Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of adjustments [Line Items]

Condensed Consolidating Balance Sheets



	June 30, 2016
					Non-			Non-
					Guarantor			Guarantor
					Subsidiaries			Subsidiaries
			Guarantor		(100%			(Not 100%
(In thousands)	Parent		Subsidiaries		Owned)			Owned)			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	512,602	$	89,891	$	25,564		$	221		$	—		$	628,278
Other current assets	13,142		69,598		30,366			—			(5,507		)	107,599
Property and equipment, net	68,245		1,739,097		398,874			—			—			2,206,216
Investments in subsidiaries	3,690,160		—		—			—			(3,690,160		)	—
Intercompany receivable	—		2,018,443		—			—			(2,018,443		)	—
Other assets, net	13,065		9,003		25,473			—			—			47,541
Intangible assets, net	—		406,005		476,079			—			—			882,084
Goodwill, net	—		212,794		472,516			—			—			685,310
Investment in unconsolidated subsidiary held for sale	—		272,292		—			—			—			272,292
Total assets	$	4,297,214	$	4,817,123	$	1,428,872		$	221		$	(5,714,110	)	$	4,829,320

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	21,500	$	—	$	8,250		$	—		$	—		$	29,750
Other current liabilities	89,281		144,896		96,366			—			(149		)	330,394
Accumulated losses of subsidiaries in excess of investment	—		76,774		315			—			(77,089		)	—
Intercompany payable	881,924		—		1,140,596			475			(2,022,995		)	—
Long-term debt, net of current maturities and debt issuance costs	2,690,598		—		937,514			—			—			3,628,112
Other long-term liabilities	36,922		157,990		69,113			—			—			264,025

Boyd Gaming Corporation stockholders' equity (deficit)	576,989		4,437,463		(823,282		)	(254		)	(3,613,927		)	576,989
Noncontrolling interest	—		—		—			—			50			50
Total stockholders' equity (deficit)	576,989		4,437,463		(823,282		)	(254		)	(3,613,877		)	577,039
Total liabilities and stockholders' equity	$	4,297,214	$	4,817,123	$	1,428,872		$	221		$	(5,714,110	)	$	4,829,320

Condensed Consolidating Balance Sheets - continued



	December 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	$	2	$	124,426	$	34,172		$	221		$	—		$	158,821
Other current assets	14,602		61,157		23,660			—			(1,008		)	98,411
Property and equipment, net	68,515		1,745,203		411,624			—			—			2,225,342
Investments in subsidiaries	3,547,690		—		—			—			(3,547,690		)	—
Intercompany receivable	—		1,867,783		—			—			(1,867,783		)	—
Other assets, net	12,521		8,982		26,838			—			—			48,341
Intangible assets, net	—		406,540		483,514			—			—			890,054
Goodwill, net	—		212,794		472,516			—			—			685,310
Investment in unconsolidated subsidiary held for sale	—		244,621		—			—			—			244,621
Total assets	$	3,643,330	$	4,671,506	$	1,452,324		$	221		$	(5,416,481	)	$	4,350,900

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	21,500	$	—	$	8,250		$	—		$	—		$	29,750
Other current liabilities	102,946		146,178		76,482			—			(285		)	325,321
Accumulated losses of subsidiaries in excess of investment	—		106,505		3,192			—			(109,697		)	—
Intercompany payable	720,400		—		1,147,082			475			(1,867,957		)	—
Long-term debt, net of current maturities and debt issuance costs	2,255,800		—		983,999			—			—			3,239,799
Other long-term liabilities	34,723		154,633		58,663			—			—			248,019

Boyd Gaming Corporation stockholders' equity (deficit)	507,961		4,264,190		(825,344		)	(254		)	(3,438,592		)	507,961
Noncontrolling interest	—		—		—			—			50			50
Total stockholders' equity (deficit)	507,961		4,264,190		(825,344		)	(254		)	(3,438,542		)	508,011
Total liabilities and stockholders' equity	$	3,643,330	$	4,671,506	$	1,452,324		$	221		$	(5,416,481	)	$	4,350,900

Schedule of Condensed Income Statement

Condensed Consolidating Statements of Operations



	Three Months Ended June 30, 2016
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)		Eliminations			Consolidated
Net revenues	$	30,992		$	415,096		$	135,156		$	—	$	(36,370	)	$	544,874
Operating costs and expenses
Operating	450			216,261			73,293			—		—			290,004
Selling, general and administrative	12,326			52,604			14,072			—		—			79,002
Maintenance and utilities	—			21,480			3,529			—		—			25,009
Depreciation and amortization	2,242			31,452			14,556			—		—			48,250
Corporate expense	14,565			53			1,481			—		—			16,099
Project development, preopening and writedowns	3,236			584			2,077			—		—			5,897
Other operating items, net	—			71			52			—		—			123
Intercompany expenses	301			31,012			5,057			—		(36,370		)	—
Total operating costs and expenses	33,120			353,517			114,117			—		(36,370		)	464,384
Equity in earnings of subsidiaries	73,765			2,172			—			—		(75,937		)	—
Operating income (loss)	71,637			63,751			21,039			—		(75,937		)	80,490
Other expense (income)
Interest expense, net	41,539			2,348			17,041			—		—			60,928
Loss on early extinguishments of debt	—			—			419			—		—			419
Other, net	—			—			65			—		—			65
Total other expense, net	41,539			2,348			17,525			—		—			61,412
Income (loss) before income taxes	30,098			61,403			3,514			—		(75,937		)	19,078
Income taxes provision	(76		)	(2,070		)	(5,625		)	—		—			(7,771		)
Income (loss) from continuing operations, net of tax	30,022			59,333			(2,111		)	—		(75,937		)	11,307
Income from discontinued operations, net of tax	—			18,715			—			—		—			18,715
Net income (loss)	$	30,022		$	78,048		$	(2,111	)	$	—	$	(75,937	)	$	30,022
Comprehensive income (loss)	$	29,837		$	77,862		$	(2,296	)	$	—	$	(75,566	)	$	29,837

Condensed Consolidating Statements of Operations - continued



	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
Operating 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
Project development, preopening and writedowns	11			300			1,409			29			—			1,749
Other operating items, net	—			—			54			—			—			54
Intercompany expenses	301			31,349			5,419			—			(37,069		)	—
Total operating costs and expenses	30,668			362,388			120,757			29			(37,069		)	476,773
Equity in earnings of subsidiaries	57,024			(2,219		)	(29		)	—			(54,776		)	—
Operating income (loss)	57,662			58,496			21,741			(29		)	(54,776		)	83,094
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
Total other expense, net	64,032			1,419			23,447			—			—			88,898
Income (loss) before income taxes	(6,370		)	57,077			(1,706		)	(29		)	(54,776		)	(5,804		)
Income taxes provision	(55		)	(2,014		)	(4,517		)	—			—			(6,586		)
Income (loss) from continuing operations, net of tax	(6,425		)	55,063			(6,223		)	(29		)	(54,776		)	(12,390		)
Income from discontinued operations, net of tax	—			5,965			—			—			—			5,965
Net income (loss)	$	(6,425	)	$	61,028		$	(6,223	)	$	(29	)	$	(54,776	)	$	(6,425	)
Comprehensive income (loss)	$	(7,459	)	$	59,994		$	(7,257	)	$	(29	)	$	(52,707	)	$	(7,458	)

Condensed Consolidating Statements of Operations - continued



	Six Months Ended June 30, 2016
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)		Eliminations			Consolidated
Net revenues	$	62,193		$	834,737		$	273,472		$	—	$	(73,150	)	$	1,097,252
Operating costs and expenses
Operating	900			437,970			146,293			—		—			585,163
Selling, general and administrative	24,712			106,777			29,362			—		2			160,853
Maintenance and utilities	—			41,927			6,930			—		—			48,857
Depreciation and amortization	4,020			62,627			29,256			—		—			95,903
Corporate expense	30,874			106			3,026			—		—			34,006
Project development, preopening and writedowns	3,992			960			2,786			—		—			7,738
Impairments of assets	1,440			—			—			—		—			1,440
Other operating items, net	106			394			52			—		—			552
Intercompany expenses	602			62,250			10,300			—		(73,152		)	—
Total operating costs and expenses	66,646			713,011			228,005			—		(73,150		)	934,512
Equity in earnings of subsidiaries	142,284			6,430			—			—		(148,714		)	—
Operating income (loss)	137,831			128,156			45,467			—		(148,714		)	162,740
Other expense (income)
Interest expense, net	74,467			4,634			34,395			—		—			113,496
Loss on early extinguishments of debt	—			—			846			—		—			846
Other, net	1			—			141			—		—			142
Total other expense, net	74,468			4,634			35,382			—		—			114,484
Income (loss) before income taxes	63,363			123,522			10,085			—		(148,714		)	48,256
Income taxes provision	(151		)	(3,988		)	(11,250		)	—		—			(15,389		)
Income (loss) from continuing operations, net of tax	63,212			119,534			(1,165		)	—		(148,714		)	32,867
Income from discontinued operations, net of tax	—			30,345			—			—		—			30,345
Net income (loss)	$	63,212		$	149,879		$	(1,165	)	$	—	$	(148,714	)	$	63,212
Comprehensive income (loss)	$	63,549		$	150,216		$	(828	)	$	—	$	(149,388	)	$	63,549

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
Operating 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
Project development, preopening and writedowns	(41		)	283			2,392			70			—			2,704
Impairments of assets	—			—			1,065			—			—			1,065
Other operating items, net	—			70			100			—			—			170
Intercompany expenses	602			62,190			10,612			—			(73,404		)	—
Total operating costs and expenses	63,524			725,663			239,615			70			(73,404		)	955,468
Equity in earnings of subsidiaries	105,382			(6,242		)	(70		)	—			(99,070		)	—
Operating income (loss)	103,960			109,790			40,367			(70		)	(99,070		)	154,977
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
Total other expense, net	97,844			2,121			46,523			—			—			146,488
Income (loss) before income taxes	6,116			107,669			(6,156		)	(70		)	(99,070		)	8,489
Income taxes benefit (provision)	22,562			(3,937		)	(9,000		)	—			—			9,625
Income (loss) from continuing operations, net of tax	28,678			103,732			(15,156		)	(70		)	(99,070		)	18,114
Income from discontinued operations, net of tax	—			10,564			—			—			—			10,564
Net income (loss)	$	28,678		$	114,296		$	(15,156	)	$	(70	)	$	(99,070	)	$	28,678
Comprehensive income (loss)	$	27,915		$	113,533		$	(15,919	)	$	(70	)	$	(97,544	)	$	27,915

Schedule of Condensed Cash Flow Statement

Condensed Consolidating Statements of Cash Flows



	Six Months Ended June 30, 2016
							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	$	(59,978	)	$	158,742		$	57,119		$	—	$	4,378		$	160,261
Cash flows from investing activities
Capital expenditures	(19,456		)	(45,271		)	(7,720		)	—		—			(72,447		)
Net activity with affiliates	—			(150,660		)	—			—		150,660			—
Other investing activities	—			—			704			—		—			704
Net cash from investing activities	(19,456		)	(195,931		)	(7,016		)	—		150,660			(71,743		)
Cash flows from financing activities
Borrowings under bank credit facility	223,900			—			165,000			—		—			388,900
Payments under bank credit facility	(530,350		)	—			(217,225		)	—		—			(747,575		)
Proceeds from issuance of senior notes	750,000			—			—			—		—			750,000
Debt financing costs, net	(12,936		)	—			—			—		—			(12,936		)
Net activity with affiliates	161,524			—			(6,486		)	—		(155,038		)	—
Share-based compensation activities, net	(104		)	—			—			—		—			(104		)
Net cash from financing activities	592,034			—			(58,711		)	—		(155,038		)	378,285
Cash flows from discontinued operations
Cash flows from operating activities	—			2,654			—			—		—			2,654
Cash flows from investing activities	—			—			—			—		—			—
Cash flows from financing activities	—			—			—			—		—			—
Net cash from discontinued operations	—			2,654			—			—		—			2,654
Net change in cash and cash equivalents	512,600			(34,535		)	(8,608		)	—		—			469,457
Cash and cash equivalents, beginning of period	2			124,426			34,172			221		—			158,821
Cash and cash equivalents, end of period	$	512,602		$	89,891		$	25,564		$	221	$	—		$	628,278

Condensed Consolidating Statements of Cash Flows - 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
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		)
Proceeds from issuance of senior notes, net	750,000			—			—			—			—			750,000
Debt financing costs, net	(13,496		)	—			—			—			—			(13,496		)
Payments on long-term debt	(500,000		)	—			—			—			—			(500,000		)
Premium and consent fees paid	(24,246		)	—			—			—			—			(24,246		)
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		)
Cash flows from discontinued operations
Cash flows from operating activities	—			—			—			—			—			—
Cash flows from investing activities	—			—			—			—			—			—
Cash flows from financing activities	—			—			—			—			—			—
Net cash from discontinued operations	—			—			—			—			—			—
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