Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Balance Sheets



	December 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	$	347		$	199,574	$	3,183		$	—	$	—		$	203,104
Restricted cash	—			14,389		9,786			—		—			24,175
Other current assets	78,226			20,921		2,782			—		(545		)	101,384
Property and equipment, net	88,464			2,424,361		26,961			—		—			2,539,786
Investments in subsidiaries	4,913,592			—		18,097			—		(4,931,689		)	—
Intercompany receivable	—			1,934,559		—			—		(1,934,559		)	—
Other assets, net	14,725			33,369		38,217			—		—			86,311
Intangible assets, net	—			818,887		24,059			—		—			842,946
Goodwill, net	—			887,442		782			—		—			888,224
Total assets	$	5,095,354		$	6,333,502	$	123,867		$	—	$	(6,866,793	)	$	4,685,930

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	23,895		$	86	$	—		$	—	$	—		$	23,981
Other current liabilities	130,030			212,146		19,578			—		(264		)	361,490
Accumulated losses of subsidiaries in excess of investment	—			73,130		—			—		(73,130		)	—
Intercompany payable	888,444			—		1,046,114			—		(1,934,558		)	—
Long-term debt, net of current maturities and debt issuance costs	3,051,481			418		—			—		—			3,051,899
Other long-term liabilities	(95,723		)	257,484		(10,428		)	—		—			151,333

Total stockholders' equity (deficit)	1,097,227			5,790,238		(931,397		)	—		(4,858,841		)	1,097,227
Total liabilities and stockholders' equity	$	5,095,354		$	6,333,502	$	123,867		$	—	$	(6,866,793	)	$	4,685,930

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
Restricted cash	—			10,246		6,242			—			—			16,488
Other current assets	78,915			16,469		2,666			—			(453		)	97,597
Property and equipment, net	73,180			2,503,127		28,862			—			—			2,605,169
Investments in subsidiaries	4,501,951			139,465		—			—			(4,641,416		)	—
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	$	4,668,856		$	6,065,175	$	69,606		$	—		$	(6,132,886	)	$	4,670,751

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	30,250		$	86	$	—		$	—		$	—		$	30,336
Other current liabilities	93,762			202,840		46,467			—			(1,429		)	341,640
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		)	296,106		(21,729		)	—			—			169,476

Boyd Gaming Corporation stockholders' equity (deficit)	930,130			5,565,637		(932,200		)	(254		)	(4,633,183		)	930,130
Noncontrolling interest	—			—		—			—			50			50
Total stockholders' equity (deficit)	930,130			5,565,637		(932,200		)	(254		)	(4,633,133		)	930,180
Total liabilities and stockholders' equity	$	4,668,856		$	6,065,175	$	69,606		$	—		$	(6,132,886	)	$	4,670,751

Schedule of Condensed Income Statement

Condensed Consolidating Statements of Operations



	Year Ended December 31, 2017
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)			Owned)		Eliminations			Consolidated
Total revenues	$	73,292		$	2,377,514		$	42,670		$	—	$	(92,657	)	$	2,400,819
Operating costs and expenses
Operating	—			1,225,765			38,156			—		—			1,263,921
Selling, general and administrative	44			354,423			7,612			—		(42		)	362,037
Maintenance and utilities	—			108,092			1,370			—		—			109,462
Depreciation and amortization	12,041			201,401			4,080			—		—			217,522
Corporate expense	85,362			1,140			1,646			—		—			88,148
Project development, preopening and writedowns	7,806			2,912			3,736			—		—			14,454
Impairments of assets	600			1			(1,027		)	—		—			(426		)
Other operating items, net	725			1,175			—			—		—			1,900
Intercompany expenses	1,204			91,411			—			—		(92,615		)	—
Total operating costs and expenses	107,782			1,986,320			55,573			—		(92,657		)	2,057,018
Equity in earnings (losses) of subsidiaries	330,711			(1,374		)	—			—		(329,337		)	—
Operating income (loss)	296,221			389,820			(12,903		)	—		(329,337		)	343,801
Other expense (income)
Interest expense, net	169,990			1,275			25			—		—			171,290
Loss on early extinguishments and modifications of debt	1,582			—			—			—		—			1,582
Other, net	(16		)	(98		)	(70		)	—		—			(184		)
Total other expense, net	171,556			1,177			(45		)	—		—			172,688
Income (loss) from continuing operations before income taxes	124,665			388,643			(12,858		)	—		(329,337		)	171,113
Income tax benefit (provision)	64,725			(73,426		)	5,586			—		—			(3,115		)
Income (loss) from continuing operations, net of tax	189,390			315,217			(7,272		)	—		(329,337		)	167,998
Income from discontinued operations, net of tax	—			21,392			—			—		—			21,392
Net income (loss)	$	189,390		$	336,609		$	(7,272	)	$	—	$	(329,337	)	$	189,390
Comprehensive income (loss)	$	189,823		$	337,042		$	(7,272	)	$	—	$	(329,770	)	$	189,823

Condensed Consolidating Statements of Operations - continued



	Year Ended December 31, 2016
						Non-			Non-
						Guarantor			Guarantor
						Subsidiaries			Subsidiaries
			Guarantor			(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)			Owned)		Eliminations			Consolidated
Total revenues	$	121,939	$	2,176,788		$	43,867		$	—	$	(143,335	)	$	2,199,259
Operating costs and expenses
Operating	1,200		1,148,170			37,615			—		—			1,186,985
Selling, general and administrative	49,938		265,735			6,584			—		2			322,259
Maintenance and utilities	—		98,741			1,279			—		—			100,020
Depreciation and amortization	8,767		183,531			3,928			—		—			196,226
Corporate expense	66,703		1,738			4,227			—		—			72,668
Project development, preopening and writedowns	18,079		(3,292		)	7,320			—		—			22,107
Impairments of assets	1,440		36,862			—			—		—			38,302
Other operating items, net	181		103			—			—		—			284
Intercompany expenses	1,205		140,671			1,461			—		(143,337		)	—
Total operating costs and expenses	147,513		1,872,259			62,414			—		(143,335		)	1,938,851
Equity in earnings (losses) of subsidiaries	445,130		(2,039		)	—			—		(443,091		)	—
Operating income (loss)	419,556		302,490			(18,547		)	—		(443,091		)	260,408
Other expense (income)
Interest expense, net	157,923		51,783			25			—		—			209,731
Loss on early extinguishments of debt	28,356		14,008			—			—		—			42,364
Other, net	1		617			(73		)	—		—			545
Total other expense (income), net	186,280		66,408			(48		)	—		—			252,640
Income (loss) from continuing operations before income taxes	233,276		236,082			(18,499		)	—		(443,091		)	7,768
Income tax benefit	186,955		12,852			126			—		—			199,933
Income (loss) from continuing operations, net of tax	420,231		248,934			(18,373		)	—		(443,091		)	207,701
Income from discontinued operations, net of tax	—		212,530			—			—		—			212,530
Net income (loss)	$	420,231	$	461,464		$	(18,373	)	$	—	$	(443,091	)	$	420,231
Comprehensive income (loss)	$	419,932	$	461,165		$	(18,373	)	$	—	$	(442,792	)	$	419,932

Consolidating Statements of Operations - continued



	Year Ended December 31, 2015
						Non-			Non-
						Guarantor			Guarantor
						Subsidiaries			Subsidiaries
			Guarantor			(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
Total revenues	$	121,541	$	2,194,440		$	42,459		$	—		$	(143,609	)	$	2,214,831
Operating costs and expenses
Operating	1,800		1,165,834			37,955			—			—			1,205,589
Selling, general and administrative	48,173		267,913			6,604			—			(18		)	322,672
Maintenance and utilities	—		103,086			1,462			—			—			104,548
Depreciation and amortization	6,179		196,865			4,074			—			—			207,118
Corporate expense	71,700		1,781			3,460			—			—			76,941
Project development, preopening and writedowns	884		2,351			3,596			76			—			6,907
Impairments of assets	—		17,500			1,065			—			—			18,565
Other operating items, net	599		308			—			—			—			907
Intercompany expenses	1,204		140,971			1,416			—			(143,591		)	—
Total operating costs and expenses	130,539		1,896,609			59,632			76			(143,609		)	1,943,247
Equity in earnings (losses) of subsidiaries	190,943		(2,204		)	(76		)	—			(188,663		)	—
Operating income (loss)	181,945		295,627			(17,249		)	(76		)	(188,663		)	271,584
Other expense
Interest expense, net	125,890		96,818			24			—			—			222,732
Loss on early extinguishments of debt	30,829		9,904			—			—			—			40,733
Other, net	396		2,959			321			—			—			3,676
Total other expense, net	157,115		109,681			345			—			—			267,141
Income (loss) from continuing operations before income taxes	24,830		185,946			(17,594		)	(76		)	(188,663		)	4,443
Income tax benefit (provision)	22,777		(16,098		)	(54		)	—			—			6,625
Income (loss) from continuing operations, net of tax	47,607		169,848			(17,648		)	(76		)	(188,663		)	11,068
Income from discontinued operations, net of tax	—		36,539			—			—			—			36,539
Net income (loss)	$	47,607	$	206,387		$	(17,648	)	$	(76	)	$	(188,663	)	$	47,607
Comprehensive income (loss)	$	47,344	$	206,124		$	(17,648	)	$	(76	)	$	(188,400	)	$	47,344

Schedule of Condensed Cash Flow Statement

Condensed Consolidating Statements of Cash Flows



	Year Ended December 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	$	(82,632	)	$	519,608		$	(15,628	)	$	254		$	949		$	422,551

Cash flows from investing activities
Capital expenditures	(102,277		)	(87,590		)	(597		)	—			—			(190,464		)
Cash paid for acquisitions, net of cash received	(1,153		)	—			—			—			—			(1,153		)
Net activity with affiliates	—			(443,542		)	—			—			443,542			—
Distributions from subsidiary	10,867			—			—			—			(10,867		)	—
Advances pursuant to development agreement	—			—			(35,108		)	—			—			(35,108		)
Other investing activities	—			706			—			—			—			706
Net cash from investing activities	(92,563		)	(530,426		)	(35,705		)	—			432,675			(226,019		)

Cash flows from financing activities
Borrowings under bank credit facility	958,000			—			—			—			—			958,000
Payments under bank credit facility	(1,119,485		)	—			—			—			—			(1,119,485		)
Debt financing costs, net	(3,430		)	—			—			—			—			(3,430		)
Net activity with affiliates	389,579			—			55,166			(254		)	(444,491		)	—
Distributions to parent	—			(10,475		)	(392		)	—			10,867			—
Share-based compensation activities, net	(7,711		)	—			—			—			—			(7,711		)
Shares repurchased and retired	(31,927		)	—			—			—			—			(31,927		)
Dividends paid	(11,286		)	—			—			—			—			(11,286		)
Other financing activities	590			(87		)	—			—			—			503
Net cash from financing activities	174,330			(10,562		)	54,774			(254		)	(433,624		)	(215,336		)

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, cash equivalents and restricted cash	(865		)	14,353			3,441			—			—			16,929
Cash, cash equivalents and restricted cash, beginning of period	1,212			199,610			9,528			—			—			210,350
Cash, cash equivalents and restricted cash, end of period	$	347		$	213,963		$	12,969		$	—		$	—		$	227,279

Condensed Consolidating Statements of Cash Flows - continued



	Year Ended December 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	$	(86,502	)	$	380,803		$	7,234		$	—		$	(1,196	)	$	300,339

Cash flows from investing activities
Capital expenditures	(42,840		)	(116,834		)	(684		)	—			—			(160,358		)
Cash paid for acquisitions, net of cash received	(592,703		)	—			—			—			—			(592,703		)
Net activity with affiliates	—			211,300			—			—			(211,300		)	—
Distributions from subsidiary	9,150			—			—			—			(9,150		)	—
Other investing activities	—			7,529			6,678			—			—			14,207
Net cash from investing activities	(626,393		)	101,995			5,994			—			(220,450		)	(738,854		)

Cash flows from financing activities
Borrowings under bank credit facility	2,039,175			237,000			—			—			—			2,276,175
Payments under bank credit facility	(1,466,362		)	(899,750		)	—			—			—			(2,366,112		)
Proceeds from issuance of senior notes	750,000			—			—			—			—			750,000
Debt financing costs, net	(42,220		)	—			—			—			—			(42,220		)
Retirements of senior notes	(350,000		)	(350,000		)	—			—			—			(700,000		)
Premium and consent fees paid	(15,750		)	—			—			—			—			(15,750		)
Net activity with affiliates	(199,398		)	—			(12,877		)	(221		)	212,496			—
Distributions to parent	—			(9,000		)	(150		)	—			9,150			—
Share-based compensation activities, net	(1,295		)	—			—			—			—			(1,295		)
Other financing activities	(45		)	—			—			—			—			(45		)
Net cash from financing activities	714,105			(1,021,750		)	(13,027		)	(221		)	221,646			(99,247		)

Cash flows from discontinued operations
Cash flows from operating activities	—			(27,796		)	—			—			—			(27,796		)
Cash flows from investing activities	—			598,057			—			—			—			598,057
Cash flows from financing activities	—			—			—			—			—			—
Net cash from discontinued operations	—			570,261			—			—			—			570,261

Net change in cash, cash equivalents and restricted cash	1,210			31,309			201			(221		)	—			32,499
Cash, cash equivalents and restricted cash, beginning of period	2			168,301			9,327			221			—			177,851
Cash, cash equivalents and restricted cash, end of period	$	1,212		$	199,610		$	9,528		$	—		$	—		$	210,350

Condensed Consolidating Statements of Cash Flows - continued



	Year Ended December 31, 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	$	102,080		$	237,010		$	(12,131	)	$	(76	)	$	(209	)	$	326,674

Cash flows from investing activities
Capital expenditures	(48,591		)	(82,392		)	(187		)	—			—			(131,170		)
Net activity with affiliates	—			(66,691		)	—			—			66,691			—
Distribution from subsidiary	11,200			—			—			—			(11,200		)	—
Other investing activities	3,292			1,236			—			—			—			4,528
Net cash from investing activities	(34,099		)	(147,847		)	(187		)	—			55,491			(126,642		)

Cash flows from financing activities
Borrowings under bank credit facility	1,033,500			345,500			—			—			—			1,379,000
Payments under bank credit facility	(1,211,200		)	(425,150		)	—			—			—			(1,636,350		)
Proceeds from issuance of senior notes	750,000			—			—			—			—			750,000
Debt financing costs, net	(14,004		)	—			—			—			—			(14,004		)
Payments on retirements of long-term debt	(500,000		)	(3		)	(157,810		)	—			—			(657,813		)
Premium and consent fees paid	(24,246		)	—			—			—			—			(24,246		)
Net activity with affiliates	(105,720		)	—			172,124			78			(66,482		)	—
Distributions to parent	—			(11,100		)	(100		)	—			11,200			—
Share-based compensation activities, net	3,689			—			—			—			—			3,689
Net cash from financing activities	(67,981		)	(90,753		)	14,214			78			(55,282		)	(199,724		)

Cash flows from discontinued operations
Cash flows from operating activities	—			14,095			—			—			—			14,095
Cash flows from investing activities	—			—			—			—			—			—
Cash flows from financing activities	—			—			—			—			—			—
Net cash from discontinued operations	—			14,095			—			—			—			14,095

Net change in cash, cash equivalents and restricted cash	—			12,505			1,896			2			—			14,403
Cash, cash equivalents and restricted cash, beginning of period	2			155,796			7,431			219			—			163,448
Cash, cash equivalents and restricted cash, end of period	$	2		$	168,301		$	9,327		$	221		$	—		$	177,851