Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of adjustments [Line Items]

Condensed Consolidating Balance Sheets



	March 31, 2017
						Non-			Non-
						Guarantor			Guarantor
						Subsidiaries			Subsidiaries
				Guarantor		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)			Owned)		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	1,778		$	162,941	$	2,288		$	—	$	—		$	167,007
Other current assets	75,562			30,509		11,446			—		(681		)	116,836
Property and equipment, net	71,429			2,533,929		28,594			—		—			2,633,952
Investments in subsidiaries	4,606,202			1,993		1,163			—		(4,609,358		)	—
Intercompany receivable	—			1,602,070		—			—		(1,602,070		)	—
Other assets, net	13,717			31,082		38,669			—		—			83,468
Intangible assets, net	—			830,283		24,059			—		—			854,342
Goodwill, net	—			825,509		782			—		—			826,291
Total assets	$	4,768,688		$	6,018,316	$	107,001		$	—	$	(6,212,109	)	$	4,681,896

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	23,895		$	88	$	—		$	—	$	—		$	23,983
Other current liabilities	96,791			206,472		33,924			—		(881		)	336,306
Intercompany payable	580,549			—		1,021,043			—		(1,601,592		)	—
Long-term debt, net of current maturities and debt issuance costs	3,187,086			458		—			—		—			3,187,544
Other long-term liabilities	(105,340		)	275,420		(21,724		)	—		—			148,356

Total stockholders' equity (deficit)	985,707			5,535,878		(926,242		)	—		(4,609,636		)	985,707
Total liabilities and stockholders' equity	$	4,768,688		$	6,018,316	$	107,001		$	—	$	(6,212,109	)	$	4,681,896

Condensed Consolidating Balance Sheets - continued



	December 31, 2016
						Non-			Non-
						Guarantor			Guarantor
						Subsidiaries			Subsidiaries
				Guarantor		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)			Owned)			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	1,212		$	189,364	$	3,286		$	—		$	—		$	193,862
Other current assets	78,915			26,715		8,908			—			(453		)	114,085
Property and equipment, net	73,180			2,503,127		28,862			—			—			2,605,169
Investments in subsidiaries	4,505,897			139,465		—			—			(4,645,362		)	—
Intercompany receivable	—			1,491,017		—			—			(1,491,017		)	—
Other assets, net	13,598			31,899		3,708			—			—			49,205
Intangible assets, net	—			857,894		24,060			—			—			881,954
Goodwill, net	—			825,694		782			—			—			826,476
Total assets	$	4,672,802		$	6,065,175	$	69,606		$	—		$	(6,136,832	)	$	4,670,751

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	30,250		$	86	$	—		$	—		$	—		$	30,336
Other current liabilities	93,762			196,391		46,444			—			(1,429		)	335,168
Accumulated losses of subsidiaries in excess of investment	—			—		8,257			—			(8,257		)	—
Intercompany payable	521,002			—		968,811			254			(1,490,067		)	—
Long-term debt, net of current maturities and debt issuance costs	3,198,613			506		—			—			—			3,199,119
Other long-term liabilities	(104,901		)	298,624		(21,721		)	—			—			172,002

Boyd Gaming Corporation stockholders' equity (deficit)	934,076			5,569,568		(932,185		)	(254		)	(4,637,129		)	934,076
Noncontrolling interest	—			—		—			—			50			50
Total stockholders' equity (deficit)	934,076			5,569,568		(932,185		)	(254		)	(4,637,079		)	934,126
Total liabilities and stockholders' equity	$	4,672,802		$	6,065,175	$	69,606		$	—		$	(6,136,832	)	$	4,670,751

Schedule of Condensed Income Statement

Condensed Consolidating Statements of Operations



	Three Months Ended March 31, 2017
						Non-			Non-
						Guarantor			Guarantor
						Subsidiaries			Subsidiaries
			Guarantor			(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)			Owned)		Eliminations			Consolidated
Net revenues	$	18,710	$	598,102		$	12,093		$	—	$	(23,563	)	$	605,342
Operating costs and expenses
Operating	—		303,384			10,858			—		—			314,242
Selling, general and administrative	6		89,601			2,012			—		(6		)	91,613
Maintenance and utilities	—		26,101			298			—		—			26,399
Depreciation and amortization	2,682		50,283			999			—		—			53,964
Corporate expense	19,864		364			570			—		—			20,798
Project development, preopening and writedowns	1,255		879			838			—		—			2,972
Other operating items, net	75		411			—			—		—			486
Intercompany expenses	301		23,256			—			—		(23,557		)	—
Total operating costs and expenses	24,183		494,279			15,575			—		(23,563		)	510,474
Equity in earnings (losses) of subsidiaries	66,599		(129		)	—			—		(66,470		)	—
Operating income (loss)	61,126		103,694			(3,482		)	—		(66,470		)	94,868
Other expense (income)
Interest expense, net	42,839		369			6			—		—			43,214
Loss on early extinguishments and modifications of debt	156		—			—			—		—			156
Other, net	—		127			(16		)	—		—			111
Total other expense, net	42,995		496			(10		)	—		—			43,481
Income (loss) from continuing operations before income taxes	18,131		103,198			(3,472		)	—		(66,470		)	51,387
Income taxes benefit (provision)	17,358		(34,788		)	1,157			—		—			(16,273		)
Income (loss) from continuing operations, net of tax	35,489		68,410			(2,315		)	—		(66,470		)	35,114
Income from discontinued operations, net of tax	—		375			—			—		—			375
Net income (loss)	$	35,489	$	68,785		$	(2,315	)	$	—	$	(66,470	)	$	35,489
Comprehensive income (loss)	$	36,060	$	69,356		$	(2,315	)	$	—	$	(67,041	)	$	36,060

Condensed Consolidating Statements of Operations - continued



	Three Months Ended March 31, 2016
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)		Eliminations			Consolidated
Net revenues	$	31,201		$	545,832		$	12,125		$	—	$	(36,780	)	$	552,378
Operating costs and expenses
Operating	450			284,150			10,559			—		—			295,159
Selling, general and administrative	12,386			67,721			1,742			—		2			81,851
Maintenance and utilities	—			23,535			313			—		—			23,848
Depreciation and amortization	1,778			44,759			1,116			—		—			47,653
Corporate expense	16,309			461			1,137			—		—			17,907
Project development, preopening and writedowns	756			527			558			—		—			1,841
Impairments of assets	1,440			—			—			—		—			1,440
Other operating items, net	106			323			—			—		—			429
Intercompany expenses	301			36,116			365			—		(36,782		)	—
Total operating costs and expenses	33,526			457,592			15,790			—		(36,780		)	470,128
Equity in earnings of subsidiaries	68,519			(361		)	—			—		(68,158		)	—
Operating income (loss)	66,194			87,879			(3,665		)	—		(68,158		)	82,250
Other expense (income)
Interest expense, net	32,928			19,634			6			—		—			52,568
Loss on early extinguishments of debt	—			427			—			—		—			427
Other, net	1			93			(17		)	—		—			77
Total other expense, net	32,929			20,154			(11		)	—		—			53,072
Income (loss) from continuing operations before income taxes	33,265			67,725			(3,654		)	—		(68,158		)	29,178
Income taxes benefit (provision)	(75		)	(7,522		)	(21		)	—		—			(7,618		)
Income (loss) from continuing operations, net of tax	33,190			60,203			(3,675		)	—		(68,158		)	21,560
Income from discontinued operations, net of tax	—			11,630			—			—		—			11,630
Net income (loss)	$	33,190		$	71,833		$	(3,675	)	$	—	$	(68,158	)	$	33,190
Comprehensive income (loss)	$	33,712		$	72,355		$	(3,675	)	$	—	$	(68,680	)	$	33,712

Schedule of Condensed Cash Flow Statement

Condensed Consolidating Statements of Cash Flows



	Three Months Ended March 31, 2017
							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	$	22,216		$	107,207		$	(18,104	)	$	254		$	472		$	112,045
Cash flows from investing activities
Capital expenditures	(57,069		)	(22,951		)	(18		)	—			—			(80,038		)
Net activity with affiliates	—			(111,053		)	—			—			111,053			—
Advances pursuant to development agreement	—			—			(35,108		)	—			—			(35,108		)
Other investing activities	—			44			—			—			—			44
Net cash from investing activities	(57,069		)	(133,960		)	(35,126		)	—			111,053			(115,102		)
Cash flows from financing activities
Borrowings under bank credit facility	256,700			—			—			—			—			256,700
Payments under bank credit facility	(275,063		)	—			—			—			—			(275,063		)
Debt financing costs, net	(1,889		)	—			—			—			—			(1,889		)
Net activity with affiliates	59,547			—			52,232			(254		)	(111,525		)	—
Share-based compensation activities, net	(3,826		)	—			—			—			—			(3,826		)
Other financing activities	(50		)	(45		)	—			—			—			(95		)
Net cash from financing activities	35,419			(45		)	52,232			(254		)	(111,525		)	(24,173		)
Cash flows from discontinued operations
Cash flows from operating activities	—			(255		)	—			—			—			(255		)
Cash flows from investing activities	—			630			—			—			—			630
Cash flows from financing activities	—			—			—			—			—			—
Net cash from discontinued operations	—			375			—			—			—			375
Net change in cash and cash equivalents	566			(26,423		)	(998		)	—			—			(26,855		)
Cash and cash equivalents, beginning of period	1,212			189,364			3,286			—			—			193,862
Cash and cash equivalents, end of period	$	1,778		$	162,941		$	2,288		$	—		$	—		$	167,007

Condensed Consolidating Statements of Cash Flows - continued



	Three Months Ended March 31, 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	$	(35,967	)	$	104,588		$	11,771		$	—	$	(16	)	$	80,376
Cash flows from investing activities
Capital expenditures	(11,143		)	(23,987		)	(167		)	—		—			(35,297		)
Net activity with affiliates	—			(108,572		)	—			—		108,572			—
Other investing activities	—			5			—			—		—			5
Net cash from investing activities	(11,143		)	(132,554		)	(167		)	—		108,572			(35,292		)
Cash flows from financing activities
Borrowings under bank credit facility	223,900			95,200			—			—		—			319,100
Payments under bank credit facility	(530,350		)	(114,725		)	—			—		—			(645,075		)
Proceeds from issuance of senior notes, net	750,000			—			—			—		—			750,000
Debt financing costs, net	(12,996		)	—			—			—		—			(12,996		)
Net activity with affiliates	120,188			—			(11,632		)	—		(108,556		)	—
Share-based compensation activities, net	(1,387		)	—			—			—		—			(1,387		)
Net cash from financing activities	549,355			(19,525		)	(11,632		)	—		(108,556		)	409,642
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	502,245			(44,837		)	(28		)	—		—			457,380
Cash and cash equivalents, beginning of period	2			156,116			2,482			221		—			158,821
Cash and cash equivalents, end of period	$	502,247		$	111,279		$	2,454		$	221	$	—		$	616,201