Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of adjustments [Line Items]

Condensed Consolidating Balance Sheets



	June 30, 2017
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	—		$	160,590		$	2,373		$	—	$	—		$	162,963
Other current assets	71,082			35,677			11,545			—		(1,524		)	116,780
Property and equipment, net	74,841			2,464,507			28,249			—		—			2,567,597
Investments in subsidiaries	4,706,336			(14,054		)	2,088			—		(4,694,370		)	—
Intercompany receivable	—			1,741,903			—			—		(1,741,903		)	—
Other assets, net	14,180			27,615			38,605			—		—			80,400
Intangible assets, net	—			826,487			24,060			—		—			850,547
Goodwill, net	—			889,454			782			—		—			890,236
Total assets	$	4,866,439		$	6,132,179		$	107,702		$	—	$	(6,437,797	)	$	4,668,523

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	23,895		$	92		$	—		$	—	$	—		$	23,987
Other current liabilities	79,123			204,757			44,565			—		(1,074		)	327,371
Intercompany payable	728,943			—			1,013,133			—		(1,742,076		)	—
Long-term debt, net of current maturities and debt issuance costs	3,115,397			454			—			—		—			3,115,851
Other long-term liabilities	(105,236		)	303,957			(21,724		)	—		—			176,997
Total stockholders' equity (deficit)	1,024,317			5,622,919			(928,272		)	—		(4,694,647		)	1,024,317
Total liabilities and stockholders' equity	$	4,866,439		$	6,132,179		$	107,702		$	—	$	(6,437,797	)	$	4,668,523

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 June 30, 2017
						Non-			Non-
						Guarantor			Guarantor
						Subsidiaries			Subsidiaries
			Guarantor			(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)			Owned)		Eliminations			Consolidated
Net revenues	$	18,490	$	592,610		$	12,225		$	—	$	(23,457	)	$	599,868
Operating costs and expenses
Operating	—		301,744			10,801			—		—			312,545
Selling, general and administrative	17		91,129			1,908			—		(17		)	93,037
Maintenance and utilities	—		25,511			353			—		—			25,864
Depreciation and amortization	2,844		48,687			1,032			—		—			52,563
Corporate expense	22,507		374			370			—		—			23,251
Project development, preopening and writedowns	1,472		702			610			—		—			2,784
Other operating items, net	150		313			—			—		—			463
Intercompany expenses	301		23,139			—			—		(23,440		)	—
Total operating costs and expenses	27,291		491,599			15,074			—		(23,457		)	510,507
Equity in earnings (losses) of subsidiaries	85,286		(169		)	—			—		(85,117		)	—
Operating income (loss)	76,485		100,842			(2,849		)	—		(85,117		)	89,361
Other expense (income)
Interest expense, net	41,961		306			6			—		—			42,273
Loss on early extinguishments of debt	378		—			—			—		—			378
Other, net	520		57			(18		)	—		—			559
Total other expense, net	42,859		363			(12		)	—		—			43,210
Income (loss) from continuing operations before income taxes	33,626		100,479			(2,837		)	—		(85,117		)	46,151
Income taxes benefit (provision)	14,952		(34,450		)	908			—		—			(18,590		)
Income (loss) from continuing operations, net of tax	48,578		66,029			(1,929		)	—		(85,117		)	27,561
Income from discontinued operations, net of tax	—		21,017			—			—		—			21,017
Net income (loss)	$	48,578	$	87,046		$	(1,929	)	$	—	$	(85,117	)	$	48,578
Comprehensive income (loss)	$	49,113	$	87,581		$	(1,929	)	$	—	$	(85,652	)	$	49,113

Condensed Consolidating Statements of Operations - continued



	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		$	537,983		$	12,269		$	—	$	(36,370	)	$	544,874
Operating costs and expenses
Operating	450			278,771			10,783			—		—			290,004
Selling, general and administrative	12,326			65,096			1,580			—		—			79,002
Maintenance and utilities	—			24,677			332			—		—			25,009
Depreciation and amortization	2,242			45,131			877			—		—			48,250
Corporate expense	14,565			448			1,086			—		—			16,099
Project development, preopening and writedowns	3,236			737			1,924			—		—			5,897
Other operating items, net	—			123			—			—		—			123
Intercompany expenses	301			35,704			365			—		(36,370		)	—
Total operating costs and expenses	33,120			450,687			16,947			—		(36,370		)	464,384
Equity in earnings (losses) of subsidiaries	73,765			(407		)	—			—		(73,358		)	—
Operating income (loss)	71,637			86,889			(4,678		)	—		(73,358		)	80,490
Other expense (income)
Interest expense, net	41,539			19,383			6			—		—			60,928
Loss on early extinguishments of debt	—			419			—			—		—			419
Other, net	—			83			(18		)	—		—			65
Total other expense, net	41,539			19,885			(12		)	—		—			61,412
Income (loss) from continuing operations before income taxes	30,098			67,004			(4,666		)	—		(73,358		)	19,078
Income taxes provision	(76		)	(7,673		)	(22		)	—		—			(7,771		)
Income (loss) from continuing operations, net of tax	30,022			59,331			(4,688		)	—		(73,358		)	11,307
Income from discontinued operations, net of tax	—			18,713			2			—		—			18,715
Net income (loss)	$	30,022		$	78,044		$	(4,686	)	$	—	$	(73,358	)	$	30,022
Comprehensive income (loss)	$	29,837		$	77,859		$	(4,686	)	$	—	$	(73,173	)	$	29,837

Schedule of Condensed Cash Flow Statement

Condensed Consolidating Statements of Cash Flows



	Six Months Ended June 30, 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	$	(32,014	)	$	235,898		$	(10,027	)	$	254		$	1,123		$	195,234
Cash flows from investing activities
Capital expenditures	(68,685		)	(49,966		)	(100		)	—			—			(118,751		)
Net activity with affiliates	—			(250,886		)	—			—			250,886			—
Advances pursuant to development agreement	—			—			(35,108		)	—			—			(35,108		)
Other investing activities	—			492			—			—			—			492
Net cash from investing activities	(68,685		)	(300,360		)	(35,208		)	—			250,886			(153,367		)
Cash flows from financing activities
Borrowings under bank credit facility	535,900			—			—			—			—			535,900
Payments under bank credit facility	(628,037		)	—			—			—			—			(628,037		)
Debt financing costs, net	(2,381		)	—			—			—			—			(2,381		)
Net activity with affiliates	207,941			—			44,322			(254		)	(252,009		)	—
Share-based compensation activities, net	(2,796		)	—			—			—			—			(2,796		)
Shares repurchased and retired	(11,090		)	—			—			—			—			(11,090		)
Other financing activities	(50		)	(45		)	—			—			—			(95		)
Net cash from financing activities	99,487			(45		)	44,322			(254		)	(252,009		)	(108,499		)
Cash flows from discontinued operations
Cash flows from operating activities	—			(514		)	—			—			—			(514		)
Cash flows from investing activities	—			36,247			—			—			—			36,247
Cash flows from financing activities	—			—			—			—			—			—
Net cash from discontinued operations	—			35,733			—			—			—			35,733
Net change in cash and cash equivalents	(1,212		)	(28,774		)	(913		)	—			—			(30,899		)
Cash and cash equivalents, beginning of period	1,212			189,364			3,286			—			—			193,862
Cash and cash equivalents, end of period	$	—		$	160,590		$	2,373		$	—		$	—		$	162,963

Condensed Consolidating Statements of Cash Flows - 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
Cash flows from operating activities
Net cash from operating activities	$	(59,978	)	$	210,976		$	9,283		$	—	$	(20	)	$	160,261
Cash flows from investing activities
Capital expenditures	(19,456		)	(52,470		)	(521		)	—		—			(72,447		)
Net activity with affiliates	—			(152,274		)	—			—		152,274			—
Other investing activities	—			704			—			—		—			704
Net cash from investing activities	(19,456		)	(204,040		)	(521		)	—		152,274			(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			—			(9,270		)	—		(152,254		)	—
Share-based compensation activities, net	(104		)	—			—			—		—			(104		)
Net cash from financing activities	592,034			(52,225		)	(9,270		)	—		(152,254		)	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			(42,635		)	(508		)	—		—			469,457
Cash and cash equivalents, beginning of period	2			156,116			2,482			221		—			158,821
Cash and cash equivalents, end of period	$	512,602		$	113,481		$	1,974		$	221	$	—		$	628,278