Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2015

Schedule of adjustments [Line Items]

Condensed Consolidating Balance Sheets



	June 30, 2015
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	—		$	93,551		$	30,753		$	219		$	—		$	124,523
Other current assets	13,687			75,923			31,081			—			(14,333		)	106,358
Property and equipment, net	63,965			1,749,467			426,867			—			—			2,240,299
Investments in subsidiaries	3,472,916			140,020			—			—			(3,380,228		)	232,708
Intercompany receivable	—			1,784,227			—			—			(1,784,227		)	—
Other assets, net	46,222			9,270			53,881			—			—			109,373
Intangible assets, net	—			424,562			496,340			—			—			920,902
Goodwill, net	—			212,794			472,516			—			—			685,310
Total assets	$	3,596,790		$	4,489,814		$	1,511,438		$	219		$	(5,178,788	)	$	4,419,473

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	21,500		$	—		$	6,188		$	—		$	—		$	27,688
Other current liabilities	76,491			156,761			79,671			—			(394		)	312,529
Accumulated losses of subsidiaries in excess of investment	—			—			269			—			(269		)	—
Intercompany payable	803,184			—			993,984			467			(1,797,635		)	—
Long-term debt, net of current maturities	2,179,438			—			1,182,180			—			—			3,361,618
Other long-term liabilities	41,758			149,997			51,414			—			—			243,169

Common stock	1,105			31,124			(27		)	—			(31,097		)	1,105
Additional paid-in capital	930,567			2,718,022			248,203			4,251			(2,970,476		)	930,567
Retained earnings (deficit)	(456,437		)	1,434,725			(1,049,629		)	(4,499		)	(380,597		)	(456,437		)
Accumulated other comprehensive income (loss), net	(816		)	(815		)	(815		)	—			1,630			(816		)
Total Boyd Gaming Corporation stockholders' equity (deficit)	474,419			4,183,056			(802,268		)	(248		)	(3,380,540		)	474,419
Noncontrolling interest	—			—			—			—			50			50
Total stockholders' equity (deficit)	474,419			4,183,056			(802,268		)	(248		)	(3,380,490		)	474,469
Total liabilities and stockholders' equity	$	3,596,790		$	4,489,814		$	1,511,438		$	219		$	(5,178,788	)	$	4,419,473

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 June 30, 2015
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
Net revenues	$	31,306		$	423,103		$	142,527		$	—		$	(37,069	)	$	559,867

Costs and expenses
Operating	450			221,305			76,270			—			—			298,025
Selling, general and administrative	12,342			54,042			14,629			—			—			81,013
Maintenance and utilities	—			22,955			3,661			—			—			26,616
Depreciation and amortization	1,502			32,367			18,095			—			—			51,964
Corporate expense	16,062			70			1,220			—			—			17,352
Preopening expenses	2			50			749			29			—			830
Asset transactions costs	9			250			660			—			—			919
Other operating items, net	—			—			54			—			—			54
Intercompany expenses	301			31,349			5,419			—			(37,069		)	—
Total costs and expenses	30,668			362,388			120,757			29			(37,069		)	476,773

Equity in earnings of subsidiaries	57,024			12,869			(29		)	—			(54,776		)	15,088
Operating income (loss)	57,662			73,584			21,741			(29		)	(54,776		)	98,182

Other expense (income)
Interest expense, net	34,023			419			22,224			—			—			56,666
Loss on early extinguishments of debt	30,008			—			954			—			—			30,962
Other, net	1			1,000			269			—			—			1,270
Boyd's share of Borgata's non-operating items, net	—			9,112			—			—			—			9,112
Total other expense, net	64,032			10,531			23,447			—			—			98,010

Income (loss) before income taxes	(6,370		)	63,053			(1,706		)	(29		)	(54,776		)	172
Income taxes benefit (provision)	(55		)	(2,023		)	(4,519		)	—			—			(6,597		)
Net income (loss)	$	(6,425	)	$	61,030		$	(6,225	)	$	(29	)	$	(54,776	)	$	(6,425	)
Comprehensive income (loss)	$	(7,458	)	$	59,996		$	(7,259	)	$	(29	)	$	(52,708	)	$	(7,458	)

Condensed Consolidating Statements of Operations - continued



	Three Months Ended June 30, 2014
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
Net revenues	$	29,427		$	405,544		$	140,414		$	181,854		$	(34,705	)	$	722,534

Costs and expenses
Operating	450			219,256			78,966			95,581			—			394,253
Selling, general and administrative	11,693			56,819			14,386			28,554			(73		)	111,379
Maintenance and utilities	—			24,138			3,766			15,119			—			43,023
Depreciation and amortization	1,526			31,252			18,989			14,131			—			65,898
Corporate expense	16,794			87			740			—			—			17,621
Preopening expense	6			—			1,516			268			—			1,790
Impairments of assets	—			5			288			—			—			293
Asset transactions costs	58			1,509			291			1			—			1,859
Other operating items, net	(578		)	—			17			—			—			(561		)
Intercompany expenses	301			29,141			5,190			—			(34,632		)	—
Total costs and expenses	30,250			362,207			124,149			153,654			(34,705		)	635,555

Equity in earnings of subsidiaries	33,781			1,716			(32		)	—			(35,465		)	—
Operating income (loss)	32,958			45,053			16,233			28,200			(35,465		)	86,979

Other expense (income)
Interest expense, net	32,895			1,518			22,585			17,828			—			74,826
Loss on early extinguishments of debt	—			—			904			—			—			904
Other, net	—			—			670			—			—			670
Total other expense, net	32,895			1,518			24,159			17,828			—			76,400

Income (loss) before income taxes	63			43,535			(7,926		)	10,372			(35,465		)	10,579
Income taxes benefit (provision)	606			(984		)	(3,799		)	(1,064		)	—			(5,241		)
Net income (loss)	669			42,551			(11,725		)	9,308			(35,465		)	5,338
Net loss attributable to noncontrolling interest	—			—			—			—			(4,669		)	(4,669		)
Net income (loss) attributable to controlling interest	$	669		$	42,551		$	(11,725	)	$	9,308		$	(40,134	)	$	669
Comprehensive income (loss)	$	371		$	42,253		$	(12,023	)	$	9,308		$	(34,869	)	$	5,040

Condensed Consolidating Statements of Operations - continued



	Six Months Ended June 30, 2015
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
Net revenues	$	62,102		$	841,695		$	280,052		$	—		$	(73,404	)	$	1,110,445

Costs and expenses
Operating	900			444,892			150,190			—			—			595,982
Selling, general and administrative	24,745			108,384			29,573			—			—			162,702
Maintenance and utilities	—			44,666			7,269			—			—			51,935
Depreciation and amortization	2,789			65,054			36,063			—			—			103,906
Corporate expense	34,529			124			2,351			—			—			37,004
Preopening expenses	2			50			1,213			70			—			1,335
Impairments of assets	—			—			1,065			—			—			1,065
Asset transactions costs	(43		)	233			1,179			—			—			1,369
Other operating items, net	—			70			100			—			—			170
Intercompany expenses	602			62,190			10,612			—			(73,404		)	—
Total costs and expenses	63,524			725,663			239,615			70			(73,404		)	955,468

Equity in earnings of subsidiaries	104,792			20,521			(70		)	—			(98,480		)	26,763
Operating income (loss)	103,370			136,553			40,367			(70		)	(98,480		)	181,740

Other expense (income)
Interest expense, net	67,419			1,121			44,590			—			—			113,130
Loss on early extinguishments of debt	30,008			—			1,462			—			—			31,470
Other, net	417			1,000			471			—			—			1,888
Boyd's share of Borgata's non-operating items, net	—			16,773			—			—			—			16,773
Total other expense, net	97,844			18,894			46,523			—			—			163,261

Income (loss) before income taxes	5,526			117,659			(6,156		)	(70		)	(98,480		)	18,479
Income taxes benefit (provision)	23,152			(3,950		)	(9,003		)	—			—			10,199
Net income (loss)	$	28,678		$	113,709		$	(15,159	)	$	(70	)	$	(98,480	)	$	28,678
Comprehensive income (loss)	$	27,915		$	112,946		$	(15,922	)	$	(70	)	$	(96,954	)	$	27,915

Condensed Consolidating Statements of Operations - continued



	Six Months Ended June 30, 2014
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
Net revenues	$	59,029		$	817,345		$	274,855		$	349,118		$	(69,464	)	$	1,430,883

Costs and expenses
Operating	900			439,681			153,054			184,023			—			777,658
Selling, general and administrative	23,345			114,134			28,695			69,957			(73		)	236,058
Maintenance and utilities	—			46,888			7,304			32,095			—			86,287
Depreciation and amortization	3,153			62,876			38,057			27,991			—			132,077
Corporate expense	35,824			110			1,607			—			—			37,541
Preopening expense	42			6			2,144			382			—			2,574
Impairments of assets	320			1,018			588			—			—			1,926
Asset transactions costs	58			1,489			468			(1		)	—			2,014
Other operating items, net	(428		)	—			83			(402		)	—			(747		)
Intercompany expenses	602			58,548			10,241			—			(69,391		)	—
Total costs and expenses	63,816			724,750			242,241			314,045			(69,464		)	1,275,388

Equity in earnings of subsidiaries	65,716			(9,139		)	(113		)	—			(56,464		)	—
Operating income (loss)	60,929			83,456			32,501			35,073			(56,464		)	155,495

Other expense (income)
Interest expense, net	65,815			3,288			45,232			35,518			—			149,853
Loss on early extinguishments of debt	—			—			1,058			—			—			1,058
Other, net	—			—			382			—			—			382
Total other expense, net	65,815			3,288			46,672			35,518			—			151,293

Income (loss) before income taxes	(4,886		)	80,168			(14,171		)	(445		)	(56,464		)	4,202
Income taxes provision	(627		)	(1,452		)	(7,594		)	(416		)	—			(10,089		)
Net income (loss)	(5,513		)	78,716			(21,765		)	(861		)	(56,464		)	(5,887		)
Net loss attributable to noncontrolling interest	—			—			—			—			374			374
Net income (loss) attributable to controlling interest	$	(5,513	)	$	78,716		$	(21,765	)	$	(861	)	$	(56,090	)	$	(5,513	)
Comprehensive income (loss)	$	(4,903	)	$	79,326		$	(21,155	)	$	(861	)	$	(57,684	)	$	(5,277	)

Schedule of Condensed Cash Flow Statement

Condensed Consolidating Statements of Cash Flows



	Six Months Ended June 30, 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	$	(40,933	)	$	150,591		$	36,811		$	(70	)	$	9,377		$	155,776

Cash flows from investing activities
Capital expenditures	(24,876		)	(21,366		)	(11,870		)	—			—			(58,112		)
Net activity with affiliates	—			(147,126		)	—			—			147,126			—
Other investing activities	—			—			2,975			—			—			2,975
Net cash from investing activities	(24,876		)	(168,492		)	(8,895		)	—			147,126			(55,137		)

Cash flows from financing activities
Borrowings under bank credit facility	396,100			—			170,800			—			—			566,900
Payments under bank credit facility	(679,525		)	—			(223,187		)	—			—			(902,712		)
Payments on retirements of long-term debt	(500,000		)	—			—			—			—			(500,000		)
Premium and consent fees paid	(24,246		)	—			—			—			—			(24,246		)
Proceeds from issuance of senior secured notes	750,000			—			—			—			—			750,000
Debt issue costs	(13,496		)	—			—			—			—			(13,496		)
Net activity with affiliates	134,874			—			21,559			70			(156,503		)	—
Share-based compensation activities, net	2,100			—			—			—			—			2,100
Other financing activities	—			—			(3		)	—			—			(3		)
Net cash from financing activities	65,807			—			(30,831		)	70			(156,503		)	(121,457		)

Net change in cash and cash equivalents	(2		)	(17,901		)	(2,915		)	—			—			(20,818		)
Cash and cash equivalents, beginning of period	2			111,452			33,668			219			—			145,341
Cash and cash equivalents, end of period	$	—		$	93,551		$	30,753		$	219		$	—		$	124,523

Condensed Consolidating Statements of Cash Flows - continued



	Six Months Ended June 30, 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	$	(33,921	)	$	125,168		$	38,377		$	12,118		$	(3,413	)	$	138,329

Cash flows from investing activities
Capital expenditures	(11,493		)	(19,470		)	(14,018		)	(8,528		)	—			(53,509		)
Net activity with affiliates	—			(116,526		)	5,892			82			110,552			—
Other investing activities	660			—			13			451			—			1,124
Net cash from investing activities	(10,833		)	(135,996		)	(8,113		)	(7,995		)	110,552			(52,385		)

Cash flows from financing activities
Borrowings under bank credit facility	365,700			—			155,900			248,700			—			770,300
Payments under bank credit facility	(424,925		)	—			(189,887		)	(257,400		)	—			(872,212		)
Net activity with affiliates	107,139			—			—			—			(107,139		)	—
Share-based compensation activities, net	703			—			—			—			—			703
Other financing activities	(57		)	—			(4		)	—			—			(61		)
Net cash from financing activities	48,560			—			(33,991		)	(8,700		)	(107,139		)	(101,270		)

Net change in cash and cash equivalents	3,806			(10,828		)	(3,727		)	(4,577		)	—			(15,326		)
Cash and cash equivalents, beginning of period	—			106,445			33,766			37,627			—			177,838
Cash and cash equivalents, end of period	$	3,806		$	95,617		$	30,039		$	33,050		$	—		$	162,512