<SEC-DOCUMENT>0001214659-24-006021.txt : 20240403
<SEC-HEADER>0001214659-24-006021.hdr.sgml : 20240403
<ACCEPTANCE-DATETIME>20240403161814
ACCESSION NUMBER:		0001214659-24-006021
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240403
DATE AS OF CHANGE:		20240403
EFFECTIVENESS DATE:		20240403

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOYD GAMING CORP
		CENTRAL INDEX KEY:			0000906553
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				880242733
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12882
		FILM NUMBER:		24818982

	BUSINESS ADDRESS:	
		STREET 1:		6465 SOUTH RAINBOW BOULEVARD
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89118
		BUSINESS PHONE:		7027927200

	MAIL ADDRESS:	
		STREET 1:		6465 SOUTH RAINBOW BOULEVARD
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BOYD GROUP
		DATE OF NAME CHANGE:	19941130

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Trinity Health Corp
		CENTRAL INDEX KEY:			0001769794
		ORGANIZATION NAME:           	
		IRS NUMBER:				351443425

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		30555 VICTOR PARKWAY
		CITY:			LIVONIA
		STATE:			MI
		ZIP:			48152
		BUSINESS PHONE:		734-343-0916

	MAIL ADDRESS:	
		STREET 1:		30555 VICTOR PARKWAY
		CITY:			LIVONIA
		STATE:			MI
		ZIP:			48152
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>o43238px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTICE OF EXEMPT SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="trinity_logo.jpg" ALT=""><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT: Boyd Gaming Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION: Trinity Health </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION: 20555 Victor Parkway, Livonia,
MI 48152</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Securities Exchange Act of 1934. Submission is not required of this
filer under the terms of the Rule but is made voluntarily. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Boyd Gaming Corporation shareholder,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trinity Health and the co-filer American Nonsmokers Rights Foundation
(the &#8220;Proponents&#8221;) write to urge shareholders to vote <B>FOR Proxy Item No 4</B>, &#8220;Report on Smokefree Policy&#8221;
(the &#8220;Proposal&#8221;) at the upcoming Boyd Gaming Corporation (&#8220;Boyd Gaming&#8221;' or the &#8220;Company&#8221;) annual
shareholders meeting on May 9, 2024, as described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; color: #2A2A2A"><I>RESOLVED: Shareholders request the Board
of Directors commission and disclose a report on the potential cost savings through the adoption of a smokefree policy for Boyd Gaming
properties. The report, prepared at reasonable cost and omitting confidential and proprietary information, should be published within
six months following the 2024 shareholders meeting.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Proponents are requesting additional transparency
regarding how the Company manages the risks associated with indoor secondhand smoke and the benefits of non-smoking indoors. As long-term
shareholders concerned with material legal, operational, and reputational risks to the Company, we find the current disclosure insufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A"><B><U>Operational Risks</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">There are potential business risks to allowing indoor
smoking in Boyd Gaming properties, from higher employee health insurance premiums (when compared with casinos that don&#8217;t permit
indoor smoking), greater maintenance costs, and deterring a significant number of potential visitors who won&#8217;t visit a casino due
to exposure to tobacco smoke.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #2A2A2A">Independent researchers C3
Gaming&#8217;s analysis of revenue performance in several competitive casino markets found that smokefree casinos, for the first time,
generated more revenue: &#8220;Data from multiple jurisdictions clearly indicates that banning smoking no longer causes a dramatic drop
in gaming revenue. In fact, non-smoking properties appear to be performing better than their counterparts that continue to allow smoking.&#8221;<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Trends</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">The COVID-19 pandemic changed long-held business assumptions
across many industries. For the gaming industry, customers became much more sensitive to indoor air quality and how such air affects their
health. New and enduring customer preferences and the decline in smoking prevalence require an examination of the status quo in which
smoking is allowed in gaming properties around the country. Currently, 20 states, US Virgin Islands, and Puerto Rico already require commercial
casinos to be nonsmoking indoors, just like any other hospitality venue or workplace. This includes highly competitive markets like Massachusetts,
Maryland, New York, and Ohio, among others. In addition, more than 100 sovereign Tribal casinos also operate smokefree indoors. For example,
Navajo Nation leaders passed legislation ending indoor smoking at their four casinos on Tribal land in Arizona and New Mexico; elsewhere,
in Connecticut, two large Tribal casinos, Foxwoods Resort Casino and Mohegan Sun, do not permit indoor smoking.<SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">On the Las Vegas Strip, Park MGM voluntarily went smokefree
indoors in September 2020. The president of Park MGM said,
&#8220;We found through our research that there was a significant market of people out there who were looking for smoke-free options,
specifically a smoke-free casino. Fortunately for us, that has been very well received&#8230;we do offer a dedicated smoking area outside
for those who really like the notion of a smoke-free environment inside, but an option to smoke outside. So all in all, I would say we've
received incredibly positive feedback from our guests and, being the first entirely non-smoking casino in Las Vegas, it&#8217;s a very
positive differentiator.&#8221;<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">Approximately 14 states still permit indoor smoking
in commercial casinos. However, four (Michigan, New Jersey, Pennsylvania, and Rhode Island) did not permit indoor smoking for up to two
years under temporary COVID reopening guidelines and continued to experience strong business outcomes.<SUP>4</SUP> Workers and customers
quickly adapted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Worker Health &amp; Safety/Human Capital Management</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">With nearly 90% of US adults today being nonsmokers<SUP>5</SUP>,
the Company does not disclose whether it surveys current or prospective employees or customers on smoking rates or preferences, nor is
there any transparency as to whether it assesses the impact of secondhand smoke for costly turnover, absenteeism, and healthcare costs.
People do not want to get sick or die from breathing at work in a hospitality job and many quit because of the smoke. Representatives
from smokefree casinos have indicated that a smokefree policy can result in up to 40% rebates on health insurance premiums, which can
mean not having to raise rates and supporting retention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #2A2A2A"><SUP>1</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://8b3e0552-f01a-40e0-b077-ea4813c4af0b.usrfiles.com/ugd/8b3e05_348baee6d05949ad9b4adae2b7a77105.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #2A2A2A"><SUP>2</SUP></FONT> https://www.gamingdirectory.com/smokefree/properties/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #2A2A2A"><SUP>3</SUP></FONT> https://no-smoke.org/park-mgm-president-says-going-smokefree-has-been-a-very-positive-differentiator/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #2A2A2A"><SUP>4</SUP></FONT> https://cdcgaming.com/advocacy-group-wants-casinos-to-ban-indoor-smoking-or-be-exempt-from-covid-19-relief-funds/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #2A2A2A"><SUP>5</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.cdc.gov/tobacco/data_statistics/fact_sheets/adult_data/cig_smoking/index.htm</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #2A2A2A">For example, the Chief Marketing
Officer of Bensalem, Pennsylvania-based Parx Casino, told the <I>Play Pennsylvania</I> website in February 2023 that since the casino
went smokefree, Parx has seen a positive effect on the health and morale of employ and the move did not increase health insurance premiums:
&#8220;Frankly, we are starting to see health costs go down&#8230;.What&#8217;s been interesting to me, is a lot of our smoking guests
have actually said things like, &#8216;I never realized how smoky and annoying it was. I really don&#8217;t mind walking 50 feet out to
the smoking patio.&#8217;&#8221; <SUP>6</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Additionally, New Mexico&#8217;s Sky City
Casino&#8217;s CEO said that with smokefree casinos, &#8220;We have seen a 40% rebate on our health insurance, because our employees are
less sick.&#8221; <SUP>7</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, a <FONT STYLE="color: #2A2A2A">100% smokefree indoor environment
can simplify human resources processes such as not having to manage requests for working in nonsmoking areas made by pregnant women and
workers with chronic conditions. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Customers</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">For the nonsmoking majority, the nuisance and health
hazard of spending time in a smoking environment can lead to lower frequency and duration of visits. Surveys have shown that higher spending
customers tend to be nonsmokers, and that a majority of people who do smoke also support smokefree indoor air environments.<SUP>8</SUP>
Just as hospitality companies such as Marriott<SUP>9</SUP> ultimately adopted portfolio-wide smokefree indoor air policies to create a
consistent brand experience for customers and staff, the first place to start is with better data such as asking specifically about smoking
related issues vs guessing anecdotally or relying on tobacco industry studies or outdated cherry-picked data from 2008 during the global
financial crisis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">Sky City&#8217;s CEO has found that regarding the indoor
smoking ban, &#8220;Our customers are fine with it. They understand there is no smoking in other public areas, in restaurants. They just
get off the slot machine, go outside, smoke their cigarette. They come back in the casino, sit down, and continue to play.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Facilities</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">The Company, in its statement opposing this Proposal,
expresses its concern about the health of its workers and customers, and says it takes into consideration, among other issues, the effectiveness
of airflow technology solutions when deciding the smoking policy of each of its properties. However, ASHRAE &#8211; the American Society
of Heating, Refrigerating and Air-Conditioning Engineers--in a memo to the Nevada Resort Association (of which Boyd Gaming is a board
member) wrote: &#8220;There is currently no available or reasonably anticipated ventilation or air cleaning system that can adequately
control and significantly reduce the health risks of [secondhand smoke] to an acceptable level.&#8221;<SUP>10</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #2A2A2A"><SUP>6</SUP></FONT> http://www.playpennsylvania.com/g2e-panel-discussion-parx-casino-smoking/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #2A2A2A"><SUP>7</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.youtube.com/watch?v=mAmom3JsoJc</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #2A2A2A"><SUP>8</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://smokefreecasinos.org/wp-content/uploads/pdf/2021-NIGA-Gaming-Survey-Facts.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #2A2A2A"><SUP>9</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.marriott.com/marriott/smokefree.mi</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #2A2A2A"><SUP>10</SUP></FONT>
h<FONT STYLE="font-size: 10pt">ttps://mcusercontent.com/f1d5d9ad6ad8254621a3b9a2d/files/05f3c181-6c8f-65d3-c8f7-</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3ac049ff4949/ASHRAE_memo_Nevada_Resort_Association.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">Nonsmoking indoors is associated with significantly
reduced cleaning and maintenance costs and more efficient staffing in a tight labor market, such as not having to service ashtrays, and
gunky smoking filters, clean smoking residue, reducing damage and burns to furnishings and gaming machines. Myriad small cost savings
add up. Shifting smoking to outdoor areas adjacent to the gaming floor where workers are not exposed saves money.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A"><B><U>Reputational Risks</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Responsible Gaming</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #2A2A2A">Casino
consultant and co-founder of C3 Gaming Andrew Klebanow </FONT><FONT STYLE="color: #2A2A2A">noted <FONT STYLE="font-size: 10pt">at the
end of the 2022 Responsible Gaming Education Month that eliminating smoking in casinos is a responsible gaming technique. In an article
in <I>CDC Gaming Reports</I>, he said: </FONT></FONT><FONT STYLE="font-size: 10pt">&#8220;A fundamental tenet of Responsible Gaming is
encouraging your players to step away.&#8221; He also pointed to three Philadelphia-area casinos that have banned smoking voluntarily.
&#8220;They did it because they hadn&#8217;t seen a decline in gaming revenue (during a COVID-related smoking ban). And they did it because
it&#8217;s the right thing to do.&#8221; <SUP>11</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are studies showing an association between problem gambling and
daily tobacco use. <SUP>12</SUP> <FONT STYLE="color: #2A2A2A">This creates reputational risk for the company, as responsible gaming increasingly
includes a regulatory lens. This growing awareness could impact certification of Company casinos by regulators. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">As the authors of the aforementioned C3 Gaming report
wrote, &#8220;Casinos throughout North America have made commitments to support responsible gambling initiatives. Virtually all operators
have links to websites that provide additional information regarding playing responsibly. A recent study commissioned by the Casino Association
of New Jersey projects gaming revenue losses based on smokers having to take breaks, which is the antithesis of one of the principles
of responsible gaming&#8230;What the authors of that report unwittingly acknowledge is that a casino that prohibits smoking risks losing
gaming revenue because a certain portion of players who smoke decide during their smoke break to walk away. In other words, they chose
to play responsibly, and taking a periodic smoking break allowed them to do so. Their argument that a casino will make more money if smokers
remain at their games is the antithesis of one of the principles of responsible gaming.&#8221;<SUP>13</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #2A2A2A"><SUP>11</SUP></FONT> https://cdcgaming.com/casino-smoking-bans-a-tangle-of-health-rg-principle-player-preference-and-money/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #2A2A2A"><SUP>12</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6953879/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">https://psycnet.apa.org/doiLanding?doi=10.1037%2Fadb0000964</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #2A2A2A"><SUP>13</SUP></FONT> https://8b3e0552-f01a-40e0-b077-ea4813c4af0b.usrfiles.com/ugd/8b3e05_348baee6d05949ad9b4adae2b7a77105.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 4 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">The leading organization dealing with gambling addiction,
the National Council on Problem Gaming, has warned legislators in at least one state that continuing to allow indoor smoking will only
continue to encourage gambling addiction. &#8220;Making casinos smokefree is likely to reduce the incidence of problem gambling and improve
public health.&#8221;<SUP>14</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Smokefree casinos can help in meeting responsible gaming regulations,
as is the law in New Jersey and other states, by requiring customers to take a break from the casino for outdoor smoking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Public Statements</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">The Company&#8217;s statements that ventilation systems
address worker safety concerns regarding secondhand smoke could be interpreted as misleading, since there is no safe threshold of exposure.
Even brief or low levels of exposure are known to create significant health hazards such as increasing the risk of heart disease and stroke
by 30%. Longer term exposure by workers increases the risk of cancer by 30%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">Both the Centers for Disease Control and ASHRAE state
that cleaning the air and ventilating buildings are not effective protections against secondhand smoke. Casinos frequently cite ASHRAE
standards when they defend their air quality. In ASHRAE&#8217;s 2023 official Position on Environmental Tobacco Smoke, they state &#8220;the
only means of avoiding health effects and eliminating indoor ETS (environmental tobacco smoke) exposure is to ban all smoking activity
inside and near buildings. This position is supported by the conclusions of health authorities that any level of ETS exposure leads to
adverse health effects&#8221;.<SUP>15</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A"><B><U>Investor Expectations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investor expectations for improved performance, and disclosure, on
companies&#8217; workplace health and safety practices are increasing. The right to a safe and healthy working environment is a human
right, and corporations have a responsibility to respect human rights under the UN Guiding Principles for Business and Human Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">The Company&#8217;s case for continuing to allow smoking
is generally based on two arguments: first that they mitigate the harm by employing state of the art ventilation systems that protect
all those in casinos and restrict smoking to certain areas of the casinos, and second that revenue is harmed by casinos going smokefree.
The Proponents through this memo have refuted those arguments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #2A2A2A"><SUP>14</SUP></FONT>
h<FONT STYLE="font-size: 10pt">ttps://mcusercontent.com/f1d5d9ad6ad8254621a3b9a2d/files/623298e8-ca24-2c62-1ead-70d07e598f2c/NCPG_Letter_to_NJ_Legislature.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #2A2A2A"><SUP>15</SUP></FONT>
h<FONT STYLE="font-size: 10pt">ttps://www.ashrae.org/file%20library/about/position%20documents/pd_environmental-tobacco-smoke-2023-06-28.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #2A2A2A">Proponents submitted this
Proposal because Boyd shareholders have no guidance as to the costs our Company is bearing for continuing to allow indoor smoking, nor
has the Company disclosed the social and environmental costs and risks imposed on its stakeholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Proponents encourage all Boyd Gaming shareholders to support Proposal
4, requesting the Board of Directors commission and disclose a report on the potential cost savings through the adoption of a smokefree
policy.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
