Eliminations				Total				Borgata (1)				Eliminations				Boyd Gaming Consolidated
Revenues
Gaming		$	330,687			$	110,882			$	—			$	441,569			$	143,692			$	—			$	585,261
Food and beverage		65,629				9,682				—				75,311				32,081				—				107,392
Room		36,080				—				—				36,080				25,983				—				62,063
Other		31,035				4,521				(4,423		)		31,133				9,040				—				40,173
Gross revenues		463,431				125,085				(4,423		)		584,093				210,796				—				794,889
Less promotional allowances		54,513				5,171				—				59,684				53,668				—				113,352
Net revenues		408,918				119,914				(4,423		)		524,409				157,128				—				681,537
Costs and expenses
Gaming		169,328				52,866				—				222,194				61,213				—				283,407
Food and beverage		35,245				6,313				—				41,558				16,573				—				58,131
Room		9,960				—				—				9,960				2,767				—				12,727
Other		18,322				7,520				(4,423		)		21,419				7,752				—				29,171
Selling, general and administrative		65,418				13,389				—				78,807				37,554				—				116,361
Maintenance and utilities		22,247				3,288				—				25,535				14,877				—				40,412
Depreciation and amortization		33,081				21,676				—				54,757				14,298				—				69,055
Corporate expense		20,088				573				—				20,661				—				—				20,661
Preopening expenses		616				—				—				616				3,587				—				4,203
Impairments of assets		901				3,200				—				4,101				—				—				4,101
Asset transactions costs		1,568				1,768				—				3,336				(25		)		—				3,311
Other, net		711				114				—				825				(8		)		—				817
Total costs and expenses		377,485				110,707				(4,423		)		483,769				158,588				—				642,357
Operating loss from Borgata		(729		)		—				—				(729		)		—				729				—
Operating income (loss)		30,704				9,207				—				39,911				(1,460		)		729				39,180
Other expense (income)
Interest income		123				(491		)		—				(368		)		—				—				(368		)
Interest expense, net of amounts capitalized		38,254				19,687				—				57,941				19,436				—				77,377
Loss on early extinguishments of debt		—				1,368				—				1,368				23,321				—				24,689
Other, net		(1,523		)		(232		)		—				(1,755		)		—				—				(1,755		)
Other non-operating expenses from Borgata, net		19,521				—				—				19,521				—				(19,521		)		—
Total other expense, net		56,375				20,332				—				76,707				42,757				(19,521		)		99,943
Income (loss) from continuing    operations before taxes		(25,671		)		(11,125		)		—				(36,796		)		(44,217		)		20,250				(60,763		)
Income taxes		(10,306		)		(236		)		—				(10,542		)		3,714				—				(6,828		)
Income (loss) from continuing    operations, net of tax		(35,977		)		(11,361		)		—				(47,338		)		(40,503		)		20,250				(67,591		)
Income (loss) from discontinued operations, net of tax		—				—				—				—				—				—				—
Net income (loss)		(35,977		)		(11,361		)		—				(47,338		)		(40,503		)		20,250				(67,591		)
Net income (loss) attributable to noncontrolling interest		—				—				—				—				—				20,251				20,251
Net income (loss) attributable to Boyd Gaming Corporation		$	(35,977	)		$	(11,361	)		$	—			$	(47,338	)		$	(40,503	)		$	40,501			$	(47,340	)

9

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Three Months Ended December 31, 2013
(Unaudited)
		Boyd Gaming Wholly Owned
(In thousands, except per share data)		Excluding Peninsula Segment				Peninsula Segment				Eliminations				Total				Borgata (1)				Eliminations				Boyd Gaming Consolidated
Basic net loss per common share
Continuing operations														$	(0.43	)										$	(0.43	)
Discontinued operations														—												—
Basic net loss per common share														$	(0.43	)										$	(0.43	)
Weighted average basic shares outstanding														109,471												109,471
Diluted net loss per common share
Continuing operations														$	(0.43	)										$	(0.43	)
Discontinued operations														—												—
Diluted net loss per common share														$	(0.43	)										$	(0.43	)
Weighted average diluted shares outstanding														109,471												109,471

_______________________________________________

(1) Borgata's financial results include the impact of certain valuation adjustments made upon consolidation. These valuation adjustments are not pushed down to Borgata and are therefore not reflected in Borgata's standalone financial statements.

10

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Three Months Ended December 31, 2012
(Unaudited)
		Boyd Gaming Wholly Owned
(In thousands, except per share data)		Excluding Peninsula Segment				Peninsula Segment (1)				Eliminations				Total				Borgata (2)				LVE (Variable Interest Entity)				Eliminations				Boyd Gaming Consolidated
Revenues
Gaming		$	349,167			$	53,442			$	—			$	402,609			$	138,842			$	—			$	—			$	541,451
Food and beverage		67,279				3,988				—				71,267				28,041				—				—				99,308
Room		35,857				—				—				35,857				23,457				—				—				59,314
Other		27,285				1,687				(2,181		)		26,791				7,969				2,724				(2,724		)		34,760
Gross revenues		479,588				59,117				(2,181		)		536,524				198,309				2,724				(2,724		)		734,833
Less promotional allowances		57,198				2,192				—				59,390				50,744				—				—				110,134
Net revenues		422,390				56,925				(2,181		)		477,134				147,565				2,724				(2,724		)		624,699
Costs and expenses
Gaming		183,314				24,565				—				207,879				59,709				—				—				267,588
Food and beverage		32,462				2,855				—				35,317				15,051				—				—				50,368
Room		9,313				—				—				9,313				2,547				—				—				11,860
Other		20,867				3,271				(2,181		)		21,957				6,367				—				—				28,324
Selling, general and administrative		77,184				5,250				—				82,434				36,100				41				—				118,575
Maintenance and utilities		22,591				2,015				—				24,606				13,778				—				—				38,384
Depreciation and amortization		33,039				13,327				—				46,366				16,811				—				—				63,177
Corporate expense		14,147				375				—				14,522				—				—				—				14,522
Preopening expenses		8,239				538				—				8,777				—				—				(2,724		)		6,053
Impairments of assets		1,050,715				—				—				1,050,715				2,811				—				—				1,053,526
Asset transactions costs		11,734				—				—				11,734				(209		)		—				—				11,525
Other, net		6				—				—				6				(2,482		)		—				—				(2,476		)
Total costs and expenses		1,463,611				52,196				(2,181		)		1,513,626				150,483				41				(2,724		)		1,661,426
Operating loss from Borgata		(1,461		)		—				—				(1,461		)		—				—				1,461				—
Operating income (loss)		(1,042,682		)		4,729				—				(1,037,953		)		(2,918		)		2,683				1,461				(1,036,727		)
Other expense (income)
Interest income		(238		)		(247		)		—				(485		)		—				—				—				(485		)
Interest expense, net of amounts capitalized		52,891				10,065								62,956				21,017				3,300								87,273
Other, net		—				137				—				137				—				—				—				137
Other non-operating expenses from Borgata, net		9,800				—				—				9,800				—				—				(9,800		)		—
Total other expense, net		62,453				9,955				—				72,408				21,017				3,300				(9,800		)		86,925
Income (loss) from continuing    operations before taxes		(1,105,135		)		(5,226		)		—				(1,110,361		)		(23,935		)		(617		)		11,261				(1,123,652		)
Income taxes		212,950				—				—				212,950				1,412				—				—				214,362
Income (loss) from continuing    operations, net of tax		(892,185		)		(5,226		)		—				(897,411		)		(22,523		)		(617		)		11,261				(909,290		)
Income (loss) from discontinued operations, net of tax		(2,487		)		—				—				(2,487		)		—				—				—				(2,487		)
Net income (loss)		(894,672		)		(5,226		)		—				(899,898		)		(22,523		)		(617		)		11,261				(911,777		)
Net income (loss) attributable to noncontrolling interest		—				—				—				—				—				617				11,262				11,879
Net income (loss) attributable to Boyd Gaming Corporation		$	(894,672	)		$	(5,226	)		$	—			$	(899,898	)		$	(22,523	)		$	—			$	22,523			$	(899,898	)

11

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Three Months Ended December 31, 2012
(Unaudited)
		Boyd Gaming Wholly Owned
(In thousands, except per share data)		Excluding Peninsula Segment				Peninsula Segment (1)				Eliminations				Total				Borgata (2)				LVE (Variable Interest Entity)				Eliminations				Boyd Gaming Consolidated
Basic net loss per common share
Continuing operations														$	(10.22	)														$	(10.22	)
Discontinued operations														(0.02		)														(0.02		)
Basic net loss per common share														$	(10.24	)														$	(10.24	)
Weighted average basic shares outstanding														87,846																87,846
Diluted net loss per common share
Continuing operations														$	(10.22	)														$	(10.22	)
Discontinued operations														(0.02		)														(0.02		)
Diluted net loss per common share														$	(10.24	)														$	(10.24	)
Weighted average diluted shares outstanding														87,846																87,846

_______________________________________________

(1) Results of Peninsula Gaming are included from the November 20, 2012, date of acquisition.

(2) Borgata's financial results include the impact of certain valuation adjustments made upon consolidation. These valuation adjustments are not pushed down to Borgata and are therefore not reflected in Borgata's standalone financial statements.

12

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Year Ended December 31, 2013
(Unaudited)
		Boyd Gaming Wholly Owned
(In thousands, except per share data)		Excluding Peninsula Segment				Peninsula Segment				Eliminations				Total				Borgata (1)				LVE (Variable Interest Entity)(2)				Eliminations				Boyd Gaming Consolidated
Revenues
Gaming		$	1,378,458			$	484,791			$	—			$	1,863,249			$	615,734			$	—			$	—			$	2,478,983
Food and beverage		266,868				39,207				—				306,075				140,292				—				—				446,367
Room		150,258				—				—				150,258				115,113				—				—				265,371
Other		124,463				17,934				(19,584		)		122,813				42,377				1,933				(1,933		)		165,190
Gross revenues		1,920,047				541,932				(19,584		)		2,442,395				913,516				1,933				(1,933		)		3,355,911
Less promotional allowances		222,054				21,603				—				243,657				217,816				—				—				461,473
Net revenues		1,697,993				520,329				(19,584		)		2,198,738				695,700				1,933				(1,933		)		2,894,438
Costs and expenses
Gaming		694,581				226,905				—				921,486				249,357				—				—				1,170,843
Food and beverage		142,579				26,454				—				169,033				71,048				—				—				240,081
Room		41,404				—				—				41,404				12,934				—				—				54,338
Other		74,218				32,324				(19,584		)		86,958				34,642				—				—				121,600
Selling, general and administrative		285,700				55,746				—				341,446				148,780				—				—				490,226
Maintenance and utilities		93,483				13,212				—				106,695				59,703				—				—				166,398
Depreciation and amortization		130,816				87,851				—				218,667				59,746				—				—				278,413
Corporate expense		60,576				2,673				—				63,249				—				—				—				63,249
Preopening expenses		6,818				91				—				6,909				4,056				—				(1,933		)		9,032
Impairments of assets		2,151				3,200				—				5,351				5,032				—				—				10,383
Asset transactions costs		3,334				2,062				—				5,396				180				—				—				5,576
Other, net		2,548				313				—				2,861				3,137				—				—				5,998
Total costs and expenses		1,538,208				450,831				(19,584		)		1,969,455				648,615				—				(1,933		)		2,616,137
Operating income from Borgata		23,542				—				—				23,542				—				—				(23,542		)		—
Operating income		183,327				69,498				—				252,825				47,085				1,933				(23,542		)		278,301
Other expense (income)
Interest income		(21		)		(2,126		)		—				(2,147		)		—				—				—				(2,147		)
Interest expense, net of amounts    capitalized		177,823				82,795				—				260,618				81,335				2,377				—				344,330
Loss on early extinguishments of debt		25,002				3,344				—				28,346				25,856				—				—				54,202
Other, net		(2,252		)		162				—				(2,090		)		—				—				—				(2,090		)
Other non-operating expenses    from Borgata, net		51,388				—				—				51,388				—				—				(51,388		)		—
Total other expense, net		251,940				84,175				—				336,115				107,191				2,377				(51,388		)		394,295
Income (loss) from continuing    operations before taxes		(68,613		)		(14,677		)		—				(83,290		)		(60,106		)		(444		)		27,846				(115,994		)
Income taxes		2,731				(10,496		)		—				(7,765		)		4,415				—				—				(3,350		)
Income (loss) from continuing    operations, net of tax		(65,882		)		(25,173		)		—				(91,055		)		(55,691		)		(444		)		27,846				(119,344		)
Income (loss) from discontinued operations, net of tax		10,790				—				—				10,790				—				—				—				10,790
Net income (loss)		(55,092		)		(25,173		)		—				(80,265		)		(55,691		)		(444		)		27,846				(108,554		)
Net income (loss) attributable to noncontrolling interest		—				—				—				—				—				444				27,846				28,290
Net income (loss) attributable to Boyd Gaming Corporation		$	(55,092	)		$	(25,173	)		$	—			$	(80,265	)		$	(55,691	)		$	—			$	55,692			$	(80,264	)

13

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Year Ended December 31, 2013
(Unaudited)
		Boyd Gaming Wholly Owned
(In thousands, except per share data)		Excluding Peninsula Segment				Peninsula Segment				Eliminations				Total				Borgata (1)				LVE (Variable Interest Entity)(2)				Eliminations				Boyd Gaming Consolidated
Basic net loss per common share
Continuing operations														$	(0.94	)														$	(0.94	)
Discontinued operations														0.11																0.11
Basic net loss per common share														$	(0.83	)														$	(0.83	)
Weighted average basic shares outstanding														97,243																97,243
Diluted net loss per common share
Continuing operations														$	(0.94	)														$	(0.94	)
Discontinued operations														0.11																0.11
Diluted net loss per common share														$	(0.83	)														$	(0.83	)
Weighted average diluted    shares outstanding														97,243																97,243

_______________________________________________

(1) Borgata's financial results include the impact of certain valuation adjustments made upon consolidation. These valuation adjustments are not pushed down to Borgata and are therefore not reflected in Borgata's standalone financial statements.

(2) Boyd Gaming's contractual agreements with LVE were terminated on March 4, 2013, in connection with the sale of the Echelon development site. As a result, Boyd Gaming ceased consolidation of LVE as of that date. The financial results presented for LVE include only that portion of the period that the variable interest entity was consolidated by Boyd Gaming.

14

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Year Ended December 31, 2012
(Unaudited)
		Boyd Gaming Wholly Owned
(In thousands, except per share data)		Excluding Peninsula Segment				Peninsula Segment (1)				Eliminations				Total				Borgata (2)				LVE (Variable Interest Entity)				Eliminations				Boyd Gaming Consolidated
Revenues
Gaming		$	1,443,642			$	53,442			$	—			$	1,497,084			$	609,127			$	—			$	—			$	2,106,211
Food and beverage		272,805				3,988				—				276,793				140,391				—				—				417,184
Room		150,398				—				—				150,398				114,505				—				—				264,903
Other		106,154				1,687				(2,181		)		105,660				39,516				10,896				(10,896		)		145,176
Gross revenues		1,972,999				59,117				(2,181		)		2,029,935				903,539				10,896				(10,896		)		2,933,474
Less promotional allowances		231,137				2,192				—				233,329				217,317				—				—				450,646
Net revenues		1,741,862				56,925				(2,181		)		1,796,606				686,222				10,896				(10,896		)		2,482,828
Costs and expenses
Gaming		727,331				24,565				—				751,896				254,934				—				—				1,006,830
Food and beverage		145,058				2,855				—				147,913				71,584				—				—				219,497
Room		42,040				—				—				42,040				13,491				—				—				55,531
Other		78,165				3,271				(2,181		)		79,255				31,712				—				—				110,967
Selling, general and administrative		304,881				5,250				—				310,131				139,100				55				—				449,286
Maintenance and utilities		93,871				2,015				—				95,886				58,422				—				—				154,308
Depreciation and amortization		136,646				13,327				—				149,973				64,263				—				—				214,236
Corporate expense		50,344				375				—				50,719				—				—				—				50,719
Preopening expenses		21,659				538				—				22,197				240				—				(10,896		)		11,541
Impairments of assets		1,050,715				—				—				1,050,715				2,811				—				—				1,053,526
Asset transactions costs		18,651				—				—				18,651				(209		)		—				—				18,442
Other, net		(5,498		)		—				—				(5,498		)		(6,294		)		—				—				(11,792		)
Total costs and expenses		2,663,863				52,196				(2,181		)		2,713,878				630,054				55				(10,896		)		3,333,091
Operating income from Borgata		28,082				—				—				28,082				—				—				(28,082		)		—
Operating income		(893,919		)		4,729				—				(889,190		)		56,168				10,841				(28,082		)		(850,263		)
Other expense (income)
Interest income		(922		)		(247		)		—				(1,169		)		—				—				—				(1,169		)
Interest expense, net of amounts    capitalized		184,714				10,065								194,779				82,902				12,323								290,004
Other, net		—				137				—				137				—				—				—				137
Other non-operating expenses    from Borgata, net		40,810				—				—				40,810				—				—				(40,810		)		—
Total other expense, net		224,602				9,955				—				234,557				82,902				12,323				(40,810		)		288,972
Income (loss) from continuing    operations before taxes		(1,118,521		)		(5,226		)		—				(1,123,747		)		(26,734		)		(1,482		)		12,728				(1,139,235		)
Income taxes		219,510												219,510				1,279												220,789
Income (loss) from continuing    operations, net of tax		(899,011		)		(5,226		)		—				(904,237		)		(25,455		)		(1,482		)		12,728				(918,446		)
Income (loss) from discontinued operations, net of tax		(4,629		)		—				—				(4,629		)		—				—				—				(4,629		)
Net income (loss)		(903,640		)		(5,226		)		—				(908,866		)		(25,455		)		(1,482		)		12,728				(923,075		)
Net income (loss) attributable to noncontrolling interest		—				—				—				—				—				1,482				12,728				14,210
Net income (loss) attributable to Boyd Gaming Corporation		$	(903,640	)		$	(5,226	)		$	—			$	(908,866	)		$	(25,455	)		$	—			$	25,456			$	(908,865	)

15

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Year Ended December 31, 2012
(Unaudited)
		Boyd Gaming Wholly Owned
(In thousands, except per share data)		Excluding Peninsula Segment				Peninsula Segment (1)				Eliminations				Total				Borgata (2)				LVE (Variable Interest Entity)				Eliminations				Boyd Gaming Consolidated
Basic net loss per common share
Continuing operations														$	(10.32	)														$	(10.32	)
Discontinued operations														(0.05		)														(0.05		)
Basic net loss per common share														$	(10.37	)														$	(10.37	)
Weighted average basic shares outstanding														87,652																87,652
Diluted net loss per common share
Continuing operations														$	(10.32	)														$	(10.32	)
Discontinued operations														(0.05		)														(0.05		)
Diluted net loss per common share														$	(10.37	)														$	(10.37	)
Weighted average diluted    shares outstanding														87,652																87,652

_______________________________________________

(1) Results of Peninsula Gaming are included from the November 20, 2012, date of acquisition.

(2) Borgata's financial results include the impact of certain valuation adjustments made upon consolidation. These valuation adjustments are not pushed down to Borgata and are therefore not reflected in Borgata's standalone financial statements.

16

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Condensed Consolidated Statements of Operations of Peninsula Segment (1)

Successor and Predecessor Periods Comprising the Three Month Periods Ended December 31, 2013 and 2012

(Unaudited)

	Successor				Successor					Predecessor (2)				Combined
	October 1, 2013				November 20, 2012					October 1, 2012				October 1, 2012
	Through				Through					Through				Through
(In thousands)	December 31, 2013				December 31, 2012					November 19, 2012				December 31, 2012
Revenues
Gaming	$	110,882			$	53,442				$	63,338			$	116,780
Food and beverage	9,682				3,988					4,507				8,495
Other	4,521				1,687					2,299				3,986
Gross revenues	125,085				59,117					70,144				129,261
Less promotional allowances	5,171				2,192					2,725				4,917
Net revenues	119,914				56,925					67,419				124,344
Costs and expenses
Gaming	52,866				24,565					29,337				53,902
Food and beverage	6,313				2,855					2,865				5,720
Other	3,097				1,090					1,547				2,637
Selling, general and administrative	13,389				5,250					7,208				12,458
Maintenance and utilities	3,288				2,015					1,518				3,533
Depreciation and amortization	21,676				13,327					5,504				18,831
Corporate expense	573				375					2,685				3,060
Affiliate management fee	4,423				2,181					1,096				3,277
Preopening expenses	—				538					392				930
Impairments of assets	3,200				—					—				—
Asset transaction costs	1,768				—					26,830				26,830
Other, net	114				—					—				—
Total costs and expenses	110,707				52,196					78,982				131,178
Operating income (loss)	9,207				4,729					(11,563		)		(6,834		)
Other expense (income)
Interest income	(491		)		(247		)			(309		)		(556		)
Interest expense, net of amounts capitalized	19,687				10,065					9,231				19,296
Loss on early retirements of debt, net	1,368				—					79,571				79,571
Gain from equity affiliate	(11		)		137					—				137
Other non-operating items	(221		)
Total other expense, net	20,332				9,955					88,493				98,448
Income (loss) before income taxes	(11,125		)		(5,226		)			(100,056		)		(105,282		)
Income taxes (3)	(236		)		—					—				—
Net income (loss)	$	(11,361	)		$	(5,226	)			$	(100,056	)		$	(105,282	)
Adjusted EBITDA, after corporate expense	$	40,388			$	20,775				$	22,259			$	43,034

_______________________________________________

(1) Peninsula Gaming, LLC ("PGL") was acquired by Boyd Gaming on November 20, 2012. In accordance with Generally Accepted Accounting Principles ("GAAP"), PGL's post acquisition financial results have been prepared on Boyd Gaming's ("Successor") basis of accounting and reflect adjustments resulting from the application of the acquisition method. Financial information for the pre-acquisition period has been prepared on PGL's ("Predecessor") basis of accounting. Consequently, the financial statements for the Successor and Predecessor periods are presented on different bases. However, the Successor and Predecessor periods’ results comprising the quarter ended December 31, 2012, are also presented on a combined basis because management believes doing so provides a meaningful presentation and comparison of results.

(2) Certain amounts for the prior year have been reclassified to conform with the Successor presentation. These reclassifications had no impact on income from operations or net income as previously reported by the Predecessor.

(3) The Predecessor was structured as a limited liability company and the members were taxed on their proportionate share of its taxable income. Accordingly, no provision for income taxes was included in the financial statements of the Predecessor.

17

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Condensed Consolidated Statements of Operations of Peninsula Segment (1)

Successor and Predecessor Periods Comprising the Years Ended December 31, 2013 and 2012

(Unaudited)

	Successor				Successor					Predecessor (2)				Combined
	January 1, 2013				November 20, 2012					January 1, 2012				January 1, 2012
	Through				Through					Through				Through
(In thousands)	December 31, 2013				December 31, 2012					November 19, 2012				December 31, 2012
Revenues
Gaming	$	484,791			$	53,442				$	438,417			$	491,859
Food and beverage	39,207				3,988					29,802				33,790
Other	17,934				1,687					14,655				16,342
Gross revenues	541,932				59,117					482,874				541,991
Less promotional allowances	21,603				2,192					17,686				19,878
Net revenues	520,329				56,925					465,188				522,113
Costs and expenses
Gaming	226,905				24,565					198,680				223,245
Food and beverage	26,454				2,855					18,736				21,591
Other	12,740				1,090					10,190				11,280
Selling, general and administrative	55,746				5,250					44,160				49,410
Maintenance and utilities	13,212				2,015					9,792				11,807
Depreciation and amortization	87,851				13,327					36,743				50,070
Corporate expense	2,673				375					11,572				11,947
Affiliate management fee	19,584				2,181					8,145				10,326
Preopening expenses	91				538					548				1,086
Impairments of assets	3,200				—					—				—
Asset transactions costs	2,062				—					26,784				26,784
Other, net	313				—					2,474				2,474
Total costs and expenses	450,831				52,196					367,824				420,020
Operating income	69,498				4,729					97,364				102,093
Other expense (income)
Interest income	(2,126		)		(247		)			(1,994		)		(2,241		)
Interest expense, net of amounts capitalized	82,795				10,065					62,935				73,000
Loss on early retirements of debt, net	3,344				—					79,571				79,571
Loss from equity affiliate	383				137					62				199
Other non-operating items	(221		)		—					—				—
Total other expense, net	84,175				9,955					140,574				150,529
Income (loss) before income taxes	(14,677		)		(5,226		)			(43,210		)		(48,436		)
Income taxes (3)	(10,496		)		—					—				—
Net income (loss)	$	(25,173	)		$	(5,226	)			$	(43,210	)		$	(48,436	)
Adjusted EBITDA, after corporate expense	$	182,599			$	20,775				$	172,058			$	192,833

_______________________________________________

(1) Peninsula Gaming, LLC ("PGL") was acquired by Boyd Gaming on November 20, 2012. In accordance with Generally Accepted Accounting Principles ("GAAP"), PGL's post acquisition financial results have been prepared on Boyd Gaming's ("Successor") basis of accounting and reflect adjustments resulting from the application of the acquisition method. Financial information for the pre-acquisition period has been prepared on PGL's ("Predecessor") basis of accounting. Consequently, the financial statements for the Successor and Predecessor periods are presented on different bases. However, the Successor and Predecessor periods’ results comprising the year ended December 31, 2012, are also presented on a combined basis because management believes doing so provides a meaningful presentation and comparison of results.

(2) Certain amounts for the prior year have been reclassified to conform with the Successor presentation. These reclassifications had no impact on income from operations or net income as previously reported by the Predecessor.

(3) The Predecessor was structured as a limited liability company and the members were taxed on their proportionate share of its taxable income. Accordingly, no provision for income taxes was included in the financial statements of the Predecessor.

18

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, Adjusted Earnings and Adjusted Earnings Per Share (Adjusted EPS). The following discussion defines these terms and why we believe they are useful measures of our performance. We do not provide a reconciliation of forward-looking non-GAAP financial measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.

EBITDA and Adjusted EBITDA

EBITDA is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (“GAAP”), provides our investors a more complete understanding of our 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 refer to this measure as Adjusted EBITDA. 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 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 our management in their 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 the evaluation of potential acquisitions and dispositions. Adjusted EBITDA is also 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, impairments of assets, asset transactions costs, loss on early extinguishments of debt and other operating charges, net, and Borgata's non-operating expenses, preopening expenses and other items and write-downs, net. In addition, Adjusted EBITDA includes corporate expense.

Adjusted Earnings and Adjusted EPS

Adjusted Earnings is net income (loss) before preopening expenses, asset transactions costs, net gains on insurance settlements, impairments of assets, certain adjustments to property tax accruals, write-downs and other charges, net, accelerated amortization of deferred loan fees, gain or loss on early retirements of debt, other non-recurring adjustments, net, valuation adjustments related to the consolidation of Borgata, and Borgata's preopening expenses and other items and write-downs, net. Adjusted Earnings and Adjusted EPS are presented solely as supplemental disclosures because management believes that they are widely used measures of performance in the gaming industry.

Limitations on the Use of Non-GAAP Measures

The use of EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures has certain limitations. Our presentation of EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS 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 or Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, EBITDA and Adjusted 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 historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS 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, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS 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 historical 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.

19

Forward-looking Statements and Company Information

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release include statements regarding: the Company’s steps to drive efficiencies, improve margins and maximize EBITDA growth, future growth in online gaming across the country, actions to enhance the Company’s ability to cross-market its properties nationwide, expanding the Company’s pipeline of growth projects, and prospects for 2014. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks and uncertainties include, but are not limited to: fluctuations in the Company's operating results; recovery of its properties in various markets; the state of the economy and its effect on consumer spending and the Company's results of operations; the timing for economic recovery, its effect on the Company's business and the local economies where the Company's properties are located; the receipt of legislative, and other state, federal and local approvals for the Company's development projects in Florida, California and other jurisdictions; whether online gaming will become legalized in various states, the Company's ability to operate online gaming profitably, or otherwise; consumer reaction to fluctuations in the stock market and economic factors; the fact that the Company's expansion, development and renovation projects (including enhancements to improve property performance) are subject to many risks inherent in expansion, development or construction of a new or existing project; the effects of events adversely impacting the economy or the regions from which the Company draws a significant percentage of its customers; competition; litigation; financial community and rating agency perceptions of the Company and its subsidiaries; changes in laws and regulations, including increased taxes; the availability and price of energy, weather, regulation, economic, credit and capital market conditions; and the effects of war, terrorist or similar activity. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

About Boyd Gaming

Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a leading diversified owner and operator of 22 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi and New Jersey. Boyd Gaming press releases are available at www.prnewswire.com. Additional news and information on Boyd Gaming can be found at www.boydgaming.com.

20