Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of adjustments [Line Items]

Condensed Consolidating Balance Sheets



	September 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	$	3	$	94,342	$	30,481		$	219		$	—		$	125,045
Other current assets	13,726		75,154		32,967			—			(18,724		)	103,123
Property and equipment, net	60,815		1,746,830		417,998			—			—			2,225,643
Investments in subsidiaries	3,531,500		153,970		—			—			(3,434,337		)	251,133
Intercompany receivable	—		1,833,571		—			—			(1,833,571		)	—
Other assets, net	44,084		9,247		51,339			—			—			104,670
Intangible assets, net	—		424,301		489,927			—			—			914,228
Goodwill, net	—		212,794		472,516			—			—			685,310
Total assets	$	3,650,128	$	4,550,209	$	1,495,228		$	219		$	(5,286,632	)	$	4,409,152

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	21,500	$	—	$	6,188		$	—		$	—		$	27,688
Other current liabilities	92,761		160,714		72,666			—			(283		)	325,858
Accumulated losses of subsidiaries in excess of investment	—		—		293			—			(293		)	—
Intercompany payable	846,906		—		1,004,007			475			(1,851,388		)	—
Long-term debt, net of current maturities	2,140,372		—		1,162,315			—			—			3,302,687
Other long-term liabilities	42,468		143,864		60,416			—			—			246,748

Boyd Gaming Corporation stockholders' equity (deficit)	506,121		4,245,631		(810,657		)	(256		)	(3,434,718		)	506,121
Noncontrolling interest	—		—		—			—			50			50
Total stockholders' equity (deficit)	506,121		4,245,631		(810,657		)	(256		)	(3,434,668		)	506,171
Total liabilities and stockholders' equity	$	3,650,128	$	4,550,209	$	1,495,228		$	219		$	(5,286,632	)	$	4,409,152

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

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 September 30, 2015
						Non-			Non-
						Guarantor			Guarantor
						Subsidiaries			Subsidiaries
				Guarantor		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)			Owned)			Eliminations			Consolidated
Net revenues	$	28,946		$	413,962	$	137,854		$	—		$	(34,449	)	$	546,313

Costs and expenses
Operating	450			224,649		74,767			—			—			299,866
Selling, general and administrative	11,083			54,334		14,537			—			—			79,954
Maintenance and utilities	—			24,977		4,053			—			—			29,030
Depreciation and amortization	1,657			31,327		18,361			—			—			51,345
Corporate expense	13,503			50		1,456			—			—			15,009
Preopening expenses	5			19		1,402			8			—			1,434
Asset transactions costs	—			60		20			—			—			80
Other operating items, net	136			36		—			—			—			172
Intercompany expenses	301			29,036		5,112			—			(34,449		)	—
Total costs and expenses	27,135			364,488		119,708			8			(34,449		)	476,890

Equity in earnings of subsidiaries	57,937			25,974		(8		)	—			(52,796		)	31,107
Operating income (loss)	59,748			75,448		18,138			(8		)	(52,796		)	100,530

Other expense (income)
Interest expense, net	33,883			130		22,085			—			—			56,098
Loss on early extinguishments of debt	444			—		419			—			—			863
Other, net	(2		)	1,660		95			—			—			1,753
Boyd's share of Borgata's non-operating items, net	—			12,681		—			—			—			12,681
Total other expense, net	34,325			14,471		22,599			—			—			71,395

Income (loss) before income taxes	25,423			60,977		(4,461		)	(8		)	(52,796		)	29,135
Income taxes benefit (provision)	2			859		(4,571		)	—			—			(3,710		)
Net income (loss)	$	25,425		$	61,836	$	(9,032	)	$	(8	)	$	(52,796	)	$	25,425
Comprehensive income (loss)	$	26,067		$	62,478	$	(8,390	)	$	(8	)	$	(54,080	)	$	26,067

Condensed Consolidating Statements of Operations - continued



	Three Months Ended September 30, 2014
						Non-			Non-
						Guarantor			Guarantor
						Subsidiaries			Subsidiaries
				Guarantor		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)			Owned)			Eliminations			Consolidated
Net revenues	$	28,690		$	398,573	$	135,380		$	209,946		$	(33,746	)	$	738,843

Costs and expenses
Operating	450			220,640		76,790			105,982			—			403,862
Selling, general and administrative	11,665			55,703		14,164			31,973			(69		)	113,436
Maintenance and utilities	—			25,967		3,967			15,116			—			45,050
Depreciation and amortization	1,246			31,475		19,309			14,138			—			66,168
Corporate expense	14,060			57		947			—			—			15,064
Preopening expense	2			—		1,245			15			—			1,262
Impairments of assets	—			12,098		6,181			—			—			18,279
Asset transactions costs	(1		)	1,852		838			375			—			3,064
Other operating items, net	592			—		1			(1,709		)	—			(1,116		)
Intercompany expenses	301			28,398		4,978			—			(33,677		)	—
Total costs and expenses	28,315			376,190		128,420			165,890			(33,746		)	665,069

Equity in earnings of subsidiaries	18,973			12		(15		)	—			(18,970		)	—
Operating income (loss)	19,348			22,395		6,945			44,056			(18,970		)	73,774

Other expense (income)
Interest expense, net	33,230			1,254		22,661			17,809			—			74,954
Loss on early extinguishments of debt	—			—		71			—			—			71
Other, net	—			—		116			—			—			116
Total other expense, net	33,230			1,254		22,848			17,809			—			75,141

Income (loss) before income taxes	(13,882		)	21,141		(15,903		)	26,247			(18,970		)	(1,367		)
Income taxes benefit (provision)	(1,223		)	5,829		(3,858		)	(2,709		)	—			(1,961		)
Net income (loss)	(15,105		)	26,970		(19,761		)	23,538			(18,970		)	(3,328		)
Net loss attributable to noncontrolling interest	—			—		—			—			(11,777		)	(11,777		)
Net income (loss) attributable to controlling interest	$	(15,105	)	$	26,970	$	(19,761	)	$	23,538		$	(30,747	)	$	(15,105	)
Comprehensive income (loss)	$	(14,424	)	$	27,651	$	(19,080	)	$	23,538		$	(20,332	)	$	(2,647	)

Condensed Consolidating Statements of Operations - continued



	Nine Months Ended September 30, 2015
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
Net revenues	$	91,048		$	1,255,657		$	417,906		$	—		$	(107,853	)	$	1,656,758

Costs and expenses
Operating	1,350			669,541			224,957			—			—			895,848
Selling, general and administrative	35,828			162,718			44,110			—			—			242,656
Maintenance and utilities	—			69,643			11,322			—			—			80,965
Depreciation and amortization	4,446			96,381			54,424			—			—			155,251
Corporate expense	48,032			174			3,807			—			—			52,013
Preopening expenses	7			69			2,615			78			—			2,769
Impairments of assets	—			—			1,065			—			—			1,065
Asset transactions costs	(43		)	293			1,199			—			—			1,449
Other operating items, net	136			106			100			—			—			342
Intercompany expenses	903			91,226			15,724			—			(107,853		)	—
Total costs and expenses	90,659			1,090,151			359,323			78			(107,853		)	1,432,358

Equity in earnings of subsidiaries	162,729			46,495			(78		)	—			(151,276		)	57,870
Operating income (loss)	163,118			212,001			58,505			(78		)	(151,276		)	282,270

Other expense (income)
Interest expense, net	101,302			1,251			66,675			—			—			169,228
Loss on early extinguishments of debt	30,452			—			1,881			—			—			32,333
Other, net	415			2,660			566			—			—			3,641
Boyd's share of Borgata's non-operating items, net	—			29,454			—			—			—			29,454
Total other expense, net	132,169			33,365			69,122			—			—			234,656

Income (loss) before income taxes	30,949			178,636			(10,617		)	(78		)	(151,276		)	47,614
Income taxes benefit (provision)	23,154			(3,091		)	(13,574		)	—			—			6,489
Net income (loss)	$	54,103		$	175,545		$	(24,191	)	$	(78	)	$	(151,276	)	$	54,103
Comprehensive income (loss)	$	53,982		$	175,424		$	(24,312	)	$	(78	)	$	(151,034	)	$	53,982

Condensed Consolidating Statements of Operations - continued



	Nine Months Ended September 30, 2014
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
Net revenues	$	87,719		$	1,215,918		$	410,235		$	559,064		$	(103,210	)	$	2,169,726

Costs and expenses
Operating	1,350			660,321			229,844			290,005			—			1,181,520
Selling, general and administrative	35,010			169,837			42,859			101,930			(142		)	349,494
Maintenance and utilities	—			72,855			11,271			47,211			—			131,337
Depreciation and amortization	4,399			94,351			57,366			42,129			—			198,245
Corporate expense	49,884			167			2,554			—			—			52,605
Preopening expense	44			6			3,389			397			—			3,836
Impairments of assets	320			13,116			6,769			—			—			20,205
Asset transactions costs	57			3,341			1,306			374			—			5,078
Other operating items, net	164						84			(2,111		)	—			(1,863		)
Intercompany expenses	903			86,946			15,219			—			(103,068		)	—
Total costs and expenses	92,131			1,100,940			370,661			479,935			(103,210		)	1,940,457

Equity in earnings of subsidiaries	84,689			(9,127		)	(128		)	—			(75,434		)	—
Operating income (loss)	80,277			105,851			39,446			79,129			(75,434		)	229,269

Other expense (income)
Interest expense, net	99,045			4,542			67,893			53,327			—			224,807
Loss on early extinguishments of debt	—			—			1,129			—			—			1,129
Other, net	—			—			498			—			—			498
Total other expense, net	99,045			4,542			69,520			53,327			—			226,434

Income (loss) before income taxes	(18,768		)	101,309			(30,074		)	25,802			(75,434		)	2,835
Income taxes provision	(1,850		)	4,377			(11,452		)	(3,125		)	—			(12,050		)
Net income (loss)	(20,618		)	105,686			(41,526		)	22,677			(75,434		)	(9,215		)
Net loss attributable to noncontrolling interest	—			—			—			—			(11,403		)	(11,403		)
Net income (loss) attributable to controlling interest	$	(20,618	)	$	105,686		$	(41,526	)	$	22,677		$	(86,837	)	$	(20,618	)
Comprehensive income (loss)	$	(19,327	)	$	106,977		$	(40,235	)	$	22,677		$	(78,016	)	$	(7,924	)

Schedule of Condensed Cash Flow Statement

Condensed Consolidating Statements of Cash Flows



	Nine Months Ended September 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	$	(38,073	)	$	216,405		$	49,409		$	(78	)	$	13,786		$	241,449

Cash flows from investing activities
Capital expenditures	(38,068		)	(37,045		)	(11,884		)	—			—			(86,997		)
Net activity with affiliates	—			(196,470		)	—			—			196,470			—
Other investing activities	2,618			—			1,159			—			—			3,777
Net cash from investing activities	(35,450		)	(233,515		)	(10,725		)	—			196,470			(83,220		)

Cash flows from financing activities
Borrowings under bank credit facility	627,000			—			262,100			—			—			889,100
Payments under bank credit facility	(949,700		)	—			(335,550		)	—			—			(1,285,250		)
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	(14,001		)	—			—			—			—			(14,001		)
Net activity with affiliates	178,596			—			31,582			78			(210,256		)	—
Share-based compensation activities, net	5,875			—			—			—			—			5,875
Other financing activities	—			—			(3		)	—			—			(3		)
Net cash from financing activities	73,524			—			(41,871		)	78			(210,256		)	(178,525		)

Net change in cash and cash equivalents	1			(17,110		)	(3,187		)	—			—			(20,296		)
Cash and cash equivalents, beginning of period	2			111,452			33,668			219			—			145,341
Cash and cash equivalents, end of period	$	3		$	94,342		$	30,481		$	219		$	—		$	125,045

Condensed Consolidating Statements of Cash Flows - continued



	Nine Months Ended September 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	$	(43,397	)	$	188,817		$	54,828		$	35,866		$	(3,613	)	$	232,501

Cash flows from investing activities
Capital expenditures	(24,090		)	(36,269		)	(22,635		)	(11,623		)	—			(94,617		)
Deconsolidation of Borgata	—			—			—			(26,891		)	—			(26,891		)
Net activity with affiliates	—			(169,594		)	5,598			98			163,898			—
Other investing activities	—			1,629			(639		)	2,197			—			3,187
Net cash from investing activities	(24,090		)	(204,234		)	(17,676		)	(36,219		)	163,898			(118,321		)

Cash flows from financing activities
Borrowings under bank credit facility	605,000			—			242,100			410,900			—			1,258,000
Payments under bank credit facility	(698,400		)	—			(283,350		)	(444,900		)	—			(1,426,650		)
Debt financing costs, net	(84		)	—			—			(205		)	—			(289		)
Net activity with affiliates	160,285			—			—			—			(160,285		)	—
Share-based compensation activities, net	783			—			—			—			—			783
Other financing activities	(95		)	—			(7		)	(2,850		)	—			(2,952		)
Net cash from financing activities	67,489			—			(41,257		)	(37,055		)	(160,285		)	(171,108		)

Net change in cash and cash equivalents	2			(15,417		)	(4,105		)	(37,408		)	—			(56,928		)
Cash and cash equivalents, beginning of period	—			106,445			33,766			37,627			—			177,838
Cash and cash equivalents, end of period	$	2		$	91,028		$	29,661		$	219		$	—		$	120,910