8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________________________________________________________ 

FORM 8-K

____________________________________________________________________ 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): June 28, 2018

____________________________________________________________________ 

Boyd Gaming Corporation

(Exact Name of Registrant as Specified in its Charter)

____________________________________________________________________ 

Nevada	001-12882	88-0242733
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

3883 Howard Hughes Parkway, Ninth Floor

Las Vegas, Nevada 89169

(Address of Principal Executive Offices, Including Zip Code)

(702) 792-7200

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 8.01.    Other Events.

On June 25, 2018, Boyd Gaming Corporation (the "Company") issued $700.0 million aggregate principal amount of 6.000% senior notes due 2026 (the "6.000% Notes"). The indenture governing the 6.000% Notes, which describe the terms of such notes (the "Indenture"), was included as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on June 25, 2018.

The 6.000% Notes are fully and unconditionally guaranteed by the Company's current and future Significant Subsidiaries (as defined in the Indenture)(the "Guarantors"). In connection with the issuance of the 6.000% Notes, the Company and the Guarantors entered into a registration rights agreement with the initial purchasers of the 6.000% Notes obligating the Company and the Guarantors to file a registration statement on Form S-4 (the "Registration Statement") with the SEC to register the exchange of the 6.000% Notes and related guarantees for registered notes and guarantees having substantially the same terms (the "Exchange Offer"). Accordingly, on or about the date hereof, we are filing the Registration Statement relating to the Exchange Offer.

In connection with the filing of the Registration Statement, the Company is currently subject to, and the new 6.000% Notes will become subject to, the requirements of Rule 3-10 of Regulation S-X, including the requirements regarding the filing of financial information of guarantors and issuers of guaranteed securities registered or being registered. As a result, the Company is filing this Current Report on Form 8-K (this "Current Report") for the purpose of updating (the "Updated Financial Statements") the Company’s audited consolidated financial statements included in “Item 8. Financial Statements and Supplementary Data" in its Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the SEC on February 26, 2018 (the "2017 Form 10-K") and superseded by our Current Report on Form 8-K, filed with the SEC on June 18, 2018 (together with the 2017 Form 10-K, the "SEC Filings") to, among other things, revise Note 15, Condensed Consolidating Financial Information. The Condensed Consolidating Financial Information presented in Note 15 has been recast to reflect one of the Company’s wholly owned subsidiaries as a non-guarantor of the 6.000% Notes and a guarantor of the Company’s other senior notes.

The additional information included in the Updated Financial Statements summarizes financial information for the Company, the Guarantor Subsidiaries on a combined basis, and the non-guarantor subsidiaries on a combined basis, as required by Rule 3-10(d) of Regulation S-X. The Updated Financial Statements contained in this Current Report amend the SEC Filings and supersede the financial information included therein and are being provided herein solely to meet the requirements under Rule 3-10(d) of Regulation S-X. The Updated Financial Statements are filed as Exhibit 99.1 to this Current Report and are incorporated herein by reference.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description
23.1	Consent of Deloitte & Touche LLP.
99.1	Updated "Item 8. Financial Statements and Supplementary Data" disclosure of audited consolidated financial statements of Boyd Gaming Corporation as of December 31, 2017 and 2016, and for each of the three years in the period ended December 31, 2017, including the notes thereto and the report of the independent registered public accounting firm thereon.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	June 28, 2018	Boyd Gaming Corporation
	By:	/s/ Anthony D. McDuffie
		Anthony D. McDuffie
		Vice President and Chief Accounting Officer

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement Nos. 333-90840, 333-119850, 333-129421, 333-153852, and 333-184158 on Form S-8; and No. 333-203814 on Form S-3ASR of our report dated February 26, 2018 (June 8, 2018 as it relates to the adoption of ASU 2014-09 and ASU 2016-18 as discussed in Note 1 of the financial statements, and June 28, 2018 as it relates to the condensed consolidating financial information pertaining to the guarantors of the Company’s 6.000% Senior Notes Due 2026 as discussed in Note 15 of the financial statements), relating to the consolidated financial statements and financial statement schedule of Boyd Gaming Corporation and Subsidiaries (the “Company”) (which report expresses an unqualified opinion and includes an explanatory paragraph regarding the Company’s adoption of ASU 2014-09 and ASU 2016-18) appearing in this Current Report on Form 8-K of Boyd Gaming Corporation.

/s/ DELOITTE & TOUCHE LLP

Las Vegas, Nevada

June 28, 2018

EX-99.1

1

ITEM 8.    Financial Statements and Supplementary Data

The following consolidated financial statements for the three years in the period ended December 31, 2017 are filed as part of this Report:

	Page No.
Report of Independent Registered Public Accounting Firm	3
Consolidated Balance Sheets at December 31, 2017 and 2016	4
Consolidated Statements of Operations for the years ended December 31, 2017, 2016 and 2015	5
Consolidated Statements of Comprehensive Income for the years ended December 31, 2017, 2016 and 2015	6
Consolidated Statements of Changes in Stockholders' Equity for the years ended December 31, 2017, 2016 and 2015	7
Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015	8
Notes to Consolidated Financial Statements	10

The accompanying audited consolidated financial statements of Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "we" or "us") have been prepared in accordance with the instructions to Form 10-K and Regulation S-X and include all information and footnote disclosures necessary for complete financial statements in conformity with accounting principles generally accepted in the United States ("GAAP").

2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of Boyd Gaming Corporation and Subsidiaries:

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Boyd Gaming Corporation and Subsidiaries (the “Company”) as of December 31, 2017 and 2016, and the related consolidated statements of operations, comprehensive income (loss), changes in stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2017, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Boyd Gaming Corporation and subsidiaries at December 31, 2017 and 2016, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

Change in Accounting Principles

As discussed in Note 1 to the financial statements, the Company has changed its method of accounting for revenue in all periods presented due to the adoption of ASU 2014-09, Revenue from Contracts with Customers, and related amendments, as well as ASU 2016-18, Statement of Cash Flows: Restricted Cash.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Las Vegas, Nevada

February 26, 2018

(June 8, 2018 as it relates to the adoption of ASU 2014-09 and ASU 2016-18 as discussed in Note 1 of the financial statements, and June 28, 2018 as it relates to the condensed consolidating financial information pertaining to the guarantors of the Company’s 6.000% Senior Notes Due 2026 as discussed in Note 15 of the financial statements)

We have served as the Company’s auditor since 1981.

3

BOYD GAMING CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

______________________________________________________________________________________________________

	December 31,
(In thousands, except share data)	2017			2016
ASSETS
Current assets
Cash and cash equivalents	$	203,104		$	193,862
Restricted cash	24,175			16,488
Accounts receivable, net	40,322			30,371
Inventories	18,004			18,568
Prepaid expenses and other current assets	37,873			46,214
Income taxes receivable	5,185			2,444
Total current assets	328,663			307,947
Property and equipment, net	2,539,786			2,605,169
Other assets, net	81,128			49,205
Intangible assets, net	842,946			881,954
Goodwill, net	888,224			826,476
Other long-term tax assets	5,183			—
Total assets	$	4,685,930		$	4,670,751
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	106,323		$	84,086
Current maturities of long-term debt	23,981			30,336
Accrued liabilities	255,146			257,554
Income tax payable	21			—
Total current liabilities	385,471			371,976
Long-term debt, net of current maturities and debt issuance costs	3,051,899			3,199,119
Deferred income taxes	86,657			81,454
Other long-term tax liabilities	3,447			3,307
Other liabilities	61,229			84,715
Commitments and contingencies (Note 9)
Stockholders’ equity
Preferred stock, $0.01 par value, 5,000,000 shares authorized	—			—
Common stock, $0.01 par value, 200,000,000 shares authorized; 112,634,418 and 112,896,377 shares outstanding	1,126			1,129
Additional paid-in capital	931,858			953,440
Retained earnings (accumulated deficit)	164,425			(23,824		)
Accumulated other comprehensive loss	(182		)	(615		)
Total Boyd Gaming Corporation stockholders’ equity	1,097,227			930,130
Noncontrolling interest	—			50
Total stockholders’ equity	1,097,227			930,180
Total liabilities and stockholders’ equity	$	4,685,930		$	4,670,751

The accompanying notes are an integral part of these consolidated financial statements.

4

BOYD GAMING CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

______________________________________________________________________________________________________

	Year Ended December 31,
(In thousands, except per share data)	2017			2016			2015
Revenues
Gaming	$	1,740,268		$	1,610,393		$	1,631,177
Food and beverage	346,379			302,705			303,786
Room	186,795			169,391			162,248
Other	127,377			116,770			117,620
Total revenues	2,400,819			2,199,259			2,214,831
Operating costs and expenses
Gaming	759,612			725,078			740,023
Food and beverage	335,506			300,766			301,813
Room	85,188			77,734			76,903
Other	83,615			83,407			86,850
Selling, general and administrative	362,037			322,259			322,672
Maintenance and utilities	109,462			100,020			104,548
Depreciation and amortization	217,522			196,226			207,118
Corporate expense	88,148			72,668			76,941
Project development, preopening and writedowns	14,454			22,107			6,907
Impairments of assets	(426		)	38,302			18,565
Other operating items, net	1,900			284			907
Total operating costs and expenses	2,057,018			1,938,851			1,943,247
Operating income	343,801			260,408			271,584
Other expense (income)
Interest income	(1,818		)	(2,961		)	(1,858		)
Interest expense, net of amounts capitalized	173,108			212,692			224,590
Loss on early extinguishments and modifications of debt	1,582			42,364			40,733
Other, net	(184		)	545			3,676
Total other expense, net	172,688			252,640			267,141
Income from continuing operations before income taxes	171,113			7,768			4,443
Income tax (provision) benefit	(3,115		)	199,933			6,625
Income from continuing operations, net of tax	167,998			207,701			11,068
Income from discontinued operations, net of tax	21,392			212,530			36,539
Net income	$	189,390		$	420,231		$	47,607
Basic net income per common share
Continuing operations	$	1.46		$	1.81		$	0.10
Discontinued operations	0.19			1.86			0.32
Basic net income per common share	$	1.65		$	3.67		$	0.42
Weighted average basic shares outstanding	114,957			114,507			112,789
Diluted net income per common share
Continuing operations	$	1.45		$	1.80		$	0.10
Discontinued operations	0.19			1.85			0.32
Diluted net income per common share	$	1.64		$	3.65		$	0.42
Weighted average diluted shares outstanding	115,628			115,189			113,676
Dividends per common share	$	0.15		$	—		$	—

The accompanying notes are an integral part of these consolidated financial statements.

5

BOYD GAMING CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

______________________________________________________________________________________________________

	Year Ended December 31,
(In thousands)	2017		2016			2015
Net income	$	189,390	$	420,231		$	47,607
Other comprehensive income (loss), net of tax:
Fair value of adjustments to available-for-sale securities	433		(299		)	(263		)
Comprehensive income	$	189,823	$	419,932		$	47,344

The accompanying notes are an integral part of these consolidated financial statements.

6

BOYD GAMING CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

______________________________________________________________________________________________________

	Boyd Gaming Corporation Stockholders’ Equity
									Retained			Accumulated
						Additional			Earnings/			Other						Total
	Common Stock					Paid-in			(Accumulated			Comprehensive			Noncontrolling			Stockholders'
(In thousands, except share data)	Shares		Amount			Capital			Deficit)			Income (Loss), Net			Interest			Equity
Balances, January 1, 2015	109,277,060		$	1,093		$	922,112		$	(485,115	)	$	(53	)	$	50		$	438,087
Cumulative effect of change in accounting principle, adoption of Revenue Standard	—		—			—			(6,547		)	—			—			(6,547		)
Net income	—		—			—			47,607			—			—			47,607
Comprehensive loss attributable to Boyd	—		—			—			—			(263		)	—			(263		)
Stock options exercised	1,301,789		13			9,794			—			—			—			9,807
Release of restricted stock units, net of tax	553,822		6			(3,678		)	—			—			—			(3,672		)
Release of performance stock units, net of tax	481,749		5			(2,451		)	—			—			—			(2,446		)
Share-based compensation costs	—		—			19,264			—			—			—			19,264
Balances, December 31, 2015	111,614,420		1,117			945,041			(444,055		)	(316		)	50			501,837
Net income	—		—			—			420,231			—			—			420,231
Comprehensive loss attributable to Boyd	—		—			—			—			(299		)	—			(299		)
Stock options exercised	452,898		4			2,936			—			—			—			2,940
Release of restricted stock units, net of tax	670,032		6			(3,374		)	—			—			—			(3,368		)
Release of performance stock units, net of tax	159,027		2			(869		)	—			—			—			(867		)
Tax effect from share-based compensation arrangements	—		—			(5,812		)	—			—			—			(5,812		)
Share-based compensation costs	—		—			15,518			—			—			—			15,518
Balances, December 31, 2016	112,896,377		1,129			953,440			(23,824		)	(615		)	50			930,180
Cumulative effect of change in accounting principle, adoption of Update 2016-09	—		—			—			15,777			—			—			15,777
Net income	—		—			—			189,390			—			—			189,390
Comprehensive income attributable to Boyd	—		—			—			—			433			—			433
Stock options exercised	241,964		2			2,082			—			—			—			2,084
Release of restricted stock units, net of tax	520,854		5			(8,009		)	—			—			—			(8,004		)
Release of performance stock units, net of tax	173,653		2			(1,793		)	—			—			—			(1,791		)
Dividends Declared	—		—			—			(16,918		)	—			—			(16,918		)
Shares repurchased and retired	(1,198,430	)	(12		)	(31,915		)	—			—			—			(31,927		)
Share-based compensation costs	—		—			17,413			—			—			—			17,413
Other	—		—			640			—			—			(50		)	590
Balances, December 31, 2017	112,634,418		$	1,126		$	931,858		$	164,425		$	(182	)	$	—		$	1,097,227

The accompanying notes are an integral part of these consolidated financial statements.

7

BOYD GAMING CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
(In thousands)	2017			2016			2015
Cash Flows from Operating Activities
Net income	$	189,390		$	420,231		$	47,607
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net of tax	(21,392		)	(212,530		)	(36,539		)
Depreciation and amortization	217,522			196,226			207,118
Amortization of debt financing costs and discounts on debt	9,845			14,870			21,308
Share-based compensation expense	17,413			15,518			19,264
Deferred income taxes	5,203			(201,498		)	16,855
Non-cash impairment of assets	—			38,302			18,565
Gain on sale of assets	(1,027		)	(6,288		)	—
Loss on early extinguishments and modifications of debt	1,582			42,364			40,733
Other operating activities	(2,033		)	1,625			2,145
Changes in operating assets and liabilities:
Accounts receivable, net	(9,937		)	45			1,971
Inventories	565			884			(301		)
Prepaid expenses and other current assets	4,957			1,691			(4,275		)
Current other tax asset	—			—			1,802
Income taxes receivable	1,089			(1,064		)	(137		)
Other long-term tax assets, net	(5,183		)	—			—
Other assets, net	2,318			(626		)	922
Accounts payable and accrued liabilities	13,216			(11,605		)	12,825
Other long-term tax liabilities	140			222			(25,566		)
Other liabilities	(1,117		)	1,972			2,377
Net cash provided by operating activities	422,551			300,339			326,674
Cash Flows from Investing Activities
Capital expenditures	(190,464		)	(160,358		)	(131,170		)
Cash paid for acquisitions, net of cash received	(1,153		)	(592,703		)	—
Advances pursuant to development agreement	(35,108		)	—			—
Other investing activities	706			14,207			4,528
Net cash used in investing activities	(226,019		)	(738,854		)	(126,642		)

8

BOYD GAMING CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued)

_____________________________________________________________________________________________________

	Year Ended December 31,
(In thousands)	2017			2016			2015
Cash Flows from Financing Activities
Borrowings under Boyd Gaming bank credit facility	958,000			2,039,175			1,033,500
Payments under Boyd Gaming bank credit facility	(1,119,485		)	(1,466,362		)	(1,211,200		)
Borrowings under Peninsula bank credit facility	—			237,000			345,500
Payments under Peninsula bank credit facility	—			(899,750		)	(425,150		)
Proceeds from issuance of senior notes	—			750,000			750,000
Debt financing costs, net	(3,430		)	(42,220		)	(14,004		)
Retirements of senior notes	—			(700,000		)	(657,813		)
Premium and consent fees paid	—			(15,750		)	(24,246		)
Share-based compensation activities, net	(7,711		)	(1,295		)	3,689
Shares repurchased and retired	(31,927		)	—			—
Dividends paid	(11,286		)	—			—
Other financing activities	503			(45		)	—
Net cash used in financing activities	(215,336		)	(99,247		)	(199,724		)
Cash Flows from Discontinued Operations
Cash flows from operating activities	(514		)	(27,796		)	14,095
Cash flows from investing activities	36,247			598,057			—
Cash flows from financing activities	—			—			—
Net cash provided by discontinued operations	35,733			570,261			14,095
Change in cash, cash equivalents and restricted cash	16,929			32,499			14,403
Cash, cash equivalents and restricted cash, beginning of period	210,350			177,851			163,448
Cash, cash equivalents and restricted cash, end of period	$	227,279		$	210,350		$	177,851
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized	$	174,090		$	197,475		$	178,433
Cash paid (received) for income taxes, net of refunds	5,189			33,723			(1,159		)
Supplemental Schedule of Non-cash Investing and Financing Activities
Payables incurred for capital expenditures	$	9,297		$	9,334		$	7,235

The accompanying notes are an integral part of these consolidated financial statements.

9

NOTE 1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Boyd Gaming Corporation (and together with its subsidiaries, the "Company", the "Registrant", "Boyd Gaming", "Boyd", "we" or "us") was incorporated in the state of Nevada in 1988 and has been operating since 1975. The Company's common stock is traded on the New York Stock Exchange under the symbol "BYD".

The consolidated financial statements reflect the impact of the adoption of Update 2016-18 and the Revenue Standard, as defined and discussed below under Recently Adopted Accounting Pronouncements.All amounts in the footnotes have been adjusted, when necessary, to reflect the adoption of this guidance.

As of December 31, 2017, we are a diversified operator of 24 wholly owned gaming entertainment properties. Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, which we aggregate in order to present the following three reportable segments:

Las Vegas Locals
Gold Coast Hotel and Casino	Las Vegas, Nevada
The Orleans Hotel and Casino	Las Vegas, Nevada
Sam's Town Hotel and Gambling Hall	Las Vegas, Nevada
Suncoast Hotel and Casino	Las Vegas, Nevada
Eastside Cannery Casino and Hotel	Las Vegas, Nevada
Aliante Casino + Hotel + Spa	North Las Vegas, Nevada
Cannery Casino Hotel	North Las Vegas, Nevada
Eldorado Casino	Henderson, Nevada
Jokers Wild Casino	Henderson, Nevada
Downtown Las Vegas
California Hotel and Casino	Las Vegas, Nevada
Fremont Hotel and Casino	Las Vegas, Nevada
Main Street Station Casino, Brewery and Hotel	Las Vegas, Nevada
Midwest and South
Par-A-Dice Hotel Casino	East Peoria, Illinois
Blue Chip Casino, Hotel & Spa	Michigan City, Indiana
Diamond Jo Dubuque	Dubuque, Iowa
Diamond Jo Worth	Northwood, Iowa
Kansas Star Casino	Mulvane, Kansas
Amelia Belle Casino	Amelia, Louisiana
Delta Downs Racetrack Casino & Hotel	Vinton, Louisiana
Evangeline Downs Racetrack and Casino	Opelousas, Louisiana
Sam's Town Hotel and Casino	Shreveport, Louisiana
Treasure Chest Casino	Kenner, Louisiana
IP Casino Resort Spa	Biloxi, Mississippi
Sam's Town Hotel and Gambling Hall	Tunica, Mississippi

As a result of the sale of our equity interest in Borgata (see Note 2, Acquisitions and Divestitures), we no longer report our interest in Borgata as a Reportable Segment.

Our Las Vegas Locals segment includes the results of Aliante Gaming, LLC ("Aliante"), The Cannery Hotel and Casino, LLC (“Cannery”) and Nevada Palace, LLC (“Eastside Cannery”) (see Note 2, Acquisitions and Divestitures).

10

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

In addition to these properties, we own and operate a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii. Financial results for our travel agency and our captive insurance company are included in our Downtown Las Vegas segment, as our Downtown Las Vegas properties concentrate significant marketing efforts on gaming customers from Hawaii.

Basis of Presentation

The consolidated financial statements include the accounts of the Company and its subsidiaries.

See Note 2, Acquisitions and Divestitures, for discussion of our acquisitions of Aliante, Cannery and Eastside Cannery, which were completed during the year ended December 31, 2016. We have not disclosed the pro forma impact of these acquisitions to our results of operations, as the pro forma impact was deemed immaterial.

Investments in unconsolidated affiliates, which are 50% or less owned and do not meet the consolidation criteria of the authoritative accounting guidance for voting interest, controlling interest or variable interest entities, are accounted for under the equity method.

All significant intercompany accounts and transactions have been eliminated in consolidation.

Discontinued Operations

On August 1, 2016, Boyd Gaming completed the sale of its 50% equity interest in Marina District Development Holding Company, LLC ("MDDHC"), the parent company of Borgata, to MGM Resorts International ("MGM") pursuant to an Equity Purchase Agreement (the "Purchase Agreement") enter into on May 31, 2016, as amended on July 19, 2016 by and among Boyd, Boyd Atlantic City, Inc., a wholly owned subsidiary of Boyd, and MGM. (See Note 2, Acquisitions and Divestitures.) We accounted for our investment in Borgata by applying the equity method and reported its results as discontinued operations for all periods presented in these consolidated financial statements.

Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments with maturities of three months or less at their date of purchase, and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand.

The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the consolidated balance sheets to the total balance shown in the consolidated statements of cash flows.

	December 31,
(In thousands)	2017		2016		2015
Cash and cash equivalents	$	203,104	$	193,862	$	158,821
Restricted cash	24,175		16,488		19,030
Total cash, cash equivalents and restricted cash	$	227,279	$	210,350	$	177,851

Restricted Cash

Restricted cash consists primarily of advance payments related to: (i) future bookings with our Hawaiian travel agency; and (ii) amounts restricted by regulation for gaming and racing purposes. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying value of these instruments approximates their fair value due to their short maturities.

Accounts Receivable, net

Accounts receivable consist primarily of casino, hotel and other receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible, based upon historical collection experience, the age of the receivable and other relevant economic factors. An estimated allowance for doubtful accounts is maintained to reduce our receivables to their carrying amount. As a result, the net carrying value approximates fair value.

11

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The activity comprising our allowance for doubtful accounts is as follows:

	Year Ended December 31,
(In thousands)	2017			2016			2015
Beginning balance, January 1,	$	1,971		$	2,087		$	1,971
Additions due to Acquisitions	—			87			—
Additions	478			345			361
Deductions	(377		)	(548		)	(245		)
Ending balance	$	2,072		$	1,971		$	2,087

Inventories

Inventories consist primarily of food and beverage and retail items and are stated at the lower of cost or market. Cost is determined using the weighted-average inventory method.

Property and Equipment, net

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or, for leasehold improvements, over the shorter of the asset's useful life or term of the lease.

The estimated useful lives of our major components of property and equipment are:

Building and improvements	3 through 40 years
Riverboats and barges	5 through 40 years
Furniture and equipment	1 through 10 years

Gains or losses on disposals of assets are recognized as incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred.

For an asset that is held for sale, we recognize the asset at the lower of carrying value or fair market value, less costs of disposal, as estimated based on comparable asset sales, solicited offers, or a discounted cash flow model. For a long-lived asset to be held and used, we review the asset for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We then compare the estimated undiscounted future cash flows of the asset to the carrying value of the asset. The asset is not impaired if the undiscounted future cash flows exceed its carrying value. If the carrying value exceeds the undiscounted future cash flows, then an impairment charge is recorded, typically measured using a discounted cash flow model, which is based on the estimated future results of the relevant reporting unit discounted using our weighted-average cost of capital and market indicators of terminal year free cash flow multiples. All resulting recognized impairment charges are recorded as Impairment of assets within operating expenses.

Capitalized Interest

Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using our weighted-average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed. Interest capitalized during the years ended December 31, 2016 and 2015 was $0.5 million and $0.1 million, respectively. There was no interest capitalized for the year ended December 31, 2017.

Investment in Available for Sale Securities

We have an investment in $20.5 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 ("City Bonds"). This investment is classified as available-for-sale and is recorded at fair value. The fair value at December 31, 2017 and 2016 was $17.8 million and $17.3 million, respectively. At December 31, 2017 and 2016, $0.5 million and $0.4 million, respectively, is included in prepaid expenses and other current assets, and $17.3 million and $16.8 million, respectively, is included in other assets, net.

12

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Future maturities of the City Bonds, excluding the discount, for the years ending December 31 are summarized as follows:

(In thousands)
For the year ending December 31,
2018	$	475
2019	510
2020	550
2021	590
2022	635
Thereafter	17,760
Total	$	20,520

Intangible Assets

Intangible assets include customer relationships, favorable lease rates, development agreements, gaming license rights and trademarks.

Amortizing Intangible Assets

Customer relationships represent the value of repeat business associated with our customer loyalty programs. These intangible assets are being amortized on an accelerated method over their approximate useful life. Favorable lease rates represent the amount by which acquired lease rental rates are favorable to market terms. These favorable lease values are amortized over the remaining lease term, primarily on leasehold land interests, originally ranging in duration from 41 to 52 years. Development agreements are contracts between two parties establishing an agreement for development of a product or service. These agreements are amortized over the respective cash flow period of the related agreement.

Indefinite-Lived Intangible Assets

Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. These assets, considered indefinite-lived intangible assets, are not subject to amortization, but instead are subject to an annual impairment test, and between annual test dates in certain circumstances. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. License rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method.

Goodwill

Goodwill is an asset representing the future economic benefits arising from other assets in a business combination that are not individually identified and separately recognized. Goodwill is not subject to amortization, but it is subject to an annual impairment test and between annual test dates in certain circumstances.

We evaluate goodwill using a weighted average allocation of both the income and market approach models. The income approach is based upon a discounted cash flow method, whereas the market approach uses the guideline public company method. Specifically, the income approach focuses on the expected cash flow of the subject reporting unit, considering the available cash flow for a finite period of years. Available cash flow is defined as the amount of cash that could be distributed as a dividend without impairing the future profitability or operations of the reporting unit. The underlying premise of the income approach is that the value of goodwill can be measured by the present value of the net economic benefit to be received over the life of the reporting unit. The market approach focuses on comparing the reporting unit to selected reasonably similar (or "guideline") publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of our reporting unit relative to the selected guideline companies; and (iii) applied to the operating data of our reporting unit to arrive at an indication of value. The application of the market approach results in an estimate of the price reasonably expected to be realized from the sale of the subject reporting unit.

Player Loyalty Point Program

We have established promotional programs to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food

13

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

and beverage, and other free goods and services. We record points earned based on the value of a point that can be redeemed for a hotel room, food & beverage or other items. The player loyalty point program accrual is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, for food & beverage or for other amenities and is included in accrued liabilities on our consolidated balance sheets.

Long-Term Debt, Net

Long-term debt, net is reported as the outstanding debt amount net of amortized cost. Any unamortized debt issuance costs, which include legal and other direct costs related to the issuance of our outstanding debt, or discount granted to the initial purchasers or lenders upon issuance of our debt instruments is recorded as a direct reduction to the face amount of our outstanding debt. The debt issuance costs and discount are accreted to interest expense using the effective interest method over the contractual term of the underlying debt. In the event that our debt is modified, repurchased or otherwise reduced prior to its original maturity date, we ratably reduce the unamortized debt issuance costs and discount and record a loss on extinguishment of debt.

Income Taxes

Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence it is more likely than not that such assets will not be realized. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. Accordingly, the need to establish valuation allowances for deferred tax assets is continually assessed based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of profitability, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified.

Other Long-Term Tax Liabilities

The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.

Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement.

Tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period that they meet the "more likely than not" standard. If it is subsequently determined that a previously recognized tax position no longer meets the "more likely than not" standard, it is required that the tax position is derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. Accrued interest and penalties are included in other long-term tax liabilities on the balance sheet.

Self-Insurance Reserves

We are self-insured for various insurance coverages such as property, general liability, employee health and workers' compensation costs with the appropriate levels of deductibles and retentions. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not yet reported. In estimating these accruals, we consider historical loss experience and make judgments about the expected levels of costs per claim. Management believes the estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity and other factors could materially affect the estimate for these liabilities. Certain of these claims represent obligations to make future payments; and therefore, we discount such reserves to an amount representing the present value of the claims which will be paid in the future using a blended rate, which represents the inherent risk and the average payout duration. Self-insurance reserves are included in other liabilities on our consolidated balance sheets.

14

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The activity comprising our self-insurance reserves is as follows:

	Year Ended December 31,
(In thousands)	2017			2016			2015
Beginning balance	$	31,022		$	30,068		$	33,004
Additions
Charged to costs and expenses	84,209			79,685			80,311
Due to acquisitions	—			14			—
Payments made	(81,236		)	(78,745		)	(83,247		)
Ending balance	$	33,995		$	31,022		$	30,068

Accumulated Other Comprehensive Income (Loss)

Comprehensive income includes net income and other comprehensive income (loss). Components of the Company's comprehensive income are reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of comprehensive income. The accumulated other comprehensive income (loss) at December 31, 2017, consists of unrealized gains and losses on the investment available for sale resulting from changes in fair value.

Noncontrolling Interest

Noncontrolling interest represented the ownership interest in one of our subsidiaries that was held by a third party. During 2017, the joint venture in which we held an 80% interest was dissolved, thus eliminating our noncontrolling interest.

Revenue Recognition

The Company’s revenue contracts with customers consist of gaming wagers, hotel room sales, food & beverage offerings and other amenity transactions. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gaming revenues. The transaction price for hotel, food & beverage and other contracts is the net amount collected from the customer for such goods and services. Hotel, food & beverage and other services have been determined to be separate, stand-alone performance obligations and the transaction price for such contracts is recorded as revenue as the good or service is transferred to the customer over their stay at the hotel, when the delivery is made for the food & beverage or when the service is provided for other amenity transactions.

Gaming wager contracts involve two performance obligations for those customers earning points under the Company’s player loyalty programs and a single performance obligation for customers who do not participate in the programs. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the loyalty point contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a point that can be redeemed for a hotel room stay, food & beverage or other amenities. Sales and usage-based taxes are excluded from revenues. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers is recognized when the wagers occur as all such wagers settle immediately. The loyalty point contract liability amount is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, food & beverage or other amenities and such goods or services are delivered to the customer. See Note 6, Accrued Liabilities, for the balance outstanding related to player loyalty programs.

The Company collects advanced deposits from hotel customers for future reservations representing obligations of the Company until the hotel room stay is provided to the customer. See Note 6, Accrued Liabilities, for the balance outstanding related to advance deposits.

15

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The Company's outstanding chip liability represents the amounts owned in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. See Note 6, Accrued Liabilities, for the balance outstanding related to the chip liability.

The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our slot bonus program such as cash and the estimated retail value of goods and services (such as complimentary rooms and food & beverages). We reward customers, through the use of bonus programs, with points based on amounts wagered that can be redeemed for a specified period of time for complimentary slot play, food & beverage, and to a lesser extent for other goods or services, depending upon the property.

The estimated retail value related to goods and services provided to guests without charge or upon redemption of points under our player loyalty programs, included in departmental revenues, and therefore reducing our gaming revenues, are as follows:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Food and beverage	$	171,904	$	147,494	$	151,407
Room	76,565		75,647		77,678
Other	10,900		11,076		11,320

Gaming Taxes

We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the consolidated statements of operations. These taxes totaled approximately $324.5 million, $321.7 million and $332.1 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Advertising Expense

Direct advertising costs are expensed the first time such advertising appears. Advertising costs are included in selling, general and administrative expenses on the consolidated statements of operations and totaled $29.9 million, $32.3 million and $33.4 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Corporate Expense

Corporate expense represents unallocated payroll, professional fees, aircraft costs and various other expenses that are not directly related to our casino hotel operations.

Project Development, Preopening and Writedowns

Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred and do not qualify as capital costs; and (iii) asset write-downs.

Share-Based Compensation

Share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The requisite service period can be impacted by the provisions of the Company’s stock compensation programs that provide for automatic vesting acceleration upon retirement (including as a result of death or disability) for those long-service participants achieving defined age and years of service criteria. These acceleration provisions do not apply to stock grants and awards issued within six months of the employee’s retirement. Compensation costs related to stock option awards are calculated based on the fair value of each major option grant on the date of the grant using the Black-Scholes option pricing model, which requires the following assumptions: expected stock price volatility, risk-free interest rates, expected option lives and dividend yields. We formed our assumptions using historical experience and observable market conditions.

16

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The Company did not issue any stock option grants in 2017. The following table discloses the weighted-average assumptions used in estimating the fair value of our significant stock option grants and awards in prior years:

	Year Ended December 31,
	2016			2015
Expected stock price volatility	46.62		%	49.06		%
Risk-free interest rate	1.39		%	1.59		%
Expected option life (in years)	5.4			5.3
Estimated fair value per share	$	7.67		$	9.06

Net Income per Share

Basic net income per share is computed by dividing net income applicable to Boyd Gaming Corporation stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options.

Concentration of Credit Risk

Financial instruments that subject us to credit risk consist of cash equivalents and accounts receivable.

Our policy is to limit the amount of credit exposure to any one financial institution, and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. We have bank deposits that may at times exceed federally-insured limits.

Concentration of credit risk, with respect to gaming receivables, is limited through our credit evaluation process. We issue markers to approved gaming customers only following credit checks and investigations of creditworthiness.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Change in Accounting Principle

In first quarter 2017, the Company adopted Accounting Standards Update 2016-09, Compensation - Stock Compensation ("Update 2016-09") which simplified several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Update 2016-09 requires excess tax benefits and deficiencies to be recorded in income tax expense instead of equity. The cumulative effect of this change in accounting principle is to record the benefit of previously unrecognized excess tax deductions as an increase in retained earnings of $15.8 million on the consolidated statement of changes in stockholders' equity for the year ended December 31, 2017. Additionally, for the year ended December 31, 2017, we recorded an excess tax benefit in our tax expense of approximately $1.5 million. We anticipate recording excess tax benefits as a component of tax expense will cause volatility in our future effective tax rate.

17

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Recently Adopted Accounting Pronouncements

Accounting Standards Update 2016-18, Statement of Cash Flows ("Update 2016-18")

In November 2016, the FASB issued Update 2016-18, which amends Accounting Standards Codification ("ASC") 230 to add or clarify the guidance on the classification and presentation of restricted cash in the statement of cash flows. Update 2016-18 requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. The Company adopted Update 2016-18 using the retrospective approach. We adjusted our consolidated statement of cash flows from amounts previously reported due to the adoption of Update 2016-18. The effects of adopting Update 2016-18 on our consolidated statement of cash flows were as follows:

	Year Ended December 31, 2017
(In thousands)	As Previously Reported		Adoption of Update 2016-18		As Adjusted
Net cash provided by operating activities	$	414,864	$	7,687	$	422,551
Cash, cash equivalents and restricted cash, beginning of period	$	193,862	$	16,488	$	210,350
Net increase (decrease) in cash, cash equivalents and restricted cash	9,242		7,687		16,929
Cash, cash equivalents and restricted cash, end of period	$	203,104	$	24,175	$	227,279

	Year Ended December 31, 2016
(In thousands)	As Previously Reported		Adoption of Update 2016-18			As Adjusted
Net cash provided by operating activities	$	302,881	$	(2,542	)	$	300,339
Cash, cash equivalents and restricted cash, beginning of period	$	158,821	$	19,030		$	177,851
Net increase (decrease) in cash, cash equivalents and restricted cash	35,041		(2,542		)	32,499
Cash, cash equivalents and restricted cash, end of period	$	193,862	$	16,488		$	210,350

	Year Ended December 31, 2015
(In thousands)	As Previously Reported		Adoption of Update 2016-18		As Adjusted
Net cash provided by operating activities	$	325,751	$	923	$	326,674
Cash, cash equivalents and restricted cash, beginning of period	$	145,341	$	18,107	$	163,448
Net increase (decrease) in cash, cash equivalents and restricted cash	13,480		923		14,403
Cash, cash equivalents and restricted cash, end of period	$	158,821	$	19,030	$	177,851

Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("Update 2014-09"); Accounting Standards Update 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date ("Update 2015-14" ); Accounting Standards Update 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("Update 2016-08"); Accounting Standards Update 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing ("Update 2016-10"); Accounting Standards Update 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815) - Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting ("Update 2016-11"); and Accounting Standards Update 2016-12, Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients ("Update 2016-12"); (collectively, the “Revenue Standard”)

The Revenue Standard prescribes a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The Company adopted the Revenue Standard by applying the full retrospective approach and has adjusted the prior periods presented.

The guidance changed the presentation of revenues as our historical presentation reflected revenues gross for goods and services provided to our customers as an inducement to play with us, with an offsetting reduction for promotional allowances to derive net revenues. Under the new guidance, revenues are allocated among our departmental classifications based on the relative standalone

18

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

selling prices of the goods and services provided to the customer. Our reporting of amounts paid to operators of wide area progressive games has changed as a result of the adoption of the Revenue Standard. We previously reported these payments as contra-revenues. Under the Revenue Standard, these payments are reported as an operating expense. The accounting for our frequent player programs was also impacted, with changes to the timing and/or classification of certain transactions between revenues and operating expenses.

The implementation of the Revenue Standard resulted in an increase to the player point liability due to the change in our accounting method for this liability from an estimated cost of redemption model to a deferred revenue model. As of the effective date of our adoption (January 1, 2015), the cumulative effect adjustment decreased beginning Retained earnings by $3.8 million (after tax), resulted in a deferred tax asset reduction of $2.4 million and increased Accrued liabilities by approximately $6.2 million on the consolidated balance sheet. The impact of this change in accounting for these programs is not expected to be material to any annual accounting period.

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated balance sheet as of December 31, 2017, are as follows:

	As of December 31, 2017
(In thousands)	As Previously Reported		Adoption of Revenue Standard			As Adjusted
Accrued liabilities	$	248,979	$	6,167		$	255,146
Deferred income taxes	89,075		(2,418		)	86,657
Retained earnings	168,174		(3,749		)	164,425

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated balance sheet as of December 31, 2016, are as follows:

	As of December 31, 2016
(In thousands)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Accrued liabilities	$	251,082		$	6,472		$	257,554
Deferred income taxes	83,980			(2,526		)	81,454
Accumulated deficit	(19,878		)	(3,946		)	(23,824		)

19

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2017, are as follows:

	Year Ended December 31, 2017
(In thousands, except per share data)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Revenues
Gaming	$	1,972,422		$	(232,154	)	$	1,740,268
Food and beverage	349,271			(2,892		)	346,379
Room	188,689			(1,894		)	186,795
Other	132,695			(5,318		)	127,377
Gross revenues	2,643,077			(242,258		)	2,400,819
Less promotional allowances	259,370			(259,370		)	—
Net revenues	2,383,707			17,112			2,400,819
Operating costs and expenses
Gaming	923,266			(163,654		)	759,612
Food and beverage	194,524			140,982			335,506
Room	52,196			32,992			85,188
Other	77,129			6,486			83,615
Selling, general and administrative	362,037			—			362,037
Maintenance and utilities	109,462			—			109,462
Depreciation and amortization	217,522			—			217,522
Corporate expense	88,148			—			88,148
Project development, preopening and writedowns	14,454			—			14,454
Impairments of assets	(426		)	—			(426		)
Other operating items, net	1,900			—			1,900
Total operating costs and expenses	2,040,212			16,806			2,057,018
Operating income	343,495			306			343,801
Other expense (income)
Interest income	(1,818		)	—			(1,818		)
Interest expense, net of amounts capitalized	173,108			—			173,108
Loss on early extinguishments and modifications of debt	1,582			—			1,582
Other, net	(184		)	—			(184		)
Total other expense, net	172,688			—			172,688
Income from continuing operations before income taxes	170,807			306			171,113
Income tax provision	(3,006		)	(109		)	(3,115		)
Income from continuing operations, net of tax	167,801			197			167,998
Income from discontinued operations, net of tax	21,392			—			21,392
Net income	$	189,193		$	197		$	189,390
Basic net income per common share
Continuing operations	$	1.46		$	—		$	1.46
Discontinued operations	0.19			—			0.19
Basic net income per common share	$	1.65		$	—		$	1.65
Weighted average basic shares outstanding	114,957			—			114,957
Diluted net income per common share
Continuing operations	$	1.45		$	—		$	1.45
Discontinued operations	0.19			—			0.19
Diluted net income per common share	$	1.64		$	—		$	1.64
Weighted average diluted shares outstanding	115,628			—			115,628

20

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2016, are as follows:

	Year Ended December 31, 2016
(In thousands, except per share data)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Revenues
Gaming	$	1,820,176		$	(209,783	)	$	1,610,393
Food and beverage	306,145			(3,440		)	302,705
Room	170,816			(1,425		)	169,391
Other	122,416			(5,646		)	116,770
Gross revenues	2,419,553			(220,294		)	2,199,259
Less promotional allowances	235,577			(235,577		)	—
Net revenues	2,183,976			15,283			2,199,259
Operating costs and expenses
Gaming	880,716			(155,638		)	725,078
Food and beverage	170,053			130,713			300,766
Room	44,245			33,489			77,734
Other	76,719			6,688			83,407
Selling, general and administrative	322,009			250			322,259
Maintenance and utilities	100,020			—			100,020
Depreciation and amortization	196,226			—			196,226
Corporate expense	72,668			—			72,668
Project development, preopening and writedowns	22,107			—			22,107
Impairments of assets	38,302			—			38,302
Other operating items, net	284			—			284
Total operating costs and expenses	1,923,349			15,502			1,938,851
Operating income	260,627			(219		)	260,408
Other expense (income)
Interest income	(2,961		)	—			(2,961		)
Interest expense, net of amounts capitalized	212,692			—			212,692
Loss on early extinguishments and modifications of debt	42,364			—			42,364
Other, net	545			—			545
Total other expense, net	252,640			—			252,640
Income from continuing operations before income taxes	7,987			(219		)	7,768
Income tax benefit	197,486			2,447			199,933
Income from continuing operations, net of tax	205,473			2,228			207,701
Income from discontinued operations, net of tax	212,530			—			212,530
Net income	$	418,003		$	2,228		$	420,231
Basic net income per common share
Continuing operations	$	1.79		$	0.02		$	1.81
Discontinued operations	1.86			—			1.86
Basic net income per common share	$	3.65		$	0.02		$	3.67
Weighted average basic shares outstanding	114,507			—			114,507
Diluted net income per common share
Continuing operations	$	1.78		$	0.02		$	1.80
Discontinued operations	1.85			—			1.85
Diluted net income per common share	$	3.63		$	0.02		$	3.65
Weighted average diluted shares outstanding	115,189			—			115,189

21

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2015, are as follows:

	Year Ended December 31, 2015
(In thousands, except per share data)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Revenues
Gaming	$	1,847,167		$	(215,990	)	$	1,631,177
Food and beverage	307,442			(3,656		)	303,786
Room	163,509			(1,261		)	162,248
Other	123,959			(6,339		)	117,620
Gross revenues	2,442,077			(227,246		)	2,214,831
Less promotional allowances	242,645			(242,645		)	—
Net revenues	2,199,432			15,399			2,214,831
Operating costs and expenses
Gaming	900,922			(160,899		)	740,023
Food and beverage	168,096			133,717			301,813
Room	41,298			35,605			76,903
Other	80,508			6,342			86,850
Selling, general and administrative	322,420			252			322,672
Maintenance and utilities	104,548			—			104,548
Depreciation and amortization	207,118			—			207,118
Corporate expense	76,941			—			76,941
Project development, preopening and writedowns	6,907			—			6,907
Impairments of assets	18,565			—			18,565
Other operating items, net	907			—			907
Total operating costs and expenses	1,928,230			15,017			1,943,247
Operating income	271,202			382			271,584
Other expense (income)
Interest income	(1,858		)	—			(1,858		)
Interest expense, net of amounts capitalized	224,590			—			224,590
Loss on early extinguishments and modifications of debt	40,733			—			40,733
Other, net	3,676			—			3,676
Total other expense, net	267,141			—			267,141
Income from continuing operations before income taxes	4,061			382			4,443
Income tax benefit	6,634			(9		)	6,625
Income from continuing operations, net of tax	10,695			373			11,068
Income from discontinued operations, net of tax	36,539			—			36,539
Net income	$	47,234		$	373		$	47,607
Basic net income per common share
Continuing operations	$	0.10		$	—		$	0.10
Discontinued operations	0.32			—			0.32
Basic net income per common share	$	0.42		$	—		$	0.42
Weighted average basic shares outstanding	112,789			—			112,789
Diluted net income per common share
Continuing operations	$	0.10		$	—		$	0.10
Discontinued operations	0.32			—			0.32
Diluted net income per common share	$	0.42		$	—		$	0.42
Weighted average diluted shares outstanding	113,676			—			113,676

22

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2017, are as follows:

	Year Ended December 31, 2017
(In thousands)	As Previously Reported		Adoption of Revenue Standard			As Adjusted
Net income	$	189,193	$	197		$	189,390
Deferred income taxes	5,095		108			5,203
Accounts payable and accrued liabilities	13,521		(305		)	13,216
Net cash provided by operating activities	414,864		—			414,864

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2016, are as follows:

	Year Ended December 31, 2016
(In thousands)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Net income	$	418,003		$	2,228		$	420,231
Deferred income taxes	(199,051		)	(2,447		)	(201,498		)
Accounts payable and accrued liabilities	(11,824		)	219			(11,605		)
Net cash provided by operating activities	302,881			—			302,881

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2015, are as follows:

	Year Ended December 31, 2015
(In thousands)	As Previously Reported		Adoption of Revenue Standard			As Adjusted
Net income	$	47,234	$	373		$	47,607
Deferred income taxes	16,846		9			16,855
Accounts payable and accrued liabilities	13,207		(382		)	12,825
Net cash provided by operating activities	325,751		—			325,751

Recently Issued Accounting Pronouncements

Accounting Standards Update 2017-09, Compensation-Stock Compensation ("Update 2017-09")

In May 2017, the Financial Accounting Standards Board ("FASB") issued Update 2017-09, which amends the scope of modification accounting for share-based payment arrangements. An entity should account for the effects of a modification unless the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The standard is effective for the financial statements issued for annual periods and interim periods within those annual periods, beginning after December 15, 2017, and early adoption is permitted. The Company adopted Update 2017-09 during second quarter 2017. The early adoption did not have a material impact on our consolidated financial statements.

Accounting Standards Update 2017-04, Intangibles-Goodwill and Other ("Update 2017-04")

In January 2017, the FASB issued Update 2017-04, which addresses goodwill impairment testing. Instead of determining goodwill impairment by calculating the implied fair value of goodwill, an entity should perform goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods, beginning after December 15, 2019, and early adoption is permitted. The Company adopted Update 2017-04 effective January 1, 2017. The early adoption did not have an impact on our consolidated financial statements.

Accounting Standards Update 2016-17, Consolidation ("Update 2016-17")

In October 2016, the FASB issued Update 2016-17, which amends the guidance on related parties that are under common control.

23

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The ASU provides guidance on a single decision maker does not consider indirect interest held through related parties as equivalent to direct interests in determining whether it meets the economics criterion to be a primary beneficiary. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company determined that the impact of the new standard on its consolidated financial statements will not be material.

Accounting Standards Update 2016-16, Income Taxes ("Update 2016-16")

In October 2016, the FASB issued Update 2016-16, which addresses the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted. The Company is evaluating the impact of the new standard on its consolidated financial statements. The Company determined that the impact of the new standard on its consolidated financial statements will not be material.

Accounting Standards Update 2016-15, Statement of Cash Flows ("Update 2016-15")

In August 2016, the FASB issued Update 2016-15, which amends the guidance on the classification of certain cash receipts and payments in the statement of cash flows. The Accounting Standards Update ("ASU") is intended to reduce the lack of consistent principles on certain classifications such as debt prepayment, debt extinguishment costs, distributions, insurance claims and beneficial interest in securitization transactions. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company is evaluating the impact of the adoption of Update 2016-15 to the consolidated financial statements.

Accounting Standards Update 2016-13, Financial Instruments-Credit Losses ("Update 2016-13")

In June 2016, the FASB issued Update 2016-13, which amends the guidance on the impairment of financial instruments. Update 2016-13 adds to GAAP an impairment model (known as the current expected credit loss ("CECL") model) that is based on expected losses rather than incurred losses. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2019, and early adoption is permitted. The Company is evaluating the impact of the adoption of Update 2016-13 to the consolidated financial statements.

Accounting Standards Update 2016-02, Leases ("Update 2016-02")

In February 2016, the FASB issued Update 2016-02 which requires the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2018, and early adoption is permitted. The Company is evaluating the impact of the adoption of Update 2016-02 to the consolidated financial statements.

A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our consolidated financial statements.

NOTE 2.    ACQUISITIONS AND DIVESTITURES

Cannery Casino Hotel and Nevada Palace, LLC

On December 20, 2016 (the "Acquisition Date"), Boyd Gaming completed the acquisitions of Cannery, the owner and operator of Cannery Casino Hotel, and Nevada Palace, LLC, the owner and operator of Eastside Cannery Casino and Hotel, pursuant to a Membership Interest Purchase Agreement (the “Purchase Agreement”) dated as of April 25, 2016, as amended on October 28, 2016, by and among Boyd, Cannery Casino Resorts, LLC (“Seller”), Cannery and Eastside Cannery.

Pursuant to the terms of the Purchase Agreement, Boyd acquired from Seller all of the issued and outstanding membership interests of Cannery and Eastside Cannery (the “Acquisitions”). With the closing of the Acquisitions, each of Cannery and Eastside Cannery became wholly owned subsidiaries of Boyd. Accordingly, the assets and liabilities of Cannery and Eastside Cannery are included in our consolidated balance sheets as of December 31, 2017 and 2016 and the results of their operations and cash flows in our consolidated statements of operations and cash flows, respectively, for the year ended December 31, 2017 and the period from December 20, 2016 through December 31, 2016. The Cannery and Eastside Cannery are modern casinos and hotels in the Las Vegas Valley that offer premium accommodations, gaming, dining, entertainment and retail, and are aggregated into our Las Vegas Locals segment (See Note 1, Summary of Significant Accounting Policies.) The net purchase price was $228.2 million.

24

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The fair value of the consideration transferred to the Seller on the Acquisition Date included the purchase price of the net assets transferred. The total gross consideration was $238.6 million. In addition, the Purchase Agreement provided for a working capital adjustment to the purchase consideration. This adjustment was calculated during second quarter 2017 and paid during the third quarter, resulting in an additional $1.2 million being paid to Seller.

Acquisition Method of Accounting

The Company followed the acquisition method of accounting according to the guidance of FASB Accounting Standards Codification Topic 805 ("ASC 805"). For purposes of these financial statements, we have allocated the purchase price to the assets acquired and the liabilities assumed based on their fair values, as determined by management based on its judgment with assistance from third-party appraisals. The excess of the purchase price over the fair value of the assets acquired and liabilities assumed has been recorded as goodwill. The purchase price allocation below represents the opening balance sheet on December 20, 2016, which was initially reported in our Form 10-K for the year ended December 31, 2016. During the measurement period, which concluded on September 30, 2017, opening balance sheet adjustments were made to finalize the preliminary fair value estimates, resulting in a $62.5 million reduction in acquired assets, primarily related to a $56.7 million reduction in property and equipment, and a $5.0 million reduction in assumed liabilities with a corresponding increase to goodwill of $58.7 million. The property and equipment adjustment resulted in a depreciation expense reduction of $2.5 million for the year ended December 31, 2017. The measurement period adjustment and the related tax impact were immaterial to our consolidated financial statements.

The following table summarizes the components and allocation of the purchase price, including the measurement period adjustments:

(In thousands)	Preliminary Purchase Price Allocation		Adjustments			Final Purchase Price Allocation
Current assets	$	29,929	$	(8,345	)	$	21,584
Property and equipment	181,757		(56,675		)	125,082
Other long-term assets	—		3,419			3,419
Intangible and other assets	16,330		(880		)	15,450
Total acquired assets	228,016		(62,481		)	165,535
Current liabilities	15,850		(4,984		)	10,866
Total liabilities assumed	15,850		(4,984		)	10,866
Net identifiable assets acquired	212,166		(57,497		)	154,669
Goodwill	26,401		58,651			85,052
Net assets acquired	$	238,567	$	1,154		$	239,721

The following table summarizes the values assigned to acquired property and equipment and estimated useful lives:

(In thousands)	Useful Lives	As Recorded
Land		$	7,870
Buildings and improvements	10 - 40 years	107,268
Furniture and equipment	3 - 7 years	9,820
Construction in progress		124
Property and equipment acquired		$	125,082

The goodwill was assigned to the Las Vegas Locals reportable segment. All of the goodwill is expected to be deductible for income tax purposes.

The Company recognized $1.1 million and $10.5 million of acquisition related costs that were expensed for the year ended December 31, 2017 and 2016, respectively. These costs are included in the consolidated statements of operations in the line item entitled "Project development, preopening and writedowns".

25

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Aliante Casino + Hotel + Spa

On September 27, 2016, Boyd Gaming completed the acquisition of ALST Casino Holdco LLC, the holding company of Aliante Casino + Hotel + Spa ("Aliante"). Pursuant to the Merger Agreement, Merger Sub merged with and into ALST (the "Merger"), with ALST surviving the Merger. ALST and Aliante are now wholly owned subsidiaries of Boyd Gaming. Accordingly, the acquired assets and liabilities of Aliante are included in our consolidated balance sheets as of December 31, 2017 and 2016 and the results of its operations and cash flows in our consolidated statements of operations and cash flows, respectively, for the year ended December 31, 2017 and the period from September 27, 2016 through December 31, 2016. Aliante is an upscale, resort-style casino and hotel situated in North Las Vegas offering premium accommodations, gaming, dining, entertainment and retail, and is aggregated into our Las Vegas Locals segment (See Note 1, Summary of Significant Accounting Policies.) The net purchase price was $372.3 million.

The fair value of the consideration transferred on the acquisition date included the purchase price of the net assets transferred. The total gross consideration was $399.1 million.

Acquisition Method of Accounting

The Company followed the acquisition method of accounting per ASC 805 guidance. In accordance with ASC 805, the Company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their fair values, which were determined primarily by management with assistance from third-party appraisals. The excess of the purchase price over those fair values was recorded as goodwill. The purchase price allocation below represents Aliante’s opening balance sheet on September 27, 2016, which was initially reported in our Form 10−K for the year ended December 31, 2016. During the measurement period, which concluded on June 30, 2017, opening balance sheet adjustments were made to finalize the preliminary fair value estimates, resulting in a $2.6 million reduction in other assets, primarily related to base stock, a $0.8 million reduction in property and equipment and a $0.4 million increase in assumed liabilities, with a corresponding net increase to goodwill of $3.8 million. The measurement period adjustment and the related tax impact were immaterial to our consolidated financial statements.

The following table presents the components and allocation of the purchase price, including the measurement period adjustments:

(In thousands)	Preliminary Purchase Price Allocation		Adjustments			Final Purchase Price Allocation
Current assets	$	31,886	$	—		$	31,886
Property and equipment	226,309		(760		)	225,549
Intangible and other assets	20,791		(2,643		)	18,148
Total acquired assets	278,986		(3,403		)	275,583
Current liabilities	5,693		515			6,208
Other liabilities	636		(83		)	553
Total liabilities assumed	6,329		432			6,761
Net identifiable assets acquired	272,657		(3,835		)	268,822
Goodwill	126,489		3,835			130,324
Net assets acquired	$	399,146	$	—		$	399,146

26

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The following table summarizes the values assigned to acquired property and equipment and estimated useful lives:

(In thousands)	Useful Lives	As Recorded
Land		$	16,680
Buildings and improvements	10 - 45 years	200,770
Furniture and equipment	3 - 7 years	8,099
Property and equipment acquired		$	225,549

All of the goodwill was assigned to the Las Vegas Locals reportable segment. All of the goodwill is expected to be deductible for income tax purposes.

The Company recognized $1.0 million and $2.2 million of acquisition related costs that were expensed for the year ended December 31, 2017 and 2016, respectively. These costs are included in the consolidated statements of operations in the line item entitled "Project development, preopening and writedowns".

We have not provided the amount of revenue and earnings included in our consolidated financial results from the Aliante or Cannery acquisitions for the period subsequent to their respective acquisitions as such amounts are not material for the twelve months ended December 31, 2016.

Announced Acquisitions

On December 18, 2017, Boyd Gaming announced that it had entered into a definitive agreement to acquire Ameristar Casino Kansas City, LLC ("Ameristar Kansas City"), the owner and operator of Ameristar Casino Hotel Kansas City; Ameristar Casino St. Charles, LLC ("Ameristar St. Charles"), the owner and operator of Ameristar Casino Resort Spa St. Charles; Belterra Resort Indiana LLC ("Belterra"), the owner and operator of Belterra Casino Resort located in Florence, Indiana; and PNK (Ohio) LLC (“Belterra Park”), the owner and operator of Belterra Park, located in Cincinnati, Ohio. Ameristar Kansas City, Ameristar St. Charles, Belterra and Belterra Park are collectively referred to as the "Companies".

Boyd Gaming will acquire the Companies pursuant to a Membership Interest Purchase Agreement (the "Penn National Purchase Agreement"), made and entered into on December 17, 2017 (the "Agreement Date"), by and among Boyd, Boyd TCIV, LLC, a wholly owned subsidiary of Boyd ("Boyd Sub"), Penn National Gaming, Inc. ("Penn"), and, solely following the execution and delivery of a joinder to the Penn National Purchase Agreement, Pinnacle Entertainment, Inc. ("Pinnacle Entertainment") and its wholly owned subsidiary, Pinnacle MLS, LLC (collectively with Pinnacle Entertainment, "Pinnacle"). The Penn National Purchase Agreement provides that, pursuant to the terms and subject to the conditions set forth therein, Boyd will acquire from Pinnacle all of the issued and outstanding membership interests of the Companies as well as certain other assets (and assume certain other liabilities) of Pinnacle related to the Companies (collectively, the "Pending Acquisitions"), such that following the Pending Acquisitions, each of the Companies will be a wholly owned subsidiary of Boyd.

The Pending Acquisitions will occur substantially concurrently with the acquisition of Pinnacle Entertainment by Penn (the "Merger") pursuant to the Merger Agreement (the "Merger Agreement"), dated the Agreement Date, by and among Pinnacle Entertainment, Penn and Franchise Merger Sub, Inc., a wholly owned subsidiary of Penn.

Upon the terms and subject to the conditions of the Purchase Agreement, Boyd will acquire the Companies for total cash consideration of approximately $575.0 million, subject to adjustments based on (a) the adjusted 2017 EBITDA of each Company (as determined subsequent to the Agreement Date), and (b) working capital, cash and indebtedness of the Companies at closing and transaction expenses.

In addition, on the Agreement Date, Boyd entered into a Master Lease Commitment and Rent Allocation Agreement (the "Lease Commitment Agreement") by and among Boyd, Boyd Sub, Penn, Gaming and Leisure Properties, Inc. ("GLPI Parent") and Gold Merger Sub, LLC, a wholly owned subsidiary of GLPI Parent (collectively with GLPI Parent, "GLPI"), pursuant to which, among other things, concurrently with the consummation of the Pending Acquisitions, Boyd will enter into a new Master Lease with GLPI, under which Boyd will lease the real estate, improvements and fixtures owned by GLPI that are associated with the Companies and currently leased to Pinnacle (the "Master Lease"). The Lease Commitment Agreement also sets forth the manner in which rent will be calculated for the purposes of the Master Lease. GLPI’s commitment to enter into the Master Lease is subject to certain conditions, including that the conditions to the Merger under the Merger Agreement and the conditions to the Pending Acquisitions under the Penn National Purchase Agreement have been satisfied or waived, and that the sale of Belterra Park’s real property to

27

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

GLPI has been consummated, as contemplated by a purchase agreement between Penn and GLPI (and, upon the execution of a joinder, Belterra Park) entered into on the Agreement Date.

The completion of the Pending Acquisitions is subject to the effectiveness of the Master Lease and the consummation of the Merger, and the receipt of all required regulatory approvals, as well as customary conditions, including, among others, approval by Missouri, Ohio and Indiana gaming authorities and the acceptance or approval by the Federal Trade Commission. In addition, the Penn National Purchase is also contingent upon the successful completion of Penn National’s proposed acquisition of Pinnacle Entertainment, Inc. Subject to the satisfaction or waiver of conditions in the Penn National Purchase Agreement, Boyd currently expects the transaction to close in the second half of 2018.

The Penn National Purchase Agreement contains certain termination rights for Boyd Gaming, and the other parties thereto, and could result in a reverse termination fee payment of up to $58.0 million in certain circumstances.

On December 20, 2017, Boyd Gaming announced that it had entered into a definitive agreement to acquire Valley Forge Convention Center Partners, L.P. ("Valley Forge"), the owner and operator of Valley Forge Casino Resort in King of Prussia, Pennsylvania.

Boyd will acquire Valley Forge pursuant to an Agreement and Plan of Merger, made and entered into on December 20, 2017 (the "Valley Forge Merger Agreement"), by and among Boyd, Boyd TCV, LP, a Pennsylvania limited partnership and a wholly owned subsidiary of Boyd ("Boyd TCV"), Valley Forge, and VFCCP SR LLC, a Pennsylvania limited liability company, solely in its capacity as the representative of Valley Forge’s limited partners. The Valley Forge Merger Agreement provides that, pursuant to the terms and subject to the conditions set forth therein, Boyd TCV will be merged with and into Valley Forge (the "Merger"), following which Valley Forge will be the surviving entity and a wholly owned subsidiary of Boyd.

Upon the terms and subject to the conditions of the Valley Forge Merger Agreement, Boyd will acquire Valley Forge for cash consideration of approximately $280.5 million, subject to adjustment based on working capital, cash and indebtedness of Valley Forge at closing and transaction expenses.

The completion of the Merger is subject to customary conditions, including the receipt of all required regulatory approvals, including, among others, approval by the Pennsylvania Gaming Control Board and the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Subject to the satisfaction or waiver of conditions in the Valley Forge Merger Agreement, Boyd currently expects the transaction to close in the third quarter of 2018.

Investment in and Divestiture of Borgata

On August 1, 2016, Boyd Gaming completed the sale of its 50% equity interest in Marina District Development Holding Company, LLC ("MDDHC"), the parent company of Borgata, to MGM, pursuant to an Equity Purchase Agreement ("Purchase Agreement") entered into on May 31, 2016, as amended on July 19, 2016, by and among Boyd, Boyd Atlantic City, Inc., a wholly-owned subsidiary of Boyd ("Seller"), and MGM. Pursuant to the Purchase Agreement, MGM acquired from Boyd Gaming 49% of its 50% membership interest in MDDHC and, immediately thereafter, MDDHC redeemed Boyd Gaming’s remaining 1% membership interest in MDDHC (collectively, the "Transaction"). Following the Transaction, MDDHC became a wholly owned subsidiary of MGM.

In consideration for the Transaction, MGM paid Boyd Gaming $900 million. The initial net cash proceeds were approximately $589 million, net of certain expenses and adjustments on the closing date, including outstanding indebtedness, cash and working capital. The after-tax gain on the sale of Borgata was $181.7 million and is included in discontinued operations in the year ended December 31, 2016. The initial proceeds did not include our 50% share of any future property tax settlement benefits, from the time period during which we held a 50% ownership in MDDHC, to which Boyd Gaming retained the right to receive upon payment. During 2016, we recognized $9.1 million in income, which is included in discontinued operations, for the cash we received for our share of property tax benefits realized by Borgata subsequent to the closing of the sale. On February 15, 2017, Borgata announced that it had entered into a settlement agreement under which it would receive payments totaling $72 million to resolve the property tax issues. Borgata received full payment, and we received our share of the proceeds, in June 2017. For the year ended December 31, 2017, we recognized $36.2 million in income for the cash we received for our share of property tax benefits realized by Borgata after the closing of the sale. These proceeds, net of tax of $14.8 million for the year ended December 31, 2017, are included in discontinued operations in the consolidated financial statements.

28

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

We accounted for our investment in Borgata applying the equity method, through the date of the sale, and, as a result of the sale, we reported the results as discontinued operations for all periods presented in these consolidated financial statements.

The Borgata results presented have not been recast and therefore do not reflect the impact of the adoption of the Revenue Standard.

The table below summarizes the results of operations information for periods prior to the date of divestiture:

	Seven Months Ended		Twelve Months Ended
(In thousands)	July 31, 2016		December 31, 2015
Net revenues	$	485,510	$	804,166
Operating expenses	366,812		657,324
Operating income	118,698		146,842
Interest expense	26,378		59,681
Loss on early extinguishments of debt	1,628		18,895
State income tax expense (benefit)	8,274		(3,731		)
Net income	$	82,418	$	71,997

NOTE 3.    PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

	December 31,
(In thousands)	2017		2016
Land	$	294,533	$	251,316
Buildings and improvements	2,935,539		2,915,664
Furniture and equipment	1,311,704		1,243,724
Riverboats and barges	238,926		239,264
Construction in progress	59,538		86,226
Other	—		726
Total property and equipment	4,840,240		4,736,920
Less accumulated depreciation	2,300,454		2,131,751
Property and equipment, net	$	2,539,786	$	2,605,169

Construction in progress primarily relates to costs capitalized in conjunction with major improvements that have not yet been placed into service, and accordingly, such costs are not currently being depreciated. Other property and equipment relates to the estimated net realizable value of construction materials inventory that was not disposed of with the sale of the Echelon project in 2013. Such assets are not in service and are not currently being depreciated.

Depreciation expense for the years ended December 31, 2017, 2016 and 2015 was $199.3 million, $179.6 million and $179.9 million, respectively.

29

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

NOTE 4.    INTANGIBLE ASSETS

Intangible assets consist of the following:

	December 31, 2017
	Weighted	Gross					Cumulative
	Average Life	Carrying		Cumulative			Impairment			Intangible
(In thousands)	Remaining	Value		Amortization			Losses			Assets, Net
Amortizing intangibles:
Customer relationships	5.2 years	$	9,400	$	(3,470	)	$	—		$	5,930
Favorable lease rates	38.0 years	11,730		(3,075		)	—			8,655
Development agreement	—	21,373		—			—			21,373
		42,503		(6,545		)	—			35,958
Indefinite lived intangible assets:
Trademarks	Indefinite	151,887		—			(4,300		)	147,587
Gaming license rights	Indefinite	873,335		(33,960		)	(179,974		)	659,401
		1,025,222		(33,960		)	(184,274		)	806,988
Balance, December 31, 2017		$	1,067,725	$	(40,505	)	$	(184,274	)	$	842,946

	December 31, 2016
	Weighted	Gross					Cumulative
	Average Life	Carrying		Cumulative			Impairment			Intangible
(In thousands)	Remaining	Value		Amortization			Losses			Assets, Net
Amortizing intangibles:
Customer relationships	1.1 years	$	144,780	$	(125,318	)	$	—		$	19,462
Favorable lease rates	31.4 years	45,370		(13,039		)	—			32,331
Development agreement	—	21,373		—			—			21,373
		211,523		(138,357		)	—			73,166
Indefinite lived intangible assets:
Trademarks	Indefinite	153,687		—			(4,300		)	149,387
Gaming license rights	Indefinite	873,335		(33,960		)	(179,974		)	659,401
		1,027,022		(33,960		)	(184,274		)	808,788
Balance, December 31, 2016		$	1,238,545	$	(172,317	)	$	(184,274	)	$	881,954

Amortizing Intangible Assets

Customer Relationships

Customer relationships represent the value of repeat business associated with our customer loyalty programs. The value of customer relationships is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to these customers, discounted to present value at a risk-adjusted rate of return. With respect to the application of this methodology, we used the following significant projections and assumptions: revenue of our rated customers, based on expected level of play; promotional allowances provided to these existing customers; attrition rate related to these customers; operating expenses; general and administrative expenses; trademark expense; discount rate; and the present value of tax benefit.

Favorable Lease Rates

Favorable lease rates represent the rental rates for assumed land leases that are favorable to comparable market rates. The fair value is determined on a technique whereby the difference between the lease rate and the then current market rate for the remaining contractual term is discounted to present value. The assumptions underlying this computation include the actual lease rates, the

30

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

expected remaining lease term, including renewal options, based on the existing lease; current rates of rent for leases on comparable properties with similar terms obtained from market data and analysis; and an assumed discount rate. The estimates underlying the result covered a term of 41 to 52 years.

Development Agreement

Development agreement is an acquired contract with a Native American tribe (the "Tribe") under which the Company has the right to assist the Tribe in the development and management of a gaming facility on the Tribe's land. This asset although amortizable, is not amortized until development is completed. We are in the process of finalizing project design and construction planning. In the interim, this asset is subject to periodic impairment reviews.

Indefinite Lived Intangible Assets

Trademarks

Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademark, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible value of our ownership of the trade name. We used the following significant projections and assumptions to determine value under the relief from royalty method: revenue from gaming and hotel activities; royalty rate; tax expense; terminal growth rate; discount rate; and the present value of tax benefit.

Gaming License Rights

Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. In the majority of cases, the value of our gaming licenses is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to future gaming revenue, discounted to present value at a risk-adjusted rate of return. With respect to the application of this methodology, we used the following significant projections and assumptions: gaming revenues; gaming operating expenses; general and administrative expenses; tax expense; terminal value; and discount rate. In two instances, we determine the value of our gaming licenses by applying a cost approach. Our primary consideration in the application of this methodology is the initial statutory fee associated with acquiring a gaming license in the jurisdiction.

Activity for the Years Ended December 31, 2017, 2016 and 2015

The following table sets forth the changes in these intangible assets:

(In thousands)	Customer Relationships			Favorable Lease Rates			Development Agreements		Trademarks			Gaming License Rights			Intangible Assets, Net
Balance, January 1, 2015	$	51,958		$	34,414		$	21,373	$	126,001		$	700,503		$	934,249
Additions	—			—			—		—			—			—
Impairments	—			—			—		—			(17,502		)	(17,502		)
Amortization	(25,652		)	(1,041		)	—		—			—			(26,693		)
Balance, December 31, 2015	26,306			33,373			21,373		126,001			683,001			890,054
Additions	8,480			—			—		24,200			—			32,680
Impairments	—			—			—		(800		)	(23,600		)	(24,400		)
Amortization	(15,324		)	(1,042		)	—		—			—			(16,366		)
Other	—			—			—		(14		)	—			(14		)
Balance, December 31, 2016	19,462			32,331			21,373		149,387			659,401			881,954
Additions	—			—			—		—			—			—
Purchase price adjustment	920			—			—		(1,800		)	—			(880		)
Impairments	—			—			—		—			—			—
Amortization	(14,452		)	(228		)	—		—			—			(14,680		)
Other	—			(23,448		)	—		—			—			(23,448		)
Balance, December 31, 2017	$	5,930		$	8,655		$	21,373	$	147,587		$	659,401		$	842,946

31

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

In March 2017, The Orleans Hotel and Casino exercised an option in its lease agreement to terminate the existing lease and purchase the land subject to the lease therefore combining the remaining unamortized favorable lease rate asset into the cost of the land asset.

Future Amortization

Customer relationships are being amortized on an accelerated basis over an estimated life of five years. Favorable lease rates are being amortized on a straight-line basis over a weighted-average original useful life of 38.0 years. Future amortization is as follows:

(In thousands)	Customer Relationships		Favorable Lease Rates		Total
For the year ending December 31,
2018	$	2,291	$	228	$	2,519
2019	1,634		228		1,862
2020	1,043		228		1,271
2021	511		228		739
2022	271		228		499
Thereafter	180		7,515		7,695
Total future amortization	$	5,930	$	8,655	$	14,585

Trademarks and gaming license rights are not subject to amortization, as we have determined that they have an indefinite useful life; however, these assets are subject to an annual impairment test each year and between annual test dates in certain circumstances.

Impairment Considerations

As a result of our annual impairment testing in the fourth quarter of 2017, there were no impairment charges recognized.

During the year ended 2016, we recognized non-cash impairment charges of $23.6 million of gaming licenses and $0.8 million of trademarks in our Midwest and South segment. These amounts are included in impairments of assets in the consolidated statements of operations for the year ended December 31, 2016.

During the year ended 2015, we recognized non-cash impairment charges of $17.5 million of a gaming license in our Midwest and South segment. These amounts are included in impairments of assets in the consolidated statements of operations for the year ended December 31, 2015.

NOTE 5.     GOODWILL

Goodwill consists of the following:

(In thousands)	Gross Carrying Value		Cumulative Amortization			Cumulative Impairment Losses			Goodwill, Net
Goodwill, net by Reportable Segment:
Las Vegas Locals	$	593,567	$	—		$	(165,479	)	$	428,088
Downtown Las Vegas	6,997		(6,134		)	—			863
Midwest and South	471,735		—			(12,462		)	459,273
Balance, December 31, 2017	$	1,072,299	$	(6,134	)	$	(177,941	)	$	888,224

Changes in Goodwill

During the year ended December 31, 2017 and 2016, we recorded $61.7 million and $153.6 million of goodwill, respectively, in our Las Vegas Locals segment related to our acquisitions of Aliante on September 27, 2016 and Cannery and Eastside Cannery on December 20, 2016 as the acquisition accounting was finalized in the current year (see Note 2, Acquisitions and Divestitures).

Goodwill decreased approximately $12.5 million during 2016 due to an impairment in the Midwest and South segment.

32

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The following table sets forth the changes in our goodwill, net, during the years ended December 31, 2017, 2016 and 2015.

(In thousands)	Goodwill, Net
Balance, January 1, 2015	$	685,310
Additions	—
Impairments	—
Balance, December 31, 2015	685,310
Additions	153,628
Impairments	(12,462		)
Balance, December 31, 2016	826,476
Additions	—
Impairments	—
Final purchase price adjustment	61,748
Balance, December 31, 2017	$	888,224

NOTE 6.    ACCRUED LIABILITIES

Accrued liabilities consist of the following:

	December 31,
(In thousands)	2017		2016
Payroll and related expenses	$	70,724	$	68,102
Interest	19,858		33,407
Gaming liabilities	55,961		41,942
Player loyalty program liabilities	24,489		25,548
Advance deposits	18,922		16,999
Outstanding chip liability	4,928		4,553
Dividends payable	5,632		—
Other accrued liabilities	54,632		67,003
Total accrued liabilities	$	255,146	$	257,554

NOTE 7.    LONG-TERM DEBT

Long-term debt, net of current maturities and debt issuance costs consists of the following:

			December 31, 2017
	Interest							Unamortized
	Rates at		Outstanding		Unamortized			Origination			Long-Term
(In thousands)	Dec. 31, 2017		Principal		Discount			Fees and Costs			Debt, Net
Bank credit facility	3.882	%	$	1,621,054	$	(1,556	)	$	(23,795	)	$	1,595,703
6.875% senior notes due 2023	6.875	%	750,000		—			(9,455		)	740,545
6.375% senior notes due 2026	6.375	%	750,000		—			(10,872		)	739,128
Other	5.800	%	504		—			—			504
Total long-term debt			3,121,558		(1,556		)	(44,122		)	3,075,880
Less current maturities			23,981		—			—			23,981
Long-term debt, net			$	3,097,577	$	(1,556	)	$	(44,122	)	$	3,051,899

33

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

			December 31, 2016
	Interest							Unamortized
	Rates at		Outstanding		Unamortized			Origination			Long-Term
(In thousands)	Dec. 31, 2016		Principal		Discount			Fees and Costs			Debt, Net
Bank credit facility	3.440	%	$	1,782,538	$	(1,888	)	$	(28,503	)	$	1,752,147
6.875% senior notes due 2023	6.875	%	750,000		—			(11,209		)	738,791
6.375% senior notes due 2026	6.375	%	750,000		—			(12,074		)	737,926
Other	5.800	%	591		—			—			591
Total long-term debt			3,283,129		(1,888		)	(51,786		)	3,229,455
Less current maturities			30,336		—			—			30,336
Long-term debt, net			$	3,252,793	$	(1,888	)	$	(51,786	)	$	3,199,119

Boyd Gaming Corporation Debt

Bank Credit Facility

Credit Agreement

On March 29, 2017, the Company, as borrower, entered into Amendment No. 2 and Refinancing Amendment (the "Refinancing Amendment") with the lenders party thereto, and Bank of America, N.A. ("Bank of America"), as administrative agent. The Refinancing Amendment modifies the Third Amended and Restated Credit Agreement (as amended prior to the execution of the Refinancing Amendment, the "Existing Credit Agreement"), dated as of August 14, 2013, among the Company, certain financial institutions, and Bank of America, as administrative agent. The Refinancing Amendment modified the Existing Credit Agreement and is referred to as the "Amended Credit Agreement" (together referred to as the "Credit Facility").

The Amended Credit Agreement provides for (i) commitments to make Term B Loans in an amount equal to $1,264.5 million (the "Refinancing Term B Loans"), with the proceeds used to refinance in full the Company’s Term B-1 Loans and Term B-2 Loans outstanding under the Existing Credit Agreement and (ii) certain other amendments to the Existing Credit Agreement. The revolving credit facility (the "Revolving Credit Facility") of $775.0 million and the senior secured term A loan (the "Term A Loan") of $225.0 million were not modified in the Refinancing Amendment.

The Refinancing Term B Loans mature on September 15, 2023 (or earlier upon occurrence or non-occurrence of certain events). The Revolving Credit Facility and the Term A Loan mature on September 15, 2021 (or earlier upon occurrence or non-occurrence of certain events).

The Credit Facility includes an accordion feature which permits an increase in the Revolving Credit Facility and the issuance and increase of senior secured term loans in an amount up to (i) $550.0 million, plus (ii) certain voluntary permanent reductions of the Revolving Credit Facility and certain voluntary prepayments of the senior secured term loans, plus (iii) certain reductions in the outstanding principal amounts under the term loans or the Revolving Credit Facility, plus (iv) any additional amount if, after giving effect thereto, the First Lien Leverage Ratio (as defined in the Credit Agreement) would not exceed 4.25 to 1.00 on a pro forma basis, less (v) any Incremental Equivalent Debt (as defined in the Credit Agreement), in each case, subject to the satisfaction of certain conditions.

Amounts Outstanding

The outstanding principal amounts under the Credit Facility are comprised of the following:

	December 31,
(In thousands)	2017		2016
Revolving Credit Facility	$	170,000	$	245,000
Term A Loan	210,938		222,188
Refinancing Term B Loans	1,170,016		—
Term B-1 Loan	—		271,750
Term B-2 Loan	—		997,500
Swing Loan	70,100		46,100
Total outstanding principal amounts	$	1,621,054	$	1,782,538

34

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

At December 31, 2017 approximately $1.6 billion was outstanding under the Credit Facility and $12.9 million was allocated to support various letters of credit, leaving remaining contractual availability of $522.0 million.

Interest and Fees

The interest rate on the outstanding balance from time to time of the Revolving Credit Facility and the Term A Loan is based upon, at the Company’s option, either: (i) the Eurodollar rate or (ii) the base rate, in each case, plus an applicable margin. Such applicable margin is a percentage per annum determined in accordance with a specified pricing grid based on the total leverage ratio and ranges from 1.75% to 2.75% (if using the Eurodollar rate) and from 0.75% to 1.75% (if using the base rate). A fee of a percentage per annum (which ranges from 0.25% to 0.50% determined in accordance with a specified pricing grid based on the total leverage ratio) will be payable on the unused portions of the Revolving Credit Facility.

The interest rate on the outstanding balance of the Refinancing Term B Loans under the Amended Credit Agreement is based upon, at the Company’s option, either: (i) the Eurodollar rate or (ii) the base rate, in each case, plus an applicable margin. Such applicable margin is a percentage per annum determined in accordance with the Company’s secured leverage ratio and ranges from 2.25% to 2.50% (if using the Eurodollar rate) and from 1.25% to 1.50% (if using the base rate).

The "base rate" under the Credit Agreement remains the highest of (x) Bank of America’s publicly-announced prime rate, (y) the federal funds rate plus 0.50%, or (z) the Eurodollar rate for a one-month period plus 1.00%.

Optional and Mandatory Prepayments

Pursuant to the terms of the Credit Facility (i) the loans under the Term A Loan amortize in an annual amount equal to 5.00% of the original principal amount thereof, commencing December 31, 2016, payable on a quarterly basis, (ii) the loans under the Refinancing Term B Loans amortize in an annual amount equal to 1.00% of the original principal amount thereof, commencing June 30, 2017, payable on a quarterly basis, and (iii) beginning with the fiscal year ending December 31, 2016, the Company is required to use a portion of its annual Excess Cash Flow, as defined in the Credit Agreement, to prepay loans outstanding under the Credit Facility.

Amounts outstanding under the Refinancing Amendment may be prepaid without premium or penalty, and the commitments may be terminated without penalty, subject to certain exceptions.

Subject to certain exceptions, the Company may be required to repay the amounts outstanding under the Credit Facility in connection with certain asset sales and issuances of certain additional secured indebtedness.

Guarantees and Collateral

The Company's obligations under the Credit Facility, subject to certain exceptions, are guaranteed by certain of the Company's subsidiaries and are secured by the capital stock of certain subsidiaries. In addition, subject to certain exceptions, the Company and each of the guarantors will grant the administrative agent first priority liens and security interests on substantially all of their real and personal property (other than gaming licenses and subject to certain other exceptions) as additional security for the performance of the secured obligations under the Credit Facility.

Financial and Other Covenants

The Credit Facility contains certain financial and other covenants, including, without limitation, various covenants: (i) requiring the maintenance of a minimum consolidated interest coverage ratio 1.75 to 1.00; (ii) establishing a maximum permitted consolidated total leverage ratio (discussed below); (iii) establishing a maximum permitted secured leverage ratio (discussed below); (iv) imposing limitations on the incurrence of indebtedness; (v) imposing limitations on transfers, sales and other dispositions; and (vi) imposing restrictions on investments, dividends and certain other payments.

The maximum permitted consolidated Total Leverage Ratio is calculated as Consolidated Funded Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Total Leverage Ratio during the remaining term of the Credit Facility:

35

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

	Maximum Total
For the Trailing Four Quarters Ending	Leverage Ratio
March 31, 2017 through December 31, 2017	7.00	to	1.00
March 31, 2018 through December 31, 2018	6.25	to	1.00
March 31, 2019 through December 31, 2019	6.00	to	1.00
March 31, 2020 through December 31, 2020	5.75	to	1.00
March 31, 2021 and thereafter	5.50	to	1.00

The maximum permitted Secured Leverage Ratio is calculated as Secured Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Secured Leverage Ratio during the remaining term of the Credit Facility:

	Maximum Secured
For the Trailing Four Quarters Ending	Leverage Ratio
September 30, 2016 through December 31, 2017	4.50	to	1.00
March 31, 2018 through December 31, 2018	4.00	to	1.00
March 31, 2019 through December 31, 2019	3.75	to	1.00
March 31, 2020 and thereafter	3.50	to	1.00

Current Maturities of Our Indebtedness

We classified certain non-extending balances under our Credit Facility as a current maturity, as such amounts come due within the next twelve months.

Senior Notes

6.875% Senior Notes due May 2023

On May 21, 2015, we issued $750 million aggregate principal amount of 6.875% senior notes due May 2023 (the "6.875% Notes"). The 6.875% Notes require semi-annual interest payments on May 15 and November 15 of each year, commencing on November 15, 2015. The 6.875% Notes will mature on May 15, 2023 and are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us.

The 6.875% Notes contain certain restrictive covenants that, subject to exceptions and qualifications, among other things, limit our ability and the ability of our restricted subsidiaries (as defined in the base and supplemental indentures governing the 6.875% Notes, together, the "6.875% Indenture") to incur additional indebtedness or liens, pay dividends or make distributions or repurchase our capital stock, make certain investments, and sell or merge with other companies. In addition, upon the occurrence of a change of control (as defined in the 6.875% Indenture), we will be required, unless certain conditions are met, to offer to repurchase the 6.875% Notes at a price equal to 101% of the principal amount of the 6.875% Notes, plus accrued and unpaid interest and Additional Interest (as defined in the 6.875% Indenture), if any, to, but not including, the date of purchase. If we sell assets or experience an event of loss, we will be required under certain circumstances to offer to purchase the 6.875% Notes.

At any time prior to May 15, 2018, we may redeem the 6.875% Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, up to, but excluding, the applicable redemption date, plus a make whole premium. After May 15, 2018, we may redeem all or a portion of the 6.875% Notes at redemption prices (expressed as percentages of the principal amount) ranging from 105.156% in 2018 to 100% in 2021 and thereafter, plus accrued and unpaid interest and Additional Interest.

In conjunction with the issuance of the 6.875% Notes, we incurred approximately $14.0 million in debt financing costs that have been deferred and are being amortized over the term of the 6.875% Notes using the effective interest method.

36

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

6.375% Senior Notes due April 2026

On March 28, 2016, we issued $750 million aggregate principal amount of 6.375% senior notes due April 2026 (the "6.375% Notes"). The 6.375% Notes require semi-annual interest payments on April 1 and October 1 of each year, commencing on October 1, 2016. The 6.375% Notes will mature on April 1, 2026 and are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. Net proceeds from the 6.375% Notes were used to pay down the outstanding amount under the Revolving Credit Facility and the balance was deposited in money market funds and classified as cash equivalents on the consolidated balance sheets.

In conjunction with the issuance of the 6.375% Notes, we incurred approximately $13.0 million in debt financing costs that have been deferred and are being amortized over the term of the 6.375% Notes using the effective interest method.

The 6.375% Notes contain certain restrictive covenants that, subject to exceptions and qualifications, among other things, limit our ability and the ability of our restricted subsidiaries (as defined in the base and supplemental indentures governing the 6.375% Notes, together, the "6.375% Indenture") to incur additional indebtedness or liens, pay dividends or make distributions or repurchase our capital stock, make certain investments, and sell or merge with other companies. In addition, upon the occurrence of a change of control (as defined in the 6.375% Indenture), we will be required, unless certain conditions are met, to offer to repurchase the 6.375% Notes at a price equal to 101% of the principal amount of the 6.375% Notes, plus accrued and unpaid interest and Additional Interest (as defined in the 6.375% Indenture), if any, to, but not including, the date of purchase. If we sell assets or experience an event of loss, we will be required under certain circumstances to offer to purchase the 6.375% Notes.

At any time prior to April 1, 2021, we may redeem the 6.375% Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, up to, but excluding, the applicable redemption date, plus a make whole premium. After April 1, 2021, we may redeem all or a portion of the 6.375% Notes at redemption prices (expressed as percentages of the principal amount) ranging from 103.188% in 2021 to 100% in 2024 and thereafter, plus accrued and unpaid interest and Additional Interest.

In connection with the private placement of the 6.375% Notes, we entered into a registration rights agreement with the initial purchasers in which we agreed to file a registration statement with the SEC to permit the holders to exchange or resell the 6.375% Notes. We filed the required registration statement and commenced the exchange offer during December 2016. The exchange offer was completed on February 10, 2017 and our obligations under the registration rights agreement have been fulfilled.

9.00% Senior Notes due July 2020

On September 6, 2016 we redeemed all of our 9.00% senior notes due July 2020 (the "9.00% Notes") at a redemption price of 104.50% plus accrued and unpaid interest to the redemption date. The redemption was funded using cash on hand. As a result of this redemption, the 9.00% Notes have been fully extinguished.

Peninsula Gaming Debt

Peninsula Credit Facility

On September 2, 2016, Peninsula repaid all of the outstanding amounts, including all principal and accrued interest amounts, under the Peninsula senior secured credit facility (the "Peninsula Credit Facility") pursuant to the Peninsula Credit Agreement. In connection with the repayment in full of the Peninsula Credit Facility (the "Repayment"), the Peninsula Credit Agreement was terminated.

8.375% Senior Notes due February 2018

On September 2, 2016 we redeemed all of our 8.375% senior notes due February 2018 (the "8.375% Notes") at a redemption price of 100.0% plus accrued and unpaid interest to the redemption date. The redemption was funded using cash on hand. As a result of this redemption, the 8.375% Notes have been fully extinguished.

37

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Loss on Early Extinguishments and Modifications of Debt

The components of the loss on early extinguishments and modifications of debt, are as follows:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Boyd Gaming Credit Facility deferred finance charges	$	1,086	$	6,629	$	1,978
Refinancing Amendment	496		—		—
9.00% Senior Notes premium and consent fees	—		15,750		—
9.00% Senior Notes deferred finance charges	—		5,976		—
8.375% Senior Notes deferred finance charges	—		4,497		—
9.125% Senior Notes premium and consent fees	—		—		23,962
9.125% Senior Notes deferred finance charges	—		—		4,888
HoldCo Note	—		—		7,819
Peninsula Credit Facility deferred finance charges	—		9,512		2,086
Total loss on early extinguishments and modifications of debt	$	1,582	$	42,364	$	40,733

Covenant Compliance

As of December 31, 2017, we believe that we were in compliance with the financial and other covenants of our debt instruments.

The indentures governing the notes issued by the Company contain provisions that allow for the incurrence of additional indebtedness, if after giving effect to such incurrence, the coverage ratio (as defined in the respective indentures, essentially a ratio of the Company's consolidated EBITDA to fixed charges, including interest) for the Company's trailing four quarter period on a pro forma basis would be at least 2.0 to 1.0. Should this provision prohibit the incurrence of additional debt, the Company may still borrow under its existing credit facility. At December 31, 2017, the available borrowing capacity under our Credit Facility was $522.0 million.

Scheduled Maturities of Long-Term Debt

The scheduled maturities of long-term debt, as discussed above, are as follows:

(In thousands)	Total
For the year ending December 31,
2018	$	23,981
2019	23,991
2020	23,997
2021	430,040
2022	12,758
Thereafter	2,606,791
Total outstanding principal of long-term debt	$	3,121,558

NOTE 8.    INCOME TAXES

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are provided to record the effects of temporary differences between the tax basis of an asset or liability and its amount as reported in our consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years.

38

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The components comprising our deferred tax assets and liabilities are as follows:

	December 31,
(In thousands)	2017			2016
Deferred tax assets
Federal net operating loss carryforwards	$	110,350		$	201,978
State net operating loss carryforwards	45,096			38,715
Share-based compensation	14,226			26,344
Other	35,161			63,815
Gross deferred tax assets	204,833			330,852
Valuation allowance	(28,821		)	(28,402		)
Deferred tax assets, net of valuation allowance	176,012			302,450
Deferred tax liabilities
Difference between book and tax basis of property and intangible assets	219,090			337,654
State tax liability	33,777			31,443
Other	9,802			14,807
Gross deferred tax liabilities	262,669			383,904
Deferred tax liabilities, net	$	86,657		$	81,454

At December 31, 2017, we have unused federal general business tax credits of approximately $8.0 million which may be carried forward or used until expiration beginning in 2036 and alternative minimum tax credits of $10.4 million which may be used or refunded through 2022. We have a federal income tax net operating loss of approximately $525.5 million, which may be carried forward or used until expiration beginning in 2031. We also have state income tax net operating loss carryforwards of approximately $732.4 million, which may be used to reduce future state income taxes. The state net operating loss carryforwards will expire in various years ranging from 2018 to 2036, if not fully utilized.

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). As part of our analysis of the impact of the Tax Act, we have recorded a discrete net tax benefit of $60.1 million in the period ending December 31, 2017. This tax benefit is due to the corporate federal tax rate reduction on our net deferred tax liability.

The SEC staff issued Staff Accounting Bulletin 118 ("SAB 118") which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under Accounting Standards Codification 740, Income Taxes ("ASC 740"). In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. We have recorded an adjustment as a result of the Tax Act as described above. We believe our analysis to be complete and do not anticipate any material future changes to financial statements as a result of the impact of the Tax Act. If any changes are determined, we will record those as part of the measurement period.

Valuation Allowance on Deferred Tax Assets

Management assesses available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. In evaluating our ability to recover deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and results of recent operations.

39

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

As part of our review in determining the need for a valuation allowance, we assess the potential release of existing valuation allowances. In 2016, we determined that the positive evidence in favor of releasing the valuation allowance, particularly evidence that was objectively verifiable, outweighed the negative evidence. We utilize a rolling twelve quarters of pretax income adjusted for permanent book to tax differences as a measure of cumulative results in recent years. We transitioned from a cumulative loss position to a cumulative income position over the rolling twelve quarters during 2016. Other evidence considered in the analysis included, but was not limited to, a trend reflective of improvement in recent earnings, forecasts of profitability and taxable income and the reversal of existing temporary differences. The change in these conditions during 2016 provided positive evidence that supported the release of the valuation allowance against a significant portion of our deferred tax assets. As such, we concluded that it was more likely than not that the benefit from these deferred tax assets would be realized. As a result, during the year ended December 31, 2016, we released $203.9 million of valuation allowance on our federal and state income tax net operating loss carryforwards and other deferred tax assets. For the year ended December 31, 2017, no significant changes of evidence have occurred that would require a change to our valuation allowance position.

We have maintained a valuation allowance of $28.8 million against certain federal and state deferred tax assets as of December 31, 2017 due to uncertainties related to our ability to realize the tax benefits associated with these assets. In assessing the need to establish a valuation allowance, we consider, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of profitability and taxable income, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. Valuation allowances are evaluated periodically and subject to change in future reporting periods as a result of changes in the factors noted above.

Provision (Benefit) for Income Taxes

A summary of the provision (benefit) for income taxes is as follows:

	Year Ended December 31,
(In thousands)	2017			2016			2015
Current
Federal	$	(10,367	)	$	—		$	—
State	5,335			1,242			2,052
Total current taxes provision	(5,032		)	1,242			2,052
Deferred
Federal	6,449			(192,472		)	(9,493		)
State	1,698			(8,703		)	816
Total deferred taxes benefit	8,147			(201,175		)	(8,677		)
Provision (benefit) for income taxes from continuing operations	$	3,115		$	(199,933	)	$	(6,625	)
Provision (benefit) for income taxes included on the consolidated statement of operations
Provision (benefit) for income taxes from continuing operations	$	3,115		$	(199,933	)	$	(6,625	)
Provision (benefit) for income taxes from discontinued operations	14,855			146,379			(540		)
Provision (benefit) for income taxes from continuing and discontinued operations	$	17,970		$	(53,554	)	$	(7,165	)

Our tax provision for the year ended December 31, 2017 was favorably impacted by the federal statutory tax rate change applied to our net deferred tax liability. Based on this revaluation, we have recorded a discrete tax benefit of $60.1 million.

Our tax benefit for the year ended December 31, 2016 resulted from the release of a valuation allowance on our federal and state net operating loss carryforwards and other deferred tax assets.

Our tax benefit for the year ended December 31, 2015 was favorably impacted by the partial release of the valuation allowance on our federal and state net operating losses, impairment charges to indefinite lived intangible assets which resulted in a reduction in our recognized deferred tax liability on these assets, federal and state audit settlements in connection with our IRS and New Jersey income tax examinations and, the realization of certain unrecognized tax benefits, inclusive of the reversal of related accrued interest.

40

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Additionally, the tax benefit in 2015 was adversely impacted by an accrual of non-cash tax expense in connection with the tax amortization of indefinite lived intangible assets that was not available to offset existing deferred tax assets. The deferred tax liabilities created by the tax amortization of these intangibles cannot be used to offset corresponding increases in the net operating loss deferred tax assets in determining our valuation allowance.

The following table provides a reconciliation between the federal statutory rate and the effective income tax rate, expressed as a percentage of income from continuing operations before income taxes:

	Year Ended December 31,
	2017		2016		2015
Tax at federal statutory rate	35.0	%	35.0	%	35.0	%
Federal statutory rate change on deferred tax liability	(35.2	)%	—	%	—	%
State income taxes, net of federal benefit	2.7	%	(60.8	)%	64.1	%
Compensation-based credits	(1.0	)%	(22.3	)%	(55.5	)%
Valuation allowance for deferred tax assets	—	%	(2,548.1	)%	179.9	%
Company provided benefits	0.5	%	15.2	%	139.8	%
Nondeductible expenses	0.5	%	10.6	%	17.3	%
Tax exempt interest	(0.3	)%	(7.1	)%	(12.6	)%
Accrued interest on uncertain tax benefits	0.1	%	2.1	%	(127.7	)%
Uncertain tax benefits	—	%	—	%	(385.4	)%
Other, net	(0.5	)%	1.6	%	(4.0	)%
Effective tax rate	1.8	%	(2,573.8	)%	(149.1	)%

Status of Examinations

In January 2015, we received Joint Committee on Taxation ("Joint Committee") approval of the 2005-2009 IRS appeals settlement reached in August 2013. We received a refund of $2.4 million in connection with the appeals settlement. Additionally, in 2015, we received a final audit determination in connection with our New Jersey examination, effectively settling years 2003 through 2009. We received a refund of $1.1 million as a result of the New Jersey examination.

We generated net operating losses on our federal income tax returns for years 2011 - 2013. These returns remain subject to federal examination until the statute of limitations expires for the year in which the net operating losses are utilized.

We are also currently under examination for various state income and franchise tax matters. As it relates to our material state returns, we are subject to examination for tax years ended on or after December 31, 2001, and the statute of limitations will expire over the period September 2018 through October 2021.

We believe that we have adequately reserved for any tax liability; however, the ultimate resolution of these examinations may result in an outcome that is different than our current expectation. We do not believe the ultimate resolution of these examinations will have a material impact on our consolidated financial statements.

Other Long-Term Tax Liabilities

The impact of an uncertain income tax position taken in our income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position is not recognized if it has less than a 50% likelihood of being sustained. Our liability for uncertain tax positions is recorded as other long-term tax liabilities in our consolidated balance sheets.

41

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Unrecognized tax benefit, beginning of year	$	2,482	$	2,482	$	30,198
Additions:
Tax positions related to current year	—		—		—
Reductions:
Tax position related to prior years	—		—		(27,716		)
Unrecognized tax benefits, end of year	$	2,482	$	2,482	$	2,482

Included in the $2.5 million balance of unrecognized tax benefits at December 31, 2017, are $2.0 million of federally tax effected benefits that, if recognized, would impact the effective tax rate. We recognize interest related to unrecognized tax benefits in our income tax provision. During the year ended December 31, 2017, we recognized interest and penalties of approximately $0.1 million in our tax provision. During the year ended December 31, 2015 we recognized interest related benefits, due to favorable settlements, of $6.2 million in our income tax provision. We have accrued $1.0 million and $0.8 million of interest and penalties as of December 31, 2017 and 2016, respectively, in our consolidated balance sheets.

During the first quarter of 2015, we received Joint Committee approval on our IRS appeals agreement, effectively settling our 2005 through 2009 examination. During the third quarter of 2015, we received a final audit determination in connection with our New Jersey examination, effectively settling years 2003 through 2009. As a result of the resolution of these audits, we reduced our unrecognized tax benefits by $27.7 million, of which $19.5 million impacted our effective tax rate. Due to the utilization of tax loss carryforwards in certain states, the statute of limitations remains open with respect to years in which the tax losses are utilized. When these years close, unrecognized tax benefits may be realized. We do not anticipate any material changes to our unrecognized tax benefits over the next twelve-month period.

NOTE 9.    COMMITMENTS AND CONTINGENCIES

Commitments

Capital Spending and Development

We continually perform on-going refurbishment and maintenance at our facilities to maintain our standards of quality. Certain of these maintenance costs are capitalized, if such improvement or refurbishment extends the life of the related asset, while other maintenance costs that do not so qualify are expensed as incurred. The commitment of capital and the related timing thereof are contingent upon, among other things, negotiation of final agreements and receipt of approvals from the appropriate regulatory bodies. We must also comply with covenants and restrictions set forth in our debt agreements.

Acquisitions

We recently announced the Penn National Purchase Agreement and Valley Forge Merger Agreement, pursuant to which we will acquire additional casino properties. See Note 2, Acquisitions and Divestitures, for further discussion of the commitments arising from these agreements.

Kansas Management Contract

As part of the Kansas Management Contract approved by the Kansas Racing and gaming Commission on January 11, 2011, Kansas Star committed to donate $1.5 million each year to support education in the local area in which Kansas Star operates for the duration of the Kansas Management Contract. We have made all distributions under this commitment as scheduled and such related expenses are recorded in Selling, general and administrative expenses on the consolidated statements of operations.

Mulvane Development Agreement

On March 7, 2011, Kansas Star entered into a Development Agreement with the City of Mulvane ("Mulvane Development Agreement") related to the provision of water, sewer, and electrical utilities to the Kansas Star site. This agreement sets forth certain parameters governing the use of public financing for the provision of such utilities, through the issuance of general obligation bonds by the City of Mulvane, paid for through the imposition of a special tax assessment on the Kansas Star site payable over 15 years in an amount equal to the City’s full obligations under the general obligation bonds. 

42

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

All infrastructure improvements to the Kansas Star site under the Mulvane Development Agreement are complete and the City of Mulvane issued $19.7 million in general obligation bonds related to these infrastructure improvements. As of December 31, 2017 and 2016, under the Mulvane Development Agreement, Kansas Star recorded $1.7 million at each date, which is included in accrued liabilities on the consolidated balance sheets and $8.2 million, net of a $3.5 million discount, and $8.9 million, net of a $4.0 million discount, respectively, which is recorded as a long-term obligation in other liabilities on the consolidated balance sheets. Interest costs are expensed as incurred and the discount will be amortized to interest expense over the term of the special tax assessment ending in 2028. Kansas Star's special tax assessment related to these bonds is approximately $1.7 million annually. Payments under the special tax assessment are secured by irrevocable letters of credit of $5.0 million issued by the Company in favor of the City of Mulvane, representing an amount equal to three times the annual special assessment tax imposed on Kansas Star.

Contingent Payments

In connection with securing the Kansas Management Contract, Kansas Star agreed to pay a former casino project promoter 1% of Kansas Star’s earnings before interest expense, taxes, depreciation and amortization ("EBITDA") each month for a period of 10 years commencing December 20, 2011.

Minimum Assessment Agreement

In 2007, Diamond Jo Dubuque entered into a Minimum Assessment Agreement with the City of Dubuque (the "City"). Under the Minimum Assessment Agreement, Diamond Jo Dubuque and the City agreed to a minimum taxable value related to the new casino of $57.9 million.  Diamond Jo Dubuque agreed to pay property taxes to the City based on the actual taxable value of the casino, but not less than the minimum taxable value. Scheduled payments of principal and interest on the City Bonds will be funded through Diamond Jo Dubuque's payment obligations under the Minimum Assessment Agreement.  Diamond Jo Dubuque is also obligated to pay any shortfall should property taxes be insufficient to fund the principal and interest payments on the City Bonds.

Interest costs under the Minimum Assessment Agreement obligation are expensed as incurred. As of December 31, 2017 and 2016, the remaining obligation under the Minimum Assessment Agreement was $1.9 million at each date, which was recorded in accrued liabilities on the consolidated balance sheets and $13.8 million, net of a $2.6 million discount, and $14.1 million, net of a $2.8 million discount, respectively, which was recorded as a long-term obligation in other liabilities on the consolidated balance sheets. The discount will be amortized to interest expense over the life of the Minimum Assessment Agreement. Total minimum payments by Diamond Jo Dubuque under the Minimum Assessment Agreement are approximately $1.9 million per year through 2036.

Public Parking Facility Agreement

Diamond Jo Dubuque has an agreement with the City for use of the public parking facility adjacent to Diamond Jo Dubuque's casino and owned and operated by the City (the "Parking Facility Agreement"). The Parking Facility Agreement calls for: (i) the payment by the Company for the reasonable and necessary actual operating costs incurred by the City for the operation, security, repair and maintenance of the public parking facility; and (ii) the payment by the Company to the City of $65 per parking space in the public parking facility per year, subject to annual increases based on any increase in the Consumer Price Index, which funds will be deposited into a special sinking fund and used by the City for capital expenditures necessary to maintain the public parking facility. Operating costs of the parking facility incurred by Diamond Jo Dubuque are expensed as incurred. Deposits to the sinking fund are recorded as other assets. When the sinking fund is used for capital improvements, such amounts are capitalized and amortized over their remaining useful life.

Iowa Qualified Sponsoring Organization Agreements

Diamond Jo Dubuque and Diamond Jo Worth are required to pay their respective qualified sponsoring organization, who hold a joint gaming license with Diamond Jo Dubuque and Diamond Jo Worth, 4.50% and 5.76%, respectively, of the casino’s adjusted gross receipts on an ongoing basis. Diamond Jo Dubuque expensed $3.1 million, during the year ended December 31, 2017 and $3.0 million, in the year ended December 31, 2016 and 2015, respectively, related to its agreement. Diamond Jo Worth expensed $5.0 million, $4.9 million, and $5.0 million during the years ended December 31, 2017, 2016, and 2015, respectively, related to its agreement. The Diamond Jo Dubuque agreement expires on December 31, 2018. Diamond Jo Dubuque has entered into an amendment to the existing operating agreement with the qualified sponsoring organization. The new agreement will go into effect on January 1, 2019 and will extend for twelve years, expiring on December 31, 2030. The agreement is subject to review and approval by the state gaming commission. The Diamond Jo Worth agreement expires on March 31, 2025, and is subject to automatic ten-year renewal periods.

43

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Development Agreement

In September 2011, the Company acquired the membership interests of a limited liability company (the "LLC") for a purchase price of $24.5 million. The primary asset of the LLC was a previously executed development agreement (the "Development Agreement") with Wilton Rancheria (the "Tribe"). The purchase price was allocated primarily to an intangible asset associated with the Company's rights under the agreement to assist the Tribe in the development and management of a gaming facility on the Tribe's land.

In July 2012, the Company and the Tribe amended and replaced the agreement with a new development agreement and a management agreement (the "Agreements"). The Agreements obligate us to fund certain pre-development costs, which are estimated to be approximately $1 million to $2 million annually, for the next several years and to assist the Tribe in its development and oversight of the gaming facility construction. Upon opening, we will manage the gaming facility. The pre-development costs funded by us are reimbursable to us with future cash flows from the operations of the gaming facility under terms of a note receivable from the Tribe.

In January 2017, the Company funded the acquisition of land that is the intended site of the Wilton Rancheria casino and, in February 2017, the land was placed intotrust by the U.S. Bureau of Indian Affairs for the benefit of the Tribe. The cost of the land will be recorded as a receivable on our consolidated balance sheet, and we expect to be reimbursed for this cost when project financing is in place. Should the project be abandoned, ownership of the land would revert to the Company.

The Agreements provide that the Company will receive future revenue for its services to the Tribe contingent upon successful development of the gaming facility and based on future net revenues at the gaming facility. In September 2017, the California State Legislature unanimously approved, and the Governor of California executed, a tribal-state gaming compact with the tribe allowing the development of the casino. With the compact now in place, we are in the process of finalizing project design and preparation and expect to begin construction mid-2018, with a construction timeline of 18 to 24 months.

Future Minimum Lease Payments and Rental Income

Future minimum lease payments required under noncancelable operating leases, which are primarily related to land leases are as follows:

(In thousands)	Lease Obligations
For the year ending December 31,
2018	$	20,642
2019	17,826
2020	15,325
2021	14,330
2022	13,884
Thereafter	314,391
Total	$	396,398

Rent expense included in selling, general and administrative expenses on the accompanying consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015 was $30.3 million, $31.0 million, and $29.0 million, respectively, and primarily relates to land leases and advertising-related expenses.

44

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Future minimum rental income, which is primarily related to retail and restaurant facilities located within our properties are as follows:

(In thousands)	Minimum Rental Income
For the year ending December 31,
2018	$	3,432
2019	2,371
2020	1,665
2021	930
2022	771
Thereafter	250
Total	$	9,419

Contingencies

Legal Matters

We are parties to various legal proceedings arising in the ordinary course of business. We believe thatall pending claims, if adversely decided, would not have a material adverse effect on our business, financial position or results of operations.

45

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

NOTE 10.    STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS

Share Repurchase Program

We have in the past, and may in the future, acquire our equity securities through open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or otherwise, upon such terms and at such prices as we may determine from time to time. In July 2008, our Board of Directors authorized an amendment to an existing share repurchase program to increase the amount of common stock that can be repurchased to $100 million. We are not obligated to repurchase any shares under this program. On May 2, 2017 the Company announced that its Board of Directors had reaffirmed the Company's existing share repurchase program, and 1.2 million shares were repurchased during the year ended December 31, 2017. As of December 31, 2017, $60.1 million remained available under this authorization. There were no share repurchases during the years ended December 31, 2016 or 2015.

The following table provides information regarding share repurchases during the referenced periods.⁽¹⁾ 

(In thousands, except per share data)	For the Year Ended December 31, 2017
Shares repurchased (2)	1,198
Total cost, including brokerage fees	$	31,927
Average repurchase price per share (3)	$	26.64

⁽¹⁾Shares repurchased reflect repurchases settled during the twelve months ended December 31, 2017. These amounts exclude repurchases traded but not yet settled on or before December 31, 2017.

⁽²⁾All shares repurchased have been retired and constitute authorized but unissued shares.

⁽³⁾Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers.

Subject to applicable corporate securities laws, repurchases under our stock repurchase program may be made at such times and in such amounts as we deem appropriate. Repurchases can be discontinued at any time that we feel additional purchases are not warranted. We intend to fund the repurchases under the stock repurchase program with existing cash resources and availability under our Credit Facility. We are subject to certain limitations regarding the repurchase of common stock, such as restricted payment limitations related to our outstanding notes and our Credit Facility.

Dividends

Dividends are declared at the discretion of our Board of Directors. We are subject to certain limitations regarding the payment of dividends, such as restricted payment limitations contained in our Credit Facility and the indentures for our outstanding notes.

On May 2, 2017, the Company announced that its Board of Directors had authorized the reinstatement of the Company’s cash dividend program. The dividends declared by the Board under this program are:

Declaration date	Record date	Payment date	Amount per share
May 2, 2017	June 15, 2017	July 15, 2017	$0.05
September 6, 2017	September 18, 2017	October 15, 2017	0.05
December 7, 2017	December 28, 2017	January 15, 2018	0.05

No dividends were declared during the years ended December 31, 2016 or 2015.

Stock Incentive Plan

In May 2012, the Company's stockholders approved the 2012 Stock Incentive Plan (the "2012 Plan"), which amended and restated the Company's 2002 Stock Incentive Plan (the "2002 Plan") to (a) provide for a term ending ten years from the date of stockholder approval at the Annual Meeting, (b) increase the maximum number of shares of the Company's common stock authorized for issuance over the term of the 2012 Plan by 4 million shares from 17 million to 21 million shares, (c) permit the future grant of certain equity-based awards, including awards designed to constitute performance-based compensation under Section 162(m) of the Internal Revenue Code, and (d) make certain other changes. Under our 2012 Plan, approximately 4.4 million shares remain available for grant at December 31, 2017. The number of authorized but unissued shares of common stock under this 2012 Plan as of December 31, 2017 was approximately 9.7 million shares.

46

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Grants made under the 2012 Plan include provisions that entitle the grantee to automatic vesting acceleration in the event of a grantee’s separation from service (including as a result of retirement, death or disability), other than for cause (as defined), after reaching the defined age and years of service thresholds. These provisions result in the accelerated recognition of the stock compensation expense for those grants issued to employees who have met the stipulated thresholds.

Stock Options

Options granted under the 2012 Plan generally become exercisable ratably over a three-year period from the date of grant. Options that have been granted under the 2012 Plan had an exercise price equal to the market price of our common stock on the date of grant and will expire no later than ten years after the date of grant.

Summarized stock option plan activity is as follows:

	Options		Weighted Average Option Price		Weighted Average Remaining Term	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding at January 1, 2015	7,169,668		$	25.73
Granted	200,673		19.98
Canceled	(1,463,497	)	39.82
Exercised	(1,301,789	)	7.53
Outstanding at December 31, 2015	4,605,055		26.14
Granted	216,509		17.50
Canceled	(1,260,750	)	38.63
Exercised	(452,898	)	6.49
Outstanding at December 31, 2016	3,107,916		23.36
Granted	—		—
Canceled	(1,323,500	)	39.30
Exercised	(241,964	)	8.61
Outstanding at December 31, 2017	1,542,452		$	11.99	5.3	$	35,565
Exercisable at December 31, 2016	2,696,315		$	24.27	3.1	$	14,587
Exercisable at December 31, 2017	1,335,717		$	11.00	4.8	$	32,128

Share-based compensation costs related to stock option awards are calculated based on the fair value of each option grant on the date of the grant using the Black-Scholes option pricing model.

47

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The following table summarizes the information about stock options outstanding and exercisable at December 31, 2017:

	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding	Weighted-Average Remaining Contractual Life (Years)	Weighted-Average Exercise Price		Number Exercisable	Weighted-Average Exercise Price
$5.22	25,510	4.9	$	5.22	25,510	$	5.22
6.60	28,000	0.8	6.60		28,000	6.60
6.70	196,869	3.9	6.70		196,869	6.70
7.55	65,000	1.8	7.55		65,000	7.55
8.34	294,163	2.8	8.34		294,163	8.34
9.86	260,882	5.9	9.86		260,882	9.86
11.57	229,846	6.2	11.57		229,846	11.57
17.75	216,509	8.9	17.75		72,174	17.75
19.98	200,673	7.4	19.98		138,273	19.98
33.31	25,000	0.0	33.31		25,000	33.31
$5.22-$33.31	1,542,452	5.3	$	11.99	1,335,717	$	11.00

The total intrinsic value of in-the-money options exercised during the years ended December 31, 2017, 2016 and 2015 was $3.9 million, $5.9 million, and $11.1 million, respectively. The total fair value of options vested during the years ended December 31, 2017, 2016 and 2015 was approximately $1.6 million, $2.0 million, and $1.9 million, respectively. As of December 31, 2017, there was approximately $0.2 million of total unrecognized share-based compensation costs related to unvested stock options, which is expected to be recognized over approximately 1.4 years, the weighted-average remaining requisite service period.

Restricted Stock Units

Our 2012 Plan provides for the grant of Restricted Stock Units ("RSUs"). An RSU is an award that may be earned in whole, or in part, upon the passage of time, and that may be settled for cash, shares, other securities or a combination thereof. The RSUs do not contain voting rights and are not entitled to dividends. The RSUs are subject to the terms and conditions contained in the applicable award agreement and the 2012 Plan. Share-based compensation costs related to RSU awards are calculated based on the market price on the date of the grant.

We annually award RSUs to certain members of our Board of Directors. Each RSU is to be paid in shares of common stock upon the member’s cessation of service to the Company. These RSUs were issued for past service; therefore, they are expensed on the date of issuance.

We also grant RSUs to members of management of the Company, which represents a contingent right to receive one share of our common stock upon vesting. An RSU generally vests on the third anniversary of its issuance and the share-based compensation expense is amortized to expense over the requisite service period.

48

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Summarized RSU activity is as follows:

	Restricted Stock Units		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	2,534,496
Granted	541,016		$19.05
Canceled	(40,800	)
Awarded	(713,886	)
Outstanding at December 31, 2015	2,320,826
Granted	542,220		$18.06
Canceled	(30,400	)
Awarded	(871,528	)
Outstanding at December 31, 2016	1,961,118
Granted	442,879		$27.40
Canceled	(38,964	)
Awarded	(727,821	)
Outstanding at December 31, 2017	1,637,212

As of December 31, 2017, there was approximately $12.1 million of total unrecognized share-based compensation costs related to unvested RSUs, which is expected to be recognized over approximately 2.5 years.

Performance Stock Units

Our 2012 Plan provides for the grant of Performance Stock Units ("PSUs"). A PSU is an award which may be earned in whole, or in part, upon the passage of time, and the attainment of performance criteria, and which may be settled for cash, shares, other securities or a combination thereof. The PSUs do not contain voting rights and are not entitled to dividends. The PSUs are subject to the terms and conditions contained in the applicable award agreement and our 2012 Plan. We annually award PSUs to certain members of management.

Each PSU represents a contingent right to receive a share of Boyd Gaming Corporation common stock; however, the actual number of common shares awarded is dependent upon the occurrence of: (i) a requisite service period; and (ii) an evaluation of specific performance conditions. The performance conditions are based on Company metrics for net revenue growth, EBITDA growth and customer service scores, all of which are determined on a comprehensive annual three-year growth rate. Based upon actual and combined achievement, the number of shares awarded could range fromzero, if no conditions are met, a50%payout if only threshold performance is achieved, a payout of100%for target performance, or a payout of up to200%of the original award for achievement of maximum performance. Each condition weighs equally and separately in determining the payout, and based upon management's estimates at the service inception date, the Company is expected to meet the target for each performance condition. Therefore, the related compensation cost of these PSUs assumes all units granted will be awarded. Share-based compensation costs related to PSU awards are calculated based on the market price on the date of the grant.

These PSUs will vestthree yearsfrom the service inception date,during which time achievement of the related performance conditions is periodically evaluated, and the number of shares expected to be awarded, and resulting compensation expense, is adjusted accordingly.

Performance Shares Vesting

The PSU grants awarded in fourth quarter 2013 and 2012 vested during first quarter 2017 and 2016, respectively. Common shares were issued based on the determination by the Compensation Committee of the Board of Directors of our actual achievement of net revenue growth, EBITDA growth and customer service scores for the three-year performance period of each grant. As provided under the provisions of our stock incentive plan, certain of the participants elected to surrender a portion of the shares to be received to pay the withholding and other payroll taxes payable on the compensation resulting from the vesting of the PSUs.

The PSU grant awarded in November 2013 resulted in a total of 268,429 shares being issued during first quarter 2017, representing approximately 0.80 shares per PSU. Of the 268,429 shares issued, a total of 94,776 were surrendered by the participants for payroll

49

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

taxes, resulting in a net issuance of 173,653 shares due to the vesting of the 2013 grant. The actual achievement level under the award metrics equaled the estimated performance as of year-end 2016; therefore, the vesting of the PSUs did not impact compensation costs in our 2017 consolidated statement of operations.

The PSU grant awarded in December 2012 resulted in a total of 213,365 shares being issued during first quarter 2016, representing approximately 0.59 shares per PSU. Of the 213,365 shares issued, a total of 54,338 were surrendered by the participants for payroll taxes, resulting in a net issuance of 159,027 shares due to the vesting of the 2012 grant. The actual achievement level under the award metrics equaled the estimated performance as of year-end 2015; therefore, the vesting of the PSUs did not impact compensation costs in our 2016 consolidated statement of operations.

Summarized PSU activity is as follows:

	Performance Stock Units		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	1,411,640
Granted	240,156		$16.75
Performance Adjustment	264,306
Canceled	(2,677	)
Awarded	(663,945	)
Outstanding at December 31, 2015	1,249,480
Granted	241,235		$17.75
Performance Adjustment	(148,272	)
Canceled	—
Awarded	(213,365	)
Outstanding at December 31, 2016	1,129,078
Granted	275,305		$28.94
Performance Adjustment	(73,407	)
Canceled	—
Awarded	(268,429	)
Outstanding at December 31, 2017	1,062,547

As of December 31, 2017, there was approximately $6.9 million of total unrecognized share-based compensation costs related to unvested PSUs, which is expected to be recognized over approximately 2.7 years. Based on the current estimates of performance compared to the targets set for the respective PSU grants, the Company estimates that approximately 1.4 million shares will be issued to settle the PSUs outstanding at December 31, 2017.

Career Shares

Our Career Shares Program is a stock incentive award program for certain executive officers to provide for additional capital accumulation opportunities for retirement. The program incentivizes and rewards executives for their period of service. Our Career Shares Program was adopted in December 2006, and modified in October 2010, as part of the overall update of our compensation programs. The Career Shares Program rewards eligible executives with annual grants of Boyd Gaming Corporation stock units, to be paid out at retirement. The payout at retirement is dependent upon the executive's age at such retirement and the number of years of service with the Company. Executives must be at least 55 years old and have at least 10 years of service to receive any payout at retirement. Career Shares do not contain voting rights and are not entitled to dividends. Career Shares are subject to the terms and conditions contained in the applicable award agreement and our 2012 Plan. The Career Share awards are tranched by specific term, in the following periods: 10 years, 15 years and 20 years of service. These grants vest over the remaining period of service required to fulfill the requisite years in each of these tranches, and compensation expense is recorded in accordance with the specific vesting provisions. Share-based compensation costs related to Career Shares awards are calculated based on the market price on the date of the grant.

50

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Summarized Career Shares activity is as follows:

	Career Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	896,585
Granted	103,018		$12.51
Canceled	—
Awarded	(31,028	)
Outstanding at December 31, 2015	968,575
Granted	73,064		$19.01
Canceled	—
Awarded	—
Outstanding at December 31, 2016	1,041,639
Granted	66,000		$20.41
Canceled	(11,236	)
Awarded	(82,944	)
Outstanding at December 31, 2017	1,013,459

As of December 31, 2017, there was approximately $1.1 million of total unrecognized share-based compensation costs related to unvested Career Shares.

Share-Based Compensation

We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period.

The following table summarizes our share-based compensation costs by award type:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Stock Options	$	1,193	$	1,974	$	2,821
Restricted Stock Units	7,463		8,883		9,909
Performance Stock Units	7,381		3,353		5,135
Career Shares	1,376		1,308		1,399
Total share-based compensation costs	$	17,413	$	15,518	$	19,264

The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our consolidated statements of operations:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Gaming	$	363	$	428	$	393
Food and beverage	69		82		75
Room	33		39		36
Selling, general and administrative	1,846		2,176		1,996
Corporate expense	15,102		12,793		16,764
Total share-based compensation expense	$	17,413	$	15,518	$	19,264

51

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

NOTE 11.     FAIR VALUE MEASUREMENTS

We have adopted the authoritative accounting guidance for fair value measurements, which does not determine or affect the circumstances under which fair value measurements are used, but defines fair value, expands disclosure requirements around fair value and specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions.

These inputs create the following fair value hierarchy:

Level 1: Quoted prices for identical instruments in active markets.

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

As required by the guidance for fair value measurements, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels.

Balances Measured at Fair Value

The following tables show the fair values of certain of our financial instruments:

	December 31, 2017
(In thousands)	Balance		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	203,104	$	203,104	$	—	$	—
Restricted cash	24,175		24,175		—		—
Investment available for sale	17,752		—		—		17,752
Liabilities
Contingent payments	$	2,887	$	—	$	—	$	2,887

	December 31, 2016
(In thousands)	Balance		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	193,862	$	193,862	$	—	$	—
Restricted cash	16,488		16,488		—		—
Investment available for sale	17,259		—		—		17,259
Liabilities
Contingent payments	$	3,038	$	—	$	—	$	3,038

Cash and Cash Equivalents and Restricted Cash

The fair value of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, is based on statements received from our banks at December 31, 2017 and 2016.

52

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Investment Available for Sale

We have an investment in a single municipal bond issuance of $20.5 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 that is classified as available for sale with a maturity date of June 1, 2037. We are the only holder of this instrument and there is no quoted market price for this instrument. As such, the fair value of this investment is classified as Level 3 in the fair value hierarchy. The estimate of the fair value of such investment was determined using a combination of current market rates and estimates of market conditions for instruments with similar terms, maturities, and degrees of risk and a discounted cash flows analysis as of December 31, 2017 and 2016. The fair value of the investment is estimated using a discounted cash flows approach and the significant unobservable input used in the valuation as of December 31, 2017 and 2016 is a discount rate of 9.6% and 10.3%, respectively. Unrealized gains and losses on this instrument resulting from changes in the fair value of the instrument are not charged to earnings, but rather are recorded as other comprehensive income (loss) in the stockholders' equity section of the consolidated balance sheets. At December 31, 2017 and 2016, $0.5 million and $0.4 million, respectively, of the carrying value of the investment available for sale is included as a current asset in prepaid expenses and other current assets, and at December 31, 2017 and 2016, $17.3 million and $16.8 million, respectively, is included in investment on the consolidated balance sheets. The discount associated with this investment of $2.9 million and $3.1 million as of December 31, 2017 and 2016, respectively, is netted with the investment balance and is being accreted over the life of the investment using the effective interest method. The accretion of such discount is included in interest income on the consolidated statements of operations.

Contingent Payments

In connection with securing the Kansas Management Contract, Kansas Star agreed to pay a former casino project promoter 1% of Kansas Star’s EBITDA each month for a period of ten years commencing December 20, 2011. The liability is recorded at the estimated fair value of the contingent payments using a discounted cash flows approach and the significant unobservable input used in the valuation at December 31, 2017 and 2016 is a discount rate of 9.2% and 18.5%, respectively. At December 31, 2017 and 2016, there was a current liability of $0.8 million and $0.9 million, respectively, related to this agreement, which was recorded in accrued liabilities on the respective consolidated balance sheets, and long-term obligations of $2.1 million and $2.2 million, respectively, which were included in other liabilities on the respective consolidated balance sheets.

The following tables summarize the changes in fair value of the Company’s Level 3 assets and liabilities:

	December 31, 2017
	Assets			Liabilities
(In thousands)	Investment Available for Sale			Contingent Payments
Balance at January 1, 2017	$	17,259		$	(3,038	)
Total gains (losses) (realized or unrealized):
Included in interest income (expense)	138			(335		)
Included in other comprehensive income (loss)	795			—
Included in other items, net	—			(333		)
Purchases, sales, issuances and settlements:
Settlements	(440		)	819
Balance at December 31, 2017	$	17,752		$	(2,887	)

53

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

	December 31, 2016
	Assets			Liabilities
(In thousands)	Investment Available for Sale			Contingent Payments
Balance at January 1, 2016	$	17,839		$	(3,632	)
Total gains (losses) (realized or unrealized):
Included in interest income (expense)	130			(600		)
Included in other comprehensive income (loss)	(299		)	—
Included in other items, net	—			346
Purchases, sales, issuances and settlements:
Settlements	(411		)	848
Balance at December 31, 2016	$	17,259		$	(3,038	)

The fair value of intangible assets, classified in the fair value hierarchy as Level 3, is utilized in performing its impairment analyses (see Note 4, Intangible Assets).

Balances Disclosed at Fair Value

The following tables provide the fair value measurement information about our obligation under minimum assessment agreements and other financial instruments:

	December 31, 2017
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Liabilities
Obligation under assessment arrangements	$	31,729	$	25,602	$	26,999	Level 3

	December 31, 2016
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Liabilities
Obligation under assessment arrangements	$	33,456	$	26,660	$	27,054	Level 3
Other financial instruments	100		97		97		Level 3

The following tables provide the fair value measurement information about our long-term debt:

	December 31, 2017
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Credit Facility	$	1,621,054	$	1,595,703	$	1,625,178	Level 2
6.875% Senior Notes due 2023	750,000		740,545		798,750		Level 1
6.375% Senior Notes due 2026	750,000		739,128		810,000		Level 1
Other	504		504		504		Level 3
Total debt	$	3,121,558	$	3,075,880	$	3,234,432

54

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

	December 31, 2016
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Credit Facility	$	1,782,538	$	1,752,147	$	1,791,853	Level 2
6.875% Senior Notes due 2023	750,000		738,791		806,250		Level 1
6.375% Senior Notes due 2026	750,000		737,926		804,375		Level 1
Other	591		591		591		Level 3
Total debt	$	3,283,129	$	3,229,455	$	3,403,069

The estimated fair value of the Credit Facility is based on a relative value analysis performed on or about December 31, 2017 and December 31, 2016. The estimated fair values of our Senior Notes are based on quoted market prices as of December 31, 2017 and December 31, 2016. The other debt is a fixed-rate debt that is payable in 32 semi-annual installments, beginning in 2008. It is not traded and does not have an observable market input; therefore, we have estimated its fair value to be equal to the carrying value.

There were no transfers between Level 1, Level 2 and Level 3 measurements during the years ended December 31, 2017 and 2016.

NOTE 12.    EMPLOYEE BENEFIT PLANS

We contribute to multiemployer pension defined benefit plans under terms of collective-bargaining agreements that cover our union-represented employees. Contributions, based on wages paid to covered employees, totaled approximately $1.6 million, $1.5 million and $1.4 million for the years ended December 31, 2017, 2016 and 2015, respectively. These aggregate contributions were not individually significant to any of the respective plans. Our share of the unfunded vested liability related to multi-employer plans, if any, is not determinable and our participation is not individually significant on an individual multiemployer plan basis.

We have retirement savings plans under Section 401(k) of the Internal Revenue Code covering our non-union employees. The plans allow employees to defer up to the lesser of the Internal Revenue Code prescribed maximum amount or 100% of their income on a pre-tax basis through contributions to the plans. We expensed our voluntary contributions to the 401(k) profit-sharing plans and trusts of $4.4 million, $3.9 million and $3.3 million for the years ended December 31, 2017, 2016 and 2015, respectively.

NOTE 13.    SEGMENT INFORMATION

We have aggregated certain of our properties in order to present three Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; and (iii) Midwest and South. The table in Note 1, Summary of Significant Accounting Policies, lists the classification of each of our properties.

Results of Operations - Total Reportable Segment Revenues and Adjusted EBITDA

We evaluate each of our property's profitability based upon Property Adjusted EBITDA, which represents each property's earnings before interest expense, income taxes, depreciation and amortization, deferred rent, share-based compensation expense, project development, preopening and writedowns expenses, impairments of assets, other operating items, net, and gain or loss on early retirements of debt, as applicable. Total Reportable Segment Adjusted EBITDA is the aggregate sum of the Property Adjusted EBITDA for each of the properties included in our Las Vegas Locals, Downtown Las Vegas, and Midwest and South segments. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company.

We reclassify the reporting of corporate expense on the accompanying table in order to exclude it from our subtotal for Total Reportable Segment Adjusted EBITDA. Furthermore, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, aircraft expenses and various other expenses not directly related to our casino and hotel operations.

55

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments:

	Year Ended December 31, 2017
(In thousands)	Gaming Revenue		Food & Beverage Revenue		Room Revenue		Other Revenue		Total Revenue
Revenues
Las Vegas Locals	$	563,785	$	154,451	$	98,406	$	51,735	$	868,377
Downtown Las Vegas	133,072		54,451		24,623		32,295		244,441
Midwest and South	1,043,411		137,477		63,766		43,347		1,288,001
Total Revenues	$	1,740,268	$	346,379	$	186,795	$	127,377	$	2,400,819

	Year Ended December 31, 2016
(In thousands)	Gaming Revenue		Food & Beverage Revenue		Room Revenue		Other Revenue		Total Revenue
Revenues
Las Vegas Locals	$	422,375	$	108,541	$	82,566	$	41,533	$	655,015
Downtown Las Vegas	133,165		52,849		20,209		30,347		236,570
Midwest and South	1,054,853		141,315		66,616		44,890		1,307,674
Total Revenues	$	1,610,393	$	302,705	$	169,391	$	116,770	$	2,199,259

	Year Ended December 31, 2015
(In thousands)	Gaming Revenue		Food & Beverage Revenue		Room Revenue		Other Revenue		Total Revenue
Revenues
Las Vegas Locals	$	395,108	$	103,353	$	75,282	$	42,827	$	616,570
Downtown Las Vegas	131,871		52,105		19,856		29,445		233,277
Midwest and South	1,104,198		148,328		67,110		45,348		1,364,984
Total Revenues	$	1,631,177	$	303,786	$	162,248	$	117,620	$	2,214,831

56

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDA to operating income, as reported in our accompanying consolidated statements of operations:

	Year Ended December 31,
(In thousands)	2017			2016			2015
Adjusted EBITDA
Las Vegas Locals	$	249,906		$	176,066		$	157,269
Downtown Las Vegas	54,613			52,341			49,214
Midwest and South	364,458			367,579			381,467
Total Reportable Segment Adjusted EBITDA	668,977			595,986			587,950
Corporate expense	(73,046		)	(59,875		)	(60,177		)
Adjusted EBITDA	595,931			536,111			527,773
Other operating costs and expenses
Deferred rent	1,267			3,266			3,428
Depreciation and amortization	217,522			196,226			207,118
Project development, preopening and writedowns	14,454			22,107			6,907
Share-based compensation expense	17,413			15,518			19,264
Impairments of assets	(426		)	38,302			18,565
Other operating charges, net	1,900			284			907
Total other operating costs and expenses	252,130			275,703			256,189
Operating income	$	343,801		$	260,408		$	271,584

Total Assets

The Company's total assets, by Reportable Segment, consisted of the following amounts:

	December 31,
(In thousands)	2017		2016
Assets
Las Vegas Locals	$	1,792,119	$	1,785,858
Downtown Las Vegas	170,574		157,319
Midwest and South	2,496,957		2,556,307
Total Reportable Segment assets	4,459,650		4,499,484
Corporate	226,280		171,267
Total assets	$	4,685,930	$	4,670,751

57

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Capital Expenditures

The Company's capital expenditures by Reportable Segment, consisted of the following:

	Year Ended December 31,
(In thousands)	2017		2016			2015
Capital Expenditures:
Las Vegas Locals	$	59,382	$	42,069		$	41,772
Downtown Las Vegas	21,705		28,431			13,000
Midwest and South	37,657		73,255			60,887
Total Reportable Segment Capital Expenditures	118,744		143,755			115,659
Corporate	71,673		16,672			12,646
Total Capital Expenditures	190,417		160,427			128,305
Change in Accrued Property Additions	47		(69		)	2,865
Cash-Based Capital Expenditures	$	190,464	$	160,358		$	131,170

The Company utilizes the Corporate entities to centralize the development of major renovation and other capital development projects that are included as construction in progress. After the project is complete, the corporate entities transfer the projects to the segment subsidiaries.

NOTE 14.     SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following table presents selected quarterly financial information:

	Year Ended December 31, 2017
(In thousands, except per share data)	First		Second		Third		Fourth		Year
Summary Operating Results:
Total revenues	$	610,065	$	604,124	$	591,542	$	595,088	$	2,400,819
Operating income	94,830		89,554		78,940		80,477		343,801
Income from continuing operations, net of tax	$	35,076	$	27,692	$	23,157	$	82,073	$	167,998
Income from discontinued operations, net of tax	375		21,017		—		—		21,392
Net income	$	35,451	$	48,709	$	23,157	$	82,073	$	189,390
Basic net income per common share:
Continuing operations	$	0.31	$	0.24	$	0.20	$	0.72	$	1.46
Discontinued operations	—		0.18		—		—		0.19
Basic net income per common share	$	0.31	$	0.42	$	0.20	$	0.72	$	1.65
Diluted net income per common share:
Continuing operations	$	0.31	$	0.24	$	0.20	$	0.71	$	1.45
Discontinued operations	—		0.18		—		—		0.19
Diluted net income per common share	$	0.31	$	0.42	$	0.20	$	0.71	$	1.64

58

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

	Year Ended December 31, 2016
(In thousands, except per share data)	First		Second		Third		Fourth		Year
Summary Operating Results:
Total revenues	$	556,653	$	548,784	$	535,173	$	558,649	$	2,199,259
Operating income	82,362		80,439		67,881		29,726		260,408
Income from continuing operations, net of tax	$	21,666	$	11,257	$	164,197	$	10,581	$	207,701
Income from discontinued operations, net of tax	11,630		18,715		180,707		1,478		212,530
Net income	$	33,296	$	29,972	$	344,904	$	12,059	$	420,231
Basic net income per common share:
Continuing operations	$	0.19	$	0.10	$	1.43	$	0.09	$	1.81
Discontinued operations	0.10		0.16		1.58		0.01		1.86
Basic net income per common share	$	0.29	$	0.26	$	3.01	$	0.10	$	3.67
Diluted net income per common share:
Continuing operations	$	0.19	$	0.10	$	1.43	$	0.09	$	1.80
Discontinued operations	0.10		0.16		1.57		0.01		1.85
Diluted net income per common share	$	0.29	$	0.26	$	3.00	$	0.10	$	3.65

NOTE 15.    CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Separate condensed consolidating financial information for our subsidiary guarantors and non-guarantors of our 6.875% Notes, our 6.375% Notes and our 6.000% Notes (collectively, the "Notes") is presented below. The 6.875% Notes and 6.375% Notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. The non-guarantors primarily represent our special purpose entities, tax holding companies, our less significant operating subsidiaries and our less than wholly owned subsidiaries.

On June 25, 2018, the Company issued $700.0 million aggregate principal amount of 6.000% senior notes due 2026 (the "6.000% Notes"). The 6.000% Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain of our current and future domestic restricted subsidiaries. With the exception of one subsidiary, the guarantors of the 6.000% Notes are the same as for our 6.375% Notes and 6.875% Notes. The non-guarantors primarily represent our special purpose entities, tax holding companies, our less significant operating subsidiaries and our less than wholly owned subsidiaries.

On March 7, 2017, Aliante, Cannery and Eastside Cannery became guarantors of the 6.875% Notes, the 6.375% Notes and the Credit Facility.

The tables below present the condensed consolidating balance sheets as of December 31, 2017, and 2016, the condensed consolidating statements of operations for the years ended December 31, 2017, 2016 and 2015 and the condensed consolidating statements of cash flows for the years ended December 31, 2017, 2016 and 2015. We have reclassified certain prior year amounts in the current year presentation to reflect the designation of the additional Restricted Subsidiaries listed above as subsidiary guarantors and the adoption of the Revenue Standard and ASU 2016-18.

59

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Condensed Consolidating Balance Sheets

	December 31, 2017
								Non-			Non-
								Guarantor			Guarantor
						Subsidiary		Subsidiaries			Subsidiaries
				Guarantor		(100%		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)*		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			20,687		234		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	—			1,560,841		373,718		—			—		(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		$	5,959,550	$	373,952	$	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		)	256,584		900		(10,428		)	—		—			151,333
Total stockholders' equity (deficit)	1,097,227			5,417,186		373,052		(931,397		)	—		(4,858,841		)	1,097,227
Total liabilities and stockholders' equity	$	5,095,354		$	5,959,550	$	373,952	$	123,867		$	—	$	(6,866,793	)	$	4,685,930

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

60

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Condensed Consolidating Balance Sheets - continued

	December 31, 2016
								Non-			Non-
								Guarantor			Guarantor
						Subsidiary		Subsidiaries			Subsidiaries
				Guarantor		(100%		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)*		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			14,647		1,822		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	—			1,140,125		350,892		—			—			(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		$	5,712,461	$	352,714	$	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		)	295,206		900		(21,729		)	—			—			169,476
Boyd Gaming Corporation stockholders' equity (deficit)	930,130			5,213,823		351,814		(932,200		)	(254		)	(4,633,183		)	930,130
Noncontrolling interest	—			—		—		—			—			50			50
Total stockholders' equity (deficit)	930,130			5,213,823		351,814		(932,200		)	(254		)	(4,633,133		)	930,180
Total liabilities and stockholders' equity	$	4,668,856		$	5,712,461	$	352,714	$	69,606		$	—		$	(6,132,886	)	$	4,670,751

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

61

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Condensed Consolidating Statements of Operations

	Year Ended December 31, 2017
										Non-			Non-
										Guarantor			Guarantor
							Subsidiary			Subsidiaries			Subsidiaries
				Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*			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			2,758			154			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			1,986,166			154			55,573			—		(92,657		)	2,057,018
Equity in earnings (losses) of subsidiaries	330,711			(1,374		)	—			—			—		(329,337		)	—
Operating income (loss)	296,221			389,974			(154		)	(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			388,797			(154		)	(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			315,371			(154		)	(7,272		)	—		(329,337		)	167,998
Income from discontinued operations, net of tax	—			—			21,392			—			—		—			21,392
Net income (loss)	$	189,390		$	315,371		$	21,238		$	(7,272	)	$	—	$	(329,337	)	$	189,390
Comprehensive income (loss)	$	189,823		$	315,804		$	21,238		$	(7,272	)	$	—	$	(329,770	)	$	189,823

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

62

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Condensed Consolidating Statements of Operations - continued

	Year Ended December 31, 2016
									Non-			Non-
									Guarantor			Guarantor
						Subsidiary			Subsidiaries			Subsidiaries
			Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)*			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		183,524			7			3,928			—		—			196,226
Corporate expense	66,703		1,621			117			4,227			—		—			72,668
Project development, preopening and writedowns	18,079		(3,933		)	641			7,320			—		—			22,107
Impairments of assets	1,440		36,862			—			—			—		—			38,302
Other operating items, net	181		103			—			—			—		—			284
Intercompany expenses	1,205		140,291			380			1,461			—		(143,337		)	—
Total operating costs and expenses	147,513		1,871,114			1,145			62,414			—		(143,335		)	1,938,851
Equity in earnings (losses) of subsidiaries	445,130		(2,039		)	—			—			—		(443,091		)	—
Operating income (loss)	419,556		303,635			(1,145		)	(18,547		)	—		(443,091		)	260,408
Other expense (income)
Interest expense, net	157,923		46,357			5,426			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		60,982			5,426			(48		)	—		—			252,640
Income (loss) from continuing operations before income taxes	233,276		242,653			(6,571		)	(18,499		)	—		(443,091		)	7,768
Income tax benefit	186,955		10,935			1,917			126			—		—			199,933
Income (loss) from continuing operations, net of tax	420,231		253,588			(4,654		)	(18,373		)	—		(443,091		)	207,701
Income (loss) from discontinued operations, net of tax	—		(899		)	213,429			—			—		—			212,530
Net income (loss)	$	420,231	$	252,689		$	208,775		$	(18,373	)	$	—	$	(443,091	)	$	420,231
Comprehensive income (loss)	$	419,932	$	252,390		$	208,775		$	(18,373	)	$	—	$	(442,792	)	$	419,932

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

63

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Consolidating Statements of Operations - continued

	Year Ended December 31, 2015
									Non-			Non-
									Guarantor			Guarantor
						Subsidiary			Subsidiaries			Subsidiaries
			Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)*			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		196,852			13			4,074			—			—			207,118
Corporate expense	71,700		1,581			200			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		140,321			650			1,416			—			(143,591		)	—
Total operating costs and expenses	130,539		1,895,746			863			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		296,490			(863		)	(17,249		)	(76		)	(188,663		)	271,584
Other expense
Interest expense, net	125,890		85,957			10,861			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		98,820			10,861			345			—			—			267,141
Income (loss) from continuing operations before income taxes	24,830		197,670			(11,724		)	(17,594		)	(76		)	(188,663		)	4,443
Income tax benefit (provision)	22,777		(11,345		)	(4,753		)	(54		)	—			—			6,625
Income (loss) from continuing operations, net of tax	47,607		186,325			(16,477		)	(17,648		)	(76		)	(188,663		)	11,068
Income from discontinued operations, net of tax	—		540			35,999			—			—			—			36,539
Net income (loss)	$	47,607	$	186,865		$	19,522		$	(17,648	)	$	(76	)	$	(188,663	)	$	47,607
Comprehensive income (loss)	$	47,344	$	186,602		$	19,522		$	(17,648	)	$	(76	)	$	(188,400	)	$	47,344

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

64

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Condensed Consolidating Statements of Cash Flows

	Year Ended December 31, 2017
										Non-			Non-
										Guarantor			Guarantor
							Subsidiary			Subsidiaries			Subsidiaries
				Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*			Owned)			Owned)			Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	(82,632	)	$	532,515		$	(12,907	)	$	(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	—			(420,716		)	(22,826		)	—			—			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		)	(507,600		)	(22,826		)	(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

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

65

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Condensed Consolidating Statements of Cash Flows - continued

	Year Ended December 31, 2016
										Non-			Non-
										Guarantor			Guarantor
							Subsidiary			Subsidiaries			Subsidiaries
				Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*			Owned)			Owned)			Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	(86,502	)	$	502,815		$	(122,012	)	$	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	—			659,549			(448,249		)	—			—			(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		)	550,244			(448,249		)	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

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

66

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015

______________________________________________________________________________________________________

Condensed Consolidating Statements of Cash Flows - continued

	Year Ended December 31, 2015
										Non-			Non-
										Guarantor			Guarantor
							Subsidiary			Subsidiaries			Subsidiaries
				Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*			Owned)			Owned)			Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	102,080		$	249,822		$	(13,384	)	$	(12,131	)	$	(76	)	$	363		$	326,674
Cash flows from investing activities
Capital expenditures	(48,591		)	(82,392		)	—			(187		)	—			—			(131,170		)
Net activity with affiliates	—			(65,408		)	—			—			—			65,408			—
Distribution from subsidiary	11,200			—			—			—			—			(11,200		)	—
Other investing activities	3,292			1,236			—			—			—			—			4,528
Net cash from investing activities	(34,099		)	(146,564		)	—			(187		)	—			54,208			(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		)	—			(711		)	172,124			78			(65,771		)	—
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		)	(711		)	14,214			78			(54,571		)	(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

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

NOTE 16.     RELATED PARTY TRANSACTIONS

Boyd Percentage Ownership

William S. Boyd, our Executive Chairman of the Board of Directors, together with his immediate family, beneficially owned approximately 27% of our outstanding shares of common stock as of December 31, 2017. As such, the Boyd family has the ability to significantly influence our affairs, including the election of members of our Board of Directors and, except as otherwise provided by law, approving or disapproving other matters submitted to a vote of our stockholders, including a merger, consolidation or sale of assets. For each of the years ended December 31, 2017, 2016 and 2015, there were no related party transactions between the Company and the Boyd family other than compensation, including salary and equity incentives.

67

NOTE 17.    SUBSEQUENT EVENTS

We have evaluated all events or transactions that occurred after December 31, 2017. During this period, up to the filing date, we did not identify any subsequent events, other than the payment of the cash dividend disclosed in Note 10, Stockholder's Equity and Stock Incentive Plans, the effects of which would require disclosure or adjustment to our financial position or results of operations.

68

XML

Document and Entity Information	12 Months Ended
	Dec. 31, 2017
Entity Information [Line Items]
Entity Registrant Name	BOYD GAMING CORP
Entity Central Index Key	0000906553
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	8-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 203,104	$ 193,862
Restricted cash	24,175	16,488
Accounts receivable, net	40,322	30,371
Inventories	18,004	18,568
Prepaid expenses and other current assets	37,873	46,214
Income taxes receivable	5,185	2,444
Total current assets	328,663	307,947
Property and equipment, net	2,539,786	2,605,169
Other assets, net	81,128	49,205
Intangible assets, net	842,946	881,954
Goodwill, net	888,224	826,476
Deferred Income Taxes and Other Assets, Noncurrent	5,183	0
Total assets	4,685,930	4,670,751
Current liabilities
Accounts payable	106,323	84,086
Current maturities of long-term debt	23,981	30,336
Accrued liabilities	255,146	257,554
Income tax payable	21	0
Total current liabilities	385,471	371,976
Long-term debt, net of current maturities and debt issuance costs	3,051,899	3,199,119
Deferred income taxes	86,657	81,454
Other long-term tax liabilities	3,447	3,307
Other liabilities	61,229	84,715
Commitments and contingencies (Note 9)
Stockholders’ equity
Preferred stock, $0.01 par value, 5,000,000 shares authorized	0	0
Common stock, $0.01 par value, 200,000,000 shares authorized; 112,634,418 and 112,896,377 shares outstanding	1,126	1,129
Additional paid-in capital	931,858	953,440
Retained earnings (accumulated deficit)	164,425	(23,824)
Accumulated other comprehensive loss	(182)	(615)
Total Boyd Gaming Corporation stockholders’ equity	1,097,227	930,130
Noncontrolling interest	0	50
Total stockholders’ equity	1,097,227	930,180
Total liabilities and stockholders’ equity	$ 4,685,930	$ 4,670,751

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	112,634,418	112,896,377
Common stock, shares outstanding	112,634,418	112,896,377
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000

XML

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating revenues:
Gaming									$ 1,740,268	$ 1,610,393	$ 1,631,177
Food and beverage									346,379	302,705	303,786
Room									186,795	169,391	162,248
Other									127,377	116,770	117,620
Total revenues	$ 595,088	$ 591,542	$ 604,124	$ 610,065	$ 558,649	$ 535,173	$ 548,784	$ 556,653	2,400,819	2,199,259	2,214,831
Operating costs and expenses:
Gaming									759,612	725,078	740,023
Food and beverage									335,506	300,766	301,813
Room									85,188	77,734	76,903
Other									83,615	83,407	86,850
Selling, general and administrative									362,037	322,259	322,672
Maintenance and utilities									109,462	100,020	104,548
Depreciation and amortization									217,522	196,226	207,118
Corporate expense									88,148	72,668	76,941
Project development, preopening and writedowns									14,454	22,107	6,907
Impairments of assets									(426)	38,302	18,565
Other operating items, net									1,900	284	907
Total operating costs and expenses									2,057,018	1,938,851	1,943,247
Operating income	80,477	78,940	89,554	94,830	29,726	67,881	80,439	82,362	343,801	260,408	271,584
Other expense (income)
Interest income									(1,818)	(2,961)	(1,858)
Interest expense, net of amounts capitalized									173,108	212,692	224,590
Loss on early extinguishments and modifications of debt									1,582	42,364	40,733
Other, net									(184)	545	3,676
Total other expense, net									172,688	252,640	267,141
Income from continuing operations before income taxes									171,113	7,768	4,443
Income tax (provision) benefit									(3,115)	199,933	6,625
Income from continuing operations, net of tax	82,073	23,157	27,692	35,076	10,581	164,197	11,257	21,666	167,998	207,701	11,068
Income from discontinued operations, net of tax	0	0	21,017	375	1,478	180,707	18,715	11,630	21,392	212,530	36,539
Net income	$ 82,073	$ 23,157	$ 48,709	$ 35,451	$ 12,059	$ 344,904	$ 29,972	$ 33,296	$ 189,390	$ 420,231	$ 47,607
Continuing operations	$ 0.72	$ 0.20	$ 0.24	$ 0.31	$ 0.09	$ 1.43	$ 0.10	$ 0.19	$ 1.46	$ 1.81	$ 0.10
Discontinued operations	0.00	0	0.18	0.00	0.01	1.58	0.16	0.10	0.19	1.86	0.32
Basic net income per common share	0.72	0.20	0.42	0.31	0.10	3.01	0.26	0.29	$ 1.65	$ 3.67	$ 0.42
Weighted average basic shares outstanding									114,957	114,507	112,789
Continuing operations	0.71	0.20	0.24	0.31	0.09	1.43	0.10	0.19	$ 1.45	$ 1.80	$ 0.10
Discontinued operations	0.00	0	0.18	0.00	0.01	1.57	0.16	0.10	0.19	1.85	0.32
Diluted net income per common share	$ 0.71	$ 0.20	$ 0.42	$ 0.31	$ 0.10	$ 3.00	$ 0.26	$ 0.29	$ 1.64	$ 3.65	$ 0.42
Weighted average diluted shares outstanding									115,628	115,189	113,676
Common Stock, Dividends, Per Share, Declared									$ 0.15	$ 0	$ 0

XML

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net Income (Loss) Attributable to Parent	$ 82,073	$ 23,157	$ 48,709	$ 35,451	$ 12,059	$ 344,904	$ 29,972	$ 33,296	$ 189,390	$ 420,231	$ 47,607
Other comprehensive income (loss), net of tax:
Fair value of adjustments to available-for-sale securities									433	(299)	(263)
Comprehensive income									189,823	419,932	47,344
Accumulated Other Comprehensive Loss, Net
Net Income (Loss) Attributable to Parent									0
Other comprehensive income (loss), net of tax:
Fair value of adjustments to available-for-sale securities									$ 433	$ (299)	$ (263)

XML

Consolidated Statement of Changes in Stockholders' Equity - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings/(Accumulated Deficit)	Accumulated Other Comprehensive Loss, Net	Noncontrolling Interest [Member]
Balance at Dec. 31, 2014	$ 438,087,000	$ 1,093,000	$ 922,112,000	$ (485,115,000)	$ (53,000)	$ 50,000
Balance, shares at Dec. 31, 2014		109,277,060
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect of New Accounting Principle in Period of Adoption	(6,547,000)	$ 0	0	(6,547,000)	0	0
Net income (loss)	47,607,000	0	0	47,607,000	0	0
Unrealized loss on investment available for sale	$ (263,000)	$ 0	0	0	(263,000)	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	1,301,789	1,301,789
Stock options exercised, value	$ 9,807,000	$ 13,000	9,794,000	0	0	0
Award of restricted stock units, shares		553,822
Award of restricted stock units	(3,672,000)	$ (6,000)	3,678,000	0	0	0
Stock Issued During Period, Shares, Performance Stock Award, Net		481,749
Stock Issued During Period, Values, Performance Stock Award, Net	(2,446,000)	$ 5,000	(2,451,000)	0	0	0
Stock Repurchased and Retired During Period, Value	0
Share-based compensation costs	19,264,000	0	(19,264,000)	0	0	0
Net Income (Loss) Attributable to Parent	47,607,000
Balance at Dec. 31, 2015	501,837,000	$ 1,117,000	945,041,000	(444,055,000)	(316,000)	50,000
Balance, shares at Dec. 31, 2015		111,614,420
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	420,231,000	$ 0	0	420,231,000	0	0
Unrealized loss on investment available for sale	$ (299,000)	$ 0	0	0	(299,000)	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	452,898	452,898
Stock options exercised, value	$ 2,940,000	$ 4,000	2,936,000	0	0	0
Award of restricted stock units, shares		670,032
Award of restricted stock units	(3,368,000)	$ (6,000)	(3,374,000)	0	0	0
Stock Issued During Period, Shares, Performance Stock Award, Net		159,027
Stock Issued During Period, Values, Performance Stock Award, Net	(867,000)	$ 2,000	(869,000)	0	0	0
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation	(5,812,000)	0	5,812,000	0	0	0
Stock Repurchased and Retired During Period, Value	0
Share-based compensation costs	15,518,000	0	15,518,000	0	0	0
Net Income (Loss) Attributable to Parent	420,231,000
Balance at Dec. 31, 2016	$ 930,180,000	$ 1,129,000	953,440,000	(23,824,000)	(615,000)	50,000
Balance, shares at Dec. 31, 2016	112,896,377	112,896,377
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 15,777,000	$ 0	0	15,777,000	0	0
Net income (loss)	189,390,000	0	0	189,390,000	0	0
Unrealized loss on investment available for sale	$ 433,000	$ 0	0	0	433,000	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	241,964	241,964
Stock options exercised, value	$ 2,084,000	$ 2,000	2,082,000	0	0	0
Award of restricted stock units, shares		520,854
Award of restricted stock units	(8,004,000)	$ (5,000)	(8,009,000)	0	0	0
Stock Issued During Period, Shares, Performance Stock Award, Net		173,653
Stock Issued During Period, Values, Performance Stock Award, Net	1,791,000	$ 2,000	1,793,000	0	0	0
Dividends, Cash	$ (16,918,000)	$ 0	0	(16,918,000)	0	0
Stock Repurchased and Retired During Period, Shares	1,198,000	(1,198,430)
Stock Repurchased and Retired During Period, Value	$ (31,927,000)	$ (12,000)	(31,915,000)	0	0	0
Share-based compensation costs	17,413,000	0	17,413,000	0	0	0
Net Income (Loss) Attributable to Parent	189,390,000	0	640,000	0	0
Noncontrolling Interest, Decrease from Deconsolidation	590,000					(50,000)
Balance at Dec. 31, 2017	$ 1,097,227,000	$ 1,126,000	$ 931,858,000	$ 164,425,000	$ (182,000)	$ 0
Balance, shares at Dec. 31, 2017	112,634,418	112,634,418

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Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 227,279	$ 210,350	$ 177,851
Cash Flows from Operating Activities
Net Income (Loss) Attributable to Parent	189,390	420,231	47,607
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net of tax	(21,392)	(212,530)	(36,539)
Depreciation and amortization	217,522	196,226	207,118
Amortization of debt financing costs and discounts on debt	9,845	14,870	21,308
Share-based compensation expense	17,413	15,518	19,264
Deferred income taxes	5,203	(201,498)	16,855
Impairments of assets	0	38,302	18,565
Gain (Loss) on Disposition of Assets	(1,027)	(6,288)	0
Loss on early extinguishments and modifications of debt	1,582	42,364	40,733
Other operating activities	(2,033)	1,625	2,145
Changes in operating assets and liabilities:
Accounts receivable, net	(9,937)	45	1,971
Inventories	565	884	(301)
Prepaid expenses and other current assets	4,957	1,691	(4,275)
Current other tax asset	0	0	1,802
Income taxes receivable	1,089	(1,064)	(137)
Increase (Decrease) Other Long-term Tax Assets	(5,183)	0	0
Other assets, net	2,318	(626)	922
Accounts payable and accrued liabilities	13,216	(11,605)	12,825
Other long-term tax liabilities	140	222	(25,566)
Other liabilities	(1,117)	1,972	2,377
Net cash provided by operating activities	422,551	300,339	326,674
Cash Flows from Investing Activities
Capital expenditures	(190,464)	(160,358)	(131,170)
Cash paid for acquisitions, net of cash received	(1,153)	(592,703)	0
Proceeds (Payments) from Investments in Development Agreement	(35,108)	0	0
Other investing activities	706	14,207	4,528
Net cash used in investing activities	(226,019)	(738,854)	(126,642)
Cash Flows from Financing Activities
Borrowings under bank credit facility	958,000	2,039,175	1,033,500
Proceeds from Lines of Credit - Peninsula Gaming	0	237,000	345,500
Payments under bank credit facility	(1,119,485)	(1,466,362)	(1,211,200)
Repayments of Lines of Credit - Peninsula Gaming	0	(899,750)	(425,150)
Proceeds from issuance of senior notes, net	0	(750,000)	(750,000)
Debt financing costs, net	(3,430)	(42,220)	(14,004)
Retirements of senior notes	0	(700,000)	(657,813)
Proceeds from issuance of non-recourse debt by variable interest entity	0	(15,750)	(24,246)
Share-based compensation activities, net	(7,711)	(1,295)	3,689
Stock Repurchased and Retired During Period, Value	(31,927)	0	0
Payments of Ordinary Dividends, Common Stock	(11,286)	0	0
Other financing activities	503	(45)	0
Net cash provided by (used in) financing activities	(215,336)	(99,247)	(199,724)
Cash flows from operating activities	(514)	(27,796)	14,095
Cash flows from investing activities	36,247	598,057	0
Cash flows from financing activities	0	0	0
Net cash provided by discontinued operations	35,733	570,261	14,095
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	16,929	32,499	14,403
Cash and cash equivalents, beginning of period	193,862	158,821
Cash and cash equivalents, end of period	203,104	193,862	158,821
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized	174,090	197,475	178,433
Cash paid (received) for income taxes, net of refunds	5,189	33,723	(1,159)
Supplemental Schedule of Non-cash Investing and Financing Activities
Payables incurred for capital expenditures	9,297	9,334	7,235
Increase (decrease) in fair value of derivative instruments	173,108	212,692	224,590
Boyd
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	347	1,212	2
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net of tax	0	0	0
Depreciation and amortization	12,041	8,767	6,179
Changes in operating assets and liabilities:
Net cash provided by operating activities	(82,632)	(86,502)	102,080
Cash Flows from Investing Activities
Capital expenditures	(102,277)	42,840	(48,591)
Cash paid for acquisitions, net of cash received	(1,153)	592,703
Proceeds (Payments) from Investments in Development Agreement	0
Other investing activities		0	3,292
Net cash used in investing activities	(92,563)	(626,393)	(34,099)
Cash Flows from Financing Activities
Proceeds from issuance of senior notes, net		(750,000)	(750,000)
Debt financing costs, net	(3,430)	42,220	(14,004)
Retirements of senior notes		350,000	(500,000)
Proceeds from issuance of non-recourse debt by variable interest entity		(15,750)	(24,246)
Share-based compensation activities, net	(7,711)
Payments of Ordinary Dividends, Common Stock	(11,286)
Other financing activities	590	(45)
Net cash provided by (used in) financing activities	174,330	714,105	(67,981)
Cash flows from operating activities	0	0	0
Cash flows from investing activities	0	0	0
Cash flows from financing activities	0	0	0
Net cash provided by discontinued operations	0	0	$ 0
Cash and cash equivalents, beginning of period	1,212
Cash and cash equivalents, end of period	$ 347	$ 1,212

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Boyd Gaming Corporation (and together with its subsidiaries, the "Company", the "Registrant", "Boyd Gaming", "Boyd", "we" or "us") was incorporated in the state of Nevada in 1988 and has been operating since 1975. The Company's common stock is traded on the New York Stock Exchange under the symbol "BYD".

The consolidated financial statements reflect the impact of the adoption of Update 2016-18 and the Revenue Standard, as defined and discussed below under Recently Adopted Accounting Pronouncements.All amounts in the footnotes have been adjusted, when necessary, to reflect the adoption of this guidance.

As of December 31, 2017, we are a diversified operator of 24 wholly owned gaming entertainment properties. Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, which we aggregate in order to present the following three reportable segments:

Las Vegas Locals
Gold Coast Hotel and Casino	Las Vegas, Nevada
The Orleans Hotel and Casino	Las Vegas, Nevada
Sam's Town Hotel and Gambling Hall	Las Vegas, Nevada
Suncoast Hotel and Casino	Las Vegas, Nevada
Eastside Cannery Casino and Hotel	Las Vegas, Nevada
Aliante Casino + Hotel + Spa	North Las Vegas, Nevada
Cannery Casino Hotel	North Las Vegas, Nevada
Eldorado Casino	Henderson, Nevada
Jokers Wild Casino	Henderson, Nevada
Downtown Las Vegas
California Hotel and Casino	Las Vegas, Nevada
Fremont Hotel and Casino	Las Vegas, Nevada
Main Street Station Casino, Brewery and Hotel	Las Vegas, Nevada
Midwest and South
Par-A-Dice Hotel Casino	East Peoria, Illinois
Blue Chip Casino, Hotel & Spa	Michigan City, Indiana
Diamond Jo Dubuque	Dubuque, Iowa
Diamond Jo Worth	Northwood, Iowa
Kansas Star Casino	Mulvane, Kansas
Amelia Belle Casino	Amelia, Louisiana
Delta Downs Racetrack Casino & Hotel	Vinton, Louisiana
Evangeline Downs Racetrack and Casino	Opelousas, Louisiana
Sam's Town Hotel and Casino	Shreveport, Louisiana
Treasure Chest Casino	Kenner, Louisiana
IP Casino Resort Spa	Biloxi, Mississippi
Sam's Town Hotel and Gambling Hall	Tunica, Mississippi

As a result of the sale of our equity interest in Borgata (see Note 2, Acquisitions and Divestitures), we no longer report our interest in Borgata as a Reportable Segment.

Our Las Vegas Locals segment includes the results of Aliante Gaming, LLC ("Aliante"), The Cannery Hotel and Casino, LLC (“Cannery”) and Nevada Palace, LLC (“Eastside Cannery”) (see Note 2, Acquisitions and Divestitures).

In addition to these properties, we own and operate a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii. Financial results for our travel agency and our captive insurance company are included in our Downtown Las Vegas segment, as our Downtown Las Vegas properties concentrate significant marketing efforts on gaming customers from Hawaii.

Basis of Presentation

The consolidated financial statements include the accounts of the Company and its subsidiaries.

See Note 2, Acquisitions and Divestitures, for discussion of our acquisitions of Aliante, Cannery and Eastside Cannery, which were completed during the year ended December 31, 2016. We have not disclosed the pro forma impact of these acquisitions to our results of operations, as the pro forma impact was deemed immaterial.

Investments in unconsolidated affiliates, which are 50% or less owned and do not meet the consolidation criteria of the authoritative accounting guidance for voting interest, controlling interest or variable interest entities, are accounted for under the equity method.

All significant intercompany accounts and transactions have been eliminated in consolidation.

Discontinued Operations

On August 1, 2016, Boyd Gaming completed the sale of its 50% equity interest in Marina District Development Holding Company, LLC ("MDDHC"), the parent company of Borgata, to MGM Resorts International ("MGM") pursuant to an Equity Purchase Agreement (the "Purchase Agreement") enter into on May 31, 2016, as amended on July 19, 2016 by and among Boyd, Boyd Atlantic City, Inc., a wholly owned subsidiary of Boyd, and MGM. (See Note 2, Acquisitions and Divestitures.) We accounted for our investment in Borgata by applying the equity method and reported its results as discontinued operations for all periods presented in these consolidated financial statements.

Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments with maturities of three months or less at their date of purchase, and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand.

The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the consolidated balance sheets to the total balance shown in the consolidated statements of cash flows.

	December 31,
(In thousands)	2017		2016		2015
Cash and cash equivalents	$	203,104	$	193,862	$	158,821
Restricted cash	24,175		16,488		19,030
Total cash, cash equivalents and restricted cash	$	227,279	$	210,350	$	177,851

Restricted Cash

Restricted cash consists primarily of advance payments related to: (i) future bookings with our Hawaiian travel agency; and (ii) amounts restricted by regulation for gaming and racing purposes. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying value of these instruments approximates their fair value due to their short maturities.

Accounts Receivable, net

Accounts receivable consist primarily of casino, hotel and other receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible, based upon historical collection experience, the age of the receivable and other relevant economic factors. An estimated allowance for doubtful accounts is maintained to reduce our receivables to their carrying amount. As a result, the net carrying value approximates fair value.

The activity comprising our allowance for doubtful accounts is as follows:

	Year Ended December 31,
(In thousands)	2017			2016			2015
Beginning balance, January 1,	$	1,971		$	2,087		$	1,971
Additions due to Acquisitions	—			87			—
Additions	478			345			361
Deductions	(377		)	(548		)	(245		)
Ending balance	$	2,072		$	1,971		$	2,087

Inventories

Inventories consist primarily of food and beverage and retail items and are stated at the lower of cost or market. Cost is determined using the weighted-average inventory method.

Property and Equipment, net

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or, for leasehold improvements, over the shorter of the asset's useful life or term of the lease.

The estimated useful lives of our major components of property and equipment are:

Building and improvements	3 through 40 years
Riverboats and barges	5 through 40 years
Furniture and equipment	1 through 10 years

Gains or losses on disposals of assets are recognized as incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred.

For an asset that is held for sale, we recognize the asset at the lower of carrying value or fair market value, less costs of disposal, as estimated based on comparable asset sales, solicited offers, or a discounted cash flow model. For a long-lived asset to be held and used, we review the asset for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We then compare the estimated undiscounted future cash flows of the asset to the carrying value of the asset. The asset is not impaired if the undiscounted future cash flows exceed its carrying value. If the carrying value exceeds the undiscounted future cash flows, then an impairment charge is recorded, typically measured using a discounted cash flow model, which is based on the estimated future results of the relevant reporting unit discounted using our weighted-average cost of capital and market indicators of terminal year free cash flow multiples. All resulting recognized impairment charges are recorded as Impairment of assets within operating expenses.

Capitalized Interest

Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using our weighted-average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed. Interest capitalized during the years ended December 31, 2016 and 2015 was $0.5 million and $0.1 million, respectively. There was no interest capitalized for the year ended December 31, 2017.

Investment in Available for Sale Securities

We have an investment in $20.5 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 ("City Bonds"). This investment is classified as available-for-sale and is recorded at fair value. The fair value at December 31, 2017 and 2016 was $17.8 million and $17.3 million, respectively. At December 31, 2017 and 2016, $0.5 million and $0.4 million, respectively, is included in prepaid expenses and other current assets, and $17.3 million and $16.8 million, respectively, is included in other assets, net.

Future maturities of the City Bonds, excluding the discount, for the years ending December 31 are summarized as follows:

(In thousands)
For the year ending December 31,
2018	$	475
2019	510
2020	550
2021	590
2022	635
Thereafter	17,760
Total	$	20,520

Intangible Assets

Intangible assets include customer relationships, favorable lease rates, development agreements, gaming license rights and trademarks.

Amortizing Intangible Assets

Customer relationships represent the value of repeat business associated with our customer loyalty programs. These intangible assets are being amortized on an accelerated method over their approximate useful life. Favorable lease rates represent the amount by which acquired lease rental rates are favorable to market terms. These favorable lease values are amortized over the remaining lease term, primarily on leasehold land interests, originally ranging in duration from 41 to 52 years. Development agreements are contracts between two parties establishing an agreement for development of a product or service. These agreements are amortized over the respective cash flow period of the related agreement.

Indefinite-Lived Intangible Assets

Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. These assets, considered indefinite-lived intangible assets, are not subject to amortization, but instead are subject to an annual impairment test, and between annual test dates in certain circumstances. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. License rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method.

Goodwill

Goodwill is an asset representing the future economic benefits arising from other assets in a business combination that are not individually identified and separately recognized. Goodwill is not subject to amortization, but it is subject to an annual impairment test and between annual test dates in certain circumstances.

We evaluate goodwill using a weighted average allocation of both the income and market approach models. The income approach is based upon a discounted cash flow method, whereas the market approach uses the guideline public company method. Specifically, the income approach focuses on the expected cash flow of the subject reporting unit, considering the available cash flow for a finite period of years. Available cash flow is defined as the amount of cash that could be distributed as a dividend without impairing the future profitability or operations of the reporting unit. The underlying premise of the income approach is that the value of goodwill can be measured by the present value of the net economic benefit to be received over the life of the reporting unit. The market approach focuses on comparing the reporting unit to selected reasonably similar (or "guideline") publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of our reporting unit relative to the selected guideline companies; and (iii) applied to the operating data of our reporting unit to arrive at an indication of value. The application of the market approach results in an estimate of the price reasonably expected to be realized from the sale of the subject reporting unit.

Player Loyalty Point Program

We have established promotional programs to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food and beverage, and other free goods and services. We record points earned based on the value of a point that can be redeemed for a hotel room, food & beverage or other items. The player loyalty point program accrual is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, for food & beverage or for other amenities and is included in accrued liabilities on our consolidated balance sheets.

Long-Term Debt, Net

Long-term debt, net is reported as the outstanding debt amount net of amortized cost. Any unamortized debt issuance costs, which include legal and other direct costs related to the issuance of our outstanding debt, or discount granted to the initial purchasers or lenders upon issuance of our debt instruments is recorded as a direct reduction to the face amount of our outstanding debt. The debt issuance costs and discount are accreted to interest expense using the effective interest method over the contractual term of the underlying debt. In the event that our debt is modified, repurchased or otherwise reduced prior to its original maturity date, we ratably reduce the unamortized debt issuance costs and discount and record a loss on extinguishment of debt.

Income Taxes

Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence it is more likely than not that such assets will not be realized. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. Accordingly, the need to establish valuation allowances for deferred tax assets is continually assessed based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of profitability, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified.

Other Long-Term Tax Liabilities

The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.

Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement.

Tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period that they meet the "more likely than not" standard. If it is subsequently determined that a previously recognized tax position no longer meets the "more likely than not" standard, it is required that the tax position is derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. Accrued interest and penalties are included in other long-term tax liabilities on the balance sheet.

Self-Insurance Reserves

We are self-insured for various insurance coverages such as property, general liability, employee health and workers' compensation costs with the appropriate levels of deductibles and retentions. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not yet reported. In estimating these accruals, we consider historical loss experience and make judgments about the expected levels of costs per claim. Management believes the estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity and other factors could materially affect the estimate for these liabilities. Certain of these claims represent obligations to make future payments; and therefore, we discount such reserves to an amount representing the present value of the claims which will be paid in the future using a blended rate, which represents the inherent risk and the average payout duration. Self-insurance reserves are included in other liabilities on our consolidated balance sheets.

The activity comprising our self-insurance reserves is as follows:

	Year Ended December 31,
(In thousands)	2017			2016			2015
Beginning balance	$	31,022		$	30,068		$	33,004
Additions
Charged to costs and expenses	84,209			79,685			80,311
Due to acquisitions	—			14			—
Payments made	(81,236		)	(78,745		)	(83,247		)
Ending balance	$	33,995		$	31,022		$	30,068

Accumulated Other Comprehensive Income (Loss)

Comprehensive income includes net income and other comprehensive income (loss). Components of the Company's comprehensive income are reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of comprehensive income. The accumulated other comprehensive income (loss) at December 31, 2017, consists of unrealized gains and losses on the investment available for sale resulting from changes in fair value.

Noncontrolling Interest

Noncontrolling interest represented the ownership interest in one of our subsidiaries that was held by a third party. During 2017, the joint venture in which we held an 80% interest was dissolved, thus eliminating our noncontrolling interest.

Revenue Recognition

The Company’s revenue contracts with customers consist of gaming wagers, hotel room sales, food & beverage offerings and other amenity transactions. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gaming revenues. The transaction price for hotel, food & beverage and other contracts is the net amount collected from the customer for such goods and services. Hotel, food & beverage and other services have been determined to be separate, stand-alone performance obligations and the transaction price for such contracts is recorded as revenue as the good or service is transferred to the customer over their stay at the hotel, when the delivery is made for the food & beverage or when the service is provided for other amenity transactions.

Gaming wager contracts involve two performance obligations for those customers earning points under the Company’s player loyalty programs and a single performance obligation for customers who do not participate in the programs. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the loyalty point contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a point that can be redeemed for a hotel room stay, food & beverage or other amenities. Sales and usage-based taxes are excluded from revenues. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers is recognized when the wagers occur as all such wagers settle immediately. The loyalty point contract liability amount is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, food & beverage or other amenities and such goods or services are delivered to the customer. See Note 6, Accrued Liabilities, for the balance outstanding related to player loyalty programs.

The Company collects advanced deposits from hotel customers for future reservations representing obligations of the Company until the hotel room stay is provided to the customer. See Note 6, Accrued Liabilities, for the balance outstanding related to advance deposits.

The Company's outstanding chip liability represents the amounts owned in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. See Note 6, Accrued Liabilities, for the balance outstanding related to the chip liability.

The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our slot bonus program such as cash and the estimated retail value of goods and services (such as complimentary rooms and food & beverages). We reward customers, through the use of bonus programs, with points based on amounts wagered that can be redeemed for a specified period of time for complimentary slot play, food & beverage, and to a lesser extent for other goods or services, depending upon the property.

The estimated retail value related to goods and services provided to guests without charge or upon redemption of points under our player loyalty programs, included in departmental revenues, and therefore reducing our gaming revenues, are as follows:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Food and beverage	$	171,904	$	147,494	$	151,407
Room	76,565		75,647		77,678
Other	10,900		11,076		11,320

Gaming Taxes

We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the consolidated statements of operations. These taxes totaled approximately $324.5 million, $321.7 million and $332.1 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Advertising Expense

Direct advertising costs are expensed the first time such advertising appears. Advertising costs are included in selling, general and administrative expenses on the consolidated statements of operations and totaled $29.9 million, $32.3 million and $33.4 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Corporate Expense

Corporate expense represents unallocated payroll, professional fees, aircraft costs and various other expenses that are not directly related to our casino hotel operations.

Project Development, Preopening and Writedowns

Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred and do not qualify as capital costs; and (iii) asset write-downs.

Share-Based Compensation

Share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The requisite service period can be impacted by the provisions of the Company’s stock compensation programs that provide for automatic vesting acceleration upon retirement (including as a result of death or disability) for those long-service participants achieving defined age and years of service criteria. These acceleration provisions do not apply to stock grants and awards issued within six months of the employee’s retirement. Compensation costs related to stock option awards are calculated based on the fair value of each major option grant on the date of the grant using the Black-Scholes option pricing model, which requires the following assumptions: expected stock price volatility, risk-free interest rates, expected option lives and dividend yields. We formed our assumptions using historical experience and observable market conditions.

The Company did not issue any stock option grants in 2017. The following table discloses the weighted-average assumptions used in estimating the fair value of our significant stock option grants and awards in prior years:

	Year Ended December 31,
	2016			2015
Expected stock price volatility	46.62		%	49.06		%
Risk-free interest rate	1.39		%	1.59		%
Expected option life (in years)	5.4			5.3
Estimated fair value per share	$	7.67		$	9.06

Net Income per Share

Basic net income per share is computed by dividing net income applicable to Boyd Gaming Corporation stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options.

Concentration of Credit Risk

Financial instruments that subject us to credit risk consist of cash equivalents and accounts receivable.

Our policy is to limit the amount of credit exposure to any one financial institution, and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. We have bank deposits that may at times exceed federally-insured limits.

Concentration of credit risk, with respect to gaming receivables, is limited through our credit evaluation process. We issue markers to approved gaming customers only following credit checks and investigations of creditworthiness.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Change in Accounting Principle

In first quarter 2017, the Company adopted Accounting Standards Update 2016-09, Compensation - Stock Compensation ("Update 2016-09") which simplified several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Update 2016-09 requires excess tax benefits and deficiencies to be recorded in income tax expense instead of equity. The cumulative effect of this change in accounting principle is to record the benefit of previously unrecognized excess tax deductions as an increase in retained earnings of $15.8 million on the consolidated statement of changes in stockholders' equity for the year ended December 31, 2017. Additionally, for the year ended December 31, 2017, we recorded an excess tax benefit in our tax expense of approximately $1.5 million. We anticipate recording excess tax benefits as a component of tax expense will cause volatility in our future effective tax rate.

Recently Adopted Accounting Pronouncements

Accounting Standards Update 2016-18, Statement of Cash Flows ("Update 2016-18")

In November 2016, the FASB issued Update 2016-18, which amends Accounting Standards Codification ("ASC") 230 to add or clarify the guidance on the classification and presentation of restricted cash in the statement of cash flows. Update 2016-18 requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. The Company adopted Update 2016-18 using the retrospective approach. We adjusted our consolidated statement of cash flows from amounts previously reported due to the adoption of Update 2016-18. The effects of adopting Update 2016-18 on our consolidated statement of cash flows were as follows:

	Year Ended December 31, 2017
(In thousands)	As Previously Reported		Adoption of Update 2016-18		As Adjusted
Net cash provided by operating activities	$	414,864	$	7,687	$	422,551
Cash, cash equivalents and restricted cash, beginning of period	$	193,862	$	16,488	$	210,350
Net increase (decrease) in cash, cash equivalents and restricted cash	9,242		7,687		16,929
Cash, cash equivalents and restricted cash, end of period	$	203,104	$	24,175	$	227,279

	Year Ended December 31, 2016
(In thousands)	As Previously Reported		Adoption of Update 2016-18			As Adjusted
Net cash provided by operating activities	$	302,881	$	(2,542	)	$	300,339
Cash, cash equivalents and restricted cash, beginning of period	$	158,821	$	19,030		$	177,851
Net increase (decrease) in cash, cash equivalents and restricted cash	35,041		(2,542		)	32,499
Cash, cash equivalents and restricted cash, end of period	$	193,862	$	16,488		$	210,350

	Year Ended December 31, 2015
(In thousands)	As Previously Reported		Adoption of Update 2016-18		As Adjusted
Net cash provided by operating activities	$	325,751	$	923	$	326,674
Cash, cash equivalents and restricted cash, beginning of period	$	145,341	$	18,107	$	163,448
Net increase (decrease) in cash, cash equivalents and restricted cash	13,480		923		14,403
Cash, cash equivalents and restricted cash, end of period	$	158,821	$	19,030	$	177,851

Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("Update 2014-09"); Accounting Standards Update 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date ("Update 2015-14" ); Accounting Standards Update 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("Update 2016-08"); Accounting Standards Update 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing ("Update 2016-10"); Accounting Standards Update 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815) - Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting ("Update 2016-11"); and Accounting Standards Update 2016-12, Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients ("Update 2016-12"); (collectively, the “Revenue Standard”)

The Revenue Standard prescribes a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The Company adopted the Revenue Standard by applying the full retrospective approach and has adjusted the prior periods presented.

The guidance changed the presentation of revenues as our historical presentation reflected revenues gross for goods and services provided to our customers as an inducement to play with us, with an offsetting reduction for promotional allowances to derive net revenues. Under the new guidance, revenues are allocated among our departmental classifications based on the relative standalone selling prices of the goods and services provided to the customer. Our reporting of amounts paid to operators of wide area progressive games has changed as a result of the adoption of the Revenue Standard. We previously reported these payments as contra-revenues. Under the Revenue Standard, these payments are reported as an operating expense. The accounting for our frequent player programs was also impacted, with changes to the timing and/or classification of certain transactions between revenues and operating expenses.

The implementation of the Revenue Standard resulted in an increase to the player point liability due to the change in our accounting method for this liability from an estimated cost of redemption model to a deferred revenue model. As of the effective date of our adoption (January 1, 2015), the cumulative effect adjustment decreased beginning Retained earnings by $3.8 million (after tax), resulted in a deferred tax asset reduction of $2.4 million and increased Accrued liabilities by approximately $6.2 million on the consolidated balance sheet. The impact of this change in accounting for these programs is not expected to be material to any annual accounting period.

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated balance sheet as of December 31, 2017, are as follows:

	As of December 31, 2017
(In thousands)	As Previously Reported		Adoption of Revenue Standard			As Adjusted
Accrued liabilities	$	248,979	$	6,167		$	255,146
Deferred income taxes	89,075		(2,418		)	86,657
Retained earnings	168,174		(3,749		)	164,425

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated balance sheet as of December 31, 2016, are as follows:

	As of December 31, 2016
(In thousands)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Accrued liabilities	$	251,082		$	6,472		$	257,554
Deferred income taxes	83,980			(2,526		)	81,454
Accumulated deficit	(19,878		)	(3,946		)	(23,824		)

The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2017, are as follows:

	Year Ended December 31, 2017
(In thousands, except per share data)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Revenues
Gaming	$	1,972,422		$	(232,154	)	$	1,740,268
Food and beverage	349,271			(2,892		)	346,379
Room	188,689			(1,894		)	186,795
Other	132,695			(5,318		)	127,377
Gross revenues	2,643,077			(242,258		)	2,400,819
Less promotional allowances	259,370			(259,370		)	—
Net revenues	2,383,707			17,112			2,400,819
Operating costs and expenses
Gaming	923,266			(163,654		)	759,612
Food and beverage	194,524			140,982			335,506
Room	52,196			32,992			85,188
Other	77,129			6,486			83,615
Selling, general and administrative	362,037			—			362,037
Maintenance and utilities	109,462			—			109,462
Depreciation and amortization	217,522			—			217,522
Corporate expense	88,148			—			88,148
Project development, preopening and writedowns	14,454			—			14,454
Impairments of assets	(426		)	—			(426		)
Other operating items, net	1,900			—			1,900
Total operating costs and expenses	2,040,212			16,806			2,057,018
Operating income	343,495			306			343,801
Other expense (income)
Interest income	(1,818		)	—			(1,818		)
Interest expense, net of amounts capitalized	173,108			—			173,108
Loss on early extinguishments and modifications of debt	1,582			—			1,582
Other, net	(184		)	—			(184		)
Total other expense, net	172,688			—			172,688
Income from continuing operations before income taxes	170,807			306			171,113
Income tax provision	(3,006		)	(109		)	(3,115		)
Income from continuing operations, net of tax	167,801			197			167,998
Income from discontinued operations, net of tax	21,392			—			21,392
Net income	$	189,193		$	197		$	189,390
Basic net income per common share
Continuing operations	$	1.46		$	—		$	1.46
Discontinued operations	0.19			—			0.19
Basic net income per common share	$	1.65		$	—		$	1.65
Weighted average basic shares outstanding	114,957			—			114,957
Diluted net income per common share
Continuing operations	$	1.45		$	—		$	1.45
Discontinued operations	0.19			—			0.19
Diluted net income per common share	$	1.64		$	—		$	1.64
Weighted average diluted shares outstanding	115,628			—			115,628

The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2016, are as follows:

	Year Ended December 31, 2016
(In thousands, except per share data)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Revenues
Gaming	$	1,820,176		$	(209,783	)	$	1,610,393
Food and beverage	306,145			(3,440		)	302,705
Room	170,816			(1,425		)	169,391
Other	122,416			(5,646		)	116,770
Gross revenues	2,419,553			(220,294		)	2,199,259
Less promotional allowances	235,577			(235,577		)	—
Net revenues	2,183,976			15,283			2,199,259
Operating costs and expenses
Gaming	880,716			(155,638		)	725,078
Food and beverage	170,053			130,713			300,766
Room	44,245			33,489			77,734
Other	76,719			6,688			83,407
Selling, general and administrative	322,009			250			322,259
Maintenance and utilities	100,020			—			100,020
Depreciation and amortization	196,226			—			196,226
Corporate expense	72,668			—			72,668
Project development, preopening and writedowns	22,107			—			22,107
Impairments of assets	38,302			—			38,302
Other operating items, net	284			—			284
Total operating costs and expenses	1,923,349			15,502			1,938,851
Operating income	260,627			(219		)	260,408
Other expense (income)
Interest income	(2,961		)	—			(2,961		)
Interest expense, net of amounts capitalized	212,692			—			212,692
Loss on early extinguishments and modifications of debt	42,364			—			42,364
Other, net	545			—			545
Total other expense, net	252,640			—			252,640
Income from continuing operations before income taxes	7,987			(219		)	7,768
Income tax benefit	197,486			2,447			199,933
Income from continuing operations, net of tax	205,473			2,228			207,701
Income from discontinued operations, net of tax	212,530			—			212,530
Net income	$	418,003		$	2,228		$	420,231
Basic net income per common share
Continuing operations	$	1.79		$	0.02		$	1.81
Discontinued operations	1.86			—			1.86
Basic net income per common share	$	3.65		$	0.02		$	3.67
Weighted average basic shares outstanding	114,507			—			114,507
Diluted net income per common share
Continuing operations	$	1.78		$	0.02		$	1.80
Discontinued operations	1.85			—			1.85
Diluted net income per common share	$	3.63		$	0.02		$	3.65
Weighted average diluted shares outstanding	115,189			—			115,189

The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2015, are as follows:

	Year Ended December 31, 2015
(In thousands, except per share data)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Revenues
Gaming	$	1,847,167		$	(215,990	)	$	1,631,177
Food and beverage	307,442			(3,656		)	303,786
Room	163,509			(1,261		)	162,248
Other	123,959			(6,339		)	117,620
Gross revenues	2,442,077			(227,246		)	2,214,831
Less promotional allowances	242,645			(242,645		)	—
Net revenues	2,199,432			15,399			2,214,831
Operating costs and expenses
Gaming	900,922			(160,899		)	740,023
Food and beverage	168,096			133,717			301,813
Room	41,298			35,605			76,903
Other	80,508			6,342			86,850
Selling, general and administrative	322,420			252			322,672
Maintenance and utilities	104,548			—			104,548
Depreciation and amortization	207,118			—			207,118
Corporate expense	76,941			—			76,941
Project development, preopening and writedowns	6,907			—			6,907
Impairments of assets	18,565			—			18,565
Other operating items, net	907			—			907
Total operating costs and expenses	1,928,230			15,017			1,943,247
Operating income	271,202			382			271,584
Other expense (income)
Interest income	(1,858		)	—			(1,858		)
Interest expense, net of amounts capitalized	224,590			—			224,590
Loss on early extinguishments and modifications of debt	40,733			—			40,733
Other, net	3,676			—			3,676
Total other expense, net	267,141			—			267,141
Income from continuing operations before income taxes	4,061			382			4,443
Income tax benefit	6,634			(9		)	6,625
Income from continuing operations, net of tax	10,695			373			11,068
Income from discontinued operations, net of tax	36,539			—			36,539
Net income	$	47,234		$	373		$	47,607
Basic net income per common share
Continuing operations	$	0.10		$	—		$	0.10
Discontinued operations	0.32			—			0.32
Basic net income per common share	$	0.42		$	—		$	0.42
Weighted average basic shares outstanding	112,789			—			112,789
Diluted net income per common share
Continuing operations	$	0.10		$	—		$	0.10
Discontinued operations	0.32			—			0.32
Diluted net income per common share	$	0.42		$	—		$	0.42
Weighted average diluted shares outstanding	113,676			—			113,676

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2017, are as follows:

	Year Ended December 31, 2017
(In thousands)	As Previously Reported		Adoption of Revenue Standard			As Adjusted
Net income	$	189,193	$	197		$	189,390
Deferred income taxes	5,095		108			5,203
Accounts payable and accrued liabilities	13,521		(305		)	13,216
Net cash provided by operating activities	414,864		—			414,864

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2016, are as follows:

	Year Ended December 31, 2016
(In thousands)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Net income	$	418,003		$	2,228		$	420,231
Deferred income taxes	(199,051		)	(2,447		)	(201,498		)
Accounts payable and accrued liabilities	(11,824		)	219			(11,605		)
Net cash provided by operating activities	302,881			—			302,881

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2015, are as follows:

	Year Ended December 31, 2015
(In thousands)	As Previously Reported		Adoption of Revenue Standard			As Adjusted
Net income	$	47,234	$	373		$	47,607
Deferred income taxes	16,846		9			16,855
Accounts payable and accrued liabilities	13,207		(382		)	12,825
Net cash provided by operating activities	325,751		—			325,751

Recently Issued Accounting Pronouncements

Accounting Standards Update 2017-09, Compensation-Stock Compensation ("Update 2017-09")

In May 2017, the Financial Accounting Standards Board ("FASB") issued Update 2017-09, which amends the scope of modification accounting for share-based payment arrangements. An entity should account for the effects of a modification unless the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The standard is effective for the financial statements issued for annual periods and interim periods within those annual periods, beginning after December 15, 2017, and early adoption is permitted. The Company adopted Update 2017-09 during second quarter 2017. The early adoption did not have a material impact on our consolidated financial statements.

Accounting Standards Update 2017-04, Intangibles-Goodwill and Other ("Update 2017-04")

In January 2017, the FASB issued Update 2017-04, which addresses goodwill impairment testing. Instead of determining goodwill impairment by calculating the implied fair value of goodwill, an entity should perform goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods, beginning after December 15, 2019, and early adoption is permitted. The Company adopted Update 2017-04 effective January 1, 2017. The early adoption did not have an impact on our consolidated financial statements.

Accounting Standards Update 2016-17, Consolidation ("Update 2016-17")

In October 2016, the FASB issued Update 2016-17, which amends the guidance on related parties that are under common control.

The ASU provides guidance on a single decision maker does not consider indirect interest held through related parties as equivalent to direct interests in determining whether it meets the economics criterion to be a primary beneficiary. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company determined that the impact of the new standard on its consolidated financial statements will not be material.

Accounting Standards Update 2016-16, Income Taxes ("Update 2016-16")

In October 2016, the FASB issued Update 2016-16, which addresses the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted. The Company is evaluating the impact of the new standard on its consolidated financial statements. The Company determined that the impact of the new standard on its consolidated financial statements will not be material.

Accounting Standards Update 2016-15, Statement of Cash Flows ("Update 2016-15")

In August 2016, the FASB issued Update 2016-15, which amends the guidance on the classification of certain cash receipts and payments in the statement of cash flows. The Accounting Standards Update ("ASU") is intended to reduce the lack of consistent principles on certain classifications such as debt prepayment, debt extinguishment costs, distributions, insurance claims and beneficial interest in securitization transactions. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company is evaluating the impact of the adoption of Update 2016-15 to the consolidated financial statements.

Accounting Standards Update 2016-13, Financial Instruments-Credit Losses ("Update 2016-13")

In June 2016, the FASB issued Update 2016-13, which amends the guidance on the impairment of financial instruments. Update 2016-13 adds to GAAP an impairment model (known as the current expected credit loss ("CECL") model) that is based on expected losses rather than incurred losses. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2019, and early adoption is permitted. The Company is evaluating the impact of the adoption of Update 2016-13 to the consolidated financial statements.

Accounting Standards Update 2016-02, Leases ("Update 2016-02")

In February 2016, the FASB issued Update 2016-02 which requires the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2018, and early adoption is permitted. The Company is evaluating the impact of the adoption of Update 2016-02 to the consolidated financial statements.

A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our consolidated financial statements.

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Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Acquisitions and Divestitures

ACQUISITIONS AND DIVESTITURES

Cannery Casino Hotel and Nevada Palace, LLC

On December 20, 2016 (the "Acquisition Date"), Boyd Gaming completed the acquisitions of Cannery, the owner and operator of Cannery Casino Hotel, and Nevada Palace, LLC, the owner and operator of Eastside Cannery Casino and Hotel, pursuant to a Membership Interest Purchase Agreement (the “Purchase Agreement”) dated as of April 25, 2016, as amended on October 28, 2016, by and among Boyd, Cannery Casino Resorts, LLC (“Seller”), Cannery and Eastside Cannery.

Pursuant to the terms of the Purchase Agreement, Boyd acquired from Seller all of the issued and outstanding membership interests of Cannery and Eastside Cannery (the “Acquisitions”). With the closing of the Acquisitions, each of Cannery and Eastside Cannery became wholly owned subsidiaries of Boyd. Accordingly, the assets and liabilities of Cannery and Eastside Cannery are included in our consolidated balance sheets as of December 31, 2017 and 2016 and the results of their operations and cash flows in our consolidated statements of operations and cash flows, respectively, for the year ended December 31, 2017 and the period from December 20, 2016 through December 31, 2016. The Cannery and Eastside Cannery are modern casinos and hotels in the Las Vegas Valley that offer premium accommodations, gaming, dining, entertainment and retail, and are aggregated into our Las Vegas Locals segment (See Note 1, Summary of Significant Accounting Policies.) The net purchase price was $228.2 million.

The fair value of the consideration transferred to the Seller on the Acquisition Date included the purchase price of the net assets transferred. The total gross consideration was $238.6 million. In addition, the Purchase Agreement provided for a working capital adjustment to the purchase consideration. This adjustment was calculated during second quarter 2017 and paid during the third quarter, resulting in an additional $1.2 million being paid to Seller.

Acquisition Method of Accounting

The Company followed the acquisition method of accounting according to the guidance of FASB Accounting Standards Codification Topic 805 ("ASC 805"). For purposes of these financial statements, we have allocated the purchase price to the assets acquired and the liabilities assumed based on their fair values, as determined by management based on its judgment with assistance from third-party appraisals. The excess of the purchase price over the fair value of the assets acquired and liabilities assumed has been recorded as goodwill. The purchase price allocation below represents the opening balance sheet on December 20, 2016, which was initially reported in our Form 10-K for the year ended December 31, 2016. During the measurement period, which concluded on September 30, 2017, opening balance sheet adjustments were made to finalize the preliminary fair value estimates, resulting in a $62.5 million reduction in acquired assets, primarily related to a $56.7 million reduction in property and equipment, and a $5.0 million reduction in assumed liabilities with a corresponding increase to goodwill of $58.7 million. The property and equipment adjustment resulted in a depreciation expense reduction of $2.5 million for the year ended December 31, 2017. The measurement period adjustment and the related tax impact were immaterial to our consolidated financial statements.

The following table summarizes the components and allocation of the purchase price, including the measurement period adjustments:

(In thousands)	Preliminary Purchase Price Allocation		Adjustments			Final Purchase Price Allocation
Current assets	$	29,929	$	(8,345	)	$	21,584
Property and equipment	181,757		(56,675		)	125,082
Other long-term assets	—		3,419			3,419
Intangible and other assets	16,330		(880		)	15,450
Total acquired assets	228,016		(62,481		)	165,535
Current liabilities	15,850		(4,984		)	10,866
Total liabilities assumed	15,850		(4,984		)	10,866
Net identifiable assets acquired	212,166		(57,497		)	154,669
Goodwill	26,401		58,651			85,052
Net assets acquired	$	238,567	$	1,154		$	239,721

The following table summarizes the values assigned to acquired property and equipment and estimated useful lives:

(In thousands)	Useful Lives	As Recorded
Land		$	7,870
Buildings and improvements	10 - 40 years	107,268
Furniture and equipment	3 - 7 years	9,820
Construction in progress		124
Property and equipment acquired		$	125,082

The goodwill was assigned to the Las Vegas Locals reportable segment. All of the goodwill is expected to be deductible for income tax purposes.

The Company recognized $1.1 million and $10.5 million of acquisition related costs that were expensed for the year ended December 31, 2017 and 2016, respectively. These costs are included in the consolidated statements of operations in the line item entitled "Project development, preopening and writedowns".

Aliante Casino + Hotel + Spa

On September 27, 2016, Boyd Gaming completed the acquisition of ALST Casino Holdco LLC, the holding company of Aliante Casino + Hotel + Spa ("Aliante"). Pursuant to the Merger Agreement, Merger Sub merged with and into ALST (the "Merger"), with ALST surviving the Merger. ALST and Aliante are now wholly owned subsidiaries of Boyd Gaming. Accordingly, the acquired assets and liabilities of Aliante are included in our consolidated balance sheets as of December 31, 2017 and 2016 and the results of its operations and cash flows in our consolidated statements of operations and cash flows, respectively, for the year ended December 31, 2017 and the period from September 27, 2016 through December 31, 2016. Aliante is an upscale, resort-style casino and hotel situated in North Las Vegas offering premium accommodations, gaming, dining, entertainment and retail, and is aggregated into our Las Vegas Locals segment (See Note 1, Summary of Significant Accounting Policies.) The net purchase price was $372.3 million.

The fair value of the consideration transferred on the acquisition date included the purchase price of the net assets transferred. The total gross consideration was $399.1 million.

Acquisition Method of Accounting

The Company followed the acquisition method of accounting per ASC 805 guidance. In accordance with ASC 805, the Company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their fair values, which were determined primarily by management with assistance from third-party appraisals. The excess of the purchase price over those fair values was recorded as goodwill. The purchase price allocation below represents Aliante’s opening balance sheet on September 27, 2016, which was initially reported in our Form 10−K for the year ended December 31, 2016. During the measurement period, which concluded on June 30, 2017, opening balance sheet adjustments were made to finalize the preliminary fair value estimates, resulting in a $2.6 million reduction in other assets, primarily related to base stock, a $0.8 million reduction in property and equipment and a $0.4 million increase in assumed liabilities, with a corresponding net increase to goodwill of $3.8 million. The measurement period adjustment and the related tax impact were immaterial to our consolidated financial statements.

The following table presents the components and allocation of the purchase price, including the measurement period adjustments:

(In thousands)	Preliminary Purchase Price Allocation		Adjustments			Final Purchase Price Allocation
Current assets	$	31,886	$	—		$	31,886
Property and equipment	226,309		(760		)	225,549
Intangible and other assets	20,791		(2,643		)	18,148
Total acquired assets	278,986		(3,403		)	275,583
Current liabilities	5,693		515			6,208
Other liabilities	636		(83		)	553
Total liabilities assumed	6,329		432			6,761
Net identifiable assets acquired	272,657		(3,835		)	268,822
Goodwill	126,489		3,835			130,324
Net assets acquired	$	399,146	$	—		$	399,146

The following table summarizes the values assigned to acquired property and equipment and estimated useful lives:

(In thousands)	Useful Lives	As Recorded
Land		$	16,680
Buildings and improvements	10 - 45 years	200,770
Furniture and equipment	3 - 7 years	8,099
Property and equipment acquired		$	225,549

All of the goodwill was assigned to the Las Vegas Locals reportable segment. All of the goodwill is expected to be deductible for income tax purposes.

The Company recognized $1.0 million and $2.2 million of acquisition related costs that were expensed for the year ended December 31, 2017 and 2016, respectively. These costs are included in the consolidated statements of operations in the line item entitled "Project development, preopening and writedowns".

We have not provided the amount of revenue and earnings included in our consolidated financial results from the Aliante or Cannery acquisitions for the period subsequent to their respective acquisitions as such amounts are not material for the twelve months ended December 31, 2016.

Announced Acquisitions

On December 18, 2017, Boyd Gaming announced that it had entered into a definitive agreement to acquire Ameristar Casino Kansas City, LLC ("Ameristar Kansas City"), the owner and operator of Ameristar Casino Hotel Kansas City; Ameristar Casino St. Charles, LLC ("Ameristar St. Charles"), the owner and operator of Ameristar Casino Resort Spa St. Charles; Belterra Resort Indiana LLC ("Belterra"), the owner and operator of Belterra Casino Resort located in Florence, Indiana; and PNK (Ohio) LLC (“Belterra Park”), the owner and operator of Belterra Park, located in Cincinnati, Ohio. Ameristar Kansas City, Ameristar St. Charles, Belterra and Belterra Park are collectively referred to as the "Companies".

Boyd Gaming will acquire the Companies pursuant to a Membership Interest Purchase Agreement (the "Penn National Purchase Agreement"), made and entered into on December 17, 2017 (the "Agreement Date"), by and among Boyd, Boyd TCIV, LLC, a wholly owned subsidiary of Boyd ("Boyd Sub"), Penn National Gaming, Inc. ("Penn"), and, solely following the execution and delivery of a joinder to the Penn National Purchase Agreement, Pinnacle Entertainment, Inc. ("Pinnacle Entertainment") and its wholly owned subsidiary, Pinnacle MLS, LLC (collectively with Pinnacle Entertainment, "Pinnacle"). The Penn National Purchase Agreement provides that, pursuant to the terms and subject to the conditions set forth therein, Boyd will acquire from Pinnacle all of the issued and outstanding membership interests of the Companies as well as certain other assets (and assume certain other liabilities) of Pinnacle related to the Companies (collectively, the "Pending Acquisitions"), such that following the Pending Acquisitions, each of the Companies will be a wholly owned subsidiary of Boyd.

The Pending Acquisitions will occur substantially concurrently with the acquisition of Pinnacle Entertainment by Penn (the "Merger") pursuant to the Merger Agreement (the "Merger Agreement"), dated the Agreement Date, by and among Pinnacle Entertainment, Penn and Franchise Merger Sub, Inc., a wholly owned subsidiary of Penn.

Upon the terms and subject to the conditions of the Purchase Agreement, Boyd will acquire the Companies for total cash consideration of approximately $575.0 million, subject to adjustments based on (a) the adjusted 2017 EBITDA of each Company (as determined subsequent to the Agreement Date), and (b) working capital, cash and indebtedness of the Companies at closing and transaction expenses.

In addition, on the Agreement Date, Boyd entered into a Master Lease Commitment and Rent Allocation Agreement (the "Lease Commitment Agreement") by and among Boyd, Boyd Sub, Penn, Gaming and Leisure Properties, Inc. ("GLPI Parent") and Gold Merger Sub, LLC, a wholly owned subsidiary of GLPI Parent (collectively with GLPI Parent, "GLPI"), pursuant to which, among other things, concurrently with the consummation of the Pending Acquisitions, Boyd will enter into a new Master Lease with GLPI, under which Boyd will lease the real estate, improvements and fixtures owned by GLPI that are associated with the Companies and currently leased to Pinnacle (the "Master Lease"). The Lease Commitment Agreement also sets forth the manner in which rent will be calculated for the purposes of the Master Lease. GLPI’s commitment to enter into the Master Lease is subject to certain conditions, including that the conditions to the Merger under the Merger Agreement and the conditions to the Pending Acquisitions under the Penn National Purchase Agreement have been satisfied or waived, and that the sale of Belterra Park’s real property to GLPI has been consummated, as contemplated by a purchase agreement between Penn and GLPI (and, upon the execution of a joinder, Belterra Park) entered into on the Agreement Date.

The completion of the Pending Acquisitions is subject to the effectiveness of the Master Lease and the consummation of the Merger, and the receipt of all required regulatory approvals, as well as customary conditions, including, among others, approval by Missouri, Ohio and Indiana gaming authorities and the acceptance or approval by the Federal Trade Commission. In addition, the Penn National Purchase is also contingent upon the successful completion of Penn National’s proposed acquisition of Pinnacle Entertainment, Inc. Subject to the satisfaction or waiver of conditions in the Penn National Purchase Agreement, Boyd currently expects the transaction to close in the second half of 2018.

The Penn National Purchase Agreement contains certain termination rights for Boyd Gaming, and the other parties thereto, and could result in a reverse termination fee payment of up to $58.0 million in certain circumstances.

On December 20, 2017, Boyd Gaming announced that it had entered into a definitive agreement to acquire Valley Forge Convention Center Partners, L.P. ("Valley Forge"), the owner and operator of Valley Forge Casino Resort in King of Prussia, Pennsylvania.

Boyd will acquire Valley Forge pursuant to an Agreement and Plan of Merger, made and entered into on December 20, 2017 (the "Valley Forge Merger Agreement"), by and among Boyd, Boyd TCV, LP, a Pennsylvania limited partnership and a wholly owned subsidiary of Boyd ("Boyd TCV"), Valley Forge, and VFCCP SR LLC, a Pennsylvania limited liability company, solely in its capacity as the representative of Valley Forge’s limited partners. The Valley Forge Merger Agreement provides that, pursuant to the terms and subject to the conditions set forth therein, Boyd TCV will be merged with and into Valley Forge (the "Merger"), following which Valley Forge will be the surviving entity and a wholly owned subsidiary of Boyd.

Upon the terms and subject to the conditions of the Valley Forge Merger Agreement, Boyd will acquire Valley Forge for cash consideration of approximately $280.5 million, subject to adjustment based on working capital, cash and indebtedness of Valley Forge at closing and transaction expenses.

The completion of the Merger is subject to customary conditions, including the receipt of all required regulatory approvals, including, among others, approval by the Pennsylvania Gaming Control Board and the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Subject to the satisfaction or waiver of conditions in the Valley Forge Merger Agreement, Boyd currently expects the transaction to close in the third quarter of 2018.

Investment in and Divestiture of Borgata

On August 1, 2016, Boyd Gaming completed the sale of its 50% equity interest in Marina District Development Holding Company, LLC ("MDDHC"), the parent company of Borgata, to MGM, pursuant to an Equity Purchase Agreement ("Purchase Agreement") entered into on May 31, 2016, as amended on July 19, 2016, by and among Boyd, Boyd Atlantic City, Inc., a wholly-owned subsidiary of Boyd ("Seller"), and MGM. Pursuant to the Purchase Agreement, MGM acquired from Boyd Gaming 49% of its 50% membership interest in MDDHC and, immediately thereafter, MDDHC redeemed Boyd Gaming’s remaining 1% membership interest in MDDHC (collectively, the "Transaction"). Following the Transaction, MDDHC became a wholly owned subsidiary of MGM.

In consideration for the Transaction, MGM paid Boyd Gaming $900 million. The initial net cash proceeds were approximately $589 million, net of certain expenses and adjustments on the closing date, including outstanding indebtedness, cash and working capital. The after-tax gain on the sale of Borgata was $181.7 million and is included in discontinued operations in the year ended December 31, 2016. The initial proceeds did not include our 50% share of any future property tax settlement benefits, from the time period during which we held a 50% ownership in MDDHC, to which Boyd Gaming retained the right to receive upon payment. During 2016, we recognized $9.1 million in income, which is included in discontinued operations, for the cash we received for our share of property tax benefits realized by Borgata subsequent to the closing of the sale. On February 15, 2017, Borgata announced that it had entered into a settlement agreement under which it would receive payments totaling $72 million to resolve the property tax issues. Borgata received full payment, and we received our share of the proceeds, in June 2017. For the year ended December 31, 2017, we recognized $36.2 million in income for the cash we received for our share of property tax benefits realized by Borgata after the closing of the sale. These proceeds, net of tax of $14.8 million for the year ended December 31, 2017, are included in discontinued operations in the consolidated financial statements.

We accounted for our investment in Borgata applying the equity method, through the date of the sale, and, as a result of the sale, we reported the results as discontinued operations for all periods presented in these consolidated financial statements.

The Borgata results presented have not been recast and therefore do not reflect the impact of the adoption of the Revenue Standard.

The table below summarizes the results of operations information for periods prior to the date of divestiture:

	Seven Months Ended		Twelve Months Ended
(In thousands)	July 31, 2016		December 31, 2015
Net revenues	$	485,510	$	804,166
Operating expenses	366,812		657,324
Operating income	118,698		146,842
Interest expense	26,378		59,681
Loss on early extinguishments of debt	1,628		18,895
State income tax expense (benefit)	8,274		(3,731		)
Net income	$	82,418	$	71,997

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Property and Equipment, Net

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

	December 31,
(In thousands)	2017		2016
Land	$	294,533	$	251,316
Buildings and improvements	2,935,539		2,915,664
Furniture and equipment	1,311,704		1,243,724
Riverboats and barges	238,926		239,264
Construction in progress	59,538		86,226
Other	—		726
Total property and equipment	4,840,240		4,736,920
Less accumulated depreciation	2,300,454		2,131,751
Property and equipment, net	$	2,539,786	$	2,605,169

Construction in progress primarily relates to costs capitalized in conjunction with major improvements that have not yet been placed into service, and accordingly, such costs are not currently being depreciated. Other property and equipment relates to the estimated net realizable value of construction materials inventory that was not disposed of with the sale of the Echelon project in 2013. Such assets are not in service and are not currently being depreciated.

Depreciation expense for the years ended December 31, 2017, 2016 and 2015 was $199.3 million, $179.6 million and $179.9 million, respectively.

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Intangible Assets

12 Months Ended

Dec. 31, 2017

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

INTANGIBLE ASSETS

Intangible assets consist of the following:

	December 31, 2017
	Weighted	Gross					Cumulative
	Average Life	Carrying		Cumulative			Impairment			Intangible
(In thousands)	Remaining	Value		Amortization			Losses			Assets, Net
Amortizing intangibles:
Customer relationships	5.2 years	$	9,400	$	(3,470	)	$	—		$	5,930
Favorable lease rates	38.0 years	11,730		(3,075		)	—			8,655
Development agreement	—	21,373		—			—			21,373
		42,503		(6,545		)	—			35,958
Indefinite lived intangible assets:
Trademarks	Indefinite	151,887		—			(4,300		)	147,587
Gaming license rights	Indefinite	873,335		(33,960		)	(179,974		)	659,401
		1,025,222		(33,960		)	(184,274		)	806,988
Balance, December 31, 2017		$	1,067,725	$	(40,505	)	$	(184,274	)	$	842,946

	December 31, 2016
	Weighted	Gross					Cumulative
	Average Life	Carrying		Cumulative			Impairment			Intangible
(In thousands)	Remaining	Value		Amortization			Losses			Assets, Net
Amortizing intangibles:
Customer relationships	1.1 years	$	144,780	$	(125,318	)	$	—		$	19,462
Favorable lease rates	31.4 years	45,370		(13,039		)	—			32,331
Development agreement	—	21,373		—			—			21,373
		211,523		(138,357		)	—			73,166
Indefinite lived intangible assets:
Trademarks	Indefinite	153,687		—			(4,300		)	149,387
Gaming license rights	Indefinite	873,335		(33,960		)	(179,974		)	659,401
		1,027,022		(33,960		)	(184,274		)	808,788
Balance, December 31, 2016		$	1,238,545	$	(172,317	)	$	(184,274	)	$	881,954

Amortizing Intangible Assets

Customer Relationships

Customer relationships represent the value of repeat business associated with our customer loyalty programs. The value of customer relationships is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to these customers, discounted to present value at a risk-adjusted rate of return. With respect to the application of this methodology, we used the following significant projections and assumptions: revenue of our rated customers, based on expected level of play; promotional allowances provided to these existing customers; attrition rate related to these customers; operating expenses; general and administrative expenses; trademark expense; discount rate; and the present value of tax benefit.

Favorable Lease Rates

Favorable lease rates represent the rental rates for assumed land leases that are favorable to comparable market rates. The fair value is determined on a technique whereby the difference between the lease rate and the then current market rate for the remaining contractual term is discounted to present value. The assumptions underlying this computation include the actual lease rates, the expected remaining lease term, including renewal options, based on the existing lease; current rates of rent for leases on comparable properties with similar terms obtained from market data and analysis; and an assumed discount rate. The estimates underlying the result covered a term of 41 to 52 years.

Development Agreement

Development agreement is an acquired contract with a Native American tribe (the "Tribe") under which the Company has the right to assist the Tribe in the development and management of a gaming facility on the Tribe's land. This asset although amortizable, is not amortized until development is completed. We are in the process of finalizing project design and construction planning. In the interim, this asset is subject to periodic impairment reviews.

Indefinite Lived Intangible Assets

Trademarks

Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademark, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible value of our ownership of the trade name. We used the following significant projections and assumptions to determine value under the relief from royalty method: revenue from gaming and hotel activities; royalty rate; tax expense; terminal growth rate; discount rate; and the present value of tax benefit.

Gaming License Rights

Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. In the majority of cases, the value of our gaming licenses is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to future gaming revenue, discounted to present value at a risk-adjusted rate of return. With respect to the application of this methodology, we used the following significant projections and assumptions: gaming revenues; gaming operating expenses; general and administrative expenses; tax expense; terminal value; and discount rate. In two instances, we determine the value of our gaming licenses by applying a cost approach. Our primary consideration in the application of this methodology is the initial statutory fee associated with acquiring a gaming license in the jurisdiction.

Activity for the Years Ended December 31, 2017, 2016 and 2015

The following table sets forth the changes in these intangible assets:

(In thousands)	Customer Relationships			Favorable Lease Rates			Development Agreements		Trademarks			Gaming License Rights			Intangible Assets, Net
Balance, January 1, 2015	$	51,958		$	34,414		$	21,373	$	126,001		$	700,503		$	934,249
Additions	—			—			—		—			—			—
Impairments	—			—			—		—			(17,502		)	(17,502		)
Amortization	(25,652		)	(1,041		)	—		—			—			(26,693		)
Balance, December 31, 2015	26,306			33,373			21,373		126,001			683,001			890,054
Additions	8,480			—			—		24,200			—			32,680
Impairments	—			—			—		(800		)	(23,600		)	(24,400		)
Amortization	(15,324		)	(1,042		)	—		—			—			(16,366		)
Other	—			—			—		(14		)	—			(14		)
Balance, December 31, 2016	19,462			32,331			21,373		149,387			659,401			881,954
Additions	—			—			—		—			—			—
Purchase price adjustment	920			—			—		(1,800		)	—			(880		)
Impairments	—			—			—		—			—			—
Amortization	(14,452		)	(228		)	—		—			—			(14,680		)
Other	—			(23,448		)	—		—			—			(23,448		)
Balance, December 31, 2017	$	5,930		$	8,655		$	21,373	$	147,587		$	659,401		$	842,946

In March 2017, The Orleans Hotel and Casino exercised an option in its lease agreement to terminate the existing lease and purchase the land subject to the lease therefore combining the remaining unamortized favorable lease rate asset into the cost of the land asset.

Future Amortization

Customer relationships are being amortized on an accelerated basis over an estimated life of five years. Favorable lease rates are being amortized on a straight-line basis over a weighted-average original useful life of 38.0 years. Future amortization is as follows:

(In thousands)	Customer Relationships		Favorable Lease Rates		Total
For the year ending December 31,
2018	$	2,291	$	228	$	2,519
2019	1,634		228		1,862
2020	1,043		228		1,271
2021	511		228		739
2022	271		228		499
Thereafter	180		7,515		7,695
Total future amortization	$	5,930	$	8,655	$	14,585

Trademarks and gaming license rights are not subject to amortization, as we have determined that they have an indefinite useful life; however, these assets are subject to an annual impairment test each year and between annual test dates in certain circumstances.

Impairment Considerations

As a result of our annual impairment testing in the fourth quarter of 2017, there were no impairment charges recognized.

During the year ended 2016, we recognized non-cash impairment charges of $23.6 million of gaming licenses and $0.8 million of trademarks in our Midwest and South segment. These amounts are included in impairments of assets in the consolidated statements of operations for the year ended December 31, 2016.

During the year ended 2015, we recognized non-cash impairment charges of $17.5 million of a gaming license in our Midwest and South segment. These amounts are included in impairments of assets in the consolidated statements of operations for the year ended December 31, 2015.

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Goodwill

12 Months Ended

Dec. 31, 2017

Goodwill [Abstract]

Goodwill

GOODWILL

Goodwill consists of the following:

(In thousands)	Gross Carrying Value		Cumulative Amortization			Cumulative Impairment Losses			Goodwill, Net
Goodwill, net by Reportable Segment:
Las Vegas Locals	$	593,567	$	—		$	(165,479	)	$	428,088
Downtown Las Vegas	6,997		(6,134		)	—			863
Midwest and South	471,735		—			(12,462		)	459,273
Balance, December 31, 2017	$	1,072,299	$	(6,134	)	$	(177,941	)	$	888,224

Changes in Goodwill

During the year ended December 31, 2017 and 2016, we recorded $61.7 million and $153.6 million of goodwill, respectively, in our Las Vegas Locals segment related to our acquisitions of Aliante on September 27, 2016 and Cannery and Eastside Cannery on December 20, 2016 as the acquisition accounting was finalized in the current year (see Note 2, Acquisitions and Divestitures).

Goodwill decreased approximately $12.5 million during 2016 due to an impairment in the Midwest and South segment.

The following table sets forth the changes in our goodwill, net, during the years ended December 31, 2017, 2016 and 2015.

(In thousands)	Goodwill, Net
Balance, January 1, 2015	$	685,310
Additions	—
Impairments	—
Balance, December 31, 2015	685,310
Additions	153,628
Impairments	(12,462		)
Balance, December 31, 2016	826,476
Additions	—
Impairments	—
Final purchase price adjustment	61,748
Balance, December 31, 2017	$	888,224

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Accrued Liabilities

12 Months Ended

Dec. 31, 2017

Payables and Accruals [Abstract]

Accrued Liabilities

ACCRUED LIABILITIES

Accrued liabilities consist of the following:

	December 31,
(In thousands)	2017		2016
Payroll and related expenses	$	70,724	$	68,102
Interest	19,858		33,407
Gaming liabilities	55,961		41,942
Player loyalty program liabilities	24,489		25,548
Advance deposits	18,922		16,999
Outstanding chip liability	4,928		4,553
Dividends payable	5,632		—
Other accrued liabilities	54,632		67,003
Total accrued liabilities	$	255,146	$	257,554

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Long-Term Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBT

Long-term debt, net of current maturities and debt issuance costs consists of the following:

			December 31, 2017
	Interest							Unamortized
	Rates at		Outstanding		Unamortized			Origination			Long-Term
(In thousands)	Dec. 31, 2017		Principal		Discount			Fees and Costs			Debt, Net
Bank credit facility	3.882	%	$	1,621,054	$	(1,556	)	$	(23,795	)	$	1,595,703
6.875% senior notes due 2023	6.875	%	750,000		—			(9,455		)	740,545
6.375% senior notes due 2026	6.375	%	750,000		—			(10,872		)	739,128
Other	5.800	%	504		—			—			504
Total long-term debt			3,121,558		(1,556		)	(44,122		)	3,075,880
Less current maturities			23,981		—			—			23,981
Long-term debt, net			$	3,097,577	$	(1,556	)	$	(44,122	)	$	3,051,899

			December 31, 2016
	Interest							Unamortized
	Rates at		Outstanding		Unamortized			Origination			Long-Term
(In thousands)	Dec. 31, 2016		Principal		Discount			Fees and Costs			Debt, Net
Bank credit facility	3.440	%	$	1,782,538	$	(1,888	)	$	(28,503	)	$	1,752,147
6.875% senior notes due 2023	6.875	%	750,000		—			(11,209		)	738,791
6.375% senior notes due 2026	6.375	%	750,000		—			(12,074		)	737,926
Other	5.800	%	591		—			—			591
Total long-term debt			3,283,129		(1,888		)	(51,786		)	3,229,455
Less current maturities			30,336		—			—			30,336
Long-term debt, net			$	3,252,793	$	(1,888	)	$	(51,786	)	$	3,199,119

Boyd Gaming Corporation Debt

Bank Credit Facility

Credit Agreement

On March 29, 2017, the Company, as borrower, entered into Amendment No. 2 and Refinancing Amendment (the "Refinancing Amendment") with the lenders party thereto, and Bank of America, N.A. ("Bank of America"), as administrative agent. The Refinancing Amendment modifies the Third Amended and Restated Credit Agreement (as amended prior to the execution of the Refinancing Amendment, the "Existing Credit Agreement"), dated as of August 14, 2013, among the Company, certain financial institutions, and Bank of America, as administrative agent. The Refinancing Amendment modified the Existing Credit Agreement and is referred to as the "Amended Credit Agreement" (together referred to as the "Credit Facility").

The Amended Credit Agreement provides for (i) commitments to make Term B Loans in an amount equal to $1,264.5 million (the "Refinancing Term B Loans"), with the proceeds used to refinance in full the Company’s Term B-1 Loans and Term B-2 Loans outstanding under the Existing Credit Agreement and (ii) certain other amendments to the Existing Credit Agreement. The revolving credit facility (the "Revolving Credit Facility") of $775.0 million and the senior secured term A loan (the "Term A Loan") of $225.0 million were not modified in the Refinancing Amendment.

The Refinancing Term B Loans mature on September 15, 2023 (or earlier upon occurrence or non-occurrence of certain events). The Revolving Credit Facility and the Term A Loan mature on September 15, 2021 (or earlier upon occurrence or non-occurrence of certain events).

The Credit Facility includes an accordion feature which permits an increase in the Revolving Credit Facility and the issuance and increase of senior secured term loans in an amount up to (i) $550.0 million, plus (ii) certain voluntary permanent reductions of the Revolving Credit Facility and certain voluntary prepayments of the senior secured term loans, plus (iii) certain reductions in the outstanding principal amounts under the term loans or the Revolving Credit Facility, plus (iv) any additional amount if, after giving effect thereto, the First Lien Leverage Ratio (as defined in the Credit Agreement) would not exceed 4.25 to 1.00 on a pro forma basis, less (v) any Incremental Equivalent Debt (as defined in the Credit Agreement), in each case, subject to the satisfaction of certain conditions.

Amounts Outstanding

The outstanding principal amounts under the Credit Facility are comprised of the following:

	December 31,
(In thousands)	2017		2016
Revolving Credit Facility	$	170,000	$	245,000
Term A Loan	210,938		222,188
Refinancing Term B Loans	1,170,016		—
Term B-1 Loan	—		271,750
Term B-2 Loan	—		997,500
Swing Loan	70,100		46,100
Total outstanding principal amounts	$	1,621,054	$	1,782,538

At December 31, 2017 approximately $1.6 billion was outstanding under the Credit Facility and $12.9 million was allocated to support various letters of credit, leaving remaining contractual availability of $522.0 million.

Interest and Fees

The interest rate on the outstanding balance from time to time of the Revolving Credit Facility and the Term A Loan is based upon, at the Company’s option, either: (i) the Eurodollar rate or (ii) the base rate, in each case, plus an applicable margin. Such applicable margin is a percentage per annum determined in accordance with a specified pricing grid based on the total leverage ratio and ranges from 1.75% to 2.75% (if using the Eurodollar rate) and from 0.75% to 1.75% (if using the base rate). A fee of a percentage per annum (which ranges from 0.25% to 0.50% determined in accordance with a specified pricing grid based on the total leverage ratio) will be payable on the unused portions of the Revolving Credit Facility.

The interest rate on the outstanding balance of the Refinancing Term B Loans under the Amended Credit Agreement is based upon, at the Company’s option, either: (i) the Eurodollar rate or (ii) the base rate, in each case, plus an applicable margin. Such applicable margin is a percentage per annum determined in accordance with the Company’s secured leverage ratio and ranges from 2.25% to 2.50% (if using the Eurodollar rate) and from 1.25% to 1.50% (if using the base rate).

The "base rate" under the Credit Agreement remains the highest of (x) Bank of America’s publicly-announced prime rate, (y) the federal funds rate plus 0.50%, or (z) the Eurodollar rate for a one-month period plus 1.00%.

Optional and Mandatory Prepayments

Pursuant to the terms of the Credit Facility (i) the loans under the Term A Loan amortize in an annual amount equal to 5.00% of the original principal amount thereof, commencing December 31, 2016, payable on a quarterly basis, (ii) the loans under the Refinancing Term B Loans amortize in an annual amount equal to 1.00% of the original principal amount thereof, commencing June 30, 2017, payable on a quarterly basis, and (iii) beginning with the fiscal year ending December 31, 2016, the Company is required to use a portion of its annual Excess Cash Flow, as defined in the Credit Agreement, to prepay loans outstanding under the Credit Facility.

Amounts outstanding under the Refinancing Amendment may be prepaid without premium or penalty, and the commitments may be terminated without penalty, subject to certain exceptions.

Subject to certain exceptions, the Company may be required to repay the amounts outstanding under the Credit Facility in connection with certain asset sales and issuances of certain additional secured indebtedness.

Guarantees and Collateral

The Company's obligations under the Credit Facility, subject to certain exceptions, are guaranteed by certain of the Company's subsidiaries and are secured by the capital stock of certain subsidiaries. In addition, subject to certain exceptions, the Company and each of the guarantors will grant the administrative agent first priority liens and security interests on substantially all of their real and personal property (other than gaming licenses and subject to certain other exceptions) as additional security for the performance of the secured obligations under the Credit Facility.

Financial and Other Covenants

The Credit Facility contains certain financial and other covenants, including, without limitation, various covenants: (i) requiring the maintenance of a minimum consolidated interest coverage ratio 1.75 to 1.00; (ii) establishing a maximum permitted consolidated total leverage ratio (discussed below); (iii) establishing a maximum permitted secured leverage ratio (discussed below); (iv) imposing limitations on the incurrence of indebtedness; (v) imposing limitations on transfers, sales and other dispositions; and (vi) imposing restrictions on investments, dividends and certain other payments.

The maximum permitted consolidated Total Leverage Ratio is calculated as Consolidated Funded Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Total Leverage Ratio during the remaining term of the Credit Facility:

	Maximum Total
For the Trailing Four Quarters Ending	Leverage Ratio
March 31, 2017 through December 31, 2017	7.00	to	1.00
March 31, 2018 through December 31, 2018	6.25	to	1.00
March 31, 2019 through December 31, 2019	6.00	to	1.00
March 31, 2020 through December 31, 2020	5.75	to	1.00
March 31, 2021 and thereafter	5.50	to	1.00

The maximum permitted Secured Leverage Ratio is calculated as Secured Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Secured Leverage Ratio during the remaining term of the Credit Facility:

	Maximum Secured
For the Trailing Four Quarters Ending	Leverage Ratio
September 30, 2016 through December 31, 2017	4.50	to	1.00
March 31, 2018 through December 31, 2018	4.00	to	1.00
March 31, 2019 through December 31, 2019	3.75	to	1.00
March 31, 2020 and thereafter	3.50	to	1.00

Current Maturities of Our Indebtedness

We classified certain non-extending balances under our Credit Facility as a current maturity, as such amounts come due within the next twelve months.

Senior Notes

6.875% Senior Notes due May 2023

On May 21, 2015, we issued $750 million aggregate principal amount of 6.875% senior notes due May 2023 (the "6.875% Notes"). The 6.875% Notes require semi-annual interest payments on May 15 and November 15 of each year, commencing on November 15, 2015. The 6.875% Notes will mature on May 15, 2023 and are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us.

The 6.875% Notes contain certain restrictive covenants that, subject to exceptions and qualifications, among other things, limit our ability and the ability of our restricted subsidiaries (as defined in the base and supplemental indentures governing the 6.875% Notes, together, the "6.875% Indenture") to incur additional indebtedness or liens, pay dividends or make distributions or repurchase our capital stock, make certain investments, and sell or merge with other companies. In addition, upon the occurrence of a change of control (as defined in the 6.875% Indenture), we will be required, unless certain conditions are met, to offer to repurchase the 6.875% Notes at a price equal to 101% of the principal amount of the 6.875% Notes, plus accrued and unpaid interest and Additional Interest (as defined in the 6.875% Indenture), if any, to, but not including, the date of purchase. If we sell assets or experience an event of loss, we will be required under certain circumstances to offer to purchase the 6.875% Notes.

At any time prior to May 15, 2018, we may redeem the 6.875% Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, up to, but excluding, the applicable redemption date, plus a make whole premium. After May 15, 2018, we may redeem all or a portion of the 6.875% Notes at redemption prices (expressed as percentages of the principal amount) ranging from 105.156% in 2018 to 100% in 2021 and thereafter, plus accrued and unpaid interest and Additional Interest.

In conjunction with the issuance of the 6.875% Notes, we incurred approximately $14.0 million in debt financing costs that have been deferred and are being amortized over the term of the 6.875% Notes using the effective interest method.

6.375% Senior Notes due April 2026

On March 28, 2016, we issued $750 million aggregate principal amount of 6.375% senior notes due April 2026 (the "6.375% Notes"). The 6.375% Notes require semi-annual interest payments on April 1 and October 1 of each year, commencing on October 1, 2016. The 6.375% Notes will mature on April 1, 2026 and are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. Net proceeds from the 6.375% Notes were used to pay down the outstanding amount under the Revolving Credit Facility and the balance was deposited in money market funds and classified as cash equivalents on the consolidated balance sheets.

In conjunction with the issuance of the 6.375% Notes, we incurred approximately $13.0 million in debt financing costs that have been deferred and are being amortized over the term of the 6.375% Notes using the effective interest method.

The 6.375% Notes contain certain restrictive covenants that, subject to exceptions and qualifications, among other things, limit our ability and the ability of our restricted subsidiaries (as defined in the base and supplemental indentures governing the 6.375% Notes, together, the "6.375% Indenture") to incur additional indebtedness or liens, pay dividends or make distributions or repurchase our capital stock, make certain investments, and sell or merge with other companies. In addition, upon the occurrence of a change of control (as defined in the 6.375% Indenture), we will be required, unless certain conditions are met, to offer to repurchase the 6.375% Notes at a price equal to 101% of the principal amount of the 6.375% Notes, plus accrued and unpaid interest and Additional Interest (as defined in the 6.375% Indenture), if any, to, but not including, the date of purchase. If we sell assets or experience an event of loss, we will be required under certain circumstances to offer to purchase the 6.375% Notes.

At any time prior to April 1, 2021, we may redeem the 6.375% Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, up to, but excluding, the applicable redemption date, plus a make whole premium. After April 1, 2021, we may redeem all or a portion of the 6.375% Notes at redemption prices (expressed as percentages of the principal amount) ranging from 103.188% in 2021 to 100% in 2024 and thereafter, plus accrued and unpaid interest and Additional Interest.

In connection with the private placement of the 6.375% Notes, we entered into a registration rights agreement with the initial purchasers in which we agreed to file a registration statement with the SEC to permit the holders to exchange or resell the 6.375% Notes. We filed the required registration statement and commenced the exchange offer during December 2016. The exchange offer was completed on February 10, 2017 and our obligations under the registration rights agreement have been fulfilled.

9.00% Senior Notes due July 2020

On September 6, 2016 we redeemed all of our 9.00% senior notes due July 2020 (the "9.00% Notes") at a redemption price of 104.50% plus accrued and unpaid interest to the redemption date. The redemption was funded using cash on hand. As a result of this redemption, the 9.00% Notes have been fully extinguished.

Peninsula Gaming Debt

Peninsula Credit Facility

On September 2, 2016, Peninsula repaid all of the outstanding amounts, including all principal and accrued interest amounts, under the Peninsula senior secured credit facility (the "Peninsula Credit Facility") pursuant to the Peninsula Credit Agreement. In connection with the repayment in full of the Peninsula Credit Facility (the "Repayment"), the Peninsula Credit Agreement was terminated.

8.375% Senior Notes due February 2018

On September 2, 2016 we redeemed all of our 8.375% senior notes due February 2018 (the "8.375% Notes") at a redemption price of 100.0% plus accrued and unpaid interest to the redemption date. The redemption was funded using cash on hand. As a result of this redemption, the 8.375% Notes have been fully extinguished.

Loss on Early Extinguishments and Modifications of Debt

The components of the loss on early extinguishments and modifications of debt, are as follows:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Boyd Gaming Credit Facility deferred finance charges	$	1,086	$	6,629	$	1,978
Refinancing Amendment	496		—		—
9.00% Senior Notes premium and consent fees	—		15,750		—
9.00% Senior Notes deferred finance charges	—		5,976		—
8.375% Senior Notes deferred finance charges	—		4,497		—
9.125% Senior Notes premium and consent fees	—		—		23,962
9.125% Senior Notes deferred finance charges	—		—		4,888
HoldCo Note	—		—		7,819
Peninsula Credit Facility deferred finance charges	—		9,512		2,086
Total loss on early extinguishments and modifications of debt	$	1,582	$	42,364	$	40,733

Covenant Compliance

As of December 31, 2017, we believe that we were in compliance with the financial and other covenants of our debt instruments.

The indentures governing the notes issued by the Company contain provisions that allow for the incurrence of additional indebtedness, if after giving effect to such incurrence, the coverage ratio (as defined in the respective indentures, essentially a ratio of the Company's consolidated EBITDA to fixed charges, including interest) for the Company's trailing four quarter period on a pro forma basis would be at least 2.0 to 1.0. Should this provision prohibit the incurrence of additional debt, the Company may still borrow under its existing credit facility. At December 31, 2017, the available borrowing capacity under our Credit Facility was $522.0 million.

Scheduled Maturities of Long-Term Debt

The scheduled maturities of long-term debt, as discussed above, are as follows:

(In thousands)	Total
For the year ending December 31,
2018	$	23,981
2019	23,991
2020	23,997
2021	430,040
2022	12,758
Thereafter	2,606,791
Total outstanding principal of long-term debt	$	3,121,558

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Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are provided to record the effects of temporary differences between the tax basis of an asset or liability and its amount as reported in our consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years.

The components comprising our deferred tax assets and liabilities are as follows:

	December 31,
(In thousands)	2017			2016
Deferred tax assets
Federal net operating loss carryforwards	$	110,350		$	201,978
State net operating loss carryforwards	45,096			38,715
Share-based compensation	14,226			26,344
Other	35,161			63,815
Gross deferred tax assets	204,833			330,852
Valuation allowance	(28,821		)	(28,402		)
Deferred tax assets, net of valuation allowance	176,012			302,450
Deferred tax liabilities
Difference between book and tax basis of property and intangible assets	219,090			337,654
State tax liability	33,777			31,443
Other	9,802			14,807
Gross deferred tax liabilities	262,669			383,904
Deferred tax liabilities, net	$	86,657		$	81,454

At December 31, 2017, we have unused federal general business tax credits of approximately $8.0 million which may be carried forward or used until expiration beginning in 2036 and alternative minimum tax credits of $10.4 million which may be used or refunded through 2022. We have a federal income tax net operating loss of approximately $525.5 million, which may be carried forward or used until expiration beginning in 2031. We also have state income tax net operating loss carryforwards of approximately $732.4 million, which may be used to reduce future state income taxes. The state net operating loss carryforwards will expire in various years ranging from 2018 to 2036, if not fully utilized.

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). As part of our analysis of the impact of the Tax Act, we have recorded a discrete net tax benefit of $60.1 million in the period ending December 31, 2017. This tax benefit is due to the corporate federal tax rate reduction on our net deferred tax liability.

The SEC staff issued Staff Accounting Bulletin 118 ("SAB 118") which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under Accounting Standards Codification 740, Income Taxes ("ASC 740"). In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. We have recorded an adjustment as a result of the Tax Act as described above. We believe our analysis to be complete and do not anticipate any material future changes to financial statements as a result of the impact of the Tax Act. If any changes are determined, we will record those as part of the measurement period.

Valuation Allowance on Deferred Tax Assets

Management assesses available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. In evaluating our ability to recover deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and results of recent operations.

As part of our review in determining the need for a valuation allowance, we assess the potential release of existing valuation allowances. In 2016, we determined that the positive evidence in favor of releasing the valuation allowance, particularly evidence that was objectively verifiable, outweighed the negative evidence. We utilize a rolling twelve quarters of pretax income adjusted for permanent book to tax differences as a measure of cumulative results in recent years. We transitioned from a cumulative loss position to a cumulative income position over the rolling twelve quarters during 2016. Other evidence considered in the analysis included, but was not limited to, a trend reflective of improvement in recent earnings, forecasts of profitability and taxable income and the reversal of existing temporary differences. The change in these conditions during 2016 provided positive evidence that supported the release of the valuation allowance against a significant portion of our deferred tax assets. As such, we concluded that it was more likely than not that the benefit from these deferred tax assets would be realized. As a result, during the year ended December 31, 2016, we released $203.9 million of valuation allowance on our federal and state income tax net operating loss carryforwards and other deferred tax assets. For the year ended December 31, 2017, no significant changes of evidence have occurred that would require a change to our valuation allowance position.

We have maintained a valuation allowance of $28.8 million against certain federal and state deferred tax assets as of December 31, 2017 due to uncertainties related to our ability to realize the tax benefits associated with these assets. In assessing the need to establish a valuation allowance, we consider, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of profitability and taxable income, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. Valuation allowances are evaluated periodically and subject to change in future reporting periods as a result of changes in the factors noted above.

Provision (Benefit) for Income Taxes

A summary of the provision (benefit) for income taxes is as follows:

	Year Ended December 31,
(In thousands)	2017			2016			2015
Current
Federal	$	(10,367	)	$	—		$	—
State	5,335			1,242			2,052
Total current taxes provision	(5,032		)	1,242			2,052
Deferred
Federal	6,449			(192,472		)	(9,493		)
State	1,698			(8,703		)	816
Total deferred taxes benefit	8,147			(201,175		)	(8,677		)
Provision (benefit) for income taxes from continuing operations	$	3,115		$	(199,933	)	$	(6,625	)
Provision (benefit) for income taxes included on the consolidated statement of operations
Provision (benefit) for income taxes from continuing operations	$	3,115		$	(199,933	)	$	(6,625	)
Provision (benefit) for income taxes from discontinued operations	14,855			146,379			(540		)
Provision (benefit) for income taxes from continuing and discontinued operations	$	17,970		$	(53,554	)	$	(7,165	)

Our tax provision for the year ended December 31, 2017 was favorably impacted by the federal statutory tax rate change applied to our net deferred tax liability. Based on this revaluation, we have recorded a discrete tax benefit of $60.1 million.

Our tax benefit for the year ended December 31, 2016 resulted from the release of a valuation allowance on our federal and state net operating loss carryforwards and other deferred tax assets.

Our tax benefit for the year ended December 31, 2015 was favorably impacted by the partial release of the valuation allowance on our federal and state net operating losses, impairment charges to indefinite lived intangible assets which resulted in a reduction in our recognized deferred tax liability on these assets, federal and state audit settlements in connection with our IRS and New Jersey income tax examinations and, the realization of certain unrecognized tax benefits, inclusive of the reversal of related accrued interest.

Additionally, the tax benefit in 2015 was adversely impacted by an accrual of non-cash tax expense in connection with the tax amortization of indefinite lived intangible assets that was not available to offset existing deferred tax assets. The deferred tax liabilities created by the tax amortization of these intangibles cannot be used to offset corresponding increases in the net operating loss deferred tax assets in determining our valuation allowance.

The following table provides a reconciliation between the federal statutory rate and the effective income tax rate, expressed as a percentage of income from continuing operations before income taxes:

	Year Ended December 31,
	2017		2016		2015
Tax at federal statutory rate	35.0	%	35.0	%	35.0	%
Federal statutory rate change on deferred tax liability	(35.2	)%	—	%	—	%
State income taxes, net of federal benefit	2.7	%	(60.8	)%	64.1	%
Compensation-based credits	(1.0	)%	(22.3	)%	(55.5	)%
Valuation allowance for deferred tax assets	—	%	(2,548.1	)%	179.9	%
Company provided benefits	0.5	%	15.2	%	139.8	%
Nondeductible expenses	0.5	%	10.6	%	17.3	%
Tax exempt interest	(0.3	)%	(7.1	)%	(12.6	)%
Accrued interest on uncertain tax benefits	0.1	%	2.1	%	(127.7	)%
Uncertain tax benefits	—	%	—	%	(385.4	)%
Other, net	(0.5	)%	1.6	%	(4.0	)%
Effective tax rate	1.8	%	(2,573.8	)%	(149.1	)%

Status of Examinations

In January 2015, we received Joint Committee on Taxation ("Joint Committee") approval of the 2005-2009 IRS appeals settlement reached in August 2013. We received a refund of $2.4 million in connection with the appeals settlement. Additionally, in 2015, we received a final audit determination in connection with our New Jersey examination, effectively settling years 2003 through 2009. We received a refund of $1.1 million as a result of the New Jersey examination.

We generated net operating losses on our federal income tax returns for years 2011 - 2013. These returns remain subject to federal examination until the statute of limitations expires for the year in which the net operating losses are utilized.

We are also currently under examination for various state income and franchise tax matters. As it relates to our material state returns, we are subject to examination for tax years ended on or after December 31, 2001, and the statute of limitations will expire over the period September 2018 through October 2021.

We believe that we have adequately reserved for any tax liability; however, the ultimate resolution of these examinations may result in an outcome that is different than our current expectation. We do not believe the ultimate resolution of these examinations will have a material impact on our consolidated financial statements.

Other Long-Term Tax Liabilities

The impact of an uncertain income tax position taken in our income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position is not recognized if it has less than a 50% likelihood of being sustained. Our liability for uncertain tax positions is recorded as other long-term tax liabilities in our consolidated balance sheets.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Unrecognized tax benefit, beginning of year	$	2,482	$	2,482	$	30,198
Additions:
Tax positions related to current year	—		—		—
Reductions:
Tax position related to prior years	—		—		(27,716		)
Unrecognized tax benefits, end of year	$	2,482	$	2,482	$	2,482

Included in the $2.5 million balance of unrecognized tax benefits at December 31, 2017, are $2.0 million of federally tax effected benefits that, if recognized, would impact the effective tax rate. We recognize interest related to unrecognized tax benefits in our income tax provision. During the year ended December 31, 2017, we recognized interest and penalties of approximately $0.1 million in our tax provision. During the year ended December 31, 2015 we recognized interest related benefits, due to favorable settlements, of $6.2 million in our income tax provision. We have accrued $1.0 million and $0.8 million of interest and penalties as of December 31, 2017 and 2016, respectively, in our consolidated balance sheets.

During the first quarter of 2015, we received Joint Committee approval on our IRS appeals agreement, effectively settling our 2005 through 2009 examination. During the third quarter of 2015, we received a final audit determination in connection with our New Jersey examination, effectively settling years 2003 through 2009. As a result of the resolution of these audits, we reduced our unrecognized tax benefits by $27.7 million, of which $19.5 million impacted our effective tax rate. Due to the utilization of tax loss carryforwards in certain states, the statute of limitations remains open with respect to years in which the tax losses are utilized. When these years close, unrecognized tax benefits may be realized. We do not anticipate any material changes to our unrecognized tax benefits over the next twelve-month period.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Commitments

Capital Spending and Development

We continually perform on-going refurbishment and maintenance at our facilities to maintain our standards of quality. Certain of these maintenance costs are capitalized, if such improvement or refurbishment extends the life of the related asset, while other maintenance costs that do not so qualify are expensed as incurred. The commitment of capital and the related timing thereof are contingent upon, among other things, negotiation of final agreements and receipt of approvals from the appropriate regulatory bodies. We must also comply with covenants and restrictions set forth in our debt agreements.

Acquisitions

We recently announced the Penn National Purchase Agreement and Valley Forge Merger Agreement, pursuant to which we will acquire additional casino properties. See Note 2, Acquisitions and Divestitures, for further discussion of the commitments arising from these agreements.

Kansas Management Contract

As part of the Kansas Management Contract approved by the Kansas Racing and gaming Commission on January 11, 2011, Kansas Star committed to donate $1.5 million each year to support education in the local area in which Kansas Star operates for the duration of the Kansas Management Contract. We have made all distributions under this commitment as scheduled and such related expenses are recorded in Selling, general and administrative expenses on the consolidated statements of operations.

Mulvane Development Agreement

On March 7, 2011, Kansas Star entered into a Development Agreement with the City of Mulvane ("Mulvane Development Agreement") related to the provision of water, sewer, and electrical utilities to the Kansas Star site. This agreement sets forth certain parameters governing the use of public financing for the provision of such utilities, through the issuance of general obligation bonds by the City of Mulvane, paid for through the imposition of a special tax assessment on the Kansas Star site payable over 15 years in an amount equal to the City’s full obligations under the general obligation bonds. 

All infrastructure improvements to the Kansas Star site under the Mulvane Development Agreement are complete and the City of Mulvane issued $19.7 million in general obligation bonds related to these infrastructure improvements. As of December 31, 2017 and 2016, under the Mulvane Development Agreement, Kansas Star recorded $1.7 million at each date, which is included in accrued liabilities on the consolidated balance sheets and $8.2 million, net of a $3.5 million discount, and $8.9 million, net of a $4.0 million discount, respectively, which is recorded as a long-term obligation in other liabilities on the consolidated balance sheets. Interest costs are expensed as incurred and the discount will be amortized to interest expense over the term of the special tax assessment ending in 2028. Kansas Star's special tax assessment related to these bonds is approximately $1.7 million annually. Payments under the special tax assessment are secured by irrevocable letters of credit of $5.0 million issued by the Company in favor of the City of Mulvane, representing an amount equal to three times the annual special assessment tax imposed on Kansas Star.

Contingent Payments

In connection with securing the Kansas Management Contract, Kansas Star agreed to pay a former casino project promoter 1% of Kansas Star’s earnings before interest expense, taxes, depreciation and amortization ("EBITDA") each month for a period of 10 years commencing December 20, 2011.

Minimum Assessment Agreement

In 2007, Diamond Jo Dubuque entered into a Minimum Assessment Agreement with the City of Dubuque (the "City"). Under the Minimum Assessment Agreement, Diamond Jo Dubuque and the City agreed to a minimum taxable value related to the new casino of $57.9 million.  Diamond Jo Dubuque agreed to pay property taxes to the City based on the actual taxable value of the casino, but not less than the minimum taxable value. Scheduled payments of principal and interest on the City Bonds will be funded through Diamond Jo Dubuque's payment obligations under the Minimum Assessment Agreement.  Diamond Jo Dubuque is also obligated to pay any shortfall should property taxes be insufficient to fund the principal and interest payments on the City Bonds.

Interest costs under the Minimum Assessment Agreement obligation are expensed as incurred. As of December 31, 2017 and 2016, the remaining obligation under the Minimum Assessment Agreement was $1.9 million at each date, which was recorded in accrued liabilities on the consolidated balance sheets and $13.8 million, net of a $2.6 million discount, and $14.1 million, net of a $2.8 million discount, respectively, which was recorded as a long-term obligation in other liabilities on the consolidated balance sheets. The discount will be amortized to interest expense over the life of the Minimum Assessment Agreement. Total minimum payments by Diamond Jo Dubuque under the Minimum Assessment Agreement are approximately $1.9 million per year through 2036.

Public Parking Facility Agreement

Diamond Jo Dubuque has an agreement with the City for use of the public parking facility adjacent to Diamond Jo Dubuque's casino and owned and operated by the City (the "Parking Facility Agreement"). The Parking Facility Agreement calls for: (i) the payment by the Company for the reasonable and necessary actual operating costs incurred by the City for the operation, security, repair and maintenance of the public parking facility; and (ii) the payment by the Company to the City of $65 per parking space in the public parking facility per year, subject to annual increases based on any increase in the Consumer Price Index, which funds will be deposited into a special sinking fund and used by the City for capital expenditures necessary to maintain the public parking facility. Operating costs of the parking facility incurred by Diamond Jo Dubuque are expensed as incurred. Deposits to the sinking fund are recorded as other assets. When the sinking fund is used for capital improvements, such amounts are capitalized and amortized over their remaining useful life.

Iowa Qualified Sponsoring Organization Agreements

Diamond Jo Dubuque and Diamond Jo Worth are required to pay their respective qualified sponsoring organization, who hold a joint gaming license with Diamond Jo Dubuque and Diamond Jo Worth, 4.50% and 5.76%, respectively, of the casino’s adjusted gross receipts on an ongoing basis. Diamond Jo Dubuque expensed $3.1 million, during the year ended December 31, 2017 and $3.0 million, in the year ended December 31, 2016 and 2015, respectively, related to its agreement. Diamond Jo Worth expensed $5.0 million, $4.9 million, and $5.0 million during the years ended December 31, 2017, 2016, and 2015, respectively, related to its agreement. The Diamond Jo Dubuque agreement expires on December 31, 2018. Diamond Jo Dubuque has entered into an amendment to the existing operating agreement with the qualified sponsoring organization. The new agreement will go into effect on January 1, 2019 and will extend for twelve years, expiring on December 31, 2030. The agreement is subject to review and approval by the state gaming commission. The Diamond Jo Worth agreement expires on March 31, 2025, and is subject to automatic ten-year renewal periods.

Development Agreement

In September 2011, the Company acquired the membership interests of a limited liability company (the "LLC") for a purchase price of $24.5 million. The primary asset of the LLC was a previously executed development agreement (the "Development Agreement") with Wilton Rancheria (the "Tribe"). The purchase price was allocated primarily to an intangible asset associated with the Company's rights under the agreement to assist the Tribe in the development and management of a gaming facility on the Tribe's land.

In July 2012, the Company and the Tribe amended and replaced the agreement with a new development agreement and a management agreement (the "Agreements"). The Agreements obligate us to fund certain pre-development costs, which are estimated to be approximately $1 million to $2 million annually, for the next several years and to assist the Tribe in its development and oversight of the gaming facility construction. Upon opening, we will manage the gaming facility. The pre-development costs funded by us are reimbursable to us with future cash flows from the operations of the gaming facility under terms of a note receivable from the Tribe.

In January 2017, the Company funded the acquisition of land that is the intended site of the Wilton Rancheria casino and, in February 2017, the land was placed intotrust by the U.S. Bureau of Indian Affairs for the benefit of the Tribe. The cost of the land will be recorded as a receivable on our consolidated balance sheet, and we expect to be reimbursed for this cost when project financing is in place. Should the project be abandoned, ownership of the land would revert to the Company.

The Agreements provide that the Company will receive future revenue for its services to the Tribe contingent upon successful development of the gaming facility and based on future net revenues at the gaming facility. In September 2017, the California State Legislature unanimously approved, and the Governor of California executed, a tribal-state gaming compact with the tribe allowing the development of the casino. With the compact now in place, we are in the process of finalizing project design and preparation and expect to begin construction mid-2018, with a construction timeline of 18 to 24 months.

Future Minimum Lease Payments and Rental Income

Future minimum lease payments required under noncancelable operating leases, which are primarily related to land leases are as follows:

(In thousands)	Lease Obligations
For the year ending December 31,
2018	$	20,642
2019	17,826
2020	15,325
2021	14,330
2022	13,884
Thereafter	314,391
Total	$	396,398

Rent expense included in selling, general and administrative expenses on the accompanying consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015 was $30.3 million, $31.0 million, and $29.0 million, respectively, and primarily relates to land leases and advertising-related expenses.

Future minimum rental income, which is primarily related to retail and restaurant facilities located within our properties are as follows:

(In thousands)	Minimum Rental Income
For the year ending December 31,
2018	$	3,432
2019	2,371
2020	1,665
2021	930
2022	771
Thereafter	250
Total	$	9,419

Contingencies

Legal Matters

We are parties to various legal proceedings arising in the ordinary course of business. We believe thatall pending claims, if adversely decided, would not have a material adverse effect on our business, financial position or results of operations.

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Stockholders' Equity and Stock Incentive Plans

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stockholders' Equity and Stock Incentive Plans

STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS

Share Repurchase Program

We have in the past, and may in the future, acquire our equity securities through open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or otherwise, upon such terms and at such prices as we may determine from time to time. In July 2008, our Board of Directors authorized an amendment to an existing share repurchase program to increase the amount of common stock that can be repurchased to $100 million. We are not obligated to repurchase any shares under this program. On May 2, 2017 the Company announced that its Board of Directors had reaffirmed the Company's existing share repurchase program, and 1.2 million shares were repurchased during the year ended December 31, 2017. As of December 31, 2017, $60.1 million remained available under this authorization. There were no share repurchases during the years ended December 31, 2016 or 2015.

The following table provides information regarding share repurchases during the referenced periods.⁽¹⁾ 

(In thousands, except per share data)	For the Year Ended December 31, 2017
Shares repurchased (2)	1,198
Total cost, including brokerage fees	$	31,927
Average repurchase price per share (3)	$	26.64

⁽¹⁾Shares repurchased reflect repurchases settled during the twelve months ended December 31, 2017. These amounts exclude repurchases traded but not yet settled on or before December 31, 2017.

⁽²⁾All shares repurchased have been retired and constitute authorized but unissued shares.

⁽³⁾Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers.

Subject to applicable corporate securities laws, repurchases under our stock repurchase program may be made at such times and in such amounts as we deem appropriate. Repurchases can be discontinued at any time that we feel additional purchases are not warranted. We intend to fund the repurchases under the stock repurchase program with existing cash resources and availability under our Credit Facility. We are subject to certain limitations regarding the repurchase of common stock, such as restricted payment limitations related to our outstanding notes and our Credit Facility.

Dividends

Dividends are declared at the discretion of our Board of Directors. We are subject to certain limitations regarding the payment of dividends, such as restricted payment limitations contained in our Credit Facility and the indentures for our outstanding notes.

On May 2, 2017, the Company announced that its Board of Directors had authorized the reinstatement of the Company’s cash dividend program. The dividends declared by the Board under this program are:

Declaration date	Record date	Payment date	Amount per share
May 2, 2017	June 15, 2017	July 15, 2017	$0.05
September 6, 2017	September 18, 2017	October 15, 2017	0.05
December 7, 2017	December 28, 2017	January 15, 2018	0.05

No dividends were declared during the years ended December 31, 2016 or 2015.

Stock Incentive Plan

In May 2012, the Company's stockholders approved the 2012 Stock Incentive Plan (the "2012 Plan"), which amended and restated the Company's 2002 Stock Incentive Plan (the "2002 Plan") to (a) provide for a term ending ten years from the date of stockholder approval at the Annual Meeting, (b) increase the maximum number of shares of the Company's common stock authorized for issuance over the term of the 2012 Plan by 4 million shares from 17 million to 21 million shares, (c) permit the future grant of certain equity-based awards, including awards designed to constitute performance-based compensation under Section 162(m) of the Internal Revenue Code, and (d) make certain other changes. Under our 2012 Plan, approximately 4.4 million shares remain available for grant at December 31, 2017. The number of authorized but unissued shares of common stock under this 2012 Plan as of December 31, 2017 was approximately 9.7 million shares.

Grants made under the 2012 Plan include provisions that entitle the grantee to automatic vesting acceleration in the event of a grantee’s separation from service (including as a result of retirement, death or disability), other than for cause (as defined), after reaching the defined age and years of service thresholds. These provisions result in the accelerated recognition of the stock compensation expense for those grants issued to employees who have met the stipulated thresholds.

Stock Options

Options granted under the 2012 Plan generally become exercisable ratably over a three-year period from the date of grant. Options that have been granted under the 2012 Plan had an exercise price equal to the market price of our common stock on the date of grant and will expire no later than ten years after the date of grant.

Summarized stock option plan activity is as follows:

	Options		Weighted Average Option Price		Weighted Average Remaining Term	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding at January 1, 2015	7,169,668		$	25.73
Granted	200,673		19.98
Canceled	(1,463,497	)	39.82
Exercised	(1,301,789	)	7.53
Outstanding at December 31, 2015	4,605,055		26.14
Granted	216,509		17.50
Canceled	(1,260,750	)	38.63
Exercised	(452,898	)	6.49
Outstanding at December 31, 2016	3,107,916		23.36
Granted	—		—
Canceled	(1,323,500	)	39.30
Exercised	(241,964	)	8.61
Outstanding at December 31, 2017	1,542,452		$	11.99	5.3	$	35,565
Exercisable at December 31, 2016	2,696,315		$	24.27	3.1	$	14,587
Exercisable at December 31, 2017	1,335,717		$	11.00	4.8	$	32,128

Share-based compensation costs related to stock option awards are calculated based on the fair value of each option grant on the date of the grant using the Black-Scholes option pricing model.

The following table summarizes the information about stock options outstanding and exercisable at December 31, 2017:

	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding	Weighted-Average Remaining Contractual Life (Years)	Weighted-Average Exercise Price		Number Exercisable	Weighted-Average Exercise Price
$5.22	25,510	4.9	$	5.22	25,510	$	5.22
6.60	28,000	0.8	6.60		28,000	6.60
6.70	196,869	3.9	6.70		196,869	6.70
7.55	65,000	1.8	7.55		65,000	7.55
8.34	294,163	2.8	8.34		294,163	8.34
9.86	260,882	5.9	9.86		260,882	9.86
11.57	229,846	6.2	11.57		229,846	11.57
17.75	216,509	8.9	17.75		72,174	17.75
19.98	200,673	7.4	19.98		138,273	19.98
33.31	25,000	0.0	33.31		25,000	33.31
$5.22-$33.31	1,542,452	5.3	$	11.99	1,335,717	$	11.00

The total intrinsic value of in-the-money options exercised during the years ended December 31, 2017, 2016 and 2015 was $3.9 million, $5.9 million, and $11.1 million, respectively. The total fair value of options vested during the years ended December 31, 2017, 2016 and 2015 was approximately $1.6 million, $2.0 million, and $1.9 million, respectively. As of December 31, 2017, there was approximately $0.2 million of total unrecognized share-based compensation costs related to unvested stock options, which is expected to be recognized over approximately 1.4 years, the weighted-average remaining requisite service period.

Restricted Stock Units

Our 2012 Plan provides for the grant of Restricted Stock Units ("RSUs"). An RSU is an award that may be earned in whole, or in part, upon the passage of time, and that may be settled for cash, shares, other securities or a combination thereof. The RSUs do not contain voting rights and are not entitled to dividends. The RSUs are subject to the terms and conditions contained in the applicable award agreement and the 2012 Plan. Share-based compensation costs related to RSU awards are calculated based on the market price on the date of the grant.

We annually award RSUs to certain members of our Board of Directors. Each RSU is to be paid in shares of common stock upon the member’s cessation of service to the Company. These RSUs were issued for past service; therefore, they are expensed on the date of issuance.

We also grant RSUs to members of management of the Company, which represents a contingent right to receive one share of our common stock upon vesting. An RSU generally vests on the third anniversary of its issuance and the share-based compensation expense is amortized to expense over the requisite service period.

Summarized RSU activity is as follows:

	Restricted Stock Units		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	2,534,496
Granted	541,016		$19.05
Canceled	(40,800	)
Awarded	(713,886	)
Outstanding at December 31, 2015	2,320,826
Granted	542,220		$18.06
Canceled	(30,400	)
Awarded	(871,528	)
Outstanding at December 31, 2016	1,961,118
Granted	442,879		$27.40
Canceled	(38,964	)
Awarded	(727,821	)
Outstanding at December 31, 2017	1,637,212

As of December 31, 2017, there was approximately $12.1 million of total unrecognized share-based compensation costs related to unvested RSUs, which is expected to be recognized over approximately 2.5 years.

Performance Stock Units

Our 2012 Plan provides for the grant of Performance Stock Units ("PSUs"). A PSU is an award which may be earned in whole, or in part, upon the passage of time, and the attainment of performance criteria, and which may be settled for cash, shares, other securities or a combination thereof. The PSUs do not contain voting rights and are not entitled to dividends. The PSUs are subject to the terms and conditions contained in the applicable award agreement and our 2012 Plan. We annually award PSUs to certain members of management.

Each PSU represents a contingent right to receive a share of Boyd Gaming Corporation common stock; however, the actual number of common shares awarded is dependent upon the occurrence of: (i) a requisite service period; and (ii) an evaluation of specific performance conditions. The performance conditions are based on Company metrics for net revenue growth, EBITDA growth and customer service scores, all of which are determined on a comprehensive annual three-year growth rate. Based upon actual and combined achievement, the number of shares awarded could range fromzero, if no conditions are met, a50%payout if only threshold performance is achieved, a payout of100%for target performance, or a payout of up to200%of the original award for achievement of maximum performance. Each condition weighs equally and separately in determining the payout, and based upon management's estimates at the service inception date, the Company is expected to meet the target for each performance condition. Therefore, the related compensation cost of these PSUs assumes all units granted will be awarded. Share-based compensation costs related to PSU awards are calculated based on the market price on the date of the grant.

These PSUs will vestthree yearsfrom the service inception date,during which time achievement of the related performance conditions is periodically evaluated, and the number of shares expected to be awarded, and resulting compensation expense, is adjusted accordingly.

Performance Shares Vesting

The PSU grants awarded in fourth quarter 2013 and 2012 vested during first quarter 2017 and 2016, respectively. Common shares were issued based on the determination by the Compensation Committee of the Board of Directors of our actual achievement of net revenue growth, EBITDA growth and customer service scores for the three-year performance period of each grant. As provided under the provisions of our stock incentive plan, certain of the participants elected to surrender a portion of the shares to be received to pay the withholding and other payroll taxes payable on the compensation resulting from the vesting of the PSUs.

The PSU grant awarded in November 2013 resulted in a total of 268,429 shares being issued during first quarter 2017, representing approximately 0.80 shares per PSU. Of the 268,429 shares issued, a total of 94,776 were surrendered by the participants for payroll taxes, resulting in a net issuance of 173,653 shares due to the vesting of the 2013 grant. The actual achievement level under the award metrics equaled the estimated performance as of year-end 2016; therefore, the vesting of the PSUs did not impact compensation costs in our 2017 consolidated statement of operations.

The PSU grant awarded in December 2012 resulted in a total of 213,365 shares being issued during first quarter 2016, representing approximately 0.59 shares per PSU. Of the 213,365 shares issued, a total of 54,338 were surrendered by the participants for payroll taxes, resulting in a net issuance of 159,027 shares due to the vesting of the 2012 grant. The actual achievement level under the award metrics equaled the estimated performance as of year-end 2015; therefore, the vesting of the PSUs did not impact compensation costs in our 2016 consolidated statement of operations.

Summarized PSU activity is as follows:

	Performance Stock Units		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	1,411,640
Granted	240,156		$16.75
Performance Adjustment	264,306
Canceled	(2,677	)
Awarded	(663,945	)
Outstanding at December 31, 2015	1,249,480
Granted	241,235		$17.75
Performance Adjustment	(148,272	)
Canceled	—
Awarded	(213,365	)
Outstanding at December 31, 2016	1,129,078
Granted	275,305		$28.94
Performance Adjustment	(73,407	)
Canceled	—
Awarded	(268,429	)
Outstanding at December 31, 2017	1,062,547

As of December 31, 2017, there was approximately $6.9 million of total unrecognized share-based compensation costs related to unvested PSUs, which is expected to be recognized over approximately 2.7 years. Based on the current estimates of performance compared to the targets set for the respective PSU grants, the Company estimates that approximately 1.4 million shares will be issued to settle the PSUs outstanding at December 31, 2017.

Career Shares

Our Career Shares Program is a stock incentive award program for certain executive officers to provide for additional capital accumulation opportunities for retirement. The program incentivizes and rewards executives for their period of service. Our Career Shares Program was adopted in December 2006, and modified in October 2010, as part of the overall update of our compensation programs. The Career Shares Program rewards eligible executives with annual grants of Boyd Gaming Corporation stock units, to be paid out at retirement. The payout at retirement is dependent upon the executive's age at such retirement and the number of years of service with the Company. Executives must be at least 55 years old and have at least 10 years of service to receive any payout at retirement. Career Shares do not contain voting rights and are not entitled to dividends. Career Shares are subject to the terms and conditions contained in the applicable award agreement and our 2012 Plan. The Career Share awards are tranched by specific term, in the following periods: 10 years, 15 years and 20 years of service. These grants vest over the remaining period of service required to fulfill the requisite years in each of these tranches, and compensation expense is recorded in accordance with the specific vesting provisions. Share-based compensation costs related to Career Shares awards are calculated based on the market price on the date of the grant.

Summarized Career Shares activity is as follows:

	Career Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	896,585
Granted	103,018		$12.51
Canceled	—
Awarded	(31,028	)
Outstanding at December 31, 2015	968,575
Granted	73,064		$19.01
Canceled	—
Awarded	—
Outstanding at December 31, 2016	1,041,639
Granted	66,000		$20.41
Canceled	(11,236	)
Awarded	(82,944	)
Outstanding at December 31, 2017	1,013,459

As of December 31, 2017, there was approximately $1.1 million of total unrecognized share-based compensation costs related to unvested Career Shares.

Share-Based Compensation

We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period.

The following table summarizes our share-based compensation costs by award type:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Stock Options	$	1,193	$	1,974	$	2,821
Restricted Stock Units	7,463		8,883		9,909
Performance Stock Units	7,381		3,353		5,135
Career Shares	1,376		1,308		1,399
Total share-based compensation costs	$	17,413	$	15,518	$	19,264

The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our consolidated statements of operations:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Gaming	$	363	$	428	$	393
Food and beverage	69		82		75
Room	33		39		36
Selling, general and administrative	1,846		2,176		1,996
Corporate expense	15,102		12,793		16,764
Total share-based compensation expense	$	17,413	$	15,518	$	19,264

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Fair Value Measurements

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

We have adopted the authoritative accounting guidance for fair value measurements, which does not determine or affect the circumstances under which fair value measurements are used, but defines fair value, expands disclosure requirements around fair value and specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions.

These inputs create the following fair value hierarchy:

Level 1: Quoted prices for identical instruments in active markets.

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

As required by the guidance for fair value measurements, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels.

Balances Measured at Fair Value

The following tables show the fair values of certain of our financial instruments:

	December 31, 2017
(In thousands)	Balance		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	203,104	$	203,104	$	—	$	—
Restricted cash	24,175		24,175		—		—
Investment available for sale	17,752		—		—		17,752
Liabilities
Contingent payments	$	2,887	$	—	$	—	$	2,887

	December 31, 2016
(In thousands)	Balance		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	193,862	$	193,862	$	—	$	—
Restricted cash	16,488		16,488		—		—
Investment available for sale	17,259		—		—		17,259
Liabilities
Contingent payments	$	3,038	$	—	$	—	$	3,038

Cash and Cash Equivalents and Restricted Cash

The fair value of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, is based on statements received from our banks at December 31, 2017 and 2016.

Investment Available for Sale

We have an investment in a single municipal bond issuance of $20.5 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 that is classified as available for sale with a maturity date of June 1, 2037. We are the only holder of this instrument and there is no quoted market price for this instrument. As such, the fair value of this investment is classified as Level 3 in the fair value hierarchy. The estimate of the fair value of such investment was determined using a combination of current market rates and estimates of market conditions for instruments with similar terms, maturities, and degrees of risk and a discounted cash flows analysis as of December 31, 2017 and 2016. The fair value of the investment is estimated using a discounted cash flows approach and the significant unobservable input used in the valuation as of December 31, 2017 and 2016 is a discount rate of 9.6% and 10.3%, respectively. Unrealized gains and losses on this instrument resulting from changes in the fair value of the instrument are not charged to earnings, but rather are recorded as other comprehensive income (loss) in the stockholders' equity section of the consolidated balance sheets. At December 31, 2017 and 2016, $0.5 million and $0.4 million, respectively, of the carrying value of the investment available for sale is included as a current asset in prepaid expenses and other current assets, and at December 31, 2017 and 2016, $17.3 million and $16.8 million, respectively, is included in investment on the consolidated balance sheets. The discount associated with this investment of $2.9 million and $3.1 million as of December 31, 2017 and 2016, respectively, is netted with the investment balance and is being accreted over the life of the investment using the effective interest method. The accretion of such discount is included in interest income on the consolidated statements of operations.

Contingent Payments

In connection with securing the Kansas Management Contract, Kansas Star agreed to pay a former casino project promoter 1% of Kansas Star’s EBITDA each month for a period of ten years commencing December 20, 2011. The liability is recorded at the estimated fair value of the contingent payments using a discounted cash flows approach and the significant unobservable input used in the valuation at December 31, 2017 and 2016 is a discount rate of 9.2% and 18.5%, respectively. At December 31, 2017 and 2016, there was a current liability of $0.8 million and $0.9 million, respectively, related to this agreement, which was recorded in accrued liabilities on the respective consolidated balance sheets, and long-term obligations of $2.1 million and $2.2 million, respectively, which were included in other liabilities on the respective consolidated balance sheets.

The following tables summarize the changes in fair value of the Company’s Level 3 assets and liabilities:

	December 31, 2017
	Assets			Liabilities
(In thousands)	Investment Available for Sale			Contingent Payments
Balance at January 1, 2017	$	17,259		$	(3,038	)
Total gains (losses) (realized or unrealized):
Included in interest income (expense)	138			(335		)
Included in other comprehensive income (loss)	795			—
Included in other items, net	—			(333		)
Purchases, sales, issuances and settlements:
Settlements	(440		)	819
Balance at December 31, 2017	$	17,752		$	(2,887	)

	December 31, 2016
	Assets			Liabilities
(In thousands)	Investment Available for Sale			Contingent Payments
Balance at January 1, 2016	$	17,839		$	(3,632	)
Total gains (losses) (realized or unrealized):
Included in interest income (expense)	130			(600		)
Included in other comprehensive income (loss)	(299		)	—
Included in other items, net	—			346
Purchases, sales, issuances and settlements:
Settlements	(411		)	848
Balance at December 31, 2016	$	17,259		$	(3,038	)

The fair value of intangible assets, classified in the fair value hierarchy as Level 3, is utilized in performing its impairment analyses (see Note 4, Intangible Assets).

Balances Disclosed at Fair Value

The following tables provide the fair value measurement information about our obligation under minimum assessment agreements and other financial instruments:

	December 31, 2017
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Liabilities
Obligation under assessment arrangements	$	31,729	$	25,602	$	26,999	Level 3

	December 31, 2016
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Liabilities
Obligation under assessment arrangements	$	33,456	$	26,660	$	27,054	Level 3
Other financial instruments	100		97		97		Level 3

The following tables provide the fair value measurement information about our long-term debt:

	December 31, 2017
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Credit Facility	$	1,621,054	$	1,595,703	$	1,625,178	Level 2
6.875% Senior Notes due 2023	750,000		740,545		798,750		Level 1
6.375% Senior Notes due 2026	750,000		739,128		810,000		Level 1
Other	504		504		504		Level 3
Total debt	$	3,121,558	$	3,075,880	$	3,234,432

	December 31, 2016
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Credit Facility	$	1,782,538	$	1,752,147	$	1,791,853	Level 2
6.875% Senior Notes due 2023	750,000		738,791		806,250		Level 1
6.375% Senior Notes due 2026	750,000		737,926		804,375		Level 1
Other	591		591		591		Level 3
Total debt	$	3,283,129	$	3,229,455	$	3,403,069

The estimated fair value of the Credit Facility is based on a relative value analysis performed on or about December 31, 2017 and December 31, 2016. The estimated fair values of our Senior Notes are based on quoted market prices as of December 31, 2017 and December 31, 2016. The other debt is a fixed-rate debt that is payable in 32 semi-annual installments, beginning in 2008. It is not traded and does not have an observable market input; therefore, we have estimated its fair value to be equal to the carrying value.

There were no transfers between Level 1, Level 2 and Level 3 measurements during the years ended December 31, 2017 and 2016.

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Employee Benefit Plans

12 Months Ended

Dec. 31, 2017

Postemployment Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

We contribute to multiemployer pension defined benefit plans under terms of collective-bargaining agreements that cover our union-represented employees. Contributions, based on wages paid to covered employees, totaled approximately $1.6 million, $1.5 million and $1.4 million for the years ended December 31, 2017, 2016 and 2015, respectively. These aggregate contributions were not individually significant to any of the respective plans. Our share of the unfunded vested liability related to multi-employer plans, if any, is not determinable and our participation is not individually significant on an individual multiemployer plan basis.

We have retirement savings plans under Section 401(k) of the Internal Revenue Code covering our non-union employees. The plans allow employees to defer up to the lesser of the Internal Revenue Code prescribed maximum amount or 100% of their income on a pre-tax basis through contributions to the plans. We expensed our voluntary contributions to the 401(k) profit-sharing plans and trusts of $4.4 million, $3.9 million and $3.3 million for the years ended December 31, 2017, 2016 and 2015, respectively.

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Segment Information

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

We have aggregated certain of our properties in order to present three Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; and (iii) Midwest and South. The table in Note 1, Summary of Significant Accounting Policies, lists the classification of each of our properties.

Results of Operations - Total Reportable Segment Revenues and Adjusted EBITDA

We evaluate each of our property's profitability based upon Property Adjusted EBITDA, which represents each property's earnings before interest expense, income taxes, depreciation and amortization, deferred rent, share-based compensation expense, project development, preopening and writedowns expenses, impairments of assets, other operating items, net, and gain or loss on early retirements of debt, as applicable. Total Reportable Segment Adjusted EBITDA is the aggregate sum of the Property Adjusted EBITDA for each of the properties included in our Las Vegas Locals, Downtown Las Vegas, and Midwest and South segments. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company.

We reclassify the reporting of corporate expense on the accompanying table in order to exclude it from our subtotal for Total Reportable Segment Adjusted EBITDA. Furthermore, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, aircraft expenses and various other expenses not directly related to our casino and hotel operations.

The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments:

	Year Ended December 31, 2017
(In thousands)	Gaming Revenue		Food & Beverage Revenue		Room Revenue		Other Revenue		Total Revenue
Revenues
Las Vegas Locals	$	563,785	$	154,451	$	98,406	$	51,735	$	868,377
Downtown Las Vegas	133,072		54,451		24,623		32,295		244,441
Midwest and South	1,043,411		137,477		63,766		43,347		1,288,001
Total Revenues	$	1,740,268	$	346,379	$	186,795	$	127,377	$	2,400,819

	Year Ended December 31, 2016
(In thousands)	Gaming Revenue		Food & Beverage Revenue		Room Revenue		Other Revenue		Total Revenue
Revenues
Las Vegas Locals	$	422,375	$	108,541	$	82,566	$	41,533	$	655,015
Downtown Las Vegas	133,165		52,849		20,209		30,347		236,570
Midwest and South	1,054,853		141,315		66,616		44,890		1,307,674
Total Revenues	$	1,610,393	$	302,705	$	169,391	$	116,770	$	2,199,259

	Year Ended December 31, 2015
(In thousands)	Gaming Revenue		Food & Beverage Revenue		Room Revenue		Other Revenue		Total Revenue
Revenues
Las Vegas Locals	$	395,108	$	103,353	$	75,282	$	42,827	$	616,570
Downtown Las Vegas	131,871		52,105		19,856		29,445		233,277
Midwest and South	1,104,198		148,328		67,110		45,348		1,364,984
Total Revenues	$	1,631,177	$	303,786	$	162,248	$	117,620	$	2,214,831

The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDA to operating income, as reported in our accompanying consolidated statements of operations:

	Year Ended December 31,
(In thousands)	2017			2016			2015
Adjusted EBITDA
Las Vegas Locals	$	249,906		$	176,066		$	157,269
Downtown Las Vegas	54,613			52,341			49,214
Midwest and South	364,458			367,579			381,467
Total Reportable Segment Adjusted EBITDA	668,977			595,986			587,950
Corporate expense	(73,046		)	(59,875		)	(60,177		)
Adjusted EBITDA	595,931			536,111			527,773
Other operating costs and expenses
Deferred rent	1,267			3,266			3,428
Depreciation and amortization	217,522			196,226			207,118
Project development, preopening and writedowns	14,454			22,107			6,907
Share-based compensation expense	17,413			15,518			19,264
Impairments of assets	(426		)	38,302			18,565
Other operating charges, net	1,900			284			907
Total other operating costs and expenses	252,130			275,703			256,189
Operating income	$	343,801		$	260,408		$	271,584

Total Assets

The Company's total assets, by Reportable Segment, consisted of the following amounts:

	December 31,
(In thousands)	2017		2016
Assets
Las Vegas Locals	$	1,792,119	$	1,785,858
Downtown Las Vegas	170,574		157,319
Midwest and South	2,496,957		2,556,307
Total Reportable Segment assets	4,459,650		4,499,484
Corporate	226,280		171,267
Total assets	$	4,685,930	$	4,670,751

Capital Expenditures

The Company's capital expenditures by Reportable Segment, consisted of the following:

	Year Ended December 31,
(In thousands)	2017		2016			2015
Capital Expenditures:
Las Vegas Locals	$	59,382	$	42,069		$	41,772
Downtown Las Vegas	21,705		28,431			13,000
Midwest and South	37,657		73,255			60,887
Total Reportable Segment Capital Expenditures	118,744		143,755			115,659
Corporate	71,673		16,672			12,646
Total Capital Expenditures	190,417		160,427			128,305
Change in Accrued Property Additions	47		(69		)	2,865
Cash-Based Capital Expenditures	$	190,464	$	160,358		$	131,170

The Company utilizes the Corporate entities to centralize the development of major renovation and other capital development projects that are included as construction in progress. After the project is complete, the corporate entities transfer the projects to the segment subsidiaries.

XML

Selected Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (Unaudited)

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following table presents selected quarterly financial information:

	Year Ended December 31, 2017
(In thousands, except per share data)	First		Second		Third		Fourth		Year
Summary Operating Results:
Total revenues	$	610,065	$	604,124	$	591,542	$	595,088	$	2,400,819
Operating income	94,830		89,554		78,940		80,477		343,801
Income from continuing operations, net of tax	$	35,076	$	27,692	$	23,157	$	82,073	$	167,998
Income from discontinued operations, net of tax	375		21,017		—		—		21,392
Net income	$	35,451	$	48,709	$	23,157	$	82,073	$	189,390
Basic net income per common share:
Continuing operations	$	0.31	$	0.24	$	0.20	$	0.72	$	1.46
Discontinued operations	—		0.18		—		—		0.19
Basic net income per common share	$	0.31	$	0.42	$	0.20	$	0.72	$	1.65
Diluted net income per common share:
Continuing operations	$	0.31	$	0.24	$	0.20	$	0.71	$	1.45
Discontinued operations	—		0.18		—		—		0.19
Diluted net income per common share	$	0.31	$	0.42	$	0.20	$	0.71	$	1.64

	Year Ended December 31, 2016
(In thousands, except per share data)	First		Second		Third		Fourth		Year
Summary Operating Results:
Total revenues	$	556,653	$	548,784	$	535,173	$	558,649	$	2,199,259
Operating income	82,362		80,439		67,881		29,726		260,408
Income from continuing operations, net of tax	$	21,666	$	11,257	$	164,197	$	10,581	$	207,701
Income from discontinued operations, net of tax	11,630		18,715		180,707		1,478		212,530
Net income	$	33,296	$	29,972	$	344,904	$	12,059	$	420,231
Basic net income per common share:
Continuing operations	$	0.19	$	0.10	$	1.43	$	0.09	$	1.81
Discontinued operations	0.10		0.16		1.58		0.01		1.86
Basic net income per common share	$	0.29	$	0.26	$	3.01	$	0.10	$	3.67
Diluted net income per common share:
Continuing operations	$	0.19	$	0.10	$	1.43	$	0.09	$	1.80
Discontinued operations	0.10		0.16		1.57		0.01		1.85
Diluted net income per common share	$	0.29	$	0.26	$	3.00	$	0.10	$	3.65

XML

Condensed Consolidating Financial Information

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Financial Information

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Separate condensed consolidating financial information for our subsidiary guarantors and non-guarantors of our 6.875% Notes, our 6.375% Notes and our 6.000% Notes (collectively, the "Notes") is presented below. The 6.875% Notes and 6.375% Notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. The non-guarantors primarily represent our special purpose entities, tax holding companies, our less significant operating subsidiaries and our less than wholly owned subsidiaries.

On June 25, 2018, the Company issued $700.0 million aggregate principal amount of 6.000% senior notes due 2026 (the "6.000% Notes"). The 6.000% Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain of our current and future domestic restricted subsidiaries. With the exception of one subsidiary, the guarantors of the 6.000% Notes are the same as for our 6.375% Notes and 6.875% Notes. The non-guarantors primarily represent our special purpose entities, tax holding companies, our less significant operating subsidiaries and our less than wholly owned subsidiaries.

On March 7, 2017, Aliante, Cannery and Eastside Cannery became guarantors of the 6.875% Notes, the 6.375% Notes and the Credit Facility.

The tables below present the condensed consolidating balance sheets as of December 31, 2017, and 2016, the condensed consolidating statements of operations for the years ended December 31, 2017, 2016 and 2015 and the condensed consolidating statements of cash flows for the years ended December 31, 2017, 2016 and 2015. We have reclassified certain prior year amounts in the current year presentation to reflect the designation of the additional Restricted Subsidiaries listed above as subsidiary guarantors and the adoption of the Revenue Standard and ASU 2016-18.

Condensed Consolidating Balance Sheets

	December 31, 2017
								Non-			Non-
								Guarantor			Guarantor
						Subsidiary		Subsidiaries			Subsidiaries
				Guarantor		(100%		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)*		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			20,687		234		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	—			1,560,841		373,718		—			—		(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		$	5,959,550	$	373,952	$	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		)	256,584		900		(10,428		)	—		—			151,333
Total stockholders' equity (deficit)	1,097,227			5,417,186		373,052		(931,397		)	—		(4,858,841		)	1,097,227
Total liabilities and stockholders' equity	$	5,095,354		$	5,959,550	$	373,952	$	123,867		$	—	$	(6,866,793	)	$	4,685,930

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Balance Sheets - continued

	December 31, 2016
								Non-			Non-
								Guarantor			Guarantor
						Subsidiary		Subsidiaries			Subsidiaries
				Guarantor		(100%		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)*		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			14,647		1,822		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	—			1,140,125		350,892		—			—			(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		$	5,712,461	$	352,714	$	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		)	295,206		900		(21,729		)	—			—			169,476
Boyd Gaming Corporation stockholders' equity (deficit)	930,130			5,213,823		351,814		(932,200		)	(254		)	(4,633,183		)	930,130
Noncontrolling interest	—			—		—		—			—			50			50
Total stockholders' equity (deficit)	930,130			5,213,823		351,814		(932,200		)	(254		)	(4,633,133		)	930,180
Total liabilities and stockholders' equity	$	4,668,856		$	5,712,461	$	352,714	$	69,606		$	—		$	(6,132,886	)	$	4,670,751

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Operations

	Year Ended December 31, 2017
										Non-			Non-
										Guarantor			Guarantor
							Subsidiary			Subsidiaries			Subsidiaries
				Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*			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			2,758			154			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			1,986,166			154			55,573			—		(92,657		)	2,057,018
Equity in earnings (losses) of subsidiaries	330,711			(1,374		)	—			—			—		(329,337		)	—
Operating income (loss)	296,221			389,974			(154		)	(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			388,797			(154		)	(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			315,371			(154		)	(7,272		)	—		(329,337		)	167,998
Income from discontinued operations, net of tax	—			—			21,392			—			—		—			21,392
Net income (loss)	$	189,390		$	315,371		$	21,238		$	(7,272	)	$	—	$	(329,337	)	$	189,390
Comprehensive income (loss)	$	189,823		$	315,804		$	21,238		$	(7,272	)	$	—	$	(329,770	)	$	189,823

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Operations - continued

	Year Ended December 31, 2016
									Non-			Non-
									Guarantor			Guarantor
						Subsidiary			Subsidiaries			Subsidiaries
			Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)*			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		183,524			7			3,928			—		—			196,226
Corporate expense	66,703		1,621			117			4,227			—		—			72,668
Project development, preopening and writedowns	18,079		(3,933		)	641			7,320			—		—			22,107
Impairments of assets	1,440		36,862			—			—			—		—			38,302
Other operating items, net	181		103			—			—			—		—			284
Intercompany expenses	1,205		140,291			380			1,461			—		(143,337		)	—
Total operating costs and expenses	147,513		1,871,114			1,145			62,414			—		(143,335		)	1,938,851
Equity in earnings (losses) of subsidiaries	445,130		(2,039		)	—			—			—		(443,091		)	—
Operating income (loss)	419,556		303,635			(1,145		)	(18,547		)	—		(443,091		)	260,408
Other expense (income)
Interest expense, net	157,923		46,357			5,426			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		60,982			5,426			(48		)	—		—			252,640
Income (loss) from continuing operations before income taxes	233,276		242,653			(6,571		)	(18,499		)	—		(443,091		)	7,768
Income tax benefit	186,955		10,935			1,917			126			—		—			199,933
Income (loss) from continuing operations, net of tax	420,231		253,588			(4,654		)	(18,373		)	—		(443,091		)	207,701
Income (loss) from discontinued operations, net of tax	—		(899		)	213,429			—			—		—			212,530
Net income (loss)	$	420,231	$	252,689		$	208,775		$	(18,373	)	$	—	$	(443,091	)	$	420,231
Comprehensive income (loss)	$	419,932	$	252,390		$	208,775		$	(18,373	)	$	—	$	(442,792	)	$	419,932

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Consolidating Statements of Operations - continued

	Year Ended December 31, 2015
									Non-			Non-
									Guarantor			Guarantor
						Subsidiary			Subsidiaries			Subsidiaries
			Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)*			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		196,852			13			4,074			—			—			207,118
Corporate expense	71,700		1,581			200			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		140,321			650			1,416			—			(143,591		)	—
Total operating costs and expenses	130,539		1,895,746			863			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		296,490			(863		)	(17,249		)	(76		)	(188,663		)	271,584
Other expense
Interest expense, net	125,890		85,957			10,861			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		98,820			10,861			345			—			—			267,141
Income (loss) from continuing operations before income taxes	24,830		197,670			(11,724		)	(17,594		)	(76		)	(188,663		)	4,443
Income tax benefit (provision)	22,777		(11,345		)	(4,753		)	(54		)	—			—			6,625
Income (loss) from continuing operations, net of tax	47,607		186,325			(16,477		)	(17,648		)	(76		)	(188,663		)	11,068
Income from discontinued operations, net of tax	—		540			35,999			—			—			—			36,539
Net income (loss)	$	47,607	$	186,865		$	19,522		$	(17,648	)	$	(76	)	$	(188,663	)	$	47,607
Comprehensive income (loss)	$	47,344	$	186,602		$	19,522		$	(17,648	)	$	(76	)	$	(188,400	)	$	47,344

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Cash Flows

	Year Ended December 31, 2017
										Non-			Non-
										Guarantor			Guarantor
							Subsidiary			Subsidiaries			Subsidiaries
				Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*			Owned)			Owned)			Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	(82,632	)	$	532,515		$	(12,907	)	$	(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	—			(420,716		)	(22,826		)	—			—			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		)	(507,600		)	(22,826		)	(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

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Cash Flows - continued

	Year Ended December 31, 2016
										Non-			Non-
										Guarantor			Guarantor
							Subsidiary			Subsidiaries			Subsidiaries
				Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*			Owned)			Owned)			Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	(86,502	)	$	502,815		$	(122,012	)	$	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	—			659,549			(448,249		)	—			—			(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		)	550,244			(448,249		)	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

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Cash Flows - continued

	Year Ended December 31, 2015
										Non-			Non-
										Guarantor			Guarantor
							Subsidiary			Subsidiaries			Subsidiaries
				Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*			Owned)			Owned)			Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	102,080		$	249,822		$	(13,384	)	$	(12,131	)	$	(76	)	$	363		$	326,674
Cash flows from investing activities
Capital expenditures	(48,591		)	(82,392		)	—			(187		)	—			—			(131,170		)
Net activity with affiliates	—			(65,408		)	—			—			—			65,408			—
Distribution from subsidiary	11,200			—			—			—			—			(11,200		)	—
Other investing activities	3,292			1,236			—			—			—			—			4,528
Net cash from investing activities	(34,099		)	(146,564		)	—			(187		)	—			54,208			(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		)	—			(711		)	172,124			78			(65,771		)	—
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		)	(711		)	14,214			78			(54,571		)	(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

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

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Related Party Transactions

12 Months Ended

Dec. 31, 2017

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

Boyd Percentage Ownership

William S. Boyd, our Executive Chairman of the Board of Directors, together with his immediate family, beneficially owned approximately 27% of our outstanding shares of common stock as of December 31, 2017. As such, the Boyd family has the ability to significantly influence our affairs, including the election of members of our Board of Directors and, except as otherwise provided by law, approving or disapproving other matters submitted to a vote of our stockholders, including a merger, consolidation or sale of assets. For each of the years ended December 31, 2017, 2016 and 2015, there were no related party transactions between the Company and the Boyd family other than compensation, including salary and equity incentives.

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Subsequent Events

12 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

We have evaluated all events or transactions that occurred after December 31, 2017. During this period, up to the filing date, we did not identify any subsequent events, other than the payment of the cash dividend disclosed in Note 10, Stockholder's Equity and Stock Incentive Plans, the effects of which would require disclosure or adjustment to our financial position or results of operations.

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Organization

Boyd Gaming Corporation (and together with its subsidiaries, the "Company", the "Registrant", "Boyd Gaming", "Boyd", "we" or "us") was incorporated in the state of Nevada in 1988 and has been operating since 1975. The Company's common stock is traded on the New York Stock Exchange under the symbol "BYD".

The consolidated financial statements reflect the impact of the adoption of Update 2016-18 and the Revenue Standard, as defined and discussed below under Recently Adopted Accounting Pronouncements.All amounts in the footnotes have been adjusted, when necessary, to reflect the adoption of this guidance.

As of December 31, 2017, we are a diversified operator of 24 wholly owned gaming entertainment properties. Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, which we aggregate in order to present the following three reportable segments:

Las Vegas Locals
Gold Coast Hotel and Casino	Las Vegas, Nevada
The Orleans Hotel and Casino	Las Vegas, Nevada
Sam's Town Hotel and Gambling Hall	Las Vegas, Nevada
Suncoast Hotel and Casino	Las Vegas, Nevada
Eastside Cannery Casino and Hotel	Las Vegas, Nevada
Aliante Casino + Hotel + Spa	North Las Vegas, Nevada
Cannery Casino Hotel	North Las Vegas, Nevada
Eldorado Casino	Henderson, Nevada
Jokers Wild Casino	Henderson, Nevada
Downtown Las Vegas
California Hotel and Casino	Las Vegas, Nevada
Fremont Hotel and Casino	Las Vegas, Nevada
Main Street Station Casino, Brewery and Hotel	Las Vegas, Nevada
Midwest and South
Par-A-Dice Hotel Casino	East Peoria, Illinois
Blue Chip Casino, Hotel & Spa	Michigan City, Indiana
Diamond Jo Dubuque	Dubuque, Iowa
Diamond Jo Worth	Northwood, Iowa
Kansas Star Casino	Mulvane, Kansas
Amelia Belle Casino	Amelia, Louisiana
Delta Downs Racetrack Casino & Hotel	Vinton, Louisiana
Evangeline Downs Racetrack and Casino	Opelousas, Louisiana
Sam's Town Hotel and Casino	Shreveport, Louisiana
Treasure Chest Casino	Kenner, Louisiana
IP Casino Resort Spa	Biloxi, Mississippi
Sam's Town Hotel and Gambling Hall	Tunica, Mississippi

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments with maturities of three months or less at their date of purchase, and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand.

Restricted Cash

Restricted Cash

Restricted cash consists primarily of advance payments related to: (i) future bookings with our Hawaiian travel agency; and (ii) amounts restricted by regulation for gaming and racing purposes. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying value of these instruments approximates their fair value due to their short maturities

Accounts Receivable, net

Accounts Receivable, net

Accounts receivable consist primarily of casino, hotel and other receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible, based upon historical collection experience, the age of the receivable and other relevant economic factors. An estimated allowance for doubtful accounts is maintained to reduce our receivables to their carrying amount. As a result, the net carrying value approximates fair value.

Inventories

Inventories

Inventories consist primarily of food and beverage and retail items and are stated at the lower of cost or market. Cost is determined using the weighted-average inventory method.

Property and Equipment, Net

Property and Equipment, net

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or, for leasehold improvements, over the shorter of the asset's useful life or term of the lease.

The estimated useful lives of our major components of property and equipment are:

Building and improvements	3 through 40 years
Riverboats and barges	5 through 40 years
Furniture and equipment	1 through 10 years

Gains or losses on disposals of assets are recognized as incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred.

For an asset that is held for sale, we recognize the asset at the lower of carrying value or fair market value, less costs of disposal, as estimated based on comparable asset sales, solicited offers, or a discounted cash flow model. For a long-lived asset to be held and used, we review the asset for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We then compare the estimated undiscounted future cash flows of the asset to the carrying value of the asset. The asset is not impaired if the undiscounted future cash flows exceed its carrying value. If the carrying value exceeds the undiscounted future cash flows, then an impairment charge is recorded, typically measured using a discounted cash flow model, which is based on the estimated future results of the relevant reporting unit discounted using our weighted-average cost of capital and market indicators of terminal year free cash flow multiples. All resulting recognized impairment charges are recorded as Impairment of assets within operating expenses.

Capitalized Interest

Capitalized Interest

Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using our weighted-average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed. Interest capitalized during the years ended December 31, 2016 and 2015 was $0.5 million and $0.1 million, respectively.

Marketable Securities, Available-for-sale Securities

Investment in Available for Sale Securities

We have an investment in $20.5 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 ("City Bonds"). This investment is classified as available-for-sale and is recorded at fair value. The fair value at December 31, 2017 and 2016 was $17.8 million and $17.3 million, respectively. At December 31, 2017 and 2016, $0.5 million and $0.4 million, respectively, is included in prepaid expenses and other current assets, and $17.3 million and $16.8 million, respectively, is included in other assets, net.

Schedule of Bond Maturity Dates

Future maturities of the City Bonds, excluding the discount, for the years ending December 31 are summarized as follows:

(In thousands)
For the year ending December 31,
2018	$	475
2019	510
2020	550
2021	590
2022	635
Thereafter	17,760
Total	$	20,520

Intangible Assets

Intangible Assets

Intangible assets include customer relationships, favorable lease rates, development agreements, gaming license rights and trademarks.

Amortizing Intangible Assets

Customer relationships represent the value of repeat business associated with our customer loyalty programs. These intangible assets are being amortized on an accelerated method over their approximate useful life. Favorable lease rates represent the amount by which acquired lease rental rates are favorable to market terms. These favorable lease values are amortized over the remaining lease term, primarily on leasehold land interests, originally ranging in duration from 41 to 52 years. Development agreements are contracts between two parties establishing an agreement for development of a product or service. These agreements are amortized over the respective cash flow period of the related agreement.

Indefinite-Lived Intangible Assets

Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. These assets, considered indefinite-lived intangible assets, are not subject to amortization, but instead are subject to an annual impairment test, and between annual test dates in certain circumstances. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. License rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method.

Goodwill

Goodwill

Goodwill is an asset representing the future economic benefits arising from other assets in a business combination that are not individually identified and separately recognized. Goodwill is not subject to amortization, but it is subject to an annual impairment test and between annual test dates in certain circumstances.

We evaluate goodwill using a weighted average allocation of both the income and market approach models. The income approach is based upon a discounted cash flow method, whereas the market approach uses the guideline public company method. Specifically, the income approach focuses on the expected cash flow of the subject reporting unit, considering the available cash flow for a finite period of years. Available cash flow is defined as the amount of cash that could be distributed as a dividend without impairing the future profitability or operations of the reporting unit. The underlying premise of the income approach is that the value of goodwill can be measured by the present value of the net economic benefit to be received over the life of the reporting unit. The market approach focuses on comparing the reporting unit to selected reasonably similar (or "guideline") publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of our reporting unit relative to the selected guideline companies; and (iii) applied to the operating data of our reporting unit to arrive at an indication of value. The application of the market approach results in an estimate of the price reasonably expected to be realized from the sale of the subject reporting unit.

Revenue Recognition, Loyalty Programs [Policy Text Block]

Player Loyalty Point Program

We have established promotional programs to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food and beverage, and other free goods and services. We record points earned based on the value of a point that can be redeemed for a hotel room, food & beverage or other items. The player loyalty point program accrual is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, for food & beverage or for other amenities and is included in accrued liabilities on our consolidated balance sheets.

Long-Term Debt, Net

Long-Term Debt, Net

Long-term debt, net is reported as the outstanding debt amount net of amortized cost. Any unamortized debt issuance costs, which include legal and other direct costs related to the issuance of our outstanding debt, or discount granted to the initial purchasers or lenders upon issuance of our debt instruments is recorded as a direct reduction to the face amount of our outstanding debt. The debt issuance costs and discount are accreted to interest expense using the effective interest method over the contractual term of the underlying debt. In the event that our debt is modified, repurchased or otherwise reduced prior to its original maturity date, we ratably reduce the unamortized debt issuance costs and discount and record a loss on extinguishment of debt.

Income Taxes

Income Taxes

Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence it is more likely than not that such assets will not be realized. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. Accordingly, the need to establish valuation allowances for deferred tax assets is continually assessed based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of profitability, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified.

Other Long-Term Tax Liabilities

The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.

Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement.

Tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period that they meet the "more likely than not" standard. If it is subsequently determined that a previously recognized tax position no longer meets the "more likely than not" standard, it is required that the tax position is derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. Accrued interest and penalties are included in other long-term tax liabilities on the balance sheet.

Self-Insurance Reserves

Self-Insurance Reserves

We are self-insured for various insurance coverages such as property, general liability, employee health and workers' compensation costs with the appropriate levels of deductibles and retentions. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not yet reported. In estimating these accruals, we consider historical loss experience and make judgments about the expected levels of costs per claim. Management believes the estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity and other factors could materially affect the estimate for these liabilities. Certain of these claims represent obligations to make future payments; and therefore, we discount such reserves to an amount representing the present value of the claims which will be paid in the future using a blended rate, which represents the inherent risk and the average payout duration. Self-insurance reserves are included in other liabilities on our consolidated balance sheets.

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Comprehensive income includes net income and other comprehensive income (loss). Components of the Company's comprehensive income are reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of comprehensive income. The accumulated other comprehensive income (loss) at December 31, 2017, consists of unrealized gains and losses on the investment available for sale resulting from changes in fair value.

Noncontrolling Interest

Noncontrolling Interest

Noncontrolling interest represented the ownership interest in one of our subsidiaries that was held by a third party. During 2017, the joint venture in which we held an 80% interest was dissolved, thus eliminating our noncontrolling interest.

Revenue Recognition

Gaming Taxes

Gaming Taxes

We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the consolidated statements of operations. These taxes totaled approximately $324.5 million, $321.7 million and $332.1 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Advertising Expense

Advertising Expense

Direct advertising costs are expensed the first time such advertising appears. Advertising costs are included in selling, general and administrative expenses on the consolidated statements of operations and totaled $29.9 million, $32.3 million and $33.4 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Corporate Expense

Corporate Expense

Corporate expense represents unallocated payroll, professional fees, aircraft costs and various other expenses that are not directly related to our casino hotel operations.

Project Development, Preopening and Writedowns

Project Development, Preopening and Writedowns

Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred and do not qualify as capital costs; and (iii) asset write-downs.

Share-Based Compensation

Share-Based Compensation

Share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The requisite service period can be impacted by the provisions of the Company’s stock compensation programs that provide for automatic vesting acceleration upon retirement (including as a result of death or disability) for those long-service participants achieving defined age and years of service criteria. These acceleration provisions do not apply to stock grants and awards issued within six months of the employee’s retirement. Compensation costs related to stock option awards are calculated based on the fair value of each major option grant on the date of the grant using the Black-Scholes option pricing model, which requires the following assumptions: expected stock price volatility, risk-free interest rates, expected option lives and dividend yields. We formed our assumptions using historical experience and observable market conditions.

Earnings per Share

Net Income per Share

Basic net income per share is computed by dividing net income applicable to Boyd Gaming Corporation stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options.

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments that subject us to credit risk consist of cash equivalents and accounts receivable.

Our policy is to limit the amount of credit exposure to any one financial institution, and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. We have bank deposits that may at times exceed federally-insured limits.

Concentration of credit risk, with respect to gaming receivables, is limited through our credit evaluation process. We issue markers to approved gaming customers only following credit checks and investigations of creditworthiness.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Recently Issued Accounting Pronouncements

arnings of $15.8 million on the consolidated statement of changes in stockholders' equity for the year ended December 31, 2017. Additionally, for the year ended December 31, 2017, we recorded an excess tax benefit in our tax expense of approximately $1.5 million. We anticipate recording excess tax benefits as a component of tax expense will cause volatility in our future effective tax rate.

Recently Adopted Accounting Pronouncements

Accounting Standards Update 2016-18, Statement of Cash Flows ("Update 2016-18")

In November 2016, the FASB issued Update 2016-18, which amends Accounting Standards Codification ("ASC") 230 to add or clarify the guidance on the classification and presentation of restricted cash in the statement of cash flows. Update 2016-18 requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. The Company adopted Update 2016-18 using the retrospective approach. We adjusted our consolidated statement of cash flows from amounts previously reported due to the adoption of Update 2016-18. The effects of adopting Update 2016-18 on our consolidated statement of cash flows were as follows:

	Year Ended December 31, 2017
(In thousands)	As Previously Reported		Adoption of Update 2016-18		As Adjusted
Net cash provided by operating activities	$	414,864	$	7,687	$	422,551
Cash, cash equivalents and restricted cash, beginning of period	$	193,862	$	16,488	$	210,350
Net increase (decrease) in cash, cash equivalents and restricted cash	9,242		7,687		16,929
Cash, cash equivalents and restricted cash, end of period	$	203,104	$	24,175	$	227,279

	Year Ended December 31, 2016
(In thousands)	As Previously Reported		Adoption of Update 2016-18			As Adjusted
Net cash provided by operating activities	$	302,881	$	(2,542	)	$	300,339
Cash, cash equivalents and restricted cash, beginning of period	$	158,821	$	19,030		$	177,851
Net increase (decrease) in cash, cash equivalents and restricted cash	35,041		(2,542		)	32,499
Cash, cash equivalents and restricted cash, end of period	$	193,862	$	16,488		$	210,350

	Year Ended December 31, 2015
(In thousands)	As Previously Reported		Adoption of Update 2016-18		As Adjusted
Net cash provided by operating activities	$	325,751	$	923	$	326,674
Cash, cash equivalents and restricted cash, beginning of period	$	145,341	$	18,107	$	163,448
Net increase (decrease) in cash, cash equivalents and restricted cash	13,480		923		14,403
Cash, cash equivalents and restricted cash, end of period	$	158,821	$	19,030	$	177,851

Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("Update 2014-09"); Accounting Standards Update 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date ("Update 2015-14" ); Accounting Standards Update 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("Update 2016-08"); Accounting Standards Update 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing ("Update 2016-10"); Accounting Standards Update 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815) - Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting ("Update 2016-11"); and Accounting Standards Update 2016-12, Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients ("Update 2016-12"); (collectively, the “Revenue Standard”)

The Revenue Standard prescribes a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The Company adopted the Revenue Standard by applying the full retrospective approach and has adjusted the prior periods presented.

The guidance changed the presentation of revenues as our historical presentation reflected revenues gross for goods and services provided to our customers as an inducement to play with us, with an offsetting reduction for promotional allowances to derive net revenues. Under the new guidance, revenues are allocated among our departmental classifications based on the relative standalone selling prices of the goods and services provided to the customer. Our reporting of amounts paid to operators of wide area progressive games has changed as a result of the adoption of the Revenue Standard. We previously reported these payments as contra-revenues. Under the Revenue Standard, these payments are reported as an operating expense. The accounting for our frequent player programs was also impacted, with changes to the timing and/or classification of certain transactions between revenues and operating expenses.

The implementation of the Revenue Standard resulted in an increase to the player point liability due to the change in our accounting method for this liability from an estimated cost of redemption model to a deferred revenue model. As of the effective date of our adoption (January 1, 2015), the cumulative effect adjustment decreased beginning Retained earnings by $3.8 million (after tax), resulted in a deferred tax asset reduction of $2.4 million and increased Accrued liabilities by approximately $6.2 million on the consolidated balance sheet. The impact of this change in accounting for these programs is not expected to be material to any annual accounting period.

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated balance sheet as of December 31, 2017, are as follows:

	As of December 31, 2017
(In thousands)	As Previously Reported		Adoption of Revenue Standard			As Adjusted
Accrued liabilities	$	248,979	$	6,167		$	255,146
Deferred income taxes	89,075		(2,418		)	86,657
Retained earnings	168,174		(3,749		)	164,425

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated balance sheet as of December 31, 2016, are as follows:

	As of December 31, 2016
(In thousands)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Accrued liabilities	$	251,082		$	6,472		$	257,554
Deferred income taxes	83,980			(2,526		)	81,454
Accumulated deficit	(19,878		)	(3,946		)	(23,824		)

The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2017, are as follows:

	Year Ended December 31, 2017
(In thousands, except per share data)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Revenues
Gaming	$	1,972,422		$	(232,154	)	$	1,740,268
Food and beverage	349,271			(2,892		)	346,379
Room	188,689			(1,894		)	186,795
Other	132,695			(5,318		)	127,377
Gross revenues	2,643,077			(242,258		)	2,400,819
Less promotional allowances	259,370			(259,370		)	—
Net revenues	2,383,707			17,112			2,400,819
Operating costs and expenses
Gaming	923,266			(163,654		)	759,612
Food and beverage	194,524			140,982			335,506
Room	52,196			32,992			85,188
Other	77,129			6,486			83,615
Selling, general and administrative	362,037			—			362,037
Maintenance and utilities	109,462			—			109,462
Depreciation and amortization	217,522			—			217,522
Corporate expense	88,148			—			88,148
Project development, preopening and writedowns	14,454			—			14,454
Impairments of assets	(426		)	—			(426		)
Other operating items, net	1,900			—			1,900
Total operating costs and expenses	2,040,212			16,806			2,057,018
Operating income	343,495			306			343,801
Other expense (income)
Interest income	(1,818		)	—			(1,818		)
Interest expense, net of amounts capitalized	173,108			—			173,108
Loss on early extinguishments and modifications of debt	1,582			—			1,582
Other, net	(184		)	—			(184		)
Total other expense, net	172,688			—			172,688
Income from continuing operations before income taxes	170,807			306			171,113
Income tax provision	(3,006		)	(109		)	(3,115		)
Income from continuing operations, net of tax	167,801			197			167,998
Income from discontinued operations, net of tax	21,392			—			21,392
Net income	$	189,193		$	197		$	189,390
Basic net income per common share
Continuing operations	$	1.46		$	—		$	1.46
Discontinued operations	0.19			—			0.19
Basic net income per common share	$	1.65		$	—		$	1.65
Weighted average basic shares outstanding	114,957			—			114,957
Diluted net income per common share
Continuing operations	$	1.45		$	—		$	1.45
Discontinued operations	0.19			—			0.19
Diluted net income per common share	$	1.64		$	—		$	1.64
Weighted average diluted shares outstanding	115,628			—			115,628

The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2016, are as follows:

	Year Ended December 31, 2016
(In thousands, except per share data)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Revenues
Gaming	$	1,820,176		$	(209,783	)	$	1,610,393
Food and beverage	306,145			(3,440		)	302,705
Room	170,816			(1,425		)	169,391
Other	122,416			(5,646		)	116,770
Gross revenues	2,419,553			(220,294		)	2,199,259
Less promotional allowances	235,577			(235,577		)	—
Net revenues	2,183,976			15,283			2,199,259
Operating costs and expenses
Gaming	880,716			(155,638		)	725,078
Food and beverage	170,053			130,713			300,766
Room	44,245			33,489			77,734
Other	76,719			6,688			83,407
Selling, general and administrative	322,009			250			322,259
Maintenance and utilities	100,020			—			100,020
Depreciation and amortization	196,226			—			196,226
Corporate expense	72,668			—			72,668
Project development, preopening and writedowns	22,107			—			22,107
Impairments of assets	38,302			—			38,302
Other operating items, net	284			—			284
Total operating costs and expenses	1,923,349			15,502			1,938,851
Operating income	260,627			(219		)	260,408
Other expense (income)
Interest income	(2,961		)	—			(2,961		)
Interest expense, net of amounts capitalized	212,692			—			212,692
Loss on early extinguishments and modifications of debt	42,364			—			42,364
Other, net	545			—			545
Total other expense, net	252,640			—			252,640
Income from continuing operations before income taxes	7,987			(219		)	7,768
Income tax benefit	197,486			2,447			199,933
Income from continuing operations, net of tax	205,473			2,228			207,701
Income from discontinued operations, net of tax	212,530			—			212,530
Net income	$	418,003		$	2,228		$	420,231
Basic net income per common share
Continuing operations	$	1.79		$	0.02		$	1.81
Discontinued operations	1.86			—			1.86
Basic net income per common share	$	3.65		$	0.02		$	3.67
Weighted average basic shares outstanding	114,507			—			114,507
Diluted net income per common share
Continuing operations	$	1.78		$	0.02		$	1.80
Discontinued operations	1.85			—			1.85
Diluted net income per common share	$	3.63		$	0.02		$	3.65
Weighted average diluted shares outstanding	115,189			—			115,189

The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2015, are as follows:

	Year Ended December 31, 2015
(In thousands, except per share data)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Revenues
Gaming	$	1,847,167		$	(215,990	)	$	1,631,177
Food and beverage	307,442			(3,656		)	303,786
Room	163,509			(1,261		)	162,248
Other	123,959			(6,339		)	117,620
Gross revenues	2,442,077			(227,246		)	2,214,831
Less promotional allowances	242,645			(242,645		)	—
Net revenues	2,199,432			15,399			2,214,831
Operating costs and expenses
Gaming	900,922			(160,899		)	740,023
Food and beverage	168,096			133,717			301,813
Room	41,298			35,605			76,903
Other	80,508			6,342			86,850
Selling, general and administrative	322,420			252			322,672
Maintenance and utilities	104,548			—			104,548
Depreciation and amortization	207,118			—			207,118
Corporate expense	76,941			—			76,941
Project development, preopening and writedowns	6,907			—			6,907
Impairments of assets	18,565			—			18,565
Other operating items, net	907			—			907
Total operating costs and expenses	1,928,230			15,017			1,943,247
Operating income	271,202			382			271,584
Other expense (income)
Interest income	(1,858		)	—			(1,858		)
Interest expense, net of amounts capitalized	224,590			—			224,590
Loss on early extinguishments and modifications of debt	40,733			—			40,733
Other, net	3,676			—			3,676
Total other expense, net	267,141			—			267,141
Income from continuing operations before income taxes	4,061			382			4,443
Income tax benefit	6,634			(9		)	6,625
Income from continuing operations, net of tax	10,695			373			11,068
Income from discontinued operations, net of tax	36,539			—			36,539
Net income	$	47,234		$	373		$	47,607
Basic net income per common share
Continuing operations	$	0.10		$	—		$	0.10
Discontinued operations	0.32			—			0.32
Basic net income per common share	$	0.42		$	—		$	0.42
Weighted average basic shares outstanding	112,789			—			112,789
Diluted net income per common share
Continuing operations	$	0.10		$	—		$	0.10
Discontinued operations	0.32			—			0.32
Diluted net income per common share	$	0.42		$	—		$	0.42
Weighted average diluted shares outstanding	113,676			—			113,676

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2017, are as follows:

	Year Ended December 31, 2017
(In thousands)	As Previously Reported		Adoption of Revenue Standard			As Adjusted
Net income	$	189,193	$	197		$	189,390
Deferred income taxes	5,095		108			5,203
Accounts payable and accrued liabilities	13,521		(305		)	13,216
Net cash provided by operating activities	414,864		—			414,864

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2016, are as follows:

	Year Ended December 31, 2016
(In thousands)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Net income	$	418,003		$	2,228		$	420,231
Deferred income taxes	(199,051		)	(2,447		)	(201,498		)
Accounts payable and accrued liabilities	(11,824		)	219			(11,605		)
Net cash provided by operating activities	302,881			—			302,881

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2015, are as follows:

	Year Ended December 31, 2015
(In thousands)	As Previously Reported		Adoption of Revenue Standard			As Adjusted
Net income	$	47,234	$	373		$	47,607
Deferred income taxes	16,846		9			16,855
Accounts payable and accrued liabilities	13,207		(382		)	12,825
Net cash provided by operating activities	325,751		—			325,751

Recently Issued Accounting Pronouncements

Accounting Standards Update 2017-09, Compensation-Stock Compensation ("Update 2017-09")

In May 2017, the Financial Accounting Standards Board ("FASB") issued Update 2017-09, which amends the scope of modification accounting for share-based payment arrangements. An entity should account for the effects of a modification unless the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The standard is effective for the financial statements issued for annual periods and interim periods within those annual periods, beginning after December 15, 2017, and early adoption is permitted. The Company adopted Update 2017-09 during second quarter 2017. The early adoption did not have a material impact on our consolidated financial statements.

Accounting Standards Update 2017-04, Intangibles-Goodwill and Other ("Update 2017-04")

In January 2017, the FASB issued Update 2017-04, which addresses goodwill impairment testing. Instead of determining goodwill impairment by calculating the implied fair value of goodwill, an entity should perform goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods, beginning after December 15, 2019, and early adoption is permitted. The Company adopted Update 2017-04 effective January 1, 2017. The early adoption did not have an impact on our consolidated financial statements.

Accounting Standards Update 2016-17, Consolidation ("Update 2016-17")

In October 2016, the FASB issued Update 2016-17, which amends the guidance on related parties that are under common control.

The ASU provides guidance on a single decision maker does not consider indirect interest held through related parties as equivalent to direct interests in determining whether it meets the economics criterion to be a primary beneficiary. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company determined that the impact of the new standard on its consolidated financial statements will not be material.

Accounting Standards Update 2016-16, Income Taxes ("Update 2016-16")

In October 2016, the FASB issued Update 2016-16, which addresses the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted. The Company is evaluating the impact of the new standard on its consolidated financial statements. The Company determined that the impact of the new standard on its consolidated financial statements will not be material.

Accounting Standards Update 2016-15, Statement of Cash Flows ("Update 2016-15")

In August 2016, the FASB issued Update 2016-15, which amends the guidance on the classification of certain cash receipts and payments in the statement of cash flows. The Accounting Standards Update ("ASU") is intended to reduce the lack of consistent principles on certain classifications such as debt prepayment, debt extinguishment costs, distributions, insurance claims and beneficial interest in securitization transactions. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company is evaluating the impact of the adoption of Update 2016-15 to the consolidated financial statements.

Accounting Standards Update 2016-13, Financial Instruments-Credit Losses ("Update 2016-13")

In June 2016, the FASB issued Update 2016-13, which amends the guidance on the impairment of financial instruments. Update 2016-13 adds to GAAP an impairment model (known as the current expected credit loss ("CECL") model) that is based on expected losses rather than incurred losses. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2019, and early adoption is permitted. The Company is evaluating the impact of the adoption of Update 2016-13 to the consolidated financial statements.

Accounting Standards Update 2016-02, Leases ("Update 2016-02")

In February 2016, the FASB issued Update 2016-02 which requires the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2018, and early adoption is permitted. The Company is evaluating the impact of the adoption of Update 2016-02 to the consolidated financial statements.

A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our consolidated financial statements.

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Accounting Policies [Abstract]

Schedule of Balance Sheet Adjustments [Table Text Block]

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated balance sheet as of December 31, 2017, are as follows:

	As of December 31, 2017
(In thousands)	As Previously Reported		Adoption of Revenue Standard			As Adjusted
Accrued liabilities	$	248,979	$	6,167		$	255,146
Deferred income taxes	89,075		(2,418		)	86,657
Retained earnings	168,174		(3,749		)	164,425

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated balance sheet as of December 31, 2016, are as follows:

	As of December 31, 2016
(In thousands)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Accrued liabilities	$	251,082		$	6,472		$	257,554
Deferred income taxes	83,980			(2,526		)	81,454
Accumulated deficit	(19,878		)	(3,946		)	(23,824		)

Schedule of Cash Flows Adjustments [Table Text Block]

The effects of adopting Update 2016-18 on our consolidated statement of cash flows were as follows:

	Year Ended December 31, 2017
(In thousands)	As Previously Reported		Adoption of Update 2016-18		As Adjusted
Net cash provided by operating activities	$	414,864	$	7,687	$	422,551
Cash, cash equivalents and restricted cash, beginning of period	$	193,862	$	16,488	$	210,350
Net increase (decrease) in cash, cash equivalents and restricted cash	9,242		7,687		16,929
Cash, cash equivalents and restricted cash, end of period	$	203,104	$	24,175	$	227,279

	Year Ended December 31, 2016
(In thousands)	As Previously Reported		Adoption of Update 2016-18			As Adjusted
Net cash provided by operating activities	$	302,881	$	(2,542	)	$	300,339
Cash, cash equivalents and restricted cash, beginning of period	$	158,821	$	19,030		$	177,851
Net increase (decrease) in cash, cash equivalents and restricted cash	35,041		(2,542		)	32,499
Cash, cash equivalents and restricted cash, end of period	$	193,862	$	16,488		$	210,350

	Year Ended December 31, 2015
(In thousands)	As Previously Reported		Adoption of Update 2016-18		As Adjusted
Net cash provided by operating activities	$	325,751	$	923	$	326,674
Cash, cash equivalents and restricted cash, beginning of period	$	145,341	$	18,107	$	163,448
Net increase (decrease) in cash, cash equivalents and restricted cash	13,480		923		14,403
Cash, cash equivalents and restricted cash, end of period	$	158,821	$	19,030	$	177,851

Schedule of Cash and Cash Equivalents and Restricted Cash [Table Text Block]

The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the consolidated balance sheets to the total balance shown in the consolidated statements of cash flows.

	December 31,
(In thousands)	2017		2016		2015
Cash and cash equivalents	$	203,104	$	193,862	$	158,821
Restricted cash	24,175		16,488		19,030
Total cash, cash equivalents and restricted cash	$	227,279	$	210,350	$	177,851

Schedule of Composition of Segments

Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, which we aggregate in order to present the following three reportable segments:

Las Vegas Locals
Gold Coast Hotel and Casino	Las Vegas, Nevada
The Orleans Hotel and Casino	Las Vegas, Nevada
Sam's Town Hotel and Gambling Hall	Las Vegas, Nevada
Suncoast Hotel and Casino	Las Vegas, Nevada
Eastside Cannery Casino and Hotel	Las Vegas, Nevada
Aliante Casino + Hotel + Spa	North Las Vegas, Nevada
Cannery Casino Hotel	North Las Vegas, Nevada
Eldorado Casino	Henderson, Nevada
Jokers Wild Casino	Henderson, Nevada
Downtown Las Vegas
California Hotel and Casino	Las Vegas, Nevada
Fremont Hotel and Casino	Las Vegas, Nevada
Main Street Station Casino, Brewery and Hotel	Las Vegas, Nevada
Midwest and South
Par-A-Dice Hotel Casino	East Peoria, Illinois
Blue Chip Casino, Hotel & Spa	Michigan City, Indiana
Diamond Jo Dubuque	Dubuque, Iowa
Diamond Jo Worth	Northwood, Iowa
Kansas Star Casino	Mulvane, Kansas
Amelia Belle Casino	Amelia, Louisiana
Delta Downs Racetrack Casino & Hotel	Vinton, Louisiana
Evangeline Downs Racetrack and Casino	Opelousas, Louisiana
Sam's Town Hotel and Casino	Shreveport, Louisiana
Treasure Chest Casino	Kenner, Louisiana
IP Casino Resort Spa	Biloxi, Mississippi
Sam's Town Hotel and Gambling Hall	Tunica, Mississippi

Schedule of Allowance for Doubtful Accounts

The activity comprising our allowance for doubtful accounts is as follows:

	Year Ended December 31,
(In thousands)	2017			2016			2015
Beginning balance, January 1,	$	1,971		$	2,087		$	1,971
Additions due to Acquisitions	—			87			—
Additions	478			345			361
Deductions	(377		)	(548		)	(245		)
Ending balance	$	2,072		$	1,971		$	2,087

Schedule of Property and Equipment

The estimated useful lives of our major components of property and equipment are:

Building and improvements	3 through 40 years
Riverboats and barges	5 through 40 years
Furniture and equipment	1 through 10 years

Property and equipment, net consists of the following:

	December 31,
(In thousands)	2017		2016
Land	$	294,533	$	251,316
Buildings and improvements	2,935,539		2,915,664
Furniture and equipment	1,311,704		1,243,724
Riverboats and barges	238,926		239,264
Construction in progress	59,538		86,226
Other	—		726
Total property and equipment	4,840,240		4,736,920
Less accumulated depreciation	2,300,454		2,131,751
Property and equipment, net	$	2,539,786	$	2,605,169

Schedule of Bond Maturity Dates

Future maturities of the City Bonds, excluding the discount, for the years ending December 31 are summarized as follows:

(In thousands)
For the year ending December 31,
2018	$	475
2019	510
2020	550
2021	590
2022	635
Thereafter	17,760
Total	$	20,520

Changes in Self-Insurance Reserves

Self-insurance reserves are included in other liabilities on our consolidated balance sheets.

The activity comprising our self-insurance reserves is as follows:

	Year Ended December 31,
(In thousands)	2017			2016			2015
Beginning balance	$	31,022		$	30,068		$	33,004
Additions
Charged to costs and expenses	84,209			79,685			80,311
Due to acquisitions	—			14			—
Payments made	(81,236		)	(78,745		)	(83,247		)
Ending balance	$	33,995		$	31,022		$	30,068

Schedule of Promotional Allowances

	Year Ended December 31,
(In thousands)	2017		2016		2015
Food and beverage	$	171,904	$	147,494	$	151,407
Room	76,565		75,647		77,678
Other	10,900		11,076		11,320

Weighted-Average Assumptions Used in Estimating the Fair Value of Significant Stock Option Grants and Awards

The following table discloses the weighted-average assumptions used in estimating the fair value of our significant stock option grants and awards in prior years:

	Year Ended December 31,
	2016			2015
Expected stock price volatility	46.62		%	49.06		%
Risk-free interest rate	1.39		%	1.59		%
Expected option life (in years)	5.4			5.3
Estimated fair value per share	$	7.67		$	9.06

Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block]

The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2017, are as follows:

	Year Ended December 31, 2017
(In thousands, except per share data)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Revenues
Gaming	$	1,972,422		$	(232,154	)	$	1,740,268
Food and beverage	349,271			(2,892		)	346,379
Room	188,689			(1,894		)	186,795
Other	132,695			(5,318		)	127,377
Gross revenues	2,643,077			(242,258		)	2,400,819
Less promotional allowances	259,370			(259,370		)	—
Net revenues	2,383,707			17,112			2,400,819
Operating costs and expenses
Gaming	923,266			(163,654		)	759,612
Food and beverage	194,524			140,982			335,506
Room	52,196			32,992			85,188
Other	77,129			6,486			83,615
Selling, general and administrative	362,037			—			362,037
Maintenance and utilities	109,462			—			109,462
Depreciation and amortization	217,522			—			217,522
Corporate expense	88,148			—			88,148
Project development, preopening and writedowns	14,454			—			14,454
Impairments of assets	(426		)	—			(426		)
Other operating items, net	1,900			—			1,900
Total operating costs and expenses	2,040,212			16,806			2,057,018
Operating income	343,495			306			343,801
Other expense (income)
Interest income	(1,818		)	—			(1,818		)
Interest expense, net of amounts capitalized	173,108			—			173,108
Loss on early extinguishments and modifications of debt	1,582			—			1,582
Other, net	(184		)	—			(184		)
Total other expense, net	172,688			—			172,688
Income from continuing operations before income taxes	170,807			306			171,113
Income tax provision	(3,006		)	(109		)	(3,115		)
Income from continuing operations, net of tax	167,801			197			167,998
Income from discontinued operations, net of tax	21,392			—			21,392
Net income	$	189,193		$	197		$	189,390
Basic net income per common share
Continuing operations	$	1.46		$	—		$	1.46
Discontinued operations	0.19			—			0.19
Basic net income per common share	$	1.65		$	—		$	1.65
Weighted average basic shares outstanding	114,957			—			114,957
Diluted net income per common share
Continuing operations	$	1.45		$	—		$	1.45
Discontinued operations	0.19			—			0.19
Diluted net income per common share	$	1.64		$	—		$	1.64
Weighted average diluted shares outstanding	115,628			—			115,628

The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2016, are as follows:

	Year Ended December 31, 2016
(In thousands, except per share data)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Revenues
Gaming	$	1,820,176		$	(209,783	)	$	1,610,393
Food and beverage	306,145			(3,440		)	302,705
Room	170,816			(1,425		)	169,391
Other	122,416			(5,646		)	116,770
Gross revenues	2,419,553			(220,294		)	2,199,259
Less promotional allowances	235,577			(235,577		)	—
Net revenues	2,183,976			15,283			2,199,259
Operating costs and expenses
Gaming	880,716			(155,638		)	725,078
Food and beverage	170,053			130,713			300,766
Room	44,245			33,489			77,734
Other	76,719			6,688			83,407
Selling, general and administrative	322,009			250			322,259
Maintenance and utilities	100,020			—			100,020
Depreciation and amortization	196,226			—			196,226
Corporate expense	72,668			—			72,668
Project development, preopening and writedowns	22,107			—			22,107
Impairments of assets	38,302			—			38,302
Other operating items, net	284			—			284
Total operating costs and expenses	1,923,349			15,502			1,938,851
Operating income	260,627			(219		)	260,408
Other expense (income)
Interest income	(2,961		)	—			(2,961		)
Interest expense, net of amounts capitalized	212,692			—			212,692
Loss on early extinguishments and modifications of debt	42,364			—			42,364
Other, net	545			—			545
Total other expense, net	252,640			—			252,640
Income from continuing operations before income taxes	7,987			(219		)	7,768
Income tax benefit	197,486			2,447			199,933
Income from continuing operations, net of tax	205,473			2,228			207,701
Income from discontinued operations, net of tax	212,530			—			212,530
Net income	$	418,003		$	2,228		$	420,231
Basic net income per common share
Continuing operations	$	1.79		$	0.02		$	1.81
Discontinued operations	1.86			—			1.86
Basic net income per common share	$	3.65		$	0.02		$	3.67
Weighted average basic shares outstanding	114,507			—			114,507
Diluted net income per common share
Continuing operations	$	1.78		$	0.02		$	1.80
Discontinued operations	1.85			—			1.85
Diluted net income per common share	$	3.63		$	0.02		$	3.65
Weighted average diluted shares outstanding	115,189			—			115,189

The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2015, are as follows:

	Year Ended December 31, 2015
(In thousands, except per share data)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Revenues
Gaming	$	1,847,167		$	(215,990	)	$	1,631,177
Food and beverage	307,442			(3,656		)	303,786
Room	163,509			(1,261		)	162,248
Other	123,959			(6,339		)	117,620
Gross revenues	2,442,077			(227,246		)	2,214,831
Less promotional allowances	242,645			(242,645		)	—
Net revenues	2,199,432			15,399			2,214,831
Operating costs and expenses
Gaming	900,922			(160,899		)	740,023
Food and beverage	168,096			133,717			301,813
Room	41,298			35,605			76,903
Other	80,508			6,342			86,850
Selling, general and administrative	322,420			252			322,672
Maintenance and utilities	104,548			—			104,548
Depreciation and amortization	207,118			—			207,118
Corporate expense	76,941			—			76,941
Project development, preopening and writedowns	6,907			—			6,907
Impairments of assets	18,565			—			18,565
Other operating items, net	907			—			907
Total operating costs and expenses	1,928,230			15,017			1,943,247
Operating income	271,202			382			271,584
Other expense (income)
Interest income	(1,858		)	—			(1,858		)
Interest expense, net of amounts capitalized	224,590			—			224,590
Loss on early extinguishments and modifications of debt	40,733			—			40,733
Other, net	3,676			—			3,676
Total other expense, net	267,141			—			267,141
Income from continuing operations before income taxes	4,061			382			4,443
Income tax benefit	6,634			(9		)	6,625
Income from continuing operations, net of tax	10,695			373			11,068
Income from discontinued operations, net of tax	36,539			—			36,539
Net income	$	47,234		$	373		$	47,607
Basic net income per common share
Continuing operations	$	0.10		$	—		$	0.10
Discontinued operations	0.32			—			0.32
Basic net income per common share	$	0.42		$	—		$	0.42
Weighted average basic shares outstanding	112,789			—			112,789
Diluted net income per common share
Continuing operations	$	0.10		$	—		$	0.10
Discontinued operations	0.32			—			0.32
Diluted net income per common share	$	0.42		$	—		$	0.42
Weighted average diluted shares outstanding	113,676			—			113,676

Schedule of Income Statement Adjustments [Table Text Block]

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2017, are as follows:

	Year Ended December 31, 2017
(In thousands)	As Previously Reported		Adoption of Revenue Standard			As Adjusted
Net income	$	189,193	$	197		$	189,390
Deferred income taxes	5,095		108			5,203
Accounts payable and accrued liabilities	13,521		(305		)	13,216
Net cash provided by operating activities	414,864		—			414,864

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2016, are as follows:

	Year Ended December 31, 2016
(In thousands)	As Previously Reported			Adoption of Revenue Standard			As Adjusted
Net income	$	418,003		$	2,228		$	420,231
Deferred income taxes	(199,051		)	(2,447		)	(201,498		)
Accounts payable and accrued liabilities	(11,824		)	219			(11,605		)
Net cash provided by operating activities	302,881			—			302,881

The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2015, are as follows:

	Year Ended December 31, 2015
(In thousands)	As Previously Reported		Adoption of Revenue Standard			As Adjusted
Net income	$	47,234	$	373		$	47,607
Deferred income taxes	16,846		9			16,855
Accounts payable and accrued liabilities	13,207		(382		)	12,825
Net cash provided by operating activities	325,751		—			325,751

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Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2017

Cannery Hotel and Casino, LLC [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following table summarizes the components and allocation of the purchase price, including the measurement period adjustments:

(In thousands)	Preliminary Purchase Price Allocation		Adjustments			Final Purchase Price Allocation
Current assets	$	29,929	$	(8,345	)	$	21,584
Property and equipment	181,757		(56,675		)	125,082
Other long-term assets	—		3,419			3,419
Intangible and other assets	16,330		(880		)	15,450
Total acquired assets	228,016		(62,481		)	165,535
Current liabilities	15,850		(4,984		)	10,866
Total liabilities assumed	15,850		(4,984		)	10,866
Net identifiable assets acquired	212,166		(57,497		)	154,669
Goodwill	26,401		58,651			85,052
Net assets acquired	$	238,567	$	1,154		$	239,721

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the values assigned to acquired property and equipment and estimated useful lives:

(In thousands)	Useful Lives	As Recorded
Land		$	7,870
Buildings and improvements	10 - 40 years	107,268
Furniture and equipment	3 - 7 years	9,820
Construction in progress		124
Property and equipment acquired		$	125,082

Aliante Casino Hotel and Spa [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following table presents the components and allocation of the purchase price, including the measurement period adjustments:

(In thousands)	Preliminary Purchase Price Allocation		Adjustments			Final Purchase Price Allocation
Current assets	$	31,886	$	—		$	31,886
Property and equipment	226,309		(760		)	225,549
Intangible and other assets	20,791		(2,643		)	18,148
Total acquired assets	278,986		(3,403		)	275,583
Current liabilities	5,693		515			6,208
Other liabilities	636		(83		)	553
Total liabilities assumed	6,329		432			6,761
Net identifiable assets acquired	272,657		(3,835		)	268,822
Goodwill	126,489		3,835			130,324
Net assets acquired	$	399,146	$	—		$	399,146

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the values assigned to acquired property and equipment and estimated useful lives:

(In thousands)	Useful Lives	As Recorded
Land		$	16,680
Buildings and improvements	10 - 45 years	200,770
Furniture and equipment	3 - 7 years	8,099
Property and equipment acquired		$	225,549

Borgata

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

We accounted for our investment in Borgata applying the equity method, through the date of the sale, and, as a result of the sale, we reported the results as discontinued operations for all periods presented in these consolidated financial statements.

The Borgata results presented have not been recast and therefore do not reflect the impact of the adoption of the Revenue Standard.

The table below summarizes the results of operations information for periods prior to the date of divestiture:

	Seven Months Ended		Twelve Months Ended
(In thousands)	July 31, 2016		December 31, 2015
Net revenues	$	485,510	$	804,166
Operating expenses	366,812		657,324
Operating income	118,698		146,842
Interest expense	26,378		59,681
Loss on early extinguishments of debt	1,628		18,895
State income tax expense (benefit)	8,274		(3,731		)
Net income	$	82,418	$	71,997

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Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

The estimated useful lives of our major components of property and equipment are:

Building and improvements	3 through 40 years
Riverboats and barges	5 through 40 years
Furniture and equipment	1 through 10 years

Property and equipment, net consists of the following:

	December 31,
(In thousands)	2017		2016
Land	$	294,533	$	251,316
Buildings and improvements	2,935,539		2,915,664
Furniture and equipment	1,311,704		1,243,724
Riverboats and barges	238,926		239,264
Construction in progress	59,538		86,226
Other	—		726
Total property and equipment	4,840,240		4,736,920
Less accumulated depreciation	2,300,454		2,131,751
Property and equipment, net	$	2,539,786	$	2,605,169

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Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Intangible Assets

Intangible assets consist of the following:

	December 31, 2017
	Weighted	Gross					Cumulative
	Average Life	Carrying		Cumulative			Impairment			Intangible
(In thousands)	Remaining	Value		Amortization			Losses			Assets, Net
Amortizing intangibles:
Customer relationships	5.2 years	$	9,400	$	(3,470	)	$	—		$	5,930
Favorable lease rates	38.0 years	11,730		(3,075		)	—			8,655
Development agreement	—	21,373		—			—			21,373
		42,503		(6,545		)	—			35,958
Indefinite lived intangible assets:
Trademarks	Indefinite	151,887		—			(4,300		)	147,587
Gaming license rights	Indefinite	873,335		(33,960		)	(179,974		)	659,401
		1,025,222		(33,960		)	(184,274		)	806,988
Balance, December 31, 2017		$	1,067,725	$	(40,505	)	$	(184,274	)	$	842,946

	December 31, 2016
	Weighted	Gross					Cumulative
	Average Life	Carrying		Cumulative			Impairment			Intangible
(In thousands)	Remaining	Value		Amortization			Losses			Assets, Net
Amortizing intangibles:
Customer relationships	1.1 years	$	144,780	$	(125,318	)	$	—		$	19,462
Favorable lease rates	31.4 years	45,370		(13,039		)	—			32,331
Development agreement	—	21,373		—			—			21,373
		211,523		(138,357		)	—			73,166
Indefinite lived intangible assets:
Trademarks	Indefinite	153,687		—			(4,300		)	149,387
Gaming license rights	Indefinite	873,335		(33,960		)	(179,974		)	659,401
		1,027,022		(33,960		)	(184,274		)	808,788
Balance, December 31, 2016		$	1,238,545	$	(172,317	)	$	(184,274	)	$	881,954

Schedule of Changes in Intangible Assets

The following table sets forth the changes in these intangible assets:

(In thousands)	Customer Relationships			Favorable Lease Rates			Development Agreements		Trademarks			Gaming License Rights			Intangible Assets, Net
Balance, January 1, 2015	$	51,958		$	34,414		$	21,373	$	126,001		$	700,503		$	934,249
Additions	—			—			—		—			—			—
Impairments	—			—			—		—			(17,502		)	(17,502		)
Amortization	(25,652		)	(1,041		)	—		—			—			(26,693		)
Balance, December 31, 2015	26,306			33,373			21,373		126,001			683,001			890,054
Additions	8,480			—			—		24,200			—			32,680
Impairments	—			—			—		(800		)	(23,600		)	(24,400		)
Amortization	(15,324		)	(1,042		)	—		—			—			(16,366		)
Other	—			—			—		(14		)	—			(14		)
Balance, December 31, 2016	19,462			32,331			21,373		149,387			659,401			881,954
Additions	—			—			—		—			—			—
Purchase price adjustment	920			—			—		(1,800		)	—			(880		)
Impairments	—			—			—		—			—			—
Amortization	(14,452		)	(228		)	—		—			—			(14,680		)
Other	—			(23,448		)	—		—			—			(23,448		)
Balance, December 31, 2017	$	5,930		$	8,655		$	21,373	$	147,587		$	659,401		$	842,946

Schedule of Expected Amortization Expense

Future amortization is as follows:

(In thousands)	Customer Relationships		Favorable Lease Rates		Total
For the year ending December 31,
2018	$	2,291	$	228	$	2,519
2019	1,634		228		1,862
2020	1,043		228		1,271
2021	511		228		739
2022	271		228		499
Thereafter	180		7,515		7,695
Total future amortization	$	5,930	$	8,655	$	14,585

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Goodwill (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill [Abstract]

Goodwill Rollforward [Table Text Block]

The following table sets forth the changes in our goodwill, net, during the years ended December 31, 2017, 2016 and 2015.

(In thousands)	Goodwill, Net
Balance, January 1, 2015	$	685,310
Additions	—
Impairments	—
Balance, December 31, 2015	685,310
Additions	153,628
Impairments	(12,462		)
Balance, December 31, 2016	826,476
Additions	—
Impairments	—
Final purchase price adjustment	61,748
Balance, December 31, 2017	$	888,224

Schedule of Goodwill By Segment [Table Text Block]

Goodwill consists of the following:

(In thousands)	Gross Carrying Value		Cumulative Amortization			Cumulative Impairment Losses			Goodwill, Net
Goodwill, net by Reportable Segment:
Las Vegas Locals	$	593,567	$	—		$	(165,479	)	$	428,088
Downtown Las Vegas	6,997		(6,134		)	—			863
Midwest and South	471,735		—			(12,462		)	459,273
Balance, December 31, 2017	$	1,072,299	$	(6,134	)	$	(177,941	)	$	888,224

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Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:

	December 31,
(In thousands)	2017		2016
Payroll and related expenses	$	70,724	$	68,102
Interest	19,858		33,407
Gaming liabilities	55,961		41,942
Player loyalty program liabilities	24,489		25,548
Advance deposits	18,922		16,999
Outstanding chip liability	4,928		4,553
Dividends payable	5,632		—
Other accrued liabilities	54,632		67,003
Total accrued liabilities	$	255,146	$	257,554

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Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2017

Line of Credit Facility [Line Items]

Schedule of Extinguishment of Debt [Table Text Block]

The components of the loss on early extinguishments and modifications of debt, are as follows:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Boyd Gaming Credit Facility deferred finance charges	$	1,086	$	6,629	$	1,978
Refinancing Amendment	496		—		—
9.00% Senior Notes premium and consent fees	—		15,750		—
9.00% Senior Notes deferred finance charges	—		5,976		—
8.375% Senior Notes deferred finance charges	—		4,497		—
9.125% Senior Notes premium and consent fees	—		—		23,962
9.125% Senior Notes deferred finance charges	—		—		4,888
HoldCo Note	—		—		7,819
Peninsula Credit Facility deferred finance charges	—		9,512		2,086
Total loss on early extinguishments and modifications of debt	$	1,582	$	42,364	$	40,733

Schedule of Long-term Debt Instruments

Long-term debt, net of current maturities and debt issuance costs consists of the following:

			December 31, 2017
	Interest							Unamortized
	Rates at		Outstanding		Unamortized			Origination			Long-Term
(In thousands)	Dec. 31, 2017		Principal		Discount			Fees and Costs			Debt, Net
Bank credit facility	3.882	%	$	1,621,054	$	(1,556	)	$	(23,795	)	$	1,595,703
6.875% senior notes due 2023	6.875	%	750,000		—			(9,455		)	740,545
6.375% senior notes due 2026	6.375	%	750,000		—			(10,872		)	739,128
Other	5.800	%	504		—			—			504
Total long-term debt			3,121,558		(1,556		)	(44,122		)	3,075,880
Less current maturities			23,981		—			—			23,981
Long-term debt, net			$	3,097,577	$	(1,556	)	$	(44,122	)	$	3,051,899

			December 31, 2016
	Interest							Unamortized
	Rates at		Outstanding		Unamortized			Origination			Long-Term
(In thousands)	Dec. 31, 2016		Principal		Discount			Fees and Costs			Debt, Net
Bank credit facility	3.440	%	$	1,782,538	$	(1,888	)	$	(28,503	)	$	1,752,147
6.875% senior notes due 2023	6.875	%	750,000		—			(11,209		)	738,791
6.375% senior notes due 2026	6.375	%	750,000		—			(12,074		)	737,926
Other	5.800	%	591		—			—			591
Total long-term debt			3,283,129		(1,888		)	(51,786		)	3,229,455
Less current maturities			30,336		—			—			30,336
Long-term debt, net			$	3,252,793	$	(1,888	)	$	(51,786	)	$	3,199,119

Schedule of Line of Credit Facilities

The outstanding principal amounts under the Credit Facility are comprised of the following:

	December 31,
(In thousands)	2017		2016
Revolving Credit Facility	$	170,000	$	245,000
Term A Loan	210,938		222,188
Refinancing Term B Loans	1,170,016		—
Term B-1 Loan	—		271,750
Term B-2 Loan	—		997,500
Swing Loan	70,100		46,100
Total outstanding principal amounts	$	1,621,054	$	1,782,538

Maximum Total Leverage Ratio

The maximum permitted consolidated Total Leverage Ratio is calculated as Consolidated Funded Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Total Leverage Ratio during the remaining term of the Credit Facility:

	Maximum Total
For the Trailing Four Quarters Ending	Leverage Ratio
March 31, 2017 through December 31, 2017	7.00	to	1.00
March 31, 2018 through December 31, 2018	6.25	to	1.00
March 31, 2019 through December 31, 2019	6.00	to	1.00
March 31, 2020 through December 31, 2020	5.75	to	1.00
March 31, 2021 and thereafter	5.50	to	1.00

Maximum Secured Leverage Ratio

The maximum permitted Secured Leverage Ratio is calculated as Secured Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Secured Leverage Ratio during the remaining term of the Credit Facility:

	Maximum Secured
For the Trailing Four Quarters Ending	Leverage Ratio
September 30, 2016 through December 31, 2017	4.50	to	1.00
March 31, 2018 through December 31, 2018	4.00	to	1.00
March 31, 2019 through December 31, 2019	3.75	to	1.00
March 31, 2020 and thereafter	3.50	to	1.00

Schedule of Maturities of Long-term Debt

The scheduled maturities of long-term debt, as discussed above, are as follows:

(In thousands)	Total
For the year ending December 31,
2018	$	23,981
2019	23,991
2020	23,997
2021	430,040
2022	12,758
Thereafter	2,606,791
Total outstanding principal of long-term debt	$	3,121,558

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components Comprising Deferred Tax Assets and Liabilities

The components comprising our deferred tax assets and liabilities are as follows:

	December 31,
(In thousands)	2017			2016
Deferred tax assets
Federal net operating loss carryforwards	$	110,350		$	201,978
State net operating loss carryforwards	45,096			38,715
Share-based compensation	14,226			26,344
Other	35,161			63,815
Gross deferred tax assets	204,833			330,852
Valuation allowance	(28,821		)	(28,402		)
Deferred tax assets, net of valuation allowance	176,012			302,450
Deferred tax liabilities
Difference between book and tax basis of property and intangible assets	219,090			337,654
State tax liability	33,777			31,443
Other	9,802			14,807
Gross deferred tax liabilities	262,669			383,904
Deferred tax liabilities, net	$	86,657		$	81,454

Summary of Provision (Benefit) for Income Taxes

A summary of the provision (benefit) for income taxes is as follows:

	Year Ended December 31,
(In thousands)	2017			2016			2015
Current
Federal	$	(10,367	)	$	—		$	—
State	5,335			1,242			2,052
Total current taxes provision	(5,032		)	1,242			2,052
Deferred
Federal	6,449			(192,472		)	(9,493		)
State	1,698			(8,703		)	816
Total deferred taxes benefit	8,147			(201,175		)	(8,677		)
Provision (benefit) for income taxes from continuing operations	$	3,115		$	(199,933	)	$	(6,625	)
Provision (benefit) for income taxes included on the consolidated statement of operations
Provision (benefit) for income taxes from continuing operations	$	3,115		$	(199,933	)	$	(6,625	)
Provision (benefit) for income taxes from discontinued operations	14,855			146,379			(540		)
Provision (benefit) for income taxes from continuing and discontinued operations	$	17,970		$	(53,554	)	$	(7,165	)

Schedule of Effective Income Tax Rate Reconciliation

The following table provides a reconciliation between the federal statutory rate and the effective income tax rate, expressed as a percentage of income from continuing operations before income taxes:

	Year Ended December 31,
	2017		2016		2015
Tax at federal statutory rate	35.0	%	35.0	%	35.0	%
Federal statutory rate change on deferred tax liability	(35.2	)%	—	%	—	%
State income taxes, net of federal benefit	2.7	%	(60.8	)%	64.1	%
Compensation-based credits	(1.0	)%	(22.3	)%	(55.5	)%
Valuation allowance for deferred tax assets	—	%	(2,548.1	)%	179.9	%
Company provided benefits	0.5	%	15.2	%	139.8	%
Nondeductible expenses	0.5	%	10.6	%	17.3	%
Tax exempt interest	(0.3	)%	(7.1	)%	(12.6	)%
Accrued interest on uncertain tax benefits	0.1	%	2.1	%	(127.7	)%
Uncertain tax benefits	—	%	—	%	(385.4	)%
Other, net	(0.5	)%	1.6	%	(4.0	)%
Effective tax rate	1.8	%	(2,573.8	)%	(149.1	)%

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Unrecognized tax benefit, beginning of year	$	2,482	$	2,482	$	30,198
Additions:
Tax positions related to current year	—		—		—
Reductions:
Tax position related to prior years	—		—		(27,716		)
Unrecognized tax benefits, end of year	$	2,482	$	2,482	$	2,482

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments under Noncancelable Operating Leases

Future minimum lease payments required under noncancelable operating leases, which are primarily related to land leases are as follows:

(In thousands)	Lease Obligations
For the year ending December 31,
2018	$	20,642
2019	17,826
2020	15,325
2021	14,330
2022	13,884
Thereafter	314,391
Total	$	396,398

Schedule of Future Minimum Rental Income

Future minimum rental income, which is primarily related to retail and restaurant facilities located within our properties are as follows:

(In thousands)	Minimum Rental Income
For the year ending December 31,
2018	$	3,432
2019	2,371
2020	1,665
2021	930
2022	771
Thereafter	250
Total	$	9,419

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Stockholders' Equity and Stock Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share Repurchases [Table Text Block]

The following table provides information regarding share repurchases during the referenced periods.⁽¹⁾ 

(In thousands, except per share data)	For the Year Ended December 31, 2017
Shares repurchased (2)	1,198
Total cost, including brokerage fees	$	31,927
Average repurchase price per share (3)	$	26.64

⁽¹⁾Shares repurchased reflect repurchases settled during the twelve months ended December 31, 2017. These amounts exclude repurchases traded but not yet settled on or before December 31, 2017.

⁽²⁾All shares repurchased have been retired and constitute authorized but unissued shares.

⁽³⁾Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded number

Stock Option Plan Activity

Summarized stock option plan activity is as follows:

	Options		Weighted Average Option Price		Weighted Average Remaining Term	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding at January 1, 2015	7,169,668		$	25.73
Granted	200,673		19.98
Canceled	(1,463,497	)	39.82
Exercised	(1,301,789	)	7.53
Outstanding at December 31, 2015	4,605,055		26.14
Granted	216,509		17.50
Canceled	(1,260,750	)	38.63
Exercised	(452,898	)	6.49
Outstanding at December 31, 2016	3,107,916		23.36
Granted	—		—
Canceled	(1,323,500	)	39.30
Exercised	(241,964	)	8.61
Outstanding at December 31, 2017	1,542,452		$	11.99	5.3	$	35,565
Exercisable at December 31, 2016	2,696,315		$	24.27	3.1	$	14,587
Exercisable at December 31, 2017	1,335,717		$	11.00	4.8	$	32,128

Information About Stock Options Outstanding and Exercisable

The following table summarizes the information about stock options outstanding and exercisable at December 31, 2017:

	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding	Weighted-Average Remaining Contractual Life (Years)	Weighted-Average Exercise Price		Number Exercisable	Weighted-Average Exercise Price
$5.22	25,510	4.9	$	5.22	25,510	$	5.22
6.60	28,000	0.8	6.60		28,000	6.60
6.70	196,869	3.9	6.70		196,869	6.70
7.55	65,000	1.8	7.55		65,000	7.55
8.34	294,163	2.8	8.34		294,163	8.34
9.86	260,882	5.9	9.86		260,882	9.86
11.57	229,846	6.2	11.57		229,846	11.57
17.75	216,509	8.9	17.75		72,174	17.75
19.98	200,673	7.4	19.98		138,273	19.98
33.31	25,000	0.0	33.31		25,000	33.31
$5.22-$33.31	1,542,452	5.3	$	11.99	1,335,717	$	11.00

RSU Activity

Summarized RSU activity is as follows:

	Restricted Stock Units		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	2,534,496
Granted	541,016		$19.05
Canceled	(40,800	)
Awarded	(713,886	)
Outstanding at December 31, 2015	2,320,826
Granted	542,220		$18.06
Canceled	(30,400	)
Awarded	(871,528	)
Outstanding at December 31, 2016	1,961,118
Granted	442,879		$27.40
Canceled	(38,964	)
Awarded	(727,821	)
Outstanding at December 31, 2017	1,637,212

PSU Activity

Summarized PSU activity is as follows:

	Performance Stock Units		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	1,411,640
Granted	240,156		$16.75
Performance Adjustment	264,306
Canceled	(2,677	)
Awarded	(663,945	)
Outstanding at December 31, 2015	1,249,480
Granted	241,235		$17.75
Performance Adjustment	(148,272	)
Canceled	—
Awarded	(213,365	)
Outstanding at December 31, 2016	1,129,078
Granted	275,305		$28.94
Performance Adjustment	(73,407	)
Canceled	—
Awarded	(268,429	)
Outstanding at December 31, 2017	1,062,547

Career Shares Activity

Summarized Career Shares activity is as follows:

	Career Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	896,585
Granted	103,018		$12.51
Canceled	—
Awarded	(31,028	)
Outstanding at December 31, 2015	968,575
Granted	73,064		$19.01
Canceled	—
Awarded	—
Outstanding at December 31, 2016	1,041,639
Granted	66,000		$20.41
Canceled	(11,236	)
Awarded	(82,944	)
Outstanding at December 31, 2017	1,013,459

Share-based Compensation Costs by Award Plan

The following table summarizes our share-based compensation costs by award type:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Stock Options	$	1,193	$	1,974	$	2,821
Restricted Stock Units	7,463		8,883		9,909
Performance Stock Units	7,381		3,353		5,135
Career Shares	1,376		1,308		1,399
Total share-based compensation costs	$	17,413	$	15,518	$	19,264

Classification Detail of Share-based Employee Compensation Costs

The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our consolidated statements of operations:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Gaming	$	363	$	428	$	393
Food and beverage	69		82		75
Room	33		39		36
Selling, general and administrative	1,846		2,176		1,996
Corporate expense	15,102		12,793		16,764
Total share-based compensation expense	$	17,413	$	15,518	$	19,264

Dividends Declared [Table Text Block]

The dividends declared by the Board under this program are:

Declaration date	Record date	Payment date	Amount per share
May 2, 2017	June 15, 2017	July 15, 2017	$0.05
September 6, 2017	September 18, 2017	October 15, 2017	0.05
December 7, 2017	December 28, 2017	January 15, 2018	0.05

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following tables show the fair values of certain of our financial instruments:

	December 31, 2017
(In thousands)	Balance		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	203,104	$	203,104	$	—	$	—
Restricted cash	24,175		24,175		—		—
Investment available for sale	17,752		—		—		17,752
Liabilities
Contingent payments	$	2,887	$	—	$	—	$	2,887

	December 31, 2016
(In thousands)	Balance		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	193,862	$	193,862	$	—	$	—
Restricted cash	16,488		16,488		—		—
Investment available for sale	17,259		—		—		17,259
Liabilities
Contingent payments	$	3,038	$	—	$	—	$	3,038

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Level 3 Inputs

The following tables summarize the changes in fair value of the Company’s Level 3 assets and liabilities:

	December 31, 2017
	Assets			Liabilities
(In thousands)	Investment Available for Sale			Contingent Payments
Balance at January 1, 2017	$	17,259		$	(3,038	)
Total gains (losses) (realized or unrealized):
Included in interest income (expense)	138			(335		)
Included in other comprehensive income (loss)	795			—
Included in other items, net	—			(333		)
Purchases, sales, issuances and settlements:
Settlements	(440		)	819
Balance at December 31, 2017	$	17,752		$	(2,887	)

	December 31, 2016
	Assets			Liabilities
(In thousands)	Investment Available for Sale			Contingent Payments
Balance at January 1, 2016	$	17,839		$	(3,632	)
Total gains (losses) (realized or unrealized):
Included in interest income (expense)	130			(600		)
Included in other comprehensive income (loss)	(299		)	—
Included in other items, net	—			346
Purchases, sales, issuances and settlements:
Settlements	(411		)	848
Balance at December 31, 2016	$	17,259		$	(3,038	)

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The following tables provide the fair value measurement information about our obligation under minimum assessment agreements and other financial instruments:

	December 31, 2017
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Liabilities
Obligation under assessment arrangements	$	31,729	$	25,602	$	26,999	Level 3

	December 31, 2016
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Liabilities
Obligation under assessment arrangements	$	33,456	$	26,660	$	27,054	Level 3
Other financial instruments	100		97		97		Level 3

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

The following tables provide the fair value measurement information about our long-term debt:

	December 31, 2017
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Credit Facility	$	1,621,054	$	1,595,703	$	1,625,178	Level 2
6.875% Senior Notes due 2023	750,000		740,545		798,750		Level 1
6.375% Senior Notes due 2026	750,000		739,128		810,000		Level 1
Other	504		504		504		Level 3
Total debt	$	3,121,558	$	3,075,880	$	3,234,432

	December 31, 2016
(In thousands)	Outstanding Face Amount		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Credit Facility	$	1,782,538	$	1,752,147	$	1,791,853	Level 2
6.875% Senior Notes due 2023	750,000		738,791		806,250		Level 1
6.375% Senior Notes due 2026	750,000		737,926		804,375		Level 1
Other	591		591		591		Level 3
Total debt	$	3,283,129	$	3,229,455	$	3,403,069

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Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments:

	Year Ended December 31, 2017
(In thousands)	Gaming Revenue		Food & Beverage Revenue		Room Revenue		Other Revenue		Total Revenue
Revenues
Las Vegas Locals	$	563,785	$	154,451	$	98,406	$	51,735	$	868,377
Downtown Las Vegas	133,072		54,451		24,623		32,295		244,441
Midwest and South	1,043,411		137,477		63,766		43,347		1,288,001
Total Revenues	$	1,740,268	$	346,379	$	186,795	$	127,377	$	2,400,819

	Year Ended December 31, 2016
(In thousands)	Gaming Revenue		Food & Beverage Revenue		Room Revenue		Other Revenue		Total Revenue
Revenues
Las Vegas Locals	$	422,375	$	108,541	$	82,566	$	41,533	$	655,015
Downtown Las Vegas	133,165		52,849		20,209		30,347		236,570
Midwest and South	1,054,853		141,315		66,616		44,890		1,307,674
Total Revenues	$	1,610,393	$	302,705	$	169,391	$	116,770	$	2,199,259

	Year Ended December 31, 2015
(In thousands)	Gaming Revenue		Food & Beverage Revenue		Room Revenue		Other Revenue		Total Revenue
Revenues
Las Vegas Locals	$	395,108	$	103,353	$	75,282	$	42,827	$	616,570
Downtown Las Vegas	131,871		52,105		19,856		29,445		233,277
Midwest and South	1,104,198		148,328		67,110		45,348		1,364,984
Total Revenues	$	1,631,177	$	303,786	$	162,248	$	117,620	$	2,214,831

Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated

	Year Ended December 31, 2017
(In thousands)	Gaming Revenue		Food & Beverage Revenue		Room Revenue		Other Revenue		Total Revenue
Revenues
Las Vegas Locals	$	563,785	$	154,451	$	98,406	$	51,735	$	868,377
Downtown Las Vegas	133,072		54,451		24,623		32,295		244,441
Midwest and South	1,043,411		137,477		63,766		43,347		1,288,001
Total Revenues	$	1,740,268	$	346,379	$	186,795	$	127,377	$	2,400,819

	Year Ended December 31, 2016
(In thousands)	Gaming Revenue		Food & Beverage Revenue		Room Revenue		Other Revenue		Total Revenue
Revenues
Las Vegas Locals	$	422,375	$	108,541	$	82,566	$	41,533	$	655,015
Downtown Las Vegas	133,165		52,849		20,209		30,347		236,570
Midwest and South	1,054,853		141,315		66,616		44,890		1,307,674
Total Revenues	$	1,610,393	$	302,705	$	169,391	$	116,770	$	2,199,259

	Year Ended December 31, 2015
(In thousands)	Gaming Revenue		Food & Beverage Revenue		Room Revenue		Other Revenue		Total Revenue
Revenues
Las Vegas Locals	$	395,108	$	103,353	$	75,282	$	42,827	$	616,570
Downtown Las Vegas	131,871		52,105		19,856		29,445		233,277
Midwest and South	1,104,198		148,328		67,110		45,348		1,364,984
Total Revenues	$	1,631,177	$	303,786	$	162,248	$	117,620	$	2,214,831

The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDA to operating income, as reported in our accompanying consolidated statements of operations:

	Year Ended December 31,
(In thousands)	2017			2016			2015
Adjusted EBITDA
Las Vegas Locals	$	249,906		$	176,066		$	157,269
Downtown Las Vegas	54,613			52,341			49,214
Midwest and South	364,458			367,579			381,467
Total Reportable Segment Adjusted EBITDA	668,977			595,986			587,950
Corporate expense	(73,046		)	(59,875		)	(60,177		)
Adjusted EBITDA	595,931			536,111			527,773
Other operating costs and expenses
Deferred rent	1,267			3,266			3,428
Depreciation and amortization	217,522			196,226			207,118
Project development, preopening and writedowns	14,454			22,107			6,907
Share-based compensation expense	17,413			15,518			19,264
Impairments of assets	(426		)	38,302			18,565
Other operating charges, net	1,900			284			907
Total other operating costs and expenses	252,130			275,703			256,189
Operating income	$	343,801		$	260,408		$	271,584

Reconciliation of Assets from Segment to Consolidated

The Company's total assets, by Reportable Segment, consisted of the following amounts:

	December 31,
(In thousands)	2017		2016
Assets
Las Vegas Locals	$	1,792,119	$	1,785,858
Downtown Las Vegas	170,574		157,319
Midwest and South	2,496,957		2,556,307
Total Reportable Segment assets	4,459,650		4,499,484
Corporate	226,280		171,267
Total assets	$	4,685,930	$	4,670,751

Capital Expenditures by Reportable Segment

The Company's capital expenditures by Reportable Segment, consisted of the following:

	Year Ended December 31,
(In thousands)	2017		2016			2015
Capital Expenditures:
Las Vegas Locals	$	59,382	$	42,069		$	41,772
Downtown Las Vegas	21,705		28,431			13,000
Midwest and South	37,657		73,255			60,887
Total Reportable Segment Capital Expenditures	118,744		143,755			115,659
Corporate	71,673		16,672			12,646
Total Capital Expenditures	190,417		160,427			128,305
Change in Accrued Property Additions	47		(69		)	2,865
Cash-Based Capital Expenditures	$	190,464	$	160,358		$	131,170

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Selected Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information

The following table presents selected quarterly financial information:

	Year Ended December 31, 2017
(In thousands, except per share data)	First		Second		Third		Fourth		Year
Summary Operating Results:
Total revenues	$	610,065	$	604,124	$	591,542	$	595,088	$	2,400,819
Operating income	94,830		89,554		78,940		80,477		343,801
Income from continuing operations, net of tax	$	35,076	$	27,692	$	23,157	$	82,073	$	167,998
Income from discontinued operations, net of tax	375		21,017		—		—		21,392
Net income	$	35,451	$	48,709	$	23,157	$	82,073	$	189,390
Basic net income per common share:
Continuing operations	$	0.31	$	0.24	$	0.20	$	0.72	$	1.46
Discontinued operations	—		0.18		—		—		0.19
Basic net income per common share	$	0.31	$	0.42	$	0.20	$	0.72	$	1.65
Diluted net income per common share:
Continuing operations	$	0.31	$	0.24	$	0.20	$	0.71	$	1.45
Discontinued operations	—		0.18		—		—		0.19
Diluted net income per common share	$	0.31	$	0.42	$	0.20	$	0.71	$	1.64

	Year Ended December 31, 2016
(In thousands, except per share data)	First		Second		Third		Fourth		Year
Summary Operating Results:
Total revenues	$	556,653	$	548,784	$	535,173	$	558,649	$	2,199,259
Operating income	82,362		80,439		67,881		29,726		260,408
Income from continuing operations, net of tax	$	21,666	$	11,257	$	164,197	$	10,581	$	207,701
Income from discontinued operations, net of tax	11,630		18,715		180,707		1,478		212,530
Net income	$	33,296	$	29,972	$	344,904	$	12,059	$	420,231
Basic net income per common share:
Continuing operations	$	0.19	$	0.10	$	1.43	$	0.09	$	1.81
Discontinued operations	0.10		0.16		1.58		0.01		1.86
Basic net income per common share	$	0.29	$	0.26	$	3.01	$	0.10	$	3.67
Diluted net income per common share:
Continuing operations	$	0.19	$	0.10	$	1.43	$	0.09	$	1.80
Discontinued operations	0.10		0.16		1.57		0.01		1.85
Diluted net income per common share	$	0.29	$	0.26	$	3.00	$	0.10	$	3.65

XML

Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Condensed Balance Sheet

Condensed Consolidating Balance Sheets

	December 31, 2017
								Non-			Non-
								Guarantor			Guarantor
						Subsidiary		Subsidiaries			Subsidiaries
				Guarantor		(100%		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)*		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			20,687		234		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	—			1,560,841		373,718		—			—		(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		$	5,959,550	$	373,952	$	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		)	256,584		900		(10,428		)	—		—			151,333
Total stockholders' equity (deficit)	1,097,227			5,417,186		373,052		(931,397		)	—		(4,858,841		)	1,097,227
Total liabilities and stockholders' equity	$	5,095,354		$	5,959,550	$	373,952	$	123,867		$	—	$	(6,866,793	)	$	4,685,930

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Balance Sheets - continued

	December 31, 2016
								Non-			Non-
								Guarantor			Guarantor
						Subsidiary		Subsidiaries			Subsidiaries
				Guarantor		(100%		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)*		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			14,647		1,822		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	—			1,140,125		350,892		—			—			(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		$	5,712,461	$	352,714	$	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		)	295,206		900		(21,729		)	—			—			169,476
Boyd Gaming Corporation stockholders' equity (deficit)	930,130			5,213,823		351,814		(932,200		)	(254		)	(4,633,183		)	930,130
Noncontrolling interest	—			—		—		—			—			50			50
Total stockholders' equity (deficit)	930,130			5,213,823		351,814		(932,200		)	(254		)	(4,633,133		)	930,180
Total liabilities and stockholders' equity	$	4,668,856		$	5,712,461	$	352,714	$	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
							Subsidiary			Subsidiaries			Subsidiaries
				Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*			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			2,758			154			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			1,986,166			154			55,573			—		(92,657		)	2,057,018
Equity in earnings (losses) of subsidiaries	330,711			(1,374		)	—			—			—		(329,337		)	—
Operating income (loss)	296,221			389,974			(154		)	(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			388,797			(154		)	(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			315,371			(154		)	(7,272		)	—		(329,337		)	167,998
Income from discontinued operations, net of tax	—			—			21,392			—			—		—			21,392
Net income (loss)	$	189,390		$	315,371		$	21,238		$	(7,272	)	$	—	$	(329,337	)	$	189,390
Comprehensive income (loss)	$	189,823		$	315,804		$	21,238		$	(7,272	)	$	—	$	(329,770	)	$	189,823

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Operations - continued

	Year Ended December 31, 2016
									Non-			Non-
									Guarantor			Guarantor
						Subsidiary			Subsidiaries			Subsidiaries
			Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)*			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		183,524			7			3,928			—		—			196,226
Corporate expense	66,703		1,621			117			4,227			—		—			72,668
Project development, preopening and writedowns	18,079		(3,933		)	641			7,320			—		—			22,107
Impairments of assets	1,440		36,862			—			—			—		—			38,302
Other operating items, net	181		103			—			—			—		—			284
Intercompany expenses	1,205		140,291			380			1,461			—		(143,337		)	—
Total operating costs and expenses	147,513		1,871,114			1,145			62,414			—		(143,335		)	1,938,851
Equity in earnings (losses) of subsidiaries	445,130		(2,039		)	—			—			—		(443,091		)	—
Operating income (loss)	419,556		303,635			(1,145		)	(18,547		)	—		(443,091		)	260,408
Other expense (income)
Interest expense, net	157,923		46,357			5,426			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		60,982			5,426			(48		)	—		—			252,640
Income (loss) from continuing operations before income taxes	233,276		242,653			(6,571		)	(18,499		)	—		(443,091		)	7,768
Income tax benefit	186,955		10,935			1,917			126			—		—			199,933
Income (loss) from continuing operations, net of tax	420,231		253,588			(4,654		)	(18,373		)	—		(443,091		)	207,701
Income (loss) from discontinued operations, net of tax	—		(899		)	213,429			—			—		—			212,530
Net income (loss)	$	420,231	$	252,689		$	208,775		$	(18,373	)	$	—	$	(443,091	)	$	420,231
Comprehensive income (loss)	$	419,932	$	252,390		$	208,775		$	(18,373	)	$	—	$	(442,792	)	$	419,932

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Consolidating Statements of Operations - continued

	Year Ended December 31, 2015
									Non-			Non-
									Guarantor			Guarantor
						Subsidiary			Subsidiaries			Subsidiaries
			Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)*			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		196,852			13			4,074			—			—			207,118
Corporate expense	71,700		1,581			200			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		140,321			650			1,416			—			(143,591		)	—
Total operating costs and expenses	130,539		1,895,746			863			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		296,490			(863		)	(17,249		)	(76		)	(188,663		)	271,584
Other expense
Interest expense, net	125,890		85,957			10,861			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		98,820			10,861			345			—			—			267,141
Income (loss) from continuing operations before income taxes	24,830		197,670			(11,724		)	(17,594		)	(76		)	(188,663		)	4,443
Income tax benefit (provision)	22,777		(11,345		)	(4,753		)	(54		)	—			—			6,625
Income (loss) from continuing operations, net of tax	47,607		186,325			(16,477		)	(17,648		)	(76		)	(188,663		)	11,068
Income from discontinued operations, net of tax	—		540			35,999			—			—			—			36,539
Net income (loss)	$	47,607	$	186,865		$	19,522		$	(17,648	)	$	(76	)	$	(188,663	)	$	47,607
Comprehensive income (loss)	$	47,344	$	186,602		$	19,522		$	(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
							Subsidiary			Subsidiaries			Subsidiaries
				Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*			Owned)			Owned)			Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	(82,632	)	$	532,515		$	(12,907	)	$	(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	—			(420,716		)	(22,826		)	—			—			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		)	(507,600		)	(22,826		)	(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

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Cash Flows - continued

	Year Ended December 31, 2016
										Non-			Non-
										Guarantor			Guarantor
							Subsidiary			Subsidiaries			Subsidiaries
				Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*			Owned)			Owned)			Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	(86,502	)	$	502,815		$	(122,012	)	$	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	—			659,549			(448,249		)	—			—			(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		)	550,244			(448,249		)	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

*Subsidiary is 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Cash Flows - continued

	Year Ended December 31, 2015
										Non-			Non-
										Guarantor			Guarantor
							Subsidiary			Subsidiaries			Subsidiaries
				Guarantor			(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*			Owned)			Owned)			Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	102,080		$	249,822		$	(13,384	)	$	(12,131	)	$	(76	)	$	363		$	326,674
Cash flows from investing activities
Capital expenditures	(48,591		)	(82,392		)	—			(187		)	—			—			(131,170		)
Net activity with affiliates	—			(65,408		)	—			—			—			65,408			—
Distribution from subsidiary	11,200			—			—			—			—			(11,200		)	—
Other investing activities	3,292			1,236			—			—			—			—			4,528
Net cash from investing activities	(34,099		)	(146,564		)	—			(187		)	—			54,208			(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		)	—			(711		)	172,124			78			(65,771		)	—
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		)	(711		)	14,214			78			(54,571		)	(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

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Summary of Significant Accounting Policies (Organization) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) entity segment	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Organization Attributes [Line Items]
Subsidiaries, Ownership Percentage	80.00%
Interest Costs Capitalized		$ 500	$ 100
Income Tax Expense (Benefit)	$ 3,115	(199,933)	(6,625)
Number of Gaming Entertainment Properties | entity	24
Number of reportable segments | segment	3
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,097,227	930,180	$ 501,837	$ 438,087
Deferred income taxes	(86,657)	(81,454)
Accrued liabilities	255,146	$ 257,554
Adjustments for Change in Accounting Principle [Domain]
Organization Attributes [Line Items]
Income Tax Expense (Benefit)	$ 1,500

XML

Summary of Significant Accounting Policies (Consolidation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Consolidated Entities [Line Items]
Purchase price	$ 1,200
Equity Method Investment, Ownership Percentage	50.00%
Total assets	$ 4,685,930	$ 4,670,751
Borgata
Consolidated Entities [Line Items]
Equity Method Investment, Ownership Percentage	50.00%

XML

Summary of Significant Accounting Policies (Accounts Receivable, Net) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning balance, January 1,	$ 1,971	$ 2,087	$ 1,971
Additions	478	345	361
Account Receivable, Additions from Acquisitions	0	87	0
Deductions	(377)	(548)	(245)
Ending balance	$ 2,072	$ 1,971	$ 2,087

XML

Summary of Significant Accounting Policies (Property, Plant and Equipment Useful Lives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Interest Costs Capitalized		$ 0.5	$ 0.1
Interest Cost Capitalized	no
Building and Improvements | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Building and Improvements | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	40 years
Riverboats and Barges | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Riverboats and Barges | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	40 years
Furniture and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	1 year
Furniture and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	10 years

XML

Summary of Significant Accounting Policies (Gaming Investments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Regulatory Gaming Assets [Line Items]
Interest Costs Capitalized	$ 0.5	$ 0.1

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Summary of Significant Accounting Policies (Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Investment available for sale	$ 17,300	$ 16,800
Available-for-sale securities, current portion	500	400
Peninsula Gaming
Schedule of Available-for-sale Securities [Line Items]
Investment available for sale	17,800	17,300
Available-for-sale securities, current portion	$ 500	400
Peninsula Gaming | 7.5% City Bonds
Schedule of Available-for-sale Securities [Line Items]
Debt security, interest rate	7.50%
(In thousands)
2013	$ 475
2014	510
2015	550
2016	590
2017	635
Thereafter	17,760
Total	20,520
Peninsula Gaming | Other Assets, Net
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, noncurrent portion	$ 17,300	$ 16,800

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Summary of Significant Accounting Policies (Intangible Assets) (Details) - Favorable Lease Rates	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Favorable lease rates, original useful lives	38 years	31 years 4 months 24 days
Minimum
Finite-Lived Intangible Assets [Line Items]
Favorable lease rates, original useful lives	41 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Favorable lease rates, original useful lives	52 years

XML

Summary of Significant Accounting Policies (Noncontrolling Interest) (Details)	Dec. 31, 2017
Borgata
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling owners	50.00%

XML

Summary of Significant Accounting Policies (Promotional Allowances) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowances [Line Items]
Less promotional allowances	$ 0	$ 0	$ 0
Rooms
Allowances [Line Items]
Less promotional allowances	171,904	147,494	151,407
Food and Beverage
Allowances [Line Items]
Less promotional allowances	76,565	75,647	77,678
Other Products and Services
Allowances [Line Items]
Less promotional allowances	$ 10,900	$ 11,076	$ 11,320

XML

Summary of Significant Accounting Policies (Preopening Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Preopening Expenses [Line Items]
Project development, preopening and writedowns	$ 14,454	$ 22,107	$ 6,907

XML

Summary of Significant Accounting Policies (Stock Option Valuation Assumptions) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Expected stock price volatility	46.62%	49.06%
Risk-free interest rate	1.39%	1.59%
Expected option life (in years)	5 years 4 months 11 days	5 years 3 months 11 days
Estimated fair value per share	$ 7.67	$ 9.06

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Summary of Significant Accounting Policies (Other) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of CRDA Deposits [Line Items]
Cash and cash equivalents, maturity of qualifying investments, maximum	3 months
Restricted cash, maturity of qualifying investments, maximum	90 days
Interest Costs Capitalized		$ 500	$ 100
Self Insurance Reserve [Roll Forward]
Self insurance reserve, beginning balance	$ 31,022	30,068	33,004
Additions
Charged to costs and expenses	84,209	79,685	80,311
Due to acquisitions	0	14	0
Payments made	(81,236)	(78,745)	(83,247)
Self insurance reserve, ending balance	33,995	31,022	30,068
Gaming taxes	324,500	321,700	332,100
Advertising expense	29,900	32,300	33,400
Corporate expense	$ 88,148	$ 72,668	$ 76,941

XML

Summary of Significant Accounting Policies Equity Method Investments (Details)	Dec. 31, 2017
Borgata
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners	50.00%

XML

Summary of Significant Accounting Policies Adjustment for New Accounting Pronouncements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Gaming									$ 1,740,268	$ 1,610,393	$ 1,631,177
Food and beverage									346,379	302,705	303,786
Room									186,795	169,391	162,248
Other									127,377	116,770	117,620
Gross Revenues									2,400,819	2,199,259	2,214,831
Promotional Allowances									0	0	0
Total revenues	$ 595,088	$ 591,542	$ 604,124	$ 610,065	$ 558,649	$ 535,173	$ 548,784	$ 556,653	2,400,819	2,199,259	2,214,831
Gaming									759,612	725,078	740,023
Food and beverage									335,506	300,766	301,813
Room									85,188	77,734	76,903
Other									83,615	83,407	86,850
Selling, general and administrative									362,037	322,259	322,672
Maintenance and utilities									109,462	100,020	104,548
Depreciation and amortization									217,522	196,226	207,118
Corporate expense									88,148	72,668	76,941
Project development, preopening and writedowns									14,454	22,107	6,907
Impairments of assets									(426)	38,302	18,565
Other operating items, net									1,900	284	907
Total operating costs and expenses									2,057,018	1,938,851	1,943,247
Operating income	80,477	78,940	89,554	94,830	29,726	67,881	80,439	82,362	343,801	260,408	271,584
Interest income									(1,818)	(2,961)	(1,858)
Interest expense, net of amounts capitalized									173,108	212,692	224,590
Loss on early extinguishments and modifications of debt									1,582	42,364	40,733
Other, net									(184)	545	3,676
Total other expense, net									172,688	252,640	267,141
Income from continuing operations before income taxes									171,113	7,768	4,443
Income tax (provision) benefit									(3,115)	199,933	6,625
Income from continuing operations, net of tax	82,073	23,157	27,692	35,076	10,581	164,197	11,257	21,666	167,998	207,701	11,068
Income from discontinued operations, net of tax	0	0	21,017	375	1,478	180,707	18,715	11,630	21,392	212,530	36,539
Net income	$ 82,073	$ 23,157	$ 48,709	$ 35,451	$ 12,059	$ 344,904	$ 29,972	$ 33,296	$ 189,390	$ 420,231	$ 47,607
Continuing operations	$ 0.72	$ 0.20	$ 0.24	$ 0.31	$ 0.09	$ 1.43	$ 0.10	$ 0.19	$ 1.46	$ 1.81	$ 0.10
Discontinued operations	0.00	0	0.18	0.00	0.01	1.58	0.16	0.10	0.19	1.86	0.32
Basic net income per common share	0.72	0.20	0.42	0.31	0.10	3.01	0.26	0.29	$ 1.65	$ 3.67	$ 0.42
Weighted average basic shares outstanding									114,957	114,507	112,789
Continuing operations	0.71	0.20	0.24	0.31	0.09	1.43	0.10	0.19	$ 1.45	$ 1.80	$ 0.10
Discontinued operations	0.00	0	0.18	0.00	0.01	1.57	0.16	0.10	0.19	1.85	0.32
Diluted net income per common share	$ 0.71	$ 0.20	$ 0.42	$ 0.31	$ 0.10	$ 3.00	$ 0.26	$ 0.29	$ 1.64	$ 3.65	$ 0.42
Weighted average diluted shares outstanding									115,628	115,189	113,676
Deferred income taxes									$ 5,203	$ (201,498)	$ 16,855
Accounts payable and accrued liabilities									13,216	(11,605)	12,825
Net cash from operating activities									422,551	300,339	326,674
Previous Accounting Guidance [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income									189,193	418,003	47,234
Deferred income taxes									5,095	199,051	(16,846)
Accounts payable and accrued liabilities									13,521	(11,824)	13,207
Net cash from operating activities									414,864	302,881	325,751
Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income									197	2,228	373
Deferred income taxes									(108)	2,447	(9)
Accounts payable and accrued liabilities									(305)	219	(382)
Net cash from operating activities									0	0	0
As Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Gaming									1,972,422	1,820,176	1,847,167
Food and beverage									349,271	306,145	307,442
Room									188,689	170,816	163,509
Other									132,695	122,416	123,959
Gross Revenues									2,643,077	2,419,553	2,442,077
Promotional Allowances									259,370	235,577	242,645
Total revenues									2,383,707	2,183,976	2,199,432
Gaming									923,266	880,716	900,922
Food and beverage									194,524	170,053	168,096
Room									52,196	44,245	41,298
Other									77,129	76,719	80,508
Selling, general and administrative									362,037	322,009	322,420
Maintenance and utilities									109,462	100,020	104,548
Depreciation and amortization									217,522	196,226	207,118
Corporate expense									88,148	72,668	76,941
Project development, preopening and writedowns									14,454	22,107	6,907
Impairments of assets									(426)	38,302	18,565
Other operating items, net									1,900	284	907
Total operating costs and expenses									2,040,212	1,923,349	1,928,230
Operating income									343,495	260,627	271,202
Interest income									(1,818)	(2,961)	(1,858)
Interest expense, net of amounts capitalized									173,108	212,692	224,590
Loss on early extinguishments and modifications of debt									1,582	42,364	40,733
Other, net									(184)	545	3,676
Total other expense, net									172,688	252,640	267,141
Income from continuing operations before income taxes									170,807	7,987	4,061
Income tax (provision) benefit									(3,006)	197,486	6,634
Income from continuing operations, net of tax									167,801	205,473	10,695
Income from discontinued operations, net of tax									21,392	212,530	36,539
Net income									$ 189,193	$ 418,003	$ 47,234
Continuing operations									$ 1.46	$ 1.79	$ 0.10
Discontinued operations									0.19	1.86	0.32
Basic net income per common share									$ 1.65	$ 3.65	$ 0.42
Weighted average basic shares outstanding									114,957	114,507	112,789
Continuing operations									$ 1.45	$ 1.78	$ 0.10
Discontinued operations									0.19	1.85	0.32
Diluted net income per common share									$ 1.64	$ 3.63	$ 0.42
Weighted average diluted shares outstanding									115,628	115,189	113,676
Net cash from operating activities									$ 414,864	$ 302,881	$ 325,751
Adjustments [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Gaming									(232,154)	(209,783)	(215,990)
Food and beverage									(2,892)	(3,440)	(3,656)
Room									(1,894)	(1,425)	(1,261)
Other									(5,318)	(5,646)	(6,339)
Gross Revenues									(242,258)	(220,294)	(227,246)
Promotional Allowances									(259,370)	(235,577)	(242,645)
Total revenues									17,112	15,283	15,399
Gaming									(163,654)	(155,638)	(160,899)
Food and beverage									140,982	130,713	133,717
Room									32,992	33,489	35,605
Other									6,486	6,688	6,342
Selling, general and administrative									0	250	252
Maintenance and utilities									0	0	0
Depreciation and amortization									0	0	0
Corporate expense									0	0	0
Project development, preopening and writedowns									0	0	0
Impairments of assets									0	0	0
Other operating items, net									0	0	0
Total operating costs and expenses									16,806	15,502	15,017
Operating income									306	(219)	382
Interest income									0	0	0
Interest expense, net of amounts capitalized									0	0	0
Loss on early extinguishments and modifications of debt									0	0	0
Other, net									0	0	0
Total other expense, net									0	0	0
Income from continuing operations before income taxes									306	(219)	382
Income tax (provision) benefit									(109)	2,447	(9)
Income from continuing operations, net of tax									197	2,228	373
Income from discontinued operations, net of tax									0	0	0
Net income									$ 197	$ 2,228	$ 373
Continuing operations									$ 0.00	$ 0.02	$ 0.00
Discontinued operations									0.00	0.00	0.00
Basic net income per common share									$ 0.00	$ 0.02	$ 0.00
Weighted average basic shares outstanding									0	0	0
Continuing operations									$ 0.00	$ 0.02	$ 0.00
Discontinued operations									0.00	0.00	0.00
Diluted net income per common share									$ 0.00	$ 0.02	$ 0.00
Weighted average diluted shares outstanding									0	0	0
Net cash from operating activities									$ 7,687	$ (2,542)	$ 923

XML

Summary of Significant Accounting Policies Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash from operating activities	$ 422,551	$ 300,339	$ 326,674
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	227,279	210,350	177,851	$ 163,448
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	16,929	32,499	14,403
As Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash from operating activities	414,864	302,881	325,751
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	203,104	193,862	158,821	145,341
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	9,242	35,041	13,480
Adjustments [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash from operating activities	7,687	(2,542)	923
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	24,175	16,488	19,030	$ 18,107
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	$ 7,687	$ (2,542)	$ 923

XML

Summary of Significant Accounting Policies Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 203,104	$ 193,862	$ 158,821
Restricted cash	24,175	16,488	19,030
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 227,279	$ 210,350	$ 177,851	$ 163,448

XML

Summary of Significant Accounting Policies Balance Sheet Adjustments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,097,227	$ 930,180	$ 501,837	$ 438,087
Accrued liabilities	255,146	257,554
Deferred income taxes	86,657	81,454
Retained earnings (accumulated deficit)	164,425	(23,824)
As Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued liabilities	248,979	251,082
Deferred income taxes	89,075	83,980
Retained earnings (accumulated deficit)	168,174	(19,878)
Adjustments [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	3,800
Accrued liabilities	6,167	6,472
Deferred income taxes	(2,418)	(2,526)
Retained earnings (accumulated deficit)	$ (3,749)	$ (3,946)

XML

Acquisitions and Divestitures Asset Acquisition - Cannery (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 21, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 20, 2016	Dec. 31, 2014
Business Acquisition [Line Items]
Purchase price		$ 1,200
Goodwill, net		888,224	$ 826,476	$ 685,310		$ 685,310
Depreciation and amortization		217,522	$ 196,226	$ 207,118
Cannery Hotel and Casino, LLC [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land					$ 7,870
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets					21,584
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net					228,200
Business Combination, Transferred	$ 238,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets					165,535
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					125,082
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities					10,866
Goodwill, net					85,052
Depreciation and amortization		2,500
Business Acquisition, Transaction Costs		1,100			10,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets					3,419
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets					15,450
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					10,866
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net					154,669
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					239,721
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings					107,268
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment					9,820
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, CIP					124
Adjustments [Member] | Cannery Hotel and Casino, LLC [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets					(8,345)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets		(62,500)			(62,481)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		(56,700)			(56,675)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities		(5,000)			(4,984)
Goodwill, net		$ 58,700			58,651
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets					3,419
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets					(880)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					(4,984)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net					(57,497)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					1,154
As Previously Reported [Member] | Cannery Hotel and Casino, LLC [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets					29,929
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets					228,016
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment					181,757
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities					15,850
Goodwill, net					26,401
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets					0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets					16,330
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					15,850
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net					212,166
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net					$ 238,567

XML

Acquisitions and Divestitures Asset Acquisition - Aliante (Details) - USD ($) $ in Thousands	Sep. 28, 2016	Dec. 31, 2017	Dec. 31, 2016	Sep. 27, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill, net		$ 888,224	$ 826,476		$ 685,310	$ 685,310
Aliante Gaming, LLC [Member]
Business Acquisition [Line Items]
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net				$ 372,300
Business Combination, Transferred	$ 399,100
Aliante Casino Hotel and Spa [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land				16,680
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets				31,886
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets				18,148
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				225,549
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities				6,761
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net				268,822
Goodwill, net		61,700	$ 153,600	130,324
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets				275,583
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities				6,208
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities				553
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net				399,146
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings				200,770
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment				8,099
Business Acquisition, Transaction Costs		1,000		2,200
As Previously Reported [Member] | Aliante Casino Hotel and Spa [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets				31,886
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets				20,791
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				226,309
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities				6,329
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net				272,657
Goodwill, net				126,489
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets				278,986
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities				5,693
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities				636
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net				399,146
Adjustments [Member] | Aliante Casino Hotel and Spa [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets				0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets		(2,600)		(2,643)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		(800)		(760)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		400		432
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net				(3,835)
Goodwill, net		$ 3,800		3,835
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets				(3,403)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities				515
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities				(83)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net				$ 0

XML

Acquisitions and Divestitures Asset Divestiture - Borgata (Details) - USD ($) $ in Thousands			3 Months Ended								7 Months Ended	12 Months Ended
	Feb. 16, 2017	Aug. 02, 2016	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Jul. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Net Revenues			$ 595,088	$ 591,542	$ 604,124	$ 610,065	$ 558,649	$ 535,173	$ 548,784	$ 556,653		$ 2,400,819	$ 2,199,259	$ 2,214,831
Equity Method Investment, Ownership Percentage			50.00%									50.00%
Proceeds from Divestiture of Businesses		$ 900,000
Proceeds from Divestiture of Businesses, Net of Cash Divested		$ 589,000
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax												$ 181,700
Costs and Expenses												2,057,018	1,938,851	1,943,247
Operating Income (Loss)			$ 80,477	78,940	89,554	94,830	29,726	67,881	80,439	82,362		343,801	260,408	271,584
Increase (decrease) in fair value of derivative instruments												173,108	212,692	224,590
Gain Loss on Early Retirements of Debt												(1,582)	(42,364)	(40,733)
Income Tax Expense (Benefit)												3,115	(199,933)	(6,625)
Net Income (Loss) Attributable to Parent			$ 82,073	$ 23,157	$ 48,709	$ 35,451	$ 12,059	$ 344,904	$ 29,972	$ 33,296		$ 189,390	420,231	47,607
Borgata
Business Acquisition [Line Items]
Net Revenues											$ 485,510			804,166
Equity Method Investment, Ownership Percentage			50.00%									50.00%
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation												$ 14,800	$ 9,100
Refund From Tax Settlement	$ 72,000
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax												$ 36,200
Costs and Expenses											366,812			657,324
Operating Income (Loss)											118,698			146,842
Increase (decrease) in fair value of derivative instruments											26,378			59,681
Gain Loss on Early Retirements of Debt											1,628			18,895
Income Tax Expense (Benefit)											8,274			(3,731)
Net Income (Loss) Attributable to Parent											$ 82,418			$ 71,997
MDDHC [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage			1.00%									1.00%
Subsidiaries [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage			49.00%									49.00%

XML

Acquisitions and Divestitures Asset Acquisition - Penn National (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Purchase price	$ 1.2
Penn National Gaming, Inc. [Domain]
Business Acquisition [Line Items]
Business Combination, Transferred	575.0
Purchase price	$ 58.0

XML

Acquisitions and Divestitures Asset Acquisition - Valley Forge (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Valley Forge Convention Center Partners, L.P. [Domain]
Business Acquisition [Line Items]
Business Combination, Transferred	$ 280.5

XML

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Interest Costs Capitalized		$ 500	$ 100
Property and equipment, gross	$ 4,840,240	4,736,920
Less accumulated depreciation	2,300,454	2,131,751
Property and equipment, net	2,539,786	2,605,169
Depreciation expense	199,300	179,600	$ 179,900
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	294,533	251,316
Building and Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,935,539	2,915,664
Furniture and Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,311,704	1,243,724
Riverboats and Barges
Property, Plant and Equipment [Line Items]
Property and equipment, gross	238,926	239,264
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	59,538	86,226
Other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 0	$ 726

XML

Intangible Assets (Summary of Amortizing and Indefinite-Lived Intangibles) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Intangible Assets [Line Items]
Intangible assets, gross	$ 1,067,725	$ 1,238,545
Intangible assets, cumulative amortization	(40,505)	(172,317)
Intangible assets, cumulative impairment	(184,274)	(184,274)
Intangible assets, net	842,946	881,954	$ 890,054	$ 934,249
Amortizing intangibles:
Gross carrying value	42,503	211,523
Cumulative amortization	(6,545)	(138,357)
Cumulative impairment losses	0	0
Intangible assets, net	35,958	73,166
Indefinite lived intangible assets:
Gross carrying value	1,025,222	1,027,022
Cumulative amortization	(33,960)	(33,960)
Cumulative impairment losses	(184,274)	(184,274)
Intangible assets, net	$ 806,988	$ 808,788
Customer Relationships
Amortizing intangibles:
Weighted average life	5 years 2 months 13 days	1 year 1 month
Gross carrying value	$ 9,400	$ 144,780
Cumulative amortization	(3,470)	(125,318)
Cumulative impairment losses	0	0
Intangible assets, net	$ 5,930	$ 19,462	26,306	51,958
Favorable Lease Rates
Amortizing intangibles:
Weighted average life	38 years	31 years 4 months 24 days
Gross carrying value	$ 11,730	$ 45,370
Cumulative amortization	(3,075)	(13,039)
Cumulative impairment losses	0	0
Intangible assets, net	$ 8,655	$ 32,331	33,373	34,414
Development Agreement
Amortizing intangibles:
Weighted average life	0 years	0 years
Gross carrying value	$ 21,373	$ 21,373
Cumulative amortization	0	0
Cumulative impairment losses	0	0
Intangible assets, net	21,373	21,373	21,373	21,373
Trademarks
Intangible Assets [Line Items]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	0	800
Indefinite lived intangible assets:
Gross carrying value	151,887	153,687
Cumulative amortization	0	0
Cumulative impairment losses	(4,300)	(4,300)
Intangible assets, net	147,587	149,387	126,001	126,001
Gaming License Rights
Intangible Assets [Line Items]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	0	23,600	17,502
Indefinite lived intangible assets:
Gross carrying value	873,335	873,335
Cumulative amortization	(33,960)	(33,960)
Cumulative impairment losses	(179,974)	(179,974)
Intangible assets, net	$ 659,401	$ 659,401	$ 683,001	$ 700,503
Minimum | Favorable Lease Rates
Amortizing intangibles:
Weighted average life	41 years
Indefinite-Lived Intangible Assets, Valuation Assumptions [Abstract]
Valuation assumptions, term	41 years
Maximum | Favorable Lease Rates
Amortizing intangibles:
Weighted average life	52 years
Indefinite-Lived Intangible Assets, Valuation Assumptions [Abstract]
Valuation assumptions, term	52 years

XML

Intangible Assets (Changes in Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	$ (73,166)
Amortization	(14,680)	$ (16,366)	$ (26,693)
Balance, end of period	(35,958)	(73,166)
Indefinite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	(808,788)
Balance, end of period	(806,988)	(808,788)
Intangible Assets [Roll Forward]
Balance, beginning of period	(881,954)	(890,054)	(934,249)
Additions	0	32,680	0
Finite-Lived Intangible Assets, Purchase Accounting Adjustments	(880)
Impairment of Intangible Assets (Excluding Goodwill)	0	24,400	17,502
Amortization	(14,680)	(16,366)	(26,693)
Balance, end of period	(842,946)	(881,954)	(890,054)
Trademarks
Finite-lived Intangible Assets [Roll Forward]
Amortization	0	0
Indefinite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	(149,387)	(126,001)	(126,001)
Additions	0	24,200	0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	0	800
Balance, end of period	(147,587)	(149,387)	(126,001)
Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Purchase Accounting Adjustments	(1,800)
Amortization	0	0
Gaming License Rights
Finite-lived Intangible Assets [Roll Forward]
Amortization	0	0	0
Indefinite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	(659,401)	(683,001)	(700,503)
Additions	0	0	0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	0	23,600	17,502
Balance, end of period	(659,401)	(659,401)	(683,001)
Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Purchase Accounting Adjustments	0
Amortization	0	0	0
Customer Relationships
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	(19,462)	(26,306)	(51,958)
Additions	0	8,480	0
Impairments	0	0	0
Amortization	(14,452)	(15,324)	(25,652)
Balance, end of period	(5,930)	(19,462)	(26,306)
Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Purchase Accounting Adjustments	920
Amortization	(14,452)	(15,324)	(25,652)
Favorable Lease Rates
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	(32,331)	(33,373)	(34,414)
Additions	0	0	0
Impairments	0	0	0
Amortization	(228)	(1,042)	(1,041)
Balance, end of period	(8,655)	(32,331)	(33,373)
Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Purchase Accounting Adjustments	0
Amortization	(228)	(1,042)	(1,041)
Development Agreement
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	(21,373)	(21,373)	(21,373)
Additions	0	0	0
Impairments	0	0	0
Amortization	0	0	0
Balance, end of period	(21,373)	(21,373)	(21,373)
Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Purchase Accounting Adjustments	0
Amortization	0	0	0
Subsidiaries [Member]
Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Period Increase (Decrease)	(23,448)
Subsidiaries [Member] | Trademarks
Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Period Increase (Decrease)	0
Subsidiaries [Member] | Gaming License Rights
Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Period Increase (Decrease)	0
Subsidiaries [Member] | Customer Relationships
Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Period Increase (Decrease)	0
Subsidiaries [Member] | Favorable Lease Rates
Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Period Increase (Decrease)	(23,448)
Subsidiaries [Member] | Development Agreement
Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Period Increase (Decrease)	0
Borgata
Intangible Assets [Roll Forward]
Balance, beginning of period	(14)
Balance, end of period		(14)
Borgata | Customer Relationships
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	0
Balance, end of period		0
Borgata | Favorable Lease Rates
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	0
Balance, end of period		0
Borgata | Development Agreement
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	0
Balance, end of period		0
Borgata | Gaming License Rights
Indefinite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	0
Balance, end of period		0
Borgata | Trademarks
Indefinite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	(14)
Balance, end of period		(14)
Midwest and South | Trademarks
Indefinite-lived Intangible Assets [Roll Forward]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	800
Midwest and South | Gaming License Rights
Indefinite-lived Intangible Assets [Roll Forward]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	$ 23,600	$ 17,500
Peninsula | Trademarks
Finite-lived Intangible Assets [Roll Forward]
Amortization			0
Indefinite-lived Intangible Assets [Roll Forward]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)			0
Intangible Assets [Roll Forward]
Amortization			$ 0

XML

Intangible Assets (Future Amortization) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Future Amortization
2018	$ 2,519
2019	1,862
2020	1,271
2021	739
2022	499
Thereafter	7,695
Intangible assets, net	$ 14,585
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Amortizing intangibles, weighted-average remaining useful life	5 years
Future Amortization
2018	$ 2,291
2019	1,634
2020	1,043
2021	511
2022	271
Thereafter	180
Intangible assets, net	$ 5,930
Favorable Lease Rates
Finite-Lived Intangible Assets [Line Items]
Amortizing intangibles, weighted-average remaining useful life	38 years
Future Amortization
2018	$ 228
2019	228
2020	228
2021	228
2022	228
Thereafter	7,515
Intangible assets, net	$ 8,655

XML

Goodwill (Schedule of Goodwill By Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 27, 2016	Dec. 31, 2014
Goodwill [Line Items]
Goodwill, net	$ 888,224	$ 826,476	$ 685,310		$ 685,310
Gross carrying value	1,072,299
Cumulative amortization	(6,134)
Goodwill, Impairment Loss	0	12,462	$ 0
Goodwill, Impaired, Accumulated Impairment Loss	177,941
Las Vegas Locals
Goodwill [Line Items]
Goodwill, net	428,088
Gross carrying value	593,567
Cumulative amortization	0
Goodwill, Impaired, Accumulated Impairment Loss	165,479
Downtown Las Vegas
Goodwill [Line Items]
Goodwill, net	863
Gross carrying value	6,997
Cumulative amortization	(6,134)
Goodwill, Impaired, Accumulated Impairment Loss	0
Midwest and South
Goodwill [Line Items]
Goodwill, Impairment Loss		12,500
Peninsula
Goodwill [Line Items]
Goodwill, net	459,273
Gross carrying value	471,735
Cumulative amortization	0
Goodwill, Impaired, Accumulated Impairment Loss	12,462
Subsidiaries [Member]
Goodwill [Line Items]
Goodwill, net	$ 61,700	$ 153,600		$ 130,324

XML

Goodwill (Goodwill Rollforward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Line Items]
Goodwill, Acquired During Period	$ 0	$ 153,628	$ 0
Goodwill, Impairment Loss	0	(12,462)	0
Goodwill [Roll Forward]
Beginning balance	826,476	685,310	685,310
Final purchase price adjustment	61,748
Ending balance	$ 888,224	$ 826,476	$ 685,310

XML

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Payroll and related expenses	$ 70,724	$ 68,102
Interest	19,858	33,407
Gaming liabilities	55,961	41,942
Customer Loyalty Program Liability, Current	24,489	25,548
Customer Advances and Deposits	18,922	16,999
Outstanding Chip Liability	4,928	4,553
Dividends Payable	5,632	0
Other accrued liabilities	54,632	67,003
Total accrued liabilities	$ 255,146	$ 257,554

XML

Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Mar. 28, 2016	May 21, 2015	Aug. 16, 2012	Nov. 10, 2010
For the year ending December 31,
Unamortized discount	$ (1,556)	$ (1,888)
Unamortized origination fees	(44,122)	(51,786)
Current maturities of long-term debt	23,981	30,336
Long-term debt, gross, excluding current maturities	3,097,577	3,252,793
Long-term debt, net of current maturities and debt issuance costs	3,051,899	3,199,119
Boyd
For the year ending December 31,
Outstanding principal	3,121,558	3,283,129
Current maturities of long-term debt	23,895	30,250
Long-term debt, net of current maturities and debt issuance costs	$ 3,051,481	$ 3,198,613
Boyd | Bank Credit Facility | Bank Credit Facility
For the year ending December 31,
Blended interest rate at period end	3.882%	3.44%
Unamortized discount	$ (1,556)	$ (1,888)
Unamortized origination fees	(23,795)	(28,503)
Long-term debt, net	1,595,703	1,752,147
Boyd | Senior Notes | Senior Notes Due 2026 [Member]
For the year ending December 31,
Unamortized discount	0	0
Unamortized origination fees	(10,872)	$ (12,074)
Long-term debt, net	$ 739,128
Debt instrument, stated interest rate	6.375%	6.375%	6.375%	6.375%
Boyd | Senior Notes | Senior Notes Due 2023 [Member]
For the year ending December 31,
Unamortized discount	$ 0	$ 0
Unamortized origination fees	(9,455)	(11,209)
Long-term debt, net	$ 740,545	$ 738,791
Debt instrument, stated interest rate	6.875%	6.875%		6.875%		6.875%
Boyd | Other
For the year ending December 31,
Blended interest rate at period end	5.80%	5.80%
Unamortized discount	$ 0	$ 0
Unamortized origination fees	0	0
Long-term debt, net	504	591
Peninsula | Senior Notes | 8.375% Senior Notes due 2018
For the year ending December 31,
Debt instrument, stated interest rate					8.375%
Eliminations [Member]
For the year ending December 31,
Outstanding principal	3,121,558	3,283,129
Unamortized discount	(1,556)	(1,888)
Unamortized origination fees	(44,122)	(51,786)
Long-term debt, net	3,075,880	3,229,455
Current maturities of long-term debt	0	0
Long-term debt, net of current maturities and debt issuance costs	0	0
Fair Value, Inputs, Level 3 [Member] | Boyd | Other
For the year ending December 31,
Outstanding principal	504	591
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Boyd | Senior Notes | Senior Notes Due 2026 [Member]
For the year ending December 31,
Outstanding principal	750,000	750,000
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Boyd | Senior Notes | Senior Notes Due 2023 [Member]
For the year ending December 31,
Outstanding principal	750,000	750,000
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Boyd | Bank Credit Facility | Bank Credit Facility
For the year ending December 31,
Outstanding principal	$ 1,621,054	$ 1,782,538

XML

Long-Term Debt (Schedule of Boyd Bank Credit Facility) (Details) - Bank Credit Facility - Boyd - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Amount outstanding	$ 1,621,054	$ 1,782,538
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Amount outstanding	170,000	245,000
Initial Term Loan
Line of Credit Facility [Line Items]
Amount outstanding	210,938	222,188
Refinancing Term B Loans [Member]
Line of Credit Facility [Line Items]
Amount outstanding	1,170,016	0
Term Loan B
Line of Credit Facility [Line Items]
Amount outstanding	0	271,750
Term Loan B-2 [Member]
Line of Credit Facility [Line Items]
Amount outstanding	0	997,500
Swing Loan
Line of Credit Facility [Line Items]
Amount outstanding	$ 70,100	$ 46,100

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Long-Term Debt (Boyd Credit Agreement - Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Aug. 14, 2013 USD ($)
Line of Credit Facility [Line Items]
Prepayment fee, percentage	1.00%
Fixed quarterly amortization of principal, percentage	5.00%
Loss on early extinguishment of debt	$ 1,582	$ 42,364	$ 40,733
Maximum secured leverage ratio	4.50
Amortization of debt financing costs and discounts on debt	$ 9,845	14,870	$ 21,308
Boyd
Line of Credit Facility [Line Items]
Maximum secured leverage ratio	4.25
Minimum consolidated interest coverage ratio required	1.00
Boyd | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity				$ 775,000
Revolving Credit Facility and Term Loan | Boyd | Amended Credit Facility
Line of Credit Facility [Line Items]
Additional available borrowing capacity	$ 550,000
Revolving Credit Facility [Member] | Boyd
Line of Credit Facility [Line Items]
Maximum secured leverage ratio	1.00
Term Loan A | Boyd | Amended Credit Facility
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity				$ 225,000
Senior Secured Notes | Boyd
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Terms, Maximum Required Coverage Ratio	1.0
Letter of Credit | Boyd
Line of Credit Facility [Line Items]
Amount outstanding	$ 12,900
Bank Credit Facility | Boyd
Line of Credit Facility [Line Items]
Amount outstanding	1,621,054	1,782,538
Remaining borrowing capacity	522,000
Bank Credit Facility | Initial Term Loan | Boyd
Line of Credit Facility [Line Items]
Amount outstanding	210,938	222,188
Bank Credit Facility | Revolving Credit Facility [Member] | Boyd
Line of Credit Facility [Line Items]
Amount outstanding	170,000	245,000
Bank Credit Facility | Term Loan B-2 [Member] | Boyd
Line of Credit Facility [Line Items]
Amount outstanding	0	997,500
Bank Credit Facility | Term Loan B | Boyd
Line of Credit Facility [Line Items]
Amount outstanding	$ 0	$ 271,750

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Long-Term Debt (Maximum Total Leverage Ratio) (Details)	Dec. 31, 2017 USD ($)
Boyd
Line of Credit Facility [Line Items]
Line of Credit Facility, Covenant Terms, Maximum Consolidated Interest Coverage Ratio Required	1.75
Minimum consolidated interest coverage ratio required	1.00
Boyd | Four Fiscal Quarters Ended March 31, 2017 through December 31, 2017
Line of Credit Facility [Line Items]
Line of Credit Facility, Covenant Terms, Minimum Total Leverage Ratio Allowed	1.00
Maximum total leverage ratio	7.00
Boyd | Four Fiscal Quarters Ending March 31, 2015 through December 31, 2016
Line of Credit Facility [Line Items]
Line of Credit Facility, Covenant Terms, Minimum Total Leverage Ratio Allowed	1.00
Maximum total leverage ratio	6.25
Boyd | Four Fiscal Quarters Ended March 31, 2019 through December 31, 2019 [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Covenant Terms, Minimum Total Leverage Ratio Allowed	1.00
Maximum total leverage ratio	6.00
Boyd | Four Fiscal Quarters Ended March 31, 2020 through December 31, 2020 [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Covenant Terms, Minimum Total Leverage Ratio Allowed	1.00
Maximum total leverage ratio	5.75
Boyd | Four Fiscal Quarters Ended March 31, 2018 and Thereafter [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Covenant Terms, Minimum Total Leverage Ratio Allowed	1.00
Maximum total leverage ratio	5.5
Refinancing Term B Loans [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,264.5

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Long-Term Debt (Maximum Secured Leverage Ratio) (Details)	Dec. 31, 2017
Line of Credit Facility [Line Items]
Maximum secured leverage ratio	4.50
Line of Credit Facility, Covenant Terms, Minimum Secured Leverage Ratio Allowed	1.00
Boyd
Line of Credit Facility [Line Items]
Maximum secured leverage ratio	4.25
Boyd | Four Fiscal Quarters Ending March 31, 2015 through December 31, 2016
Line of Credit Facility [Line Items]
Maximum secured leverage ratio	4.00
Line of Credit Facility, Covenant Terms, Minimum Secured Leverage Ratio Allowed	1.00
Boyd | Four Fiscal Quarters Ended March 31, 2019 through December 31, 2019 [Member]
Line of Credit Facility [Line Items]
Maximum secured leverage ratio	3.75
Line of Credit Facility, Covenant Terms, Minimum Secured Leverage Ratio Allowed	1.00
Boyd | Four Fiscal Quarters Ended March 31, 2018 and Thereafter
Line of Credit Facility [Line Items]
Maximum secured leverage ratio	3.50
Line of Credit Facility, Covenant Terms, Minimum Secured Leverage Ratio Allowed	1.00

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Long-Term Debt (Interest and Fees - Narrative) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Mar. 28, 2016	May 21, 2015	Aug. 16, 2012	Nov. 10, 2010
Line of Credit Facility [Line Items]
Prepayment fee, percentage	1.00%
Parent Company [Member] | Bank Credit Facility | Federal Funds Rate | Minimum
Line of Credit Facility [Line Items]
Debt instrument, stated interest rate	0.50%
Parent Company [Member] | Bank Credit Facility | Eurodollar | Minimum
Line of Credit Facility [Line Items]
Debt instrument, stated interest rate	1.00%
Parent Company [Member] | Revolving Credit Facility, Swing Loan and Term Loan A | LIBOR | Minimum
Line of Credit Facility [Line Items]
Applicable margin	1.75%
Parent Company [Member] | Revolving Credit Facility, Swing Loan and Term Loan A | LIBOR | Maximum
Line of Credit Facility [Line Items]
Applicable margin	2.75%
Parent Company [Member] | Revolving Credit Facility, Swing Loan and Term Loan A | Base Rate | Minimum
Line of Credit Facility [Line Items]
Applicable margin	0.75%
Parent Company [Member] | Revolving Credit Facility, Swing Loan and Term Loan A | Base Rate | Maximum
Line of Credit Facility [Line Items]
Applicable margin	1.75%
Parent Company [Member] | Revolving Credit Facility [Member] | Bank Credit Facility | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage on unused portion of credit facility	0.25%
Parent Company [Member] | Revolving Credit Facility [Member] | Bank Credit Facility | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage on unused portion of credit facility	0.50%
Parent Company [Member] | Refinancing Term B Loans [Member] | LIBOR | Minimum
Line of Credit Facility [Line Items]
Applicable margin	2.25%
Parent Company [Member] | Refinancing Term B Loans [Member] | LIBOR | Maximum
Line of Credit Facility [Line Items]
Applicable margin	2.50%
Parent Company [Member] | Refinancing Term B Loans [Member] | Base Rate | Minimum
Line of Credit Facility [Line Items]
Applicable margin	1.25%
Parent Company [Member] | Refinancing Term B Loans [Member] | Base Rate | Maximum
Line of Credit Facility [Line Items]
Applicable margin	1.50%
Senior Notes | Parent Company [Member] | Senior Notes Due 2023 [Member]
Line of Credit Facility [Line Items]
Debt instrument, stated interest rate	6.875%	6.875%		6.875%		6.875%
Senior Notes | Parent Company [Member] | Senior Notes Due 2026 [Member]
Line of Credit Facility [Line Items]
Debt instrument, stated interest rate	6.375%	6.375%	6.375%	6.375%
Senior Notes | Peninsula | 8.375% Senior Notes due 2018
Line of Credit Facility [Line Items]
Debt instrument, stated interest rate					8.375%

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Long-Term Debt (Boyd Senior and Senior Subordinated Notes Narrative) (Details)			12 Months Ended
	May 22, 2015 USD ($)	Jun. 08, 2012	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 06, 2016	Mar. 28, 2016 USD ($)	May 21, 2015 USD ($)	Nov. 10, 2010
For the year ending December 31,
Interest			$ 19,858,000	$ 33,407,000
Premium and Consent Fees Paid			0	(15,750,000)	$ (24,246,000)
Payments of Debt Issuance Costs			$ 3,430,000	42,220,000	14,004,000
Subsidiaries, Ownership Percentage			80.00%
Gain Loss on Early Retirements of Debt			$ (1,582,000)	(42,364,000)	(40,733,000)
Boyd
For the year ending December 31,
Outstanding principal			3,121,558,000	3,283,129,000
Premium and Consent Fees Paid				(15,750,000)	(24,246,000)
Payments of Debt Issuance Costs			3,430,000	(42,220,000)	14,004,000
Subsidiaries, Ownership Percentage									100.00%
Gain Loss on Early Retirements of Debt			$ (1,582,000)	$ (28,356,000)	$ (30,829,000)
Boyd | Senior Notes | 9.125% Senior Notes Due 2018
For the year ending December 31,
Debt instrument, stated interest rate									9.125%
Boyd | Senior Notes | Senior Notes Due 2020 [Member]
For the year ending December 31,
Debt instrument, stated interest rate		9.00%				9.00%
Debt instrument, redemption price, percentage		104.50%
Boyd | Senior Notes | Senior Notes Due 2023 [Member]
For the year ending December 31,
Face amount								$ 750,000,000
Debt instrument, stated interest rate			6.875%	6.875%				6.875%	6.875%
Payments of Debt Issuance Costs	$ 14,000,000
Subsidiaries, Ownership Percentage								100.00%
Conditional repurchase price, % of principal								101.00%
Boyd | Senior Notes | Senior Notes Due 2023 [Member] | Prior to May 15, 2018 [Member]
For the year ending December 31,
Debt instrument, redemption price, percentage	100.00%
Boyd | Senior Notes | Senior Notes Due 2023 [Member] | After May 15, 2018 and Prior to 2021 [Member]
For the year ending December 31,
Debt instrument, redemption price, percentage	105.156%
Boyd | Senior Notes | Senior Notes Due 2026 [Member]
For the year ending December 31,
Face amount							$ 750,000,000
Debt instrument, stated interest rate			6.375%	6.375%			6.375%	6.375%
Deferred finance costs							$ 13,000,000.0
Subsidiaries, Ownership Percentage								100.00%
Conditional repurchase price, % of principal							101.00%
Boyd | Senior Notes | Senior Notes Due 2026 [Member] | Prior to April 1, 2021 [Member]
For the year ending December 31,
Debt instrument, redemption price, percentage	100.00%
Boyd | Senior Notes | Senior Notes Due 2026 [Member] | After April 15, 2021 and Prior to 2024 [Member]
For the year ending December 31,
Conditional repurchase price, % of principal							103.188%
Boyd | Senior Notes | Senior Notes Due 2026 [Member] | Prior to April 15, 2024 [Member]
For the year ending December 31,
Conditional repurchase price, % of principal							100.00%
Boyd | Senior Secured Notes
For the year ending December 31,
Minimum required coverage ratio			2.0

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Long-Term Debt (Other Boyd Notes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
For the year ending December 31,
Unamortized discount	$ (1,556)	$ (1,888)
Interest	19,858	33,407
Gain Loss on Early Retirements of Debt	(1,582)	(42,364)	$ (40,733)
Boyd
For the year ending December 31,
Outstanding principal	3,121,558	3,283,129
Gain Loss on Early Retirements of Debt	(1,582)	(28,356)	$ (30,829)
Boyd | Other
For the year ending December 31,
Unamortized discount	0	0
Fair Value, Inputs, Level 3 [Member] | Boyd | Other
For the year ending December 31,
Outstanding principal	$ 504	$ 591

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Long-Term Debt (Peninsula Senior Notes Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Aug. 16, 2012
For the year ending December 31,
Debt Instrument, Unamortized Discount	$ 1,556	$ 1,888
Amortization of debt financing costs and discounts on debt	9,845	14,870	$ 21,308
Payments of Debt Issuance Costs	$ 3,430	$ 42,220	$ 14,004
Peninsula | Senior Notes | 8.375% Senior Notes due 2018
For the year ending December 31,
Debt instrument, stated interest rate				8.375%
Debt Instrument, Redemption Price, Percent of Principal, Subject to Make-whole Premium				100.00%

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Long-Term Debt (Maturities of Long-term Debt) (Details) - Boyd - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
For the year ending December 31,
2015	$ 23,981
2016	23,991
2017	23,997
2018	430,040
2019	12,758
Thereafter	2,606,791
Total outstanding principal of long-term debt	3,121,558	$ 3,283,129
Bank Credit Facility
For the year ending December 31,
Remaining borrowing capacity	$ 522,000

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Long-Term Debt Loss on Early Extinguishment of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Extinguishment of Debt [Line Items]
Loss on early extinguishments and modifications of debt	$ 1,582	$ 42,364	$ 40,733
Parent Only [Member] | Senior Notes
Extinguishment of Debt [Line Items]
Extinguishment of Debt, Amount	0	0	23,962
Parent Only [Member] | Bank Credit Facility
Extinguishment of Debt [Line Items]
Extinguishment of Debt, Amount	0	9,512	2,086
Premium and Consent Fees [Member] | Parent Only [Member] | Senior Notes
Extinguishment of Debt [Line Items]
Extinguishment of Debt, Amount	0	15,750	0
Senior Notes Due 2020 [Member] | Parent Only [Member] | Senior Notes
Extinguishment of Debt [Line Items]
Extinguishment of Debt, Amount	0	5,976	0
Senior Secured Notes Due 2018 [Member] | Parent Only [Member] | Senior Notes
Extinguishment of Debt [Line Items]
Extinguishment of Debt, Amount	0	4,497	0
Senior Notes Due 2018 [Member] | Parent Only [Member] | Senior Notes
Extinguishment of Debt [Line Items]
Extinguishment of Debt, Amount	0	0	4,888
Holdco Note | Parent Only [Member] | Promissory Note [Member]
Extinguishment of Debt [Line Items]
Extinguishment of Debt, Amount	0	0	7,819
Bank Credit Facility | Parent Only [Member] | Bank Credit Facility
Extinguishment of Debt [Line Items]
Extinguishment of Debt, Amount	1,086	6,629	1,978
Amended Credit Facility | Parent Only [Member] | Bank Credit Facility
Extinguishment of Debt [Line Items]
Extinguishment of Debt, Amount	$ 496	$ 0	$ 0

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Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Mar. 31, 2017
Income Taxes [Line Items]
Income Tax Benefit - Impact of Tax Legislation	$ 60.1
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority	$ 1.1	$ 2.4
Equity Method Investment, Ownership Percentage	50.00%

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Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017
Income Taxes [Line Items]
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities, Portion Which Affected Effective Tax Rate	$ 19,500
Deferred Tax Assets and Liabilities [Abstract]
Non-current deferred tax liability	81,454	$ 86,657
Net deferred tax liability	81,454	86,657
Deferred tax assets
Federal net operating loss carryforwards	201,978	110,350
State net operating loss carryforwards	38,715	45,096
Share-based compensation	26,344	14,226
Other	63,815	35,161
Gross deferred tax assets	330,852	204,833
Valuation allowance	(28,402)	(28,821)
Deferred tax assets, net of valuation allowance	302,450	176,012
Deferred tax liabilities
Difference between book and tax basis of property and intangible assets	337,654	219,090
State tax liability	31,443	33,777
Other	14,807	9,802
Gross deferred tax liabilities	383,904	262,669
State and Local Jurisdiction
Deferred tax assets
Federal net operating loss carryforwards		732,400
All years [Member]
Income Taxes [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	$ 27,700
Alternative Minimum Tax Credit Carryforward [Member] | Internal Revenue Service (IRS)
Income Taxes [Line Items]
Tax credit carryforwards		$ 10,400

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Income Taxes (Valuation Allowance on Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	$ 203,900
Deferred Tax Assets, Valuation Allowance	28,821	$ 28,402
Federal net operating loss carryforwards	110,350	$ 201,978
Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Total net operating losses	525,500
Internal Revenue Service (IRS) | General Business Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	8,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Federal net operating loss carryforwards	$ 732,400

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Income Taxes (Provision (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred
Federal	$ 6,449	$ (192,472)	$ (9,493)
State	1,698	(8,703)	816
Deferred income taxes	8,147	(201,175)	(8,677)
Provision (benefit) for income taxes from discontinued operations	(14,855)	146,379	540
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	(10,367)	0	0
State	5,335	1,242	2,052
Total current taxes provision	(5,032)	1,242	2,052
Provision (benefit) for income taxes from continuing and discontinued operations	$ (17,970)	$ 53,554	$ (7,165)

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Income Taxes (Reconciliation of Effective Income Tax Rate) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Tax at federal statutory rate	35.00%	35.00%	35.00%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	(35.20%)	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	0.00%	(2548.10%)	179.90%
Effective Income Tax Rate Reconciliation, Uncertain Tax Benefits	0.00%	0.00%	(385.40%)
State income taxes, net of federal benefit	2.70%	(60.80%)	64.10%
Company provided benefits	0.50%	10.60%	17.30%
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent	(0.30%)	(7.10%)	(12.60%)
Effective Income Tax Rate Reconciliation, Company Provided Benefits	0.50%	15.20%	139.80%
Accrued interest on uncertain tax benefits	0.10%	2.10%	(127.70%)
Effective Income Tax Rate Reconciliation, Compensation-based credits	(1.00%)	(22.30%)	(55.50%)
Other, net	(0.50%)	1.60%	(4.00%)
Effective tax rate	1.80%	(2573.80%)	(149.10%)

XML

Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2017	Dec. 31, 2014
Income Tax Contingency [Line Items]
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority	$ 1,100			$ 2,400
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit, beginning of year		$ 2,482	$ 2,482		$ 30,198
Tax positions related to current year	0	0	0
Tax positions related to the Deconsolidation of Borgata	0	0	(27,716)
Unrecognized tax benefits that would impact effective tax rate	15,800
Income tax penalties and interest expense	100	6,200
Income tax penalties and interest accrued	1,000	800
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities, Portion Which Affected Effective Tax Rate		19,500
Unrecognized Tax Benefits	2,482	2,482	$ 2,482
Internal Revenue Service (IRS)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits that would impact effective tax rate	$ 2,000
All years [Member]
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Settlement with taxing authorities		$ (27,700)

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Commitments and Contingencies (Minimum Lease Obligations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Leased Assets [Line Items]
2015	$ 20,642
2016	17,826
2017	15,325
2018	14,330
2019	13,884
Thereafter	314,391
Lease obligations	396,398
Selling, General and Administrative Expenses
Operating Leased Assets [Line Items]
Lease expense during the period	$ 30,300	$ 31,000	$ 29,000

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Commitments and Contingencies (Future Minimum Sublease Rental Income) (Details)	Dec. 31, 2017 USD ($)
Sublease Rentals [Line Items]
2013	$ 3,432
2014	2,371
2015	1,665
2016	930
2017	771
Thereafter	250
Rental income	$ 9,419

XML

Commitments and Contingencies Contingent Payments (Details)	12 Months Ended
	Dec. 31, 2017
Other Commitments [Line Items]
Payment to option holder, percentage of EBITDA	1.00%

XML

Commitments and Contingencies PGL Commitments (Details) - USD ($)		12 Months Ended
	Dec. 20, 2011	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Sponsor Fees [Line Items]
Accrued liabilities		$ (255,146,000)	$ (257,554,000)
Parking Fee, Per Space		65
Kansas Star
Sponsor Fees [Line Items]
Payment to option holder, term	10 years
Diamond Jo Dubuque
Sponsor Fees [Line Items]
Sponsor Fees		$ 3,100,000		$ 3,000,000
Sponsor Fee Percentage		4.50%
Diamond Jo Worth
Sponsor Fees [Line Items]
Sponsor Fees		$ 5,000,000	4,900,000	$ 5,000,000
Sponsor Fee Percentage		5.76%
Annual Donations for Education in Operating Area [Member] | Kansas Star
Sponsor Fees [Line Items]
Amount of other commitment		$ 1,500,000
Mulvane Special Tax Assessment for Utilities [Member] | Kansas Star
Sponsor Fees [Line Items]
Other Commitment, Time Period		15 years
Debt Issued by Counterparty		$ 19,700,000
Special Tax Assessment		1,700,000	1,700,000
Accrued liabilities		(8,200,000)	(8,900,000)
Mulvane Special Tax Assessment for Utilities, Discount [Member] | Kansas Star
Sponsor Fees [Line Items]
Accrued liabilities		(3,500,000)	(4,000,000)
Additional Mulvane Special Tax Assessment for Utilities [Member] | Kansas Star
Sponsor Fees [Line Items]
Debt Issued by Counterparty		5,000,000
Special Tax Assessment		1,700,000
Dubuque Minimum Assessment Agreement [Member] | Diamond Jo Dubuque
Sponsor Fees [Line Items]
Property Taxes, Minimum Agreed Taxable Value		57,900,000
Other Commitment, Minimum Annual Payments		1,900,000
Accrued Liabilities [Member] | Dubuque Minimum Assessment Agreement [Member] | Diamond Jo Dubuque
Sponsor Fees [Line Items]
Other Commitment, Obligation		1,900,000
Other Liabilities [Member] | Dubuque Minimum Assessment Agreement [Member] | Diamond Jo Dubuque
Sponsor Fees [Line Items]
Other Commitment, Obligation		13,800,000	14,100,000
Other Commitment, Discount on Obligation		$ 2,600,000	$ 2,800,000

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Commitments and Contingencies Boyd Commitments (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2011	Dec. 31, 2017
Other Commitments [Line Items]
Purchase price		$ 1.2
Development Agreement
Other Commitments [Line Items]
Purchase price	$ 24.5
Minimum
Other Commitments [Line Items]
Obligation to fund certain pre-development costs, annual amount		1.0
Maximum
Other Commitments [Line Items]
Obligation to fund certain pre-development costs, annual amount		$ 2.0

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Stockholders' Equity and Stock Incentive Plans (Share Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock repurchase program, authorized amount	$ 100,000
Stock Repurchased and Retired During Period, Shares	1,198
Stock Repurchased and Retired During Period, Value	$ (31,927)	$ 0	$ 0
Average Repurchase Price per Share	$ 26.64
Stock repurchase program, remaining authorized repurchase amount	$ 60,100

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Stockholders' Equity and Stock Incentive Plans (Restricted Stock Units, Performance Stock Units and Career Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 17,413	$ 15,518	$ 19,264
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	442,879	542,220	541,016
Share-based compensation expense	$ 7,463	$ 8,883	$ 9,909
Non-Option Award Activity [Roll Forward]
Outstanding, beginning of period	1,961,118	2,320,826	2,534,496
Canceled	(38,964)	(30,400)	(40,800)
Vested / awarded	(727,821)	(871,528)	(713,886)
Outstanding, end of period	1,637,212	1,961,118	2,320,826
Granted, weighted average grant date fair value (in USD per share)	$ 27.40	$ 18.06	$ 19.05
Total unrecognized share-based compensation costs related to unvested stock options	$ 0
Total unrecognized share-based compensation costs related to unvested stock options, period for recognition	2 years 6 months 2 days
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	275,305	241,235	240,156
Share-based compensation expense	$ 7,381	$ 3,353	$ 5,135
Non-Option Award Activity [Roll Forward]
Outstanding, beginning of period	1,129,078	1,249,480	1,411,640
Canceled	0	0	(2,677)
Vested / awarded	(268,429)	(213,365)	(663,945)
Outstanding, end of period	1,062,547	1,129,078	1,249,480
Granted, weighted average grant date fair value (in USD per share)	$ 28.94	$ 17.75	$ 16.75
Total unrecognized share-based compensation costs related to unvested stock options	$ 6,900
Total unrecognized share-based compensation costs related to unvested stock options, period for recognition	2 years 8 months 13 days
Shares to be issued to settle PSUs	1,400,000
Evaluation of performance conditions, period	3 years
Awards if no conditions met, percentage	0.00%
Awards if only threshhold performance met, percentage	50.00%
Awards for target performance, percentage	100.00%
Awards for maximum performance, percentage (up to 200%)	200.00%
Award vesting period	3 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,193	$ 1,974	$ 2,821
Non-Option Award Activity [Roll Forward]
Total unrecognized share-based compensation costs related to unvested stock options	$ 200
Total unrecognized share-based compensation costs related to unvested stock options, period for recognition	1 year 4 months 26 days
Performance Shares Adjustment [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	(73,407)	(148,272)	264,306
Career Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	66,000	73,064	103,018
Share-based compensation expense	$ 1,376	$ 1,308	$ 1,399
Non-Option Award Activity [Roll Forward]
Outstanding, beginning of period	1,041,639	968,575	896,585
Canceled	(11,236)	0	0
Vested / awarded	(82,944)	0	(31,028)
Outstanding, end of period	1,013,459	1,041,639	968,575
Granted, weighted average grant date fair value (in USD per share)	$ 20.41	$ 19.01	$ 12.51
Total unrecognized share-based compensation costs related to unvested stock options	$ 1,100
Executive Officer | Career Shares
Non-Option Award Activity [Roll Forward]
Award eligibility, minimum age	55 years
Award requisite service period	10 years
Service period, Tranche 1	10 years
Service period, Tranche 2	15 years
Service period, Tranche 3	20 years
Stock Incentive Plan 2012 [Member] | Stock Options
Non-Option Award Activity [Roll Forward]
Award vesting period	3 years
Common Stock
Non-Option Award Activity [Roll Forward]
Stock Issued During Period, Shares, Performance Stock Award, Net	173,653	159,027	481,749
Common Stock | PSU - Nov 2013 [Domain]
Non-Option Award Activity [Roll Forward]
Shares to be issued to settle PSUs	0.80
Stock Issued During Period, Shares, Performance Stock Award, Gross	268,429
Stock Issued During Period, Shares, Performance Stock Award, Taxes	94,776
Stock Issued During Period, Shares, Performance Stock Award, Net	173,653
Common Stock | PSU - Dec 2012 [Domain]
Non-Option Award Activity [Roll Forward]
Shares to be issued to settle PSUs	0.59
Stock Issued During Period, Shares, Performance Stock Award, Gross	213,365
Stock Issued During Period, Shares, Performance Stock Award, Taxes	54,338
Stock Issued During Period, Shares, Performance Stock Award, Net	159,027

XML

Stockholders' Equity and Stock Incentive Plans (Stock Options) (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 17, 2012	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	May 16, 2012
Stock Options Activity [Roll Forward]
Outstanding, beginning of period		3,107,916	4,605,055	7,169,668
Granted		0	216,509	200,673
Canceled		(1,323,500)	(1,260,750)	(1,463,497)
Exercised		(241,964)	(452,898)	(1,301,789)
Outstanding, end of period		1,542,452	3,107,916	4,605,055
Exercisable		1,335,717	2,696,315
Stock Options Activity, Weighted Average Option Price [Roll Forward]
Outstanding, weighted average option price, beginning of period (in USD per share)		$ 23.36	$ 26.14	$ 25.73
Granted, weighted average option price (in USD per share)		0.00	17.50	19.98
Canceled, weighted average option price (in USD per share)		39.30	38.63	39.82
Exercised, weighted average option price (in USD per share)		8.61	6.49	7.53
Outstanding, weighted average option price, end of period (in USD per share)		11.99	23.36	$ 26.14
Exercisable, weighted average option price (in USD per share)		$ 11.00	$ 24.27
Additional Disclosures:
Outstanding, weighted average remaining term		5 years 3 months 24 days
Exercisable, weighted average remaining term		4 years 9 months 20 days	3 years 1 month 6 days
Outstanding, aggregate intrinsic value		$ 35,565
Exercisable, aggregate intrinsic value		32,128	$ 14,587
Total intrinsic value of in-the-money options exercised during the period		3,900	5,900	$ 11,100
Total fair value of options vested in period		1,600	$ 2,000	$ 1,900
Stock Options
Additional Disclosures:
Total unrecognized share-based compensation costs related to unvested stock options		$ 200
Total unrecognized share-based compensation costs related to unvested stock options, period for recognition		1 year 4 months 26 days
Stock Incentive Plan 2012 [Member] | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of stock incentive plan	10 years
Increase in number of common shares authorized under Stock Incentive Plan	4,000,000
Number of common shares authorized for issuance under Stock Incentive Plan	21,000,000				17,000,000
Number of common shares available for grant under Stock Incentive Plan		4,400,000
Number of authorized and unissued common shares under Stock Incentive Plan		9,700,000
Award vesting period		3 years

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Stockholders' Equity and Stock Incentive Plans (Stock Options by Exercise Price Range) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Total intrinsic value of in-the-money options exercised during the period	$ 3.9	$ 5.9	$ 11.1
Options outstanding	1,542,452
Options outstanding, weighted-average remaining contractual life		5 years 3 months 27 days
Options outstanding, weighted-average exercise price	$ 11.99
Options exercisable	1,335,717
Options exercisable, weighted-average exercise price	$ 11.00
Range of exercise prices, low	5.22
Range of exercise prices, high	$ 39.78
Total fair value of options vested in period	$ 1.6	$ 2.0	$ 1.9
$5.22
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding	25,510
Options outstanding, weighted-average remaining contractual life		4 years 10 months 7 days
Options outstanding, weighted-average exercise price	$ 5.22
Options exercisable	25,510
Options exercisable, weighted-average exercise price	$ 5.22
Range of exercise prices, low	5.22
Range of exercise prices, high	$ 7.55
6.60
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding	28,000
Options outstanding, weighted-average remaining contractual life		10 months 2 days
Options outstanding, weighted-average exercise price	$ 6.60
Options exercisable	28,000
Options exercisable, weighted-average exercise price	$ 6.60
Range of exercise prices, low	8.34
Range of exercise prices, high	$ 8.34
6.70
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding	196,869
Options outstanding, weighted-average remaining contractual life		3 years 11 months 5 days
Options outstanding, weighted-average exercise price	$ 6.70
Options exercisable	196,869
Options exercisable, weighted-average exercise price	$ 6.70
Range of exercise prices, low	9.86
Range of exercise prices, high	$ 9.86
7.55
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding	65,000
Options outstanding, weighted-average remaining contractual life		1 year 9 months 30 days
Options outstanding, weighted-average exercise price	$ 7.55
Options exercisable	65,000
Options exercisable, weighted-average exercise price	$ 7.55
Range of exercise prices, low	11.57
Range of exercise prices, high	$ 11.57
8.34
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding	294,163
Options outstanding, weighted-average remaining contractual life		2 years 9 months 19 days
Options outstanding, weighted-average exercise price	$ 8.34
Options exercisable	294,163
Options exercisable, weighted-average exercise price	$ 8.34
Range of exercise prices, low	17.75
Range of exercise prices, high	$ 17.75
9.86
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding	260,882
Options outstanding, weighted-average remaining contractual life		5 years 10 months 7 days
Options outstanding, weighted-average exercise price	$ 9.86
Options exercisable	260,882
Options exercisable, weighted-average exercise price	$ 9.86
Range of exercise prices, low	19.98
Range of exercise prices, high	$ 19.98
11.57
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding	229,846
Options outstanding, weighted-average remaining contractual life		6 years 1 month 27 days
Options outstanding, weighted-average exercise price	$ 11.57
Options exercisable	229,846
Options exercisable, weighted-average exercise price	$ 11.57
Range of exercise prices, low	33.31
Range of exercise prices, high	$ 33.31
17.75
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding	216,509
Options outstanding, weighted-average remaining contractual life		8 years 10 months 7 days
Options outstanding, weighted-average exercise price	$ 17.75
Options exercisable	72,174
Options exercisable, weighted-average exercise price	$ 17.75
Range of exercise prices, low	38.11
Range of exercise prices, high	$ 38.11
19.98
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding	200,673
Options outstanding, weighted-average remaining contractual life		7 years 4 months 30 days
Options outstanding, weighted-average exercise price	$ 19.98
Options exercisable	138,273
Options exercisable, weighted-average exercise price	$ 19.98
Range of exercise prices, low	39.78
Range of exercise prices, high	39.78
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range Ten [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of exercise prices, low	42.69
Range of exercise prices, high	$ 42.69
Share-based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range Nine [Member] [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding	25,000
Options outstanding, weighted-average remaining contractual life		4 days
Options outstanding, weighted-average exercise price	$ 33.31
Options exercisable	25,000
Options exercisable, weighted-average exercise price	$ 33.31

XML

Stockholders' Equity and Stock Incentive Plans (Classification of Costs) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Dividends Declared	$ 0.15	$ 0	$ 0
Share-based compensation expense	$ (17,413)	$ (15,518)	$ (19,264)
Gaming
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	(363)	(428)	(393)
Food and beverage
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	(69)	(82)	(75)
Room
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	(33)	(39)	(36)
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	(1,846)	(2,176)	(1,996)
Corporate expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	(15,102)	(12,793)	(16,764)
Stock Options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	(1,193)	(1,974)	(2,821)
Restricted Stock Units (RSUs)
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	(7,463)	(8,883)	(9,909)
Performance Stock Units (PSUs)
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	(7,381)	(3,353)	(5,135)
Career Shares
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ (1,376)	$ (1,308)	$ (1,399)

XML

Stockholders' Equity and Stock Incentive Plans Dividends (Details) - USD ($)	3 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017
Dividends Paid [Abstract]
Dividends, Share-based Compensation	$ 0.05	$ 0.05	$ 0.05

XML

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 20, 2011	Dec. 31, 2017	Dec. 31, 2016	Aug. 16, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment available for sale		$ 17,300	$ 16,800
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage			18.50%
Available-for-sale securities, current portion		500	$ 400
Fair Value, Discount Amount, Available for sales securities		$ 2,900	3,100
Payment to option holder, percentage of EBITDA		1.00%
Contingent consideration, liability for payments to option holder, current		$ 800	900
Contingent consideration, liability for payments to option holder, noncurrent		2,100	2,200
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, gross		20,500
Investment available for sale		$ 17,752	17,259
Debt security, interest rate		7.50%
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment available for sale		$ 17,752	$ 17,259
Kansas Star
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payment to option holder, percentage of EBITDA	1.00%
Senior Notes | 8.375% Senior Notes due 2018 | Peninsula
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, stated interest rate				8.375%
Available-for-sale Securities [Member] | Discount Rate [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage		9.60%	10.30%
Contingent Payments | Discount Rate [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage		9.20%

XML

Fair Value Measurements (Balances Measured at Fair Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 203,104	$ 193,862	$ 158,821
Restricted cash	24,175	16,488	$ 19,030
Restricted cash	24,175	16,488
Investment available for sale	17,300	16,800
Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent payments	2,887	3,038
Cash and cash equivalents	203,104	193,862
Restricted cash	24,175	16,488
Investment available for sale	17,752	17,259
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent payments	0	0
Cash and cash equivalents	203,104	193,862
Restricted cash		16,488
Investment available for sale	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent payments	0	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Investment available for sale	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent payments	2,887	3,038
Cash and cash equivalents	0	0
Restricted cash	0	0
Investment available for sale	17,752	17,259
Parent Company [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	347	1,212
Restricted cash	$ 0	$ 0

XML

Fair Value Measurements (Changes in Fair Value of Level 3 Assets and Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Investment available for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1, 2015	$ 17,259	$ 17,839
Total gains (losses) (realized or unrealized):
Included in earnings	138	130
Included in other comprehensive income (loss)	795	(299)
Purchases, sales, issuances and settlements:
Settlements	(440)
Balance at December 31, 2017	17,752	17,259
Purchases, sales, issuances and settlements:
Settlements		411
Contingent Payments
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1, 2017	(3,038)	(3,632)
Total gains (losses) (realized or unrealized):
Included in earnings	(335)	(600)
Included in other comprehensive income (loss)	0	0
Purchases, sales, issuances and settlements:
Settlements	(819)	(848)
Balance at December 31, 2017	$ (2,887)	$ (3,038)
Non-operating income | Investment available for sale
Total gains (losses) (realized or unrealized):
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings, Description	0	0
Non-operating income | Contingent Payments
Total gains (losses) (realized or unrealized):
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings, Description	-333	346

XML

Fair Value Measurements (Valuation Techniques) (Details)	12 Months Ended
	Dec. 31, 2016
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage	18.50%

XML

Fair Value Measurements (Fair Value Balance Sheet Grouping) (Details) - Parent Company [Member] - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Liabilities
Obligation under assessment arrangements	$ 31,729	$ 33,456
Other financial instruments		100
Carrying Value
Liabilities
Obligation under assessment arrangements	25,602	26,660
Other financial instruments		97
Estimated Fair Value
Liabilities
Obligation under assessment arrangements	$ 26,999	27,054
Other financial instruments		$ 97

XML

Fair Value Measurements (Fair Value Balance Sheet Long-Term Debt Grouping) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Mar. 28, 2016	May 21, 2015	Aug. 16, 2012	Nov. 10, 2010
Parent Company [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Outstanding principal	$ 3,121,558	$ 3,283,129
Parent Company [Member] | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt		3,229,455
Parent Company [Member] | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument		3,403,069
Parent Company [Member] | Fixed Rate Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	504	591
Parent Company [Member] | Fixed Rate Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument	504	591
Parent Company [Member] | Other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	504	591
Parent Company [Member] | Other | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Outstanding principal	504	591
Parent Company [Member] | Bank Credit Facility | Bank Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	1,595,703	1,752,147
Parent Company [Member] | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Outstanding principal	1,621,054	1,782,538
Parent Company [Member] | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	1,595,703	1,752,147
Parent Company [Member] | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument	$ 1,625,178	$ 1,791,853
Parent Company [Member] | Senior Notes Due 2023 [Member] | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, stated interest rate	6.875%	6.875%		6.875%		6.875%
Long-term Debt	$ 740,545	$ 738,791
Parent Company [Member] | Senior Notes Due 2023 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Outstanding principal	750,000	750,000
Parent Company [Member] | Senior Notes Due 2023 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	740,545	738,791
Parent Company [Member] | Senior Notes Due 2023 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument	$ 798,750	$ 806,250
Parent Company [Member] | Senior Notes Due 2026 [Member] | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, stated interest rate	6.375%	6.375%	6.375%	6.375%
Long-term Debt	$ 739,128
Parent Company [Member] | Senior Notes Due 2026 [Member] | Senior Notes | Fair Value, Inputs, Level 1 [Member] | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt		$ 737,926
Parent Company [Member] | Senior Notes Due 2026 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Outstanding principal	750,000	750,000
Parent Company [Member] | Senior Notes Due 2026 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	739,128
Parent Company [Member] | Senior Notes Due 2026 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument	810,000	$ 804,375
Consolidated, Excluding Borgata [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Outstanding principal	3,121,558
Consolidated, Excluding Borgata [Member] | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	3,075,880
Consolidated, Excluding Borgata [Member] | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument	$ 3,234,432
Peninsula | 8.375% Senior Notes due 2018 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, stated interest rate					8.375%

XML

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions based on wages paid to covered employees	$ 1.6	$ 1.5	$ 1.4
Voluntary contributions to the 401(k) profit-sharing plans and trusts	$ 4.4	$ 3.9	$ 3.3

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Segment Information (Certain Segment Operating Data and Other) (Details) $ in Thousands	3 Months Ended								7 Months Ended	12 Months Ended
	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Jul. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) segment	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items]
Gaming										$ 1,740,268	$ 1,610,393	$ 1,631,177
Food and beverage										346,379	302,705	303,786
Room										186,795	169,391	162,248
Other										127,377	116,770	117,620
Gross Revenues										2,400,819	2,199,259	2,214,831
Corporate expense										88,148	72,668	76,941
Depreciation and amortization										217,522	196,226	207,118
Project development, preopening and writedowns										14,454	22,107	6,907
Share-based compensation expense										17,413	15,518	19,264
Other Asset Impairment Charges										0	38,302	18,565
Impairments of assets										(426)	38,302	18,565
Other operating charges, net										1,900	284	907
Operating Income (Loss)	$ 80,477	$ 78,940	$ 89,554	$ 94,830	$ 29,726	$ 67,881	$ 80,439	$ 82,362		$ 343,801	260,408	271,584
Number of reportable segments | segment										3
Segment Reconciling Items [Member]
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items]
Total Reportable Segment Adjusted EBITDA										$ 595,931	536,111	527,773
Corporate expense										(73,046)	(59,875)	(60,177)
Reportable Segment Adjusted EBITDA										668,977	595,986	587,950
Deferred rent										1,267	3,266	3,428
Depreciation and amortization											196,226	207,118
Project development, preopening and writedowns											22,107	6,907
Share-based compensation expense										17,413	15,518	19,264
Impairments of assets											38,302	18,565
Other operating charges, net											284	907
Total other operating costs and expenses										252,130	275,703	256,189
Operating Income (Loss)										343,801	260,408	271,584
Las Vegas Locals
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items]
Gaming										563,785	422,375	395,108
Food and beverage										154,451	108,541	103,353
Room										98,406	82,566	75,282
Other										51,735	41,533	42,827
Gross Revenues										868,377	655,015	616,570
Total Reportable Segment Adjusted EBITDA										249,906	176,066	157,269
Downtown Las Vegas
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items]
Gaming										133,072	133,165	131,871
Food and beverage										54,451	52,849	52,105
Room										24,623	20,209	19,856
Other										32,295	30,347	29,445
Gross Revenues										244,441	236,570	233,277
Total Reportable Segment Adjusted EBITDA										54,613	52,341	49,214
Midwest and South
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items]
Gaming										1,043,411	1,054,853	1,104,198
Food and beverage										137,477	141,315	148,328
Room										63,766	66,616	67,110
Other										43,347	44,890	45,348
Gross Revenues										1,288,001	1,307,674	1,364,984
Total Reportable Segment Adjusted EBITDA										$ 364,458	$ 367,579	381,467
Borgata
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items]
Ownership percentage by noncontrolling owners	50.00%									50.00%
Operating Income (Loss)									$ 118,698			$ 146,842

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Segment Information (Reconciliation of Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 4,685,930	$ 4,670,751
Reportable Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	4,459,650	4,499,484
Las Vegas Locals
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,792,119	1,785,858
Downtown Las Vegas
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	170,574	157,319
Midwest and South
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,496,957	2,556,307
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 226,280	$ 171,267

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Segment Information (Reconciliation of Capital Expenditures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	$ (190,417)	$ (160,427)	$ (128,305)
Change in Accrued Property Additions	47	(69)	2,865
Cash-Based Capital Expenditures	190,464	160,358	131,170
Las Vegas Locals
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	(59,382)	(42,069)	(41,772)
Downtown Las Vegas
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	(21,705)	(28,431)	(13,000)
Midwest and South
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	(37,657)	(73,255)	(60,887)
Reportable Segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	(118,744)	(143,755)	(115,659)
Corporate
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital Expenditures	$ (71,673)	$ (16,672)	$ 12,646

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Selected Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Net Revenues	$ 595,088	$ 591,542	$ 604,124	$ 610,065	$ 558,649	$ 535,173	$ 548,784	$ 556,653	$ 2,400,819	$ 2,199,259	$ 2,214,831
Operating Income (Loss)	80,477	78,940	89,554	94,830	29,726	67,881	80,439	82,362	343,801	260,408	271,584
Income from continuing operations, net of tax	82,073	23,157	27,692	35,076	10,581	164,197	11,257	21,666	167,998	207,701	11,068
Income from discontinued operations, net of tax	0	0	21,017	375	1,478	180,707	18,715	11,630	21,392	212,530	36,539
Net Income (Loss) Attributable to Parent	$ 82,073	$ 23,157	$ 48,709	$ 35,451	$ 12,059	$ 344,904	$ 29,972	$ 33,296	$ 189,390	$ 420,231	$ 47,607
Continuing operations	$ 0.72	$ 0.20	$ 0.24	$ 0.31	$ 0.09	$ 1.43	$ 0.10	$ 0.19	$ 1.46	$ 1.81	$ 0.10
Discontinued operations	0.00	0	0.18	0.00	0.01	1.58	0.16	0.10	0.19	1.86	0.32
Basic net income per common share	0.72	0.20	0.42	0.31	0.10	3.01	0.26	0.29	1.65	3.67	0.42
Continuing operations	0.71	0.20	0.24	0.31	0.09	1.43	0.10	0.19	1.45	1.80	0.10
Discontinued operations	0.00	0	0.18	0.00	0.01	1.57	0.16	0.10	0.19	1.85	0.32
Diluted net income per common share	$ 0.71	$ 0.20	$ 0.42	$ 0.31	$ 0.10	$ 3.00	$ 0.26	$ 0.29	$ 1.64	$ 3.65	$ 0.42

XML

Condensed Consolidating Financial Information (Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 203,104	$ 193,862	$ 158,821
Restricted cash	24,175	16,488	19,030
Other current assets	101,384	97,597
Property and equipment, net	2,539,786	2,605,169
Investments in subsidiaries	0	0
Intercompany receivable	0	0
Other assets, net	86,311	49,205
Assets
Intangible assets, net	842,946	881,954	890,054	$ 934,249
Goodwill, net	888,224	826,476	685,310	685,310
Total assets	4,685,930	4,670,751
Liabilities and Stockholders’ Equity
Current maturities of long-term debt	23,981	30,336
Other current liabilities	361,490	341,640
Accumulated losses of subsidiaries in excess of investment	0	0
Intercompany payable	0	0
Long-term debt, net of current maturities and debt issuance costs	3,051,899	3,199,119
Other long-term liabilities	151,333	169,476
Preferred stock	0	0
Common stock	1,126	1,129
Additional paid-in capital	931,858	953,440
Retained earnings (deficit)	164,425	(23,824)
Accumulated other comprehensive loss	(182)	(615)
Total Boyd Gaming Corporation stockholders’ equity	1,097,227	930,130
Noncontrolling interest	0	50
Total stockholders’ equity	1,097,227	930,180	$ 501,837	$ 438,087
Total liabilities and stockholders’ equity	4,685,930	4,670,751
Boyd
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	347	1,212
Restricted cash	0	0
Other current assets	78,226	78,915
Property and equipment, net	88,464	73,180
Investments in subsidiaries	4,913,592	4,501,951
Intercompany receivable	0	0
Other assets, net	14,725	13,598
Assets
Intangible assets, net	0	0
Goodwill, net	0	0
Total assets	5,095,354	4,668,856
Liabilities and Stockholders’ Equity
Current maturities of long-term debt	23,895	30,250
Other current liabilities	130,030	93,762
Accumulated losses of subsidiaries in excess of investment	0	0
Intercompany payable	888,444	521,002
Long-term debt, net of current maturities and debt issuance costs	3,051,481	3,198,613
Other long-term liabilities	(95,723)	(104,901)
Total Boyd Gaming Corporation stockholders’ equity		930,130
Noncontrolling interest		0
Total stockholders’ equity	1,097,227	930,130
Total liabilities and stockholders’ equity	5,095,354	4,668,856
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	199,574	189,364
Restricted cash	14,389	10,246
Other current assets	20,687	14,647
Property and equipment, net	2,424,361	2,503,127
Investments in subsidiaries	0	139,465
Intercompany receivable	1,560,841	1,140,125
Other assets, net	33,369	31,899
Assets
Intangible assets, net	818,887	857,894
Goodwill, net	887,442	825,694
Total assets	5,959,550	5,712,461
Liabilities and Stockholders’ Equity
Current maturities of long-term debt	86	86
Other current liabilities	212,146	202,840
Accumulated losses of subsidiaries in excess of investment	73,130	0
Intercompany payable	0	0
Long-term debt, net of current maturities and debt issuance costs	418	506
Other long-term liabilities	256,584	295,206
Total Boyd Gaming Corporation stockholders’ equity		5,213,823
Noncontrolling interest		0
Total stockholders’ equity	5,417,186	5,213,823
Total liabilities and stockholders’ equity	5,959,550	5,712,461
Non-Guarantor Subsidiaries (100% Owned)
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	3,183	3,286
Restricted cash	9,786	6,242
Other current assets	2,782	2,666
Property and equipment, net	26,961	28,862
Investments in subsidiaries	18,097	0
Intercompany receivable	0	0
Other assets, net	38,217	3,708
Assets
Intangible assets, net	24,059	24,060
Goodwill, net	782	782
Total assets	123,867	69,606
Liabilities and Stockholders’ Equity
Current maturities of long-term debt	0	0
Other current liabilities	19,578	46,467
Accumulated losses of subsidiaries in excess of investment	0	8,257
Intercompany payable	1,046,114	968,811
Long-term debt, net of current maturities and debt issuance costs	0	0
Other long-term liabilities	(10,428)	(21,729)
Total Boyd Gaming Corporation stockholders’ equity		(932,200)
Noncontrolling interest		0
Total stockholders’ equity	(931,397)	(932,200)
Total liabilities and stockholders’ equity	123,867	69,606
Non-Guarantor Subsidiaries (Not 100% Owned)
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Other current assets	0	0
Property and equipment, net	0	0
Investments in subsidiaries	0	0
Intercompany receivable	0	0
Other assets, net	0	0
Assets
Intangible assets, net	0	0
Goodwill, net	0	0
Total assets	0	0
Liabilities and Stockholders’ Equity
Current maturities of long-term debt	0	0
Other current liabilities	0	0
Accumulated losses of subsidiaries in excess of investment	0	0
Intercompany payable	0	254
Long-term debt, net of current maturities and debt issuance costs	0	0
Other long-term liabilities	0	0
Total Boyd Gaming Corporation stockholders’ equity		(254)
Noncontrolling interest		0
Total stockholders’ equity	0	(254)
Total liabilities and stockholders’ equity	0	0
Subsidiary, Wholly Owned [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Other current assets	234	1,822
Property and equipment, net	0	0
Investments in subsidiaries	0	0
Intercompany receivable	373,718	350,892
Other assets, net	0	0
Assets
Intangible assets, net	0	0
Goodwill, net	0	0
Total assets	373,952	352,714
Liabilities and Stockholders’ Equity
Current maturities of long-term debt	0	0
Other current liabilities	0	0
Accumulated losses of subsidiaries in excess of investment	0	0
Intercompany payable	0	0
Long-term debt, net of current maturities and debt issuance costs	0	0
Other long-term liabilities	900	900
Total Boyd Gaming Corporation stockholders’ equity		351,814
Noncontrolling interest		0
Total stockholders’ equity	373,052	351,814
Total liabilities and stockholders’ equity	373,952	352,714
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Other current assets	(545)	(453)
Property and equipment, net	0	0
Investments in subsidiaries	(4,931,689)	(4,641,416)
Intercompany receivable	(1,934,559)	(1,491,017)
Other assets, net	0	0
Assets
Intangible assets, net	0	0
Goodwill, net	0	0
Total assets	(6,866,793)	(6,132,886)
Liabilities and Stockholders’ Equity
Current maturities of long-term debt	0	0
Other current liabilities	(264)	(1,429)
Accumulated losses of subsidiaries in excess of investment	(73,130)	(8,257)
Intercompany payable	(1,934,558)	(1,490,067)
Long-term debt, net of current maturities and debt issuance costs	0	0
Other long-term liabilities	0	0
Total Boyd Gaming Corporation stockholders’ equity		(4,633,183)
Total stockholders’ equity	(4,858,841)	(4,633,133)
Total liabilities and stockholders’ equity	$ (6,866,793)	$ (6,132,886)

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Condensed Consolidating Financial Information (Income Statements) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Financial Statements, Captions [Line Items]
Net Revenues	$ 595,088	$ 591,542	$ 604,124	$ 610,065	$ 558,649	$ 535,173	$ 548,784	$ 556,653	$ 2,400,819	$ 2,199,259	$ 2,214,831
Costs and Expenses
Operating									1,263,921	1,186,985	1,205,589
Selling, general and administrative									362,037	322,259	322,672
Maintenance and utilities									109,462	100,020	104,548
Depreciation and amortization									217,522	196,226	207,118
Corporate expense									88,148	72,668	76,941
Project development, preopening and writedowns									14,454	22,107	6,907
Impairments of assets									(426)	38,302	18,565
Other operating charges, net									1,900	284	907
Intercompany expenses									0	0	0
Total operating costs and expenses									2,057,018	1,938,851	1,943,247
Equity in earnings (losses) of subsidiaries									0	0	0
Operating income	80,477	78,940	89,554	94,830	29,726	67,881	80,439	82,362	343,801	260,408	271,584
Other expense (income)
Interest expense, net									171,290	209,731	222,732
Loss on early extinguishments and modifications of debt									1,582	42,364	40,733
Other, net									(184)	545	3,676
Total other expense, net									172,688	252,640	267,141
Income (loss) from continuing operations before income taxes									171,113	7,768	4,443
Income tax (provision) benefit									(3,115)	199,933	6,625
Income from continuing operations, net of tax	82,073	23,157	27,692	35,076	10,581	164,197	11,257	21,666	167,998	207,701	11,068
Income from discontinued operations, net of tax	0	0	21,017	375	1,478	180,707	18,715	11,630	21,392	212,530	36,539
Net income									189,390	420,231	47,607
Net Income (Loss) Attributable to Parent	$ 82,073	$ 23,157	$ 48,709	$ 35,451	$ 12,059	$ 344,904	$ 29,972	$ 33,296	189,390	420,231	47,607
Comprehensive income									189,823	419,932	47,344
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net Revenues									2,377,514	2,176,788	2,194,440
Costs and Expenses
Operating									1,225,765	1,148,170	1,165,834
Selling, general and administrative									354,423	265,735	267,913
Maintenance and utilities									108,092	98,741	103,086
Depreciation and amortization									201,401	183,524	196,852
Corporate expense									1,140	1,621	1,581
Project development, preopening and writedowns									2,758	(3,933)	2,351
Impairments of assets									1	36,862	17,500
Other operating charges, net									1,175	103	308
Intercompany expenses									(91,411)	(140,291)	(140,321)
Total operating costs and expenses									1,986,166	1,871,114	1,895,746
Equity in earnings (losses) of subsidiaries									1,374	2,039	2,204
Operating income									389,974	303,635	296,490
Other expense (income)
Interest expense, net									1,275	46,357	85,957
Loss on early extinguishments and modifications of debt									0	14,008	9,904
Other, net									(98)	617	2,959
Total other expense, net									1,177	60,982	98,820
Income (loss) from continuing operations before income taxes									388,797	242,653	197,670
Income tax (provision) benefit									(73,426)	10,935	(11,345)
Income from continuing operations, net of tax									315,371	253,588	186,325
Income from discontinued operations, net of tax									0	(899)	540
Net income									315,371	252,689	186,865
Comprehensive income									315,804	252,390	186,602
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net Revenues									73,292	121,939	121,541
Costs and Expenses
Operating									0	1,200	1,800
Selling, general and administrative									44	49,938	48,173
Maintenance and utilities									0	0	0
Depreciation and amortization									12,041	8,767	6,179
Corporate expense									85,362	66,703	71,700
Project development, preopening and writedowns									7,806	18,079	884
Impairments of assets									600	1,440	0
Other operating charges, net									725	181	599
Intercompany expenses									(1,204)	(1,205)	(1,204)
Total operating costs and expenses									107,782	147,513	130,539
Equity in earnings (losses) of subsidiaries									(330,711)	(445,130)	(190,943)
Operating income									296,221	419,556	181,945
Other expense (income)
Interest expense, net									169,990	157,923	125,890
Loss on early extinguishments and modifications of debt									1,582	28,356	30,829
Other, net									(16)	1	396
Total other expense, net									171,556	186,280	157,115
Income (loss) from continuing operations before income taxes									124,665	233,276	24,830
Income tax (provision) benefit									64,725	186,955	22,777
Income from continuing operations, net of tax									189,390	420,231	47,607
Income from discontinued operations, net of tax									0	0	0
Net income									189,390	420,231	47,607
Comprehensive income									189,823	419,932	47,344
Non-Guarantor Subsidiaries (100% Owned)
Condensed Financial Statements, Captions [Line Items]
Net Revenues									42,670	43,867	42,459
Costs and Expenses
Operating									38,156	37,615	37,955
Selling, general and administrative									7,612	6,584	6,604
Maintenance and utilities									1,370	1,279	1,462
Depreciation and amortization									4,080	3,928	4,074
Corporate expense									1,646	4,227	3,460
Project development, preopening and writedowns									3,736	7,320	3,596
Impairments of assets									(1,027)	0	1,065
Other operating charges, net									0	0	0
Intercompany expenses									0	(1,461)	(1,416)
Total operating costs and expenses									55,573	62,414	59,632
Equity in earnings (losses) of subsidiaries									0	0	76
Operating income									(12,903)	(18,547)	(17,249)
Other expense (income)
Interest expense, net									25	25	24
Loss on early extinguishments and modifications of debt									0	0	0
Other, net									(70)	(73)	321
Total other expense, net									(45)	(48)	345
Income (loss) from continuing operations before income taxes									(12,858)	(18,499)	(17,594)
Income tax (provision) benefit									5,586	126	(54)
Income from continuing operations, net of tax									(7,272)	(18,373)	(17,648)
Income from discontinued operations, net of tax									0	0	0
Net income									(7,272)	(18,373)	(17,648)
Comprehensive income									(7,272)	(18,373)	(17,648)
Non-Guarantor Subsidiaries (Not 100% Owned)
Condensed Financial Statements, Captions [Line Items]
Net Revenues									0	0	0
Costs and Expenses
Operating									0	0	0
Selling, general and administrative									0	0	0
Maintenance and utilities									0	0	0
Depreciation and amortization									0	0	0
Corporate expense									0	0	0
Project development, preopening and writedowns									0	0	76
Impairments of assets									0	0	0
Other operating charges, net									0	0	0
Intercompany expenses									0	0	0
Total operating costs and expenses									0	0	76
Equity in earnings (losses) of subsidiaries									0	0	0
Operating income									0	0	(76)
Other expense (income)
Interest expense, net									0	0	0
Loss on early extinguishments and modifications of debt									0	0	0
Other, net									0	0	0
Total other expense, net									0	0	0
Income (loss) from continuing operations before income taxes									0	0	(76)
Income tax (provision) benefit									0	0	0
Income from continuing operations, net of tax									0	0	(76)
Income from discontinued operations, net of tax									0	0	0
Net income									0	0	(76)
Comprehensive income									0	0	(76)
Subsidiary, Wholly Owned [Member]
Condensed Financial Statements, Captions [Line Items]
Net Revenues									0	0	0
Costs and Expenses
Operating									0	0	0
Selling, general and administrative									0	0	0
Maintenance and utilities									0	0	0
Depreciation and amortization									0	7	13
Corporate expense									0	117	200
Project development, preopening and writedowns									154	641	0
Impairments of assets									0	0	0
Other operating charges, net									0	0	0
Intercompany expenses									0	(380)	(650)
Total operating costs and expenses									154	1,145	863
Equity in earnings (losses) of subsidiaries									0	0	0
Operating income									(154)	(1,145)	(863)
Other expense (income)
Interest expense, net									0	5,426	10,861
Loss on early extinguishments and modifications of debt									0	0	0
Other, net									0	0	0
Total other expense, net									0	5,426	10,861
Income (loss) from continuing operations before income taxes									(154)	(6,571)	(11,724)
Income tax (provision) benefit									0	1,917	(4,753)
Income from continuing operations, net of tax									(154)	(4,654)	(16,477)
Income from discontinued operations, net of tax									21,392	213,429	35,999
Net income									21,238	208,775	19,522
Comprehensive income									21,238	208,775	19,522
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net Revenues									(92,657)	(143,335)	(143,609)
Costs and Expenses
Operating									0	0	0
Selling, general and administrative									(42)	2	(18)
Maintenance and utilities									0	0	0
Depreciation and amortization									0	0	0
Corporate expense									0	0	0
Project development, preopening and writedowns									0	0	0
Impairments of assets									0	0	0
Other operating charges, net									0	0	0
Intercompany expenses									92,615	143,337	143,591
Total operating costs and expenses									(92,657)	(143,335)	(143,609)
Equity in earnings (losses) of subsidiaries									329,337	443,091	188,663
Operating income									(329,337)	(443,091)	(188,663)
Other expense (income)
Interest expense, net									0	0	0
Loss on early extinguishments and modifications of debt									0	0	0
Other, net									0	0	0
Total other expense, net									0	0	0
Income (loss) from continuing operations before income taxes									(329,337)	(443,091)	(188,663)
Income tax (provision) benefit									0	0	0
Income from continuing operations, net of tax									(329,337)	(443,091)	(188,663)
Income from discontinued operations, net of tax									0	0	0
Net income									(329,337)	(443,091)	(188,663)
Comprehensive income									$ (329,770)	$ (442,792)	$ (188,400)

XML

Condensed Consolidating Financial Information (Cash Flows) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net cash from operating activities	$ 422,551	$ 300,339	$ 326,674
Cash flows from investing activities
Capital expenditures	(190,464)	(160,358)	(131,170)
Net Investing Activity with Affiliates	0		0
Proceeds from Equity Method Investment, Distribution	0	0	0
Proceeds (Payments) from Investments in Development Agreement	(35,108)	0	0
Payments to (Proceeds from) Combined Other Investing Activities	706
Cash paid for acquisitions, net of cash received	(1,153)	(592,703)	0
Other investing activities	706	14,207	4,528
Net cash used in investing activities	(226,019)	(738,854)	(126,642)
Cash flows from financing activities
Borrowings under bank credit facility	958,000	2,276,175	1,379,000
Payments under bank credit facility	(1,119,485)	(2,366,112)	(1,636,350)
Debt financing costs, net	(3,430)	(42,220)	(14,004)
Premium and Consent Fees Paid	0	15,750	24,246
Net Financing Activity with Affiliates	0	(1,295)	3,689
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries	0	0
Share-based compensation activities, net	(7,711)	(1,295)	3,689
Stock Repurchased During Period, Value	(31,927)
Payments of Ordinary Dividends, Common Stock	(11,286)	0	0
Proceeds from (Payments for) Other Financing Activities	(503)	45	0
Net cash provided by (used in) financing activities	(215,336)	(99,247)	(199,724)
Proceeds from Issuance of Senior Long-term Debt	0	(750,000)	(750,000)
Payments on Retirements of Long-term Debt	0	(700,000)	(657,813)
Cash flows from operating activities	(514)	(27,796)	14,095
Cash flows from investing activities	36,247	598,057	0
Cash flows from financing activities	0	0	0
Net cash provided by discontinued operations	35,733	570,261	14,095
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	16,929	32,499	14,403
Proceeds from Issuance of Long-term Debt		0	0
Proceeds from Contributions from Parent			0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	227,279	210,350	177,851	$ 163,448
Parent Company [Member]
Cash flows from operating activities
Net cash from operating activities	(82,632)	(86,502)	102,080
Cash flows from investing activities
Capital expenditures	(102,277)	42,840	(48,591)
Net Investing Activity with Affiliates	0	0	0
Proceeds from Equity Method Investment, Distribution	10,867	9,150	11,200
Proceeds (Payments) from Investments in Development Agreement	0
Payments to (Proceeds from) Combined Other Investing Activities	0
Cash paid for acquisitions, net of cash received	(1,153)	592,703
Other investing activities		0	3,292
Net cash used in investing activities	(92,563)	(626,393)	(34,099)
Cash flows from financing activities
Borrowings under bank credit facility	958,000	2,039,175	1,033,500
Payments under bank credit facility	(1,119,485)	1,466,362	(1,211,200)
Debt financing costs, net	(3,430)	42,220	(14,004)
Premium and Consent Fees Paid		15,750	24,246
Net Financing Activity with Affiliates	389,579	(1,295)	3,689
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries	0	0
Share-based compensation activities, net	(7,711)
Stock Repurchased During Period, Value	(31,927)
Payments of Ordinary Dividends, Common Stock	(11,286)
Proceeds from (Payments for) Other Financing Activities	(590)	45
Net cash provided by (used in) financing activities	174,330	714,105	(67,981)
Proceeds from Issuance of Senior Long-term Debt		(750,000)	(750,000)
Payments on Retirements of Long-term Debt		350,000	(500,000)
Cash flows from operating activities	0	0	0
Cash flows from investing activities	0	0	0
Cash flows from financing activities	0	0	0
Net cash provided by discontinued operations	0	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	(865)	1,210	0
Proceeds from Issuance of Long-term Debt		(199,398)	(105,720)
Proceeds from Contributions from Parent			0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	347	1,212	2	2
Guarantor Subsidiaries
Cash flows from operating activities
Net cash from operating activities	532,515	502,815	249,822
Cash flows from investing activities
Capital expenditures	(87,590)	(116,834)	(82,392)
Net Investing Activity with Affiliates	(420,716)	659,549	(65,408)
Proceeds from Equity Method Investment, Distribution	0	0	0
Proceeds (Payments) from Investments in Development Agreement	0
Payments to (Proceeds from) Combined Other Investing Activities	706
Cash paid for acquisitions, net of cash received	0	0
Other investing activities		7,529	1,236
Net cash used in investing activities	(507,600)	550,244	(146,564)
Cash flows from financing activities
Borrowings under bank credit facility	0	237,000	345,500
Payments under bank credit facility	0	(899,750)	(425,150)
Debt financing costs, net	0	0	0
Premium and Consent Fees Paid		0	0
Net Financing Activity with Affiliates	0	0	0
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries	10,475	9,000
Share-based compensation activities, net	0
Stock Repurchased During Period, Value	0
Payments of Ordinary Dividends, Common Stock	0
Proceeds from (Payments for) Other Financing Activities	87	0
Net cash provided by (used in) financing activities	(10,562)	(1,021,750)	(90,753)
Proceeds from Issuance of Senior Long-term Debt		0	0
Payments on Retirements of Long-term Debt		(350,000)	(3)
Cash flows from operating activities	0	0	0
Cash flows from investing activities	0	0	0
Cash flows from financing activities	0	0	0
Net cash provided by discontinued operations	0	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	14,353	31,309	12,505
Proceeds from Issuance of Long-term Debt		0	0
Proceeds from Contributions from Parent			(11,100)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	213,963	199,610	168,301	155,796
Non-Guarantor Subsidiaries (100% Owned)
Cash flows from operating activities
Net cash from operating activities	(15,628)	7,234	(12,131)
Cash flows from investing activities
Capital expenditures	(597)	(684)	(187)
Net Investing Activity with Affiliates	0	0	0
Proceeds from Equity Method Investment, Distribution	0	0	0
Proceeds (Payments) from Investments in Development Agreement	(35,108)
Payments to (Proceeds from) Combined Other Investing Activities	0
Cash paid for acquisitions, net of cash received	0	0
Other investing activities		6,678	0
Net cash used in investing activities	(35,705)	5,994	(187)
Cash flows from financing activities
Borrowings under bank credit facility	0	0	0
Payments under bank credit facility	0	0	0
Debt financing costs, net	0	0	0
Premium and Consent Fees Paid		0	0
Net Financing Activity with Affiliates	55,166	0	0
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries	392	150
Share-based compensation activities, net	0
Stock Repurchased During Period, Value	0
Payments of Ordinary Dividends, Common Stock	0
Proceeds from (Payments for) Other Financing Activities	0	0
Net cash provided by (used in) financing activities	54,774	(13,027)	14,214
Proceeds from Issuance of Senior Long-term Debt		0	0
Payments on Retirements of Long-term Debt		0	(157,810)
Cash flows from operating activities	0	0	0
Cash flows from investing activities	0	0	0
Cash flows from financing activities	0	0	0
Net cash provided by discontinued operations	0	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	3,441	201	1,896
Proceeds from Issuance of Long-term Debt		(12,877)	172,124
Proceeds from Contributions from Parent			(100)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	12,969	9,528	9,327	7,431
Non-Guarantor Subsidiaries (Not 100% Owned)
Cash flows from operating activities
Net cash from operating activities	254	0	(76)
Cash flows from investing activities
Capital expenditures	0	0	0
Net Investing Activity with Affiliates	0	0	0
Proceeds from Equity Method Investment, Distribution	0	0	0
Proceeds (Payments) from Investments in Development Agreement	0
Payments to (Proceeds from) Combined Other Investing Activities	0
Cash paid for acquisitions, net of cash received	0	0
Other investing activities		0	0
Net cash used in investing activities	0	0	0
Cash flows from financing activities
Borrowings under bank credit facility	0	0	0
Payments under bank credit facility	0	0	0
Debt financing costs, net	0	0	0
Premium and Consent Fees Paid		0	0
Net Financing Activity with Affiliates	(254)	0	0
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries	0	0
Share-based compensation activities, net	0
Stock Repurchased During Period, Value	0
Payments of Ordinary Dividends, Common Stock	0
Proceeds from (Payments for) Other Financing Activities	0	0
Net cash provided by (used in) financing activities	(254)	(221)	78
Proceeds from Issuance of Senior Long-term Debt		0	0
Payments on Retirements of Long-term Debt		0	0
Cash flows from operating activities	0	0	0
Cash flows from investing activities	0	0	0
Cash flows from financing activities	0	0	0
Net cash provided by discontinued operations	0	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	0	(221)	2
Proceeds from Issuance of Long-term Debt		(221)	78
Proceeds from Contributions from Parent			0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	0	0	221	219
Eliminations [Member]
Cash flows from operating activities
Net cash from operating activities	949	(1,196)	363
Cash flows from investing activities
Capital expenditures	0	0	0
Net Investing Activity with Affiliates	443,542	(211,300)	65,408
Proceeds from Equity Method Investment, Distribution	(10,867)	(9,150)	(11,200)
Proceeds (Payments) from Investments in Development Agreement	0
Payments to (Proceeds from) Combined Other Investing Activities	0
Cash paid for acquisitions, net of cash received	0	0
Other investing activities		0	0
Net cash used in investing activities	432,675	(220,450)	54,208
Cash flows from financing activities
Borrowings under bank credit facility	0	0	0
Payments under bank credit facility	0	0	0
Debt financing costs, net	0	0	0
Premium and Consent Fees Paid		0	0
Net Financing Activity with Affiliates	(444,491)	0	0
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries	(10,867)	(9,150)
Share-based compensation activities, net	0
Stock Repurchased During Period, Value	0
Payments of Ordinary Dividends, Common Stock	0
Proceeds from (Payments for) Other Financing Activities	0
Net cash provided by (used in) financing activities	(433,624)	221,646	(54,571)
Proceeds from Issuance of Senior Long-term Debt		0	0
Payments on Retirements of Long-term Debt			0
Cash flows from operating activities	0	0	0
Cash flows from investing activities	0	0	0
Cash flows from financing activities	0	0	0
Net cash provided by discontinued operations	0	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	0	0	0
Proceeds from Issuance of Long-term Debt		212,496	(65,771)
Proceeds from Contributions from Parent			11,200
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	0	0	0	0
Subsidiary, Wholly Owned [Member]
Cash flows from operating activities
Net cash from operating activities	(12,907)	(122,012)	(13,384)
Cash flows from investing activities
Capital expenditures	0	0	0
Net Investing Activity with Affiliates	(22,826)	(448,249)	0
Proceeds from Equity Method Investment, Distribution	0	0	0
Proceeds (Payments) from Investments in Development Agreement	0
Payments to (Proceeds from) Combined Other Investing Activities	0
Cash paid for acquisitions, net of cash received	0	0
Other investing activities		0	0
Net cash used in investing activities	(22,826)	(448,249)	0
Cash flows from financing activities
Borrowings under bank credit facility	0	0	0
Payments under bank credit facility	0	0	0
Debt financing costs, net	0	0	0
Premium and Consent Fees Paid		0	0
Net Financing Activity with Affiliates	0	0	0
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries	0	0
Share-based compensation activities, net	0
Stock Repurchased During Period, Value	0
Payments of Ordinary Dividends, Common Stock	0
Proceeds from (Payments for) Other Financing Activities	0	0
Net cash provided by (used in) financing activities	0	0	(711)
Proceeds from Issuance of Senior Long-term Debt		0	0
Payments on Retirements of Long-term Debt		0	0
Cash flows from operating activities	(514)	(27,796)	14,095
Cash flows from investing activities	36,247	598,057	0
Cash flows from financing activities	0	0	0
Net cash provided by discontinued operations	35,733	570,261	14,095
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	0	0	0
Proceeds from Issuance of Long-term Debt		0	(711)
Proceeds from Contributions from Parent			0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 0	0	$ 0	$ 0
Consolidation, Eliminations [Member]
Cash flows from financing activities
Proceeds from (Payments for) Other Financing Activities		0
Payments on Retirements of Long-term Debt		$ 0

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Condensed Consolidating Financial Information (Narrative) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Mar. 28, 2016	May 21, 2015	Nov. 10, 2010
For the year ending December 31,
Subsidiaries, Ownership Percentage	80.00%
Boyd
For the year ending December 31,
Subsidiaries, Ownership Percentage					100.00%
Long-term Debt, Gross	$ 3,121,558,000	$ 3,283,129,000
Boyd | Senior Notes | 6.000% Senior Notes Due 2026 [Member]
For the year ending December 31,
Debt instrument, stated interest rate	6.00%
Boyd | Senior Notes | Senior Notes Due 2023 [Member]
For the year ending December 31,
Debt instrument, stated interest rate	6.875%	6.875%		6.875%	6.875%
Subsidiaries, Ownership Percentage				100.00%
Boyd | Senior Notes | Senior Notes Due 2026 [Member]
For the year ending December 31,
Debt instrument, stated interest rate	6.375%	6.375%	6.375%	6.375%
Subsidiaries, Ownership Percentage				100.00%
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Boyd | Senior Notes | 6.000% Senior Notes Due 2026 [Member]
For the year ending December 31,
Long-term Debt, Gross	$ 700.0
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Boyd | Senior Notes | Senior Notes Due 2023 [Member]
For the year ending December 31,
Long-term Debt, Gross	750,000,000	$ 750,000,000
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Boyd | Senior Notes | Senior Notes Due 2026 [Member]
For the year ending December 31,
Long-term Debt, Gross	$ 750,000,000	$ 750,000,000

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Condensed Consolidating Financial Information Schedule of adjustments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of adjustments [Line Items]
Net income									$ 189,390	$ 420,231	$ 47,607
Income from continuing operations, net of tax	$ 82,073	$ 23,157	$ 27,692	$ 35,076	$ 10,581	$ 164,197	$ 11,257	$ 21,666	167,998	207,701	11,068
Total assets	4,685,930				4,670,751				4,685,930	4,670,751
Net cash from operating activities									422,551	300,339	326,674
Boyd
Schedule of adjustments [Line Items]
Net income									189,390	420,231	47,607
Income from continuing operations, net of tax									189,390	420,231	47,607
Total assets	5,095,354				4,668,856				5,095,354	4,668,856
Net cash from operating activities									(82,632)	(86,502)	102,080
Guarantor Subsidiaries
Schedule of adjustments [Line Items]
Net income									315,371	252,689	186,865
Income from continuing operations, net of tax									315,371	253,588	186,325
Total assets	5,959,550				5,712,461				5,959,550	5,712,461
Net cash from operating activities									532,515	502,815	249,822
Non-Guarantor Subsidiaries (100% Owned)
Schedule of adjustments [Line Items]
Net income									(7,272)	(18,373)	(17,648)
Income from continuing operations, net of tax									(7,272)	(18,373)	(17,648)
Total assets	123,867				69,606				123,867	69,606
Net cash from operating activities									(15,628)	7,234	(12,131)
Non-Guarantor Subsidiaries (Not 100% Owned)
Schedule of adjustments [Line Items]
Net income									0	0	(76)
Income from continuing operations, net of tax									0	0	(76)
Total assets	$ 0				$ 0				0	0
Net cash from operating activities									$ 254	$ 0	$ (76)

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Related Party Transactions (Details)	Dec. 31, 2017
Related Party Transaction [Line Items]
Ownership percentage	50.00%
William S. Boyd and His Immediate Family
Related Party Transaction [Line Items]
Ownership percentage	27.00%