Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Balance Sheets



	March 31, 2015
						Non-			Non-
						Guarantor			Guarantor
						Subsidiaries			Subsidiaries
				Guarantor		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)			Owned)			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	775		$	98,105	$	31,698		$	219		$	—		$	130,797
Other current assets	11,211			70,428		29,173			—			(9,575		)	101,237
Property and equipment, net	58,015			1,757,614		435,167			—			—			2,250,796
Investments in subsidiaries	3,416,980			137,237		—			—			(3,327,485		)	226,732
Intercompany receivable	—			1,720,432		—			—			(1,720,432		)	—
Other assets, net	35,708			9,271		59,357			—			—			104,336
Intangible assets, net	—			424,823		502,753			—			—			927,576
Goodwill, net	—			212,794		472,516			—			—			685,310
Total assets	$	3,522,689		$	4,430,704	$	1,530,664		$	219		$	(5,057,492	)	$	4,426,784

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	21,500		$	—	$	6,188		$	—		$	—		$	27,688
Other current liabilities	71,938			158,951		75,736			—			(248		)	306,377
Accumulated losses of subsidiaries in excess of investment	—			—		237			—			(237		)	—
Intercompany payable	742,125			—		986,747			438			(1,729,310		)	—
Long-term debt, net of current maturities	2,165,985			—		1,210,112			—			—			3,376,097
Other long-term liabilities	42,316			148,777		46,654			—			—			237,747

Common stock	1,104			31,124		(27		)	—			(31,097		)	1,104
Additional paid-in capital	927,515			2,717,938		248,203			4,250			(2,970,391		)	927,515
Retained earnings (deficit)	(450,012		)	1,373,696		(1,043,404		)	(4,469		)	(325,823		)	(450,012		)
Accumulated other comprehensive income (loss), net	218			218		218			—			(436		)	218
Total Boyd Gaming Corporation stockholders' equity (deficit)	478,825			4,122,976		(795,010		)	(219		)	(3,327,747		)	478,825
Noncontrolling interest	—			—		—			—			50			50
Total stockholders' equity (deficit)	478,825			4,122,976		(795,010		)	(219		)	(3,327,697		)	478,875
Total liabilities and stockholders' equity	$	3,522,689		$	4,430,704	$	1,530,664		$	219		$	(5,057,492	)	$	4,426,784

Condensed Consolidating Balance Sheets - continued



	December 31, 2014
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	2		$	111,452		$	33,668		$	219		$	—		$	145,341
Other current assets	10,234			69,012			21,980			—			(4,617		)	96,609
Property and equipment, net	65,365			1,775,486			445,257			—			—			2,286,108
Investments in subsidiaries	3,345,735			150,694			—			—			(3,273,712		)	222,717
Intercompany receivable	—			1,637,101			—			—			(1,637,101		)	—
Other assets, net	36,600			9,149			62,841			—			—			108,590
Intangible assets, net	—			425,083			509,166			—			—			934,249
Goodwill, net	—			212,794			472,516			—			—			685,310
Total assets	$	3,457,936		$	4,390,771		$	1,545,428		$	219		$	(4,915,430	)	$	4,478,924

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	21,500		$	—		$	8,253		$	—		$	—		$	29,753
Other current liabilities	82,711			160,542			84,427			—			(238		)	327,442
Accumulated losses of subsidiaries in excess of investment	—			—			3,619			—			(3,619		)	—
Intercompany payable	668,310			—			972,425			397			(1,641,132		)	—
Long-term debt, net of current maturities	2,207,490			—			1,224,148			—			—			3,431,638
Other long-term liabilities	39,888			169,824			42,292			—			—			252,004

Common stock	1,093			31,124			(27		)	—			(31,097		)	1,093
Additional paid-in capital	922,112			2,717,841			248,203			4,250			(2,970,294		)	922,112
Retained earnings (deficit)	(485,115		)	1,311,492			(1,037,860		)	(4,428		)	(269,204		)	(485,115		)
Accumulated other comprehensive loss, net	(53		)	(52		)	(52		)	—			104			(53		)
Total Boyd Gaming Corporation stockholders' equity (deficit)	438,037			4,060,405			(789,736		)	(178		)	(3,270,491		)	438,037
Noncontrolling interest	—			—			—			—			50			50
Total stockholders' equity (deficit)	438,037			4,060,405			(789,736		)	(178		)	(3,270,441		)	438,087
Total liabilities and stockholders' equity	$	3,457,936		$	4,390,771		$	1,545,428		$	219		$	(4,915,430	)	$	4,478,924

Schedule of Condensed Income Statement

Condensed Consolidating Statements of Operations



	Three Months Ended March 31, 2015
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
Net revenues	$	30,796		$	418,592		$	137,525		$	—		$	(36,335	)	$	550,578

Costs and expenses
Operating	450			223,587			73,920			—			—			297,957
Selling, general and administrative	12,403			54,342			14,944			—			—			81,689
Maintenance and utilities	—			21,711			3,608			—			—			25,319
Depreciation and amortization	1,287			32,687			17,968			—			—			51,942
Corporate expense	18,467			54			1,131			—			—			19,652
Preopening expenses	—			—			464			41			—			505
Impairments of assets	—			—			1,065			—			—			1,065
Asset transactions costs	(52		)	(17		)	519			—			—			450
Other operating items, net	—			70			46			—			—			116
Intercompany expenses	301			30,841			5,193			—			(36,335		)	—
Total costs and expenses	32,856			363,275			118,858			41			(36,335		)	478,695

Equity in earnings of subsidiaries	47,768			7,652			(41		)	—			(43,704		)	11,675
Operating income (loss)	45,708			62,969			18,626			(41		)	(43,704		)	83,558

Other expense (income)
Interest expense, net	33,396			702			22,366			—			—			56,464
Loss on early extinguishments of debt	—			—			508			—			—			508
Other, net	416			—			202			—			—			618
Boyd's share of Borgata's non-operating items, net	—			7,661			—			—			—			7,661
Total other expense, net	33,812			8,363			23,076			—			—			65,251

Income (loss) before income taxes	11,896			54,606			(4,450		)	(41		)	(43,704		)	18,307
Income taxes benefit (provision)	23,207			(1,927		)	(4,484		)	—			—			16,796
Net income (loss)	$	35,103		$	52,679		$	(8,934	)	$	(41	)	$	(43,704	)	$	35,103
Comprehensive income (loss)	$	35,374		$	52,950		$	(8,663	)	$	(41	)	$	(44,246	)	$	35,374

Condensed Consolidating Statements of Operations - continued



	Three Months Ended March 31, 2014
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
Net revenues	$	29,602		$	411,801		$	134,441		$	167,264		$	(34,759	)	$	708,349

Costs and expenses
Operating	450			220,425			74,088			88,442			—			383,405
Selling, general and administrative	11,652			57,315			14,309			41,403			—			124,679
Maintenance and utilities	—			22,750			3,538			16,976			—			43,264
Depreciation and amortization	1,627			31,624			19,068			13,860			—			66,179
Corporate expense	19,030			23			867			—			—			19,920
Preopening expense	36			6			628			114			—			784
Impairments of assets	320			1,013			300			—			—			1,633
Asset transactions costs	—			(20		)	177			(2		)	—			155
Other operating items, net	150			—			66			(402		)	—			(186		)
Intercompany expenses	301			29,407			5,051			—			(34,759		)	—
Total costs and expenses	33,566			362,543			118,092			160,391			(34,759		)	639,833

Equity in earnings of subsidiaries	31,935			(10,855		)	(81		)	—			(20,999		)	—
Operating income (loss)	27,971			38,403			16,268			6,873			(20,999		)	68,516

Other expense (income)
Interest expense, net	32,920			1,770			22,647			17,690			—			75,027
Loss on early extinguishments of debt	—			—			154			—			—			154
Other, net	—			—			(288		)	—			—			(288		)
Total other expense, net	32,920			1,770			22,513			17,690			—			74,893

Income (loss) before income taxes	(4,949		)	36,633			(6,245		)	(10,817		)	(20,999		)	(6,377		)
Income taxes benefit (provision)	(1,233		)	(468		)	(3,795		)	648			—			(4,848		)
Net income (loss)	(6,182		)	36,165			(10,040		)	(10,169		)	(20,999		)	(11,225		)
Net loss attributable to noncontrolling interest	—			—			—			—			5,043			5,043
Net income (loss) attributable to controlling interest	$	(6,182	)	$	36,165		$	(10,040	)	$	(10,169	)	$	(15,956	)	$	(6,182	)
Comprehensive income (loss)	$	(5,643	)	$	36,704		$	(9,501	)	$	(10,169	)	$	(22,077	)	$	(10,686	)

Schedule of Condensed Cash Flow Statement

Condensed Consolidating Statements of Cash Flows



	Three Months Ended March 31, 2015
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	(26,888	)	$	75,990		$	5,730		$	(41	)	$	4,847		$	59,638

Cash flows from investing activities
Capital expenditures	(6,152		)	(6,006		)	(7,111		)	—			—			(19,269		)
Net activity with affiliates	—			(83,331		)	—			—			83,331			—
Other investing activities	—			—			2,316			—			—			2,316
Net cash from investing activities	(6,152		)	(89,337		)	(4,795		)	—			83,331			(16,953		)

Cash flows from financing activities
Borrowings under bank credit facility	203,700			—			91,400			—			—			295,100
Payments under bank credit facility	(245,675		)	—			(108,625		)	—			—			(354,300		)
Payments on long-term debt	—			—			(2		)	—			—			(2		)
Net activity with affiliates	73,815			—			14,322			41			(88,178		)	—
Stock options exercised	4,419			—			—			—			—			4,419
Performance stock units released, net	(2,446		)	—			—			—			—			(2,446		)
Net cash from financing activities	33,813			—			(2,905		)	41			(88,178		)	(57,229		)

Net change in cash and cash equivalents	773			(13,347		)	(1,970		)	—			—			(14,544		)
Cash and cash equivalents, beginning of period	2			111,452			33,668			219			—			145,341
Cash and cash equivalents, end of period	$	775		$	98,105		$	31,698		$	219		$	—		$	130,797

Condensed Consolidating Statements of Cash Flows - continued



	Three Months Ended March 31, 2014
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	(20,187	)	$	68,688		$	14,670		$	(2,942	)	$	(3,060	)	$	57,169

Cash flows from investing activities
Capital expenditures	(4,683		)	(6,298		)	(5,516		)	(1,809		)	—			(18,306		)
Net activity with affiliates	—			(65,848		)	3,278			42			62,528			—
Other investing activities	660			—			1			451			—			1,112
Net cash from investing activities	(4,023		)	(72,146		)	(2,237		)	(1,316		)	62,528			(17,194		)

Cash flows from financing activities
Borrowings under bank credit facility	188,500			—			75,000			116,200			—			379,700
Payments under bank credit facility	(224,275		)	—			(90,525		)	(119,400		)	—			(434,200		)
Debt financing costs, net	(71		)	—			—			—			—			(71		)
Payments on long-term debt	—			—			(2		)	(950		)	—			(952		)
Net activity with affiliates	59,468			—			—			—			(59,468		)	—
Stock options exercised	757			—			—			—			—			757
Restricted stock units released, net	(200		)	—			—			—			—			(200		)
Other financing activities	31			—			—			—			—			31
Net cash from financing activities	24,210			—			(15,527		)	(4,150		)	(59,468		)	(54,935		)

Net change in cash and cash equivalents	—			(3,458		)	(3,094		)	(8,408		)	—			(14,960		)
Cash and cash equivalents, beginning of period	—			106,445			33,766			37,627			—			177,838
Cash and cash equivalents, end of period	$	—		$	102,987		$	30,672		$	29,219		$	—		$	162,878