IR BYD Fact Sheet

CORPORATE PROFILE

Now in its 36th year of operations, Boyd Gaming is one of the most established and well-respected companies in the gaming industry, owning and operating 16 gaming facilities in six states.  Our portfolio of gaming properties spans the nation, from the gaming meccas of Las Vegas and Atlantic City to markets across the Midwest and South, including operations near Chicago, New Orleans, Memphis and Shreveport, Louisiana.

• Significant Cash Flow from Diversified Operations
• Well-Positioned in each of our Key Markets
• Long-Term Growth Opportunities
• Strong Fundamentals

STRENGTH THROUGH DIVERSIFICATION

With 16 gaming properties in nine distinct gaming markets, Boyd Gaming is one of the most geographically diversified companies in the gaming industry.
Our geographic diversification translates into greater financial stability, providing us with multiple sources of cash flow and helping mitigate the impact of negative conditions in any one gaming market.  No one market accounts for more than one-third of our company’s Adjusted EBITDA(2) – Borgata is the largest at 33%, followed by the Midwest & South (31%), Las Vegas Locals (29%) and Downtown Las Vegas (7%).    
Our strategy is centered on catering to targeted customer groups by offering them high-value, high-quality gaming and non-gaming experiences in environments that emphasize comfort and memorable customer service.

Our Las Vegas Locals and Midwest and South properties cater primarily to local residents living within close proximity to our properties, though tourists do account for a significant amount of business at several of our locally-oriented properties, including Sam’s Town Las Vegas, located on Las Vegas’s “Boulder Strip,” and The Orleans, located less than two miles west of the Las Vegas Strip.  The Company’s Atlantic City and Downtown Las Vegas offerings are more tourist-oriented; Borgata has quickly established itself as the must-see luxury destination of Atlantic City, while our three Downtown Las Vegas properties – California, Fremont and Main Street Station – cater to an intensely loyal customer base from Hawaii.

INVESTING IN THE FUTURE

We’ve grown substantially over the last two decades by pursuing attractive growth opportunities, and we plan to continue that strategy in the years to come.

We took a significant step forward in our growth strategy earlier this year, when we announced plans to acquire the IP Casino Resort Spa in Biloxi, Mississippi.  This transaction will give us a market-leading presence in one of America’s most established gaming destinations, further diversifying our portfolio and strengthening our balance sheet.  We expect to close on the acquisition in the fourth quarter of 2011.

Acquisitions have historically been a significant growth vehicle for our Company, and we intend to continue seeking opportunities that are a good strategic fit and build shareholder value.

Establishing a presence on the Las Vegas Strip also remains a key component of our long-term strategy.  Although construction of the Echelon resort on the Strip has been delayed due to credit market and economic conditions, we remain committed to entering this market in the long-term.
In the interim, we will remain focused on maximizing the profitability of our existing operations, using our free cash flow to reduce debt and strengthen our balance sheet.

Statements which are not historical facts are “forward-looking” statements and “safe harbor statements” under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the Company’s public filings with the Securities and Exchange Commission.

(2)Adjusted EBITDA for the last 12 months ended June 30, 2011.

Financial:
Josh Hirsberg
SVP, Chief Financial Officer
702.792.7234

Media:
Rob Meyne
VP, Corporate Communications
702.792.7353

FINANCIAL SUMMARY
(in thousands, except per share data)

Three Months Ended June 30