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): May 4, 2010

Boyd Gaming Corporation

(Exact Name of Registrant as Specified in its Charter)

Nevada	1-12882	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)

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:

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

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

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

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

Item 2.02 Results of Operations and Financial Condition

The information set forth under Item 7.01 hereof is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure

Boyd Gaming Corporation (the “Company”) is filing this Current Report on Form 8-K to disclose certain recasted historical quarterly basic pro forma financial statements and other supporting schedules, showing the effect of the consolidation, of Marina District Development Company, LLC, the entity that owns and operates the Borgata Hotel Casino & Spa in Atlantic City, New Jersey (“Borgata”), the Company’s 50% joint venture. These recasted financial statements reflect the consolidation of Borgata as if the consolidation had occurred as of January 1, 2009, and for the quarterly periods within the year ended December 31, 2009, for comparability purposes.

In March 2010, an amendment to the Company’s Operating Agreement with the Company’s joint venture partner, MGM MIRAGE (“MGM”) became effective, which among other things, resulted in the elimination of the participating rights previously held by MGM. As a result, the Company effectively obtained control of Borgata upon the effective date of the amendment. This change in control requires acquisition method accounting in accordance with ASC Topic 810. Under the appropriate authoritative guidance, the Company’s previously held equity interest was re-measured to fair value at the date control was obtained. Although not presently required, the Company is providing the attached pro forma historical financial information for comparable purposes, however, the Company will also include this information in future filings, as required and/or as necessary.

The financial statements and schedules are furnished as Exhibits 99.1 through 99.4 hereto and are incorporated herein by reference. The financial statements and schedules specifically include Unaudited Pro Forma Condensed Consolidated Balance Sheets as of March 31, 2009, June 30, 2009, September 30, 2009 and December 31, 2009 and the related Unaudited Pro Forma Condensed Consolidated Statements of Operations, Schedules of Pro Forma Adjusted Earnings, Pro Forma Net Revenues and Adjusted EBITDA by Segment, and Pro Forma Reconciliations of Adjusted EBITDA to EBITDA and Net Income (Loss) for the three months ended March 31, 2009, the three and six months ended June 30, 2009, the three and nine months ended September 31, 2009 and the three months and year ended December 31, 2009.

The financial statements and schedules for such periods, other than as indicated above, have not been updated to reflect any financial results subsequent to that date of such statements and schedules.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit Number	Exhibit
99.1	Pro Forma Unaudited Financial Statements and Supporting Schedules as of and for the three months ended March 31, 2009
99.2	Pro Forma Unaudited Financial Statements and Supporting Schedules as of and for the three and six months ended June 30, 2009
99.3	Pro Forma Unaudited Financial Statements and Supporting Schedules as of and for the three and nine months ended September 30, 2009
99.4	Pro Forma Unaudited Financial Statements and Supporting Schedules as of and for the three months and year ended December 31, 2009

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: May 4, 2010	Boyd Gaming Corporation
	/S/    JOSH HIRSBERG
	Josh Hirsberg Senior Vice President, Chief Financial Officer and Treasurer

EX-99.1

Exhibit 99.1 Pro Forma Unaudited Financial Statements and Supporting Schedules as of and for the three months ended March 31, 2009

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Balance Sheet

	March 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC		Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except share and per share data)
Assets
Cash and cash equivalents	$	98,168		$	21,525	$	—		$	119,693
Other current assets		110,351			48,995		—			159,346
Property and equipment, net		3,232,283			1,414,267		30,773			4,677,323
Investments in and advances to unconsolidated subsidiaries		418,083			6,023		(400,103	)		24,003
Other assets, net		83,898			29,836		—			113,734
Intangible assets, net		422,143			—		—			422,143
Goodwill, net		213,576			—		—			213,576
Total assets	$	4,578,502		$	1,520,646	$	(369,330	)	$	5,729,818
Liabilities and Stockholders’ Equity
Current liabilities	$	348,138		$	90,187	$	—		$	438,325
Long-term debt, net of current maturities		2,697,873			699,936		—			3,397,809
Other long-term liabilities		402,177			22,669		—			424,846
Stockholders’ equity
Preferred stock, $.01 par value, 5,000,000 shares authorized		—			—		—			—
Common stock, $.01 par value, 200,000,000 shares authorized; 86,122,787 and 87,814,061 shares outstanding		863			—		—			863
Additional paid-in capital		612,905			477,507		(477,507	)		612,905
Retained earnings		532,530			230,347		(230,347	)		532,530
Accumulated other comprehensive loss, net		(15,984	)		—		—			(15,984	)
Total Boyd Gaming Corporation stockholders’ equity		1,130,314			707,854		(707,854	)		1,130,314
Noncontrolling interest		—			—		338,524			338,524
Total stockholders’ equity		1,130,314			707,854		(369,330	)		1,468,838
Total liabilities and stockholders' equity	$	4,578,502		$	1,520,646	$	(369,330	)	$	5,729,818

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Statement of Operations

	Three Months Ended March 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Gaming revenue	$	366,063		$	168,849		$	—		$	534,912
Nongaming revenue		116,617			69,339			—			185,956
Gross revenues		482,680			238,188			—			720,868
Less promotional allowances		47,835			50,298			—			98,133
Net revenues		434,845			187,890			—			622,735
Operating expenses		329,926			141,965			(1	)		471,890
Depreciation and amortization		42,652			20,091			325			63,068
Corporate expense		12,685						—			12,685
Preopening expenses		5,839			353			—			6,192
Write-downs and other charges		28,963			(10	)		—			28,953
Total costs and expenses		420,065			162,399			324			582,788
Operating income from Borgata		12,422			—			(12,422	)		—
Operating income		27,202			25,491			(12,746	)		39,947
Interest expense, net		45,267			8,011			—			53,278
Gain on early retirements of debt		(2,400	)								(2,400	)
Other non-operating expenses from Borgata, net		4,522			—			(4,522	)		—
Total other expense, net		47,389			8,011			(4,522	)		50,878
Income (loss) before income taxes		(20,187	)		17,480			(8,224	)		(10,931	)
Income taxes		6,359			(1,032	)		—			5,327
Net income (loss)		(13,828	)		16,448			(8,224	)		(5,604	)
Noncontrolling interest		—			—			(8,224	)		(8,224	)
Net loss attributable to Boyd Gaming Corporation	$	(13,828	)	$	16,448		$	(16,448	)	$	(13,828	)
Basic and diluted net loss per common share	$	(0.16	)							$	(0.16	)
Weighted average basic and diluted shares outstanding		86,931									86,931

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Adjusted Earnings

	Three Months Ended March 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Net income (loss)	$	(13,828	)	$	16,448		$	(8,224	)	$	(5,604	)
Noncontrolling interest		—			—			(8,224	)		(8,224	)
Net loss attributable to Boyd Gaming Corporation		(13,828	)		16,448			(16,448	)		(13,828	)
Adjustments:
Preopening expenses		5,839			353			—			6,192
Our share of Borgata’s preopening expenses		176			—			(176	)		—
Our share of Borgata’s write-downs and other charges, net		(5	)		—			5			—
Gain on early retirements of debt		(2,400	)		—			—			(2,400	)
Write-downs and other charges		28,963			(10	)		—			28,953
Prior period interest expense related to the finalization of our purchase price for Dania Jai-Alai		8,883			—			—			8,883
Income tax effect for above adjustments		(14,626	)		(167	)		—			(14,793	)
Adjusted earnings	$	13,002		$	16,624		$	(16,619	)	$	13,007
Adjusted earnings per diluted share	$	0.15								$	0.15
Weighted average diluted shares outstanding		86,931									86,931
BOYD GAMING CORPORATION AND SUBSIDIARIES Pro Forma Net Revenues and Adjusted EBITDA by Segment
	Three Months Ended March 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Net Revenues
Las Vegas Locals	$	170,099		$	—		$	—		$	170,099
Downtown Las Vegas		58,665			—			—			58,665
Midwest and South		206,081			—			—			206,081
Atlantic City		—			187,890			—			187,890
Net revenues	$	434,845		$	187,890		$	—		$	622,735
Adjusted EBITDA
Las Vegas Locals	$	45,320		$	—		$	—		$	45,320
Downtown Las Vegas		13,354			—			—			13,354
Midwest and South		48,021			—			—			48,021
Atlantic City		—			45,926			—			45,926
Property Adjusted EBITDA		106,695			45,926			—			152,621
Corporate expense		(9,980	)		—			—			(9,980	)
		96,715			45,926			—			142,641
Our share of Borgata’s operating income before net amortization, preopening and other items		12,917			—			(12,917	)		—
Adjusted EBITDA		109,632			45,926			(12,917	)		142,641
Other operating costs and expenses
Deferred rent		1,089			—			—			1,089
Depreciation and amortization		42,976			20,092			—			63,068
Preopening expenses		5,839			353			—			6,192
Our share of Borgata’s preopening expenses		176			—			(176	)		—
Our share of Borgata’s write-downs and other charges, net		(5	)		—			5			—
Share-based compensation expense		3,392			—			—			3,392
Write-downs and other charges		28,963			(10	)		—			28,953
Total other operating costs and expenses		82,430			20,435			(171	)		102,694
Operating income		27,202			25,491			(12,746	)		39,947
Other non-operating items
Interest expense, net		45,267			8,011			—			53,278
Gain on early retirements of debt		(2,400	)		—			—			(2,400	)
Our share of Borgata’s non-operating expenses, net		4,522			—			(4,522	)		—
Total other non-operating costs and expenses, net		47,389			8,011			(4,522	)		50,878
Income (loss) before income taxes		(20,187	)		17,480			(8,224	)		(10,931	)
Income taxes		6,359			(1,032	)		—			5,327
Net income (loss)		(13,828	)		16,448			(8,224	)		(5,604	)
Noncontrolling interest		—			—			(8,224	)		(8,224	)
Net loss attributable to Boyd Gaming Corporation	$	(13,828	)	$	16,448		$	(16,448	)	$	(13,828	)

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Reconciliation of Adjusted EBITDA to EBITDA and Net Income (Loss)

	Three Months Ended March 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Adjusted EBITDA	$	109,632		$	45,926		$	(12,917	)	$	142,641
Deferred rent		1,089			—			—			1,089
Preopening expenses		5,839			353			—			6,192
Our share of Borgata’s preopening expenses		176			—			(176	)		—
Our share of Borgata’s write-downs and other charges, net		(5	)		—			5			—
Share-based compensation expense		3,392			—			—			3,392
Write-downs and other charges		28,963			(10	)		—			28,953
Gain on early retirements of debt		(2,400	)		—			—			(2,400	)
Our share of Borgata’s non-operating expenses, net		4,522			—			(4,522	)		—
EBITDA		68,056			45,583			(8,224	)		105,415
Depreciation and amortization		42,976			20,092			—			63,068
Interest expense, net		45,267			8,011			—			53,278
Income taxes		(6,359	)		1,032			—			(5,327	)
Net income (loss)		(13,828	)		16,448			(8,224	)		(5,604	)
Noncontrolling interest		—			—			(8,224	)		(8,224	)
Net loss attributable to Boyd Gaming Corporation	$	(13,828	)	$	16,448		$	(16,448	)	$	(13,828	)

EX-99.2

Exhibit 99.2 Pro Forma Unaudited Financial Statements and Supporting Schedules as of and for the three and six months ended June 30, 2009

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Balance Sheet

	June 30, 2009
	Boyd Gaming  Corp Consolidated			MDDC LLC		Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except share and per share data)
Assets
Cash and cash equivalents	$	93,646		$	24,146	$	—		$	117,792
Other current assets		117,406			46,763		—			164,169
Property and equipment, net		3,209,368			1,394,231		30,411			4,634,010
Investments in and advances to unconsolidated subsidiaries		423,906			5,709		(405,993	)		23,622
Other assets, net		83,224			37,219		—			120,443
Intangible assets, net		422,124			—		—			422,124
Goodwill, net		213,576			—		—			213,576
Total assets	$	4,563,250		$	1,508,068	$	(375,582	)	$	5,695,736
Liabilities and Stockholders’ Equity
Current liabilities	$	315,547		$	98,009	$	—		$	413,556
Long-term debt, net of current maturities		2,688,736			666,778		—			3,355,514
Other long-term liabilities		416,067			22,923		—			438,990
Stockholders’ equity
Preferred stock, $.01 par value, 5,000,000 shares authorized		—			—		—			—
Common stock, $.01 par value, 200,000,000 shares authorized; 86,122,787 and 87,814,061 shares outstanding		861			—		—			861
Additional paid-in capital		615,445			477,507		(477,507	)		615,445
Retained earnings		545,308			242,851		(242,851	)		545,308
Accumulated other comprehensive loss, net		(18,714	)		—		—			(18,714	)
Total Boyd Gaming Corporation stockholders’ equity		1,142,900			720,358		(720,358	)		1,142,900
Noncontrolling interest		—			—		344,776			344,776
Total stockholders’ equity		1,142,900			720,358		(375,582	)		1,487,676
Total liabilities and stockholders’ equity	$	4,563,250		$	1,508,068	$	(375,582	)	$	5,695,736

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Statement of Operations

	Three Months Ended June 30, 2009
	Boyd Gaming  Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Gaming revenue	$	353,597		$	173,837		$	—		$	527,434
Non-gaming revenue		115,722			71,915			—			187,637
Gross revenues		469,319			245,752			—			715,071
Less promotional allowances		46,369			54,239			—			100,608
Net revenues		422,950			191,513			—			614,463
Operating expenses		324,754			143,787			—			468,541
Depreciation and amortization		42,093			20,040			325			62,458
Corporate expense		11,036			—			—			11,036
Preopening expenses		4,054			346			—			4,400
Write-downs and other charges		(1,835	)		71			—			(1,764	)
Total costs and expenses		380,102			164,244			325			544,671
Operating income from Borgata		13,310			—			(13,310	)		—
Operating income		56,158			27,269			(13,635	)		69,792
Interest expense, net		36,235			7,447			—			43,682
Gain on early retirements of debt		(6,057	)		—			—			(6,057	)
Other non-operating expenses from Borgata, net		4,504			—			(4,504	)		—
Total other expense, net		34,682			7,447			(4,504	)		37,625
Income before income taxes		21,476			19,822			(9,131	)		32,167
Income taxes		(8,698	)		(1,561	)		—			(10,259	)
Net income		12,778			18,261			(9,131	)		21,908
Noncontrolling interest		—			—			(9,130	)		(9,130	)
Net income attributable to Boyd Gaming Corporation	$	12,778		$	18,261		$	(18,261	)	$	12,778
Basic net income per common share	$	0.15								$	0.15
Weighted average basic shares outstanding		86,254									86,254
Diluted net income per common share	$	0.15								$	0.15
Weighted average diluted shares outstanding		86,291									86,291

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Adjusted Earnings

	Three Months Ended June 30, 2009
	Boyd Gaming  Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Net income	$	12,778		$	18,261		$	(9,131	)	$	21,908
Noncontrolling interest		—			—			(9,130	)		(9,130	)
Net income attributable to Boyd Gaming Corporation		12,778			18,261			(18,261	)		12,778
Adjustments:
Preopening expenses		4,054			346			—			4,400
Our share of Borgata’s preopening expenses		173			—			(173	)		—
Our share of Borgata’s write-downs and other charges, net		36			—			(36	)		—
Gain on early retirements of debt		(6,057	)		—			—			(6,057	)
Write-downs and other charges		(1,835	)		71			—			(1,764	)
Income tax effect for above adjustments		1,280			(133	)		—			1,147
Adjusted earnings	$	10,429		$	18,545		$	(18,470	)	$	10,504
Adjusted earnings per diluted share	$	0.12								$	0.12
Weighted average diluted shares outstanding		86,291									86,291

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Net Revenues and Adjusted EBITDA by Segment

	Three Months Ended June 30, 2009
	Boyd Gaming  Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Net Revenues
Las Vegas Locals	$	166,127		$	—		$	—		$	166,127
Downtown Las Vegas		57,577			—			—			57,577
Midwest and South		199,246			—			—			199,246
Atlantic City		—			191,513			—			191,513
Net revenues	$	422,950		$	191,513		$	—		$	614,463
Adjusted EBITDA
Las Vegas Locals	$	43,917		$	—		$	—		$	43,917
Downtown Las Vegas		11,800			—			—			11,800
Midwest and South		44,253			—			—			44,253
Atlantic City		—			47,726			—			47,726
Property Adjusted EBITDA		99,970			47,726			—			147,696
Corporate expense		(8,216	)		—			—			(8,216	)
		91,754			47,726			—			139,480
Our share of Borgata’s operating income before net amortization, preopening and other items		13,844			—			(13,844	)		—
Adjusted EBITDA		105,598			47,726			(13,844	)		139,480
Other operating costs and expenses
Deferred rent		1,088			—			—			1,088
Depreciation and amortization		42,418			20,040			—			62,458
Preopening expenses		4,054			346			—			4,400
Our share of Borgata’s preopening expenses		173			—			(173	)		—
Our share of Borgata’s write-downs and other charges, net		36			—			(36	)		—
Share-based compensation expense		3,506			—			—			3,506
Write-downs and other charges		(1,835	)		71			—			(1,764	)
Total other operating costs and expenses		49,440			20,457			(209	)		69,688
Operating income (loss)		56,158			27,269			(13,635	)		69,792
Other non-operating items
Interest expense, net		36,235			7,447			—			43,682
Gain on early retirements of debt		(6,057	)		—			—			(6,057	)
Our share of Borgata’s non-operating expenses, net		4,504			—			(4,504	)		—
Total other non-operating costs and expenses, net		34,682			7,447			(4,504	)		37,625
Income before income taxes		21,476			19,822			(9,131	)		32,167
Income taxes		(8,698	)		(1,561	)					(10,259	)
Net income		12,778			18,261			(9,131	)		21,908
Non-controlling interest		—			—			(9,130	)		(9,130	)
Net income attributable to Boyd Gaming Corporation	$	12,778		$	18,261		$	(18,261	)	$	12,778

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Reconciliation of Adjusted EBITDA to EBITDA and Net Income

	Three Months Ended June 30, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC		Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Adjusted EBITDA	$	105,598		$	47,726	$	(13,844	)	$	139,480
Deferred rent		1,088			—		—			1,088
Preopening expenses		4,054			346		—			4,400
Our share of Borgata’s preopening expenses		173			—		(173	)		—
Our share of Borgata’s write-downs and other charges, net		36			—		(36	)		—
Share-based compensation expense		3,506			—		—			3,506
Write-downs and other charges		(1,835	)		71		—			(1,764	)
Gain on early retirements of debt		(6,057	)		—		—			(6,057	)
Our share of Borgata’s non-operating expenses, net		4,504			—		(4,504	)		—
EBITDA		100,129			47,309		(9,131	)		138,307
Depreciation and amortization		42,418			20,040		—			62,458
Interest expense, net		36,235			7,447		—			43,682
Income taxes		8,698			1,561		—			10,259
Net income		12,778			18,261		(9,131	)		21,908
Noncontrolling interest		—			—		(9,130	)		(9,130	)
Net income attributable to Boyd Gaming Corporation	$	12,778		$	18,261	$	(18,261	)	$	12,778

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Statement of Operations

	Six Months Ended June 30, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Gaming revenue	$	719,660		$	342,686		$	—		$	1,062,346
Non-gaming revenue		232,339			141,254			—			373,593
Gross revenues		951,999			483,940			—			1,435,939
Less promotional allowances		94,204			104,537			—			198,741
Net revenues		857,795			379,403			—			1,237,198
Operating expenses		654,680			285,751			—			940,431
Depreciation and amortization		84,745			40,131			649			125,525
Corporate expense		23,721			—			—			23,721
Preopening expenses		9,893			699			—			10,592
Write-downs and other charges		27,128			61			—			27,189
Total costs and expenses		800,167			326,642			649			1,127,458
Operating income from Borgata		25,732			—			(25,732	)		—
Operating income		83,360			52,761			(26,381	)		109,740
Interest expense, net		81,502			15,458			—			96,960
Gain on early retirements of debt		(8,457	)		—			—			(8,457	)
Other non-operating expenses from Borgata, net		9,026			—			(9,026	)		—
Total other expense, net		82,071			15,458			(9,026	)		88,503
Income before income taxes		1,289			37,303			(17,355	)		21,237
Income taxes		(2,339	)		(2,593	)		—			(4,932	)
Net income (loss)		(1,050	)		34,710			(17,355	)		16,305
Noncontrolling interest		—			—			(17,355	)		(17,355	)
Net loss attributable to Boyd Gaming Corporation	$	(1,050	)	$	34,710		$	(34,710	)	$	(1,050	)
Basic and diluted net loss per common share	$	(0.01	)							$	(0.01	)
Weighted average basic and diluted shares outstanding		86,591									86,591

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Adjusted Earnings

	Six Months Ended June 30, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Net income (loss)	$	(1,050	)	$	34,710		$	(17,355	)	$	16,305
Noncontrolling interest		—			—			(17,355	)		(17,355	)
Net loss attributable to Boyd Gaming Corporation		(1,050	)		34,710			(34,710	)		(1,050	)
Adjustments:
Preopening expenses		9,893			699			—			10,592
Our share of Borgata’s preopening expenses		349			—			(349	)		—
Our share of Borgata’s write-downs and other charges, net		31			—			(31	)		—
Gain on early retirements of debt		(8,457	)		—			—			(8,457	)
Write-downs and other charges		27,128			61			—			27,189
Prior period interest expense related to the finalization of											—
our purchase price for Dania Jai-Alai		8,883			—			—			8,883
Income tax effect for above adjustments		(13,346	)		(176	)		—			(13,522	)
Adjusted earnings	$	23,431		$	35,294		$	(35,090	)	$	23,635
Adjusted earnings per diluted share	$	0.27								$	0.27
Weighted average diluted shares outstanding		86,291									86,291

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Net Revenues and Adjusted EBITDA by Segment

	Six Months Ended June 30, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Net Revenues
Las Vegas Locals	$	336,226		$	—		$	—		$	336,226
Downtown Las Vegas		116,243			—			—			116,243
Midwest and South		405,326			—			—			405,326
Atlantic City		—			379,403			—			379,403
Net revenues	$	857,795		$	379,403		$	—		$	1,237,198
Adjusted EBITDA
Las Vegas Locals	$	89,237		$	—		$	—		$	89,237
Downtown Las Vegas		25,154			—			—			25,154
Midwest and South		92,274			—			—			92,274
Atlantic City		—			93,652			—			93,652
Property Adjusted EBITDA		206,665			93,652			—			300,317
Corporate expense		(18,196	)		—			—			(18,196	)
		188,469			93,652			—			282,121
Our share of Borgata’s operating income before net amortization, preopening and other items		26,761			—			(26,761	)		—
Adjusted EBITDA		215,230			93,652			(26,761	)		282,121
Other operating costs and expenses
Deferred rent		2,177			—			—			2,177
Depreciation and amortization		85,394			40,131			—			125,525
Preopening expenses		9,893			699			—			10,592
Our share of Borgata’s preopening expenses		349			—			(349	)		—
Our share of Borgata’s write-downs and other charges, net		31			—			(31	)		—
Share-based compensation expense		6,898			—			—			6,898
Write-downs and other charges		27,128			61			—			27,189
Total other operating costs and expenses		131,870			40,891			(380	)		172,381
Operating income		83,360			52,761			(26,381	)		109,740
Other non-operating items
Interest expense, net		81,502			15,458			—			96,960
Gain on early retirements of debt		(8,457	)		—			—			(8,457	)
Our share of Borgata’s non-operating expenses, net		9,026			—			(9,026	)		—
Total other non-operating costs and expenses, net		82,071			15,458			(9,026	)		88,503
Income before income taxes		1,289			37,303			(17,355	)		21,237
Income taxes		(2,339	)		(2,593	)					(4,932	)
Net income (loss)		(1,050	)		34,710			(17,355	)		16,305
Noncontrolling interest		—			—			(17,355	)		(17,355	)
Net loss attributable to Boyd Gaming Corporation	$	(1,050	)	$	34,710		$	(34,710	)	$	(1,050	)

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Reconciliation of Adjusted EBITDA to EBITDA and Net Income (Loss)

	Six Months Ended June 30, 2009
	Boyd Gaming  Corp Consolidated			MDDC LLC		Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Adjusted EBITDA	$	215,230		$	93,652	$	(26,761	)	$	282,121
Deferred rent		2,177			—		—			2,177
Preopening expenses		9,893			699		—			10,592
Our share of Borgata’s preopening expenses		349			—		(349	)		—
Our share of Borgata’s write-downs and other charges, net		31			—		(31	)		—
Share-based compensation expense		6,898			—		—			6,898
Write-downs and other charges		27,128			61		—			27,189
Gain on early retirements of debt		(8,457	)		—		—			(8,457	)
Our share of Borgata’s non-operating expenses, net		9,026			—		(9,026	)		—
EBITDA		168,185			92,892		(17,355	)		243,722
Depreciation and amortization		85,394			40,131		—			125,525
Interest expense, net		81,502			15,458		—			96,960
Income taxes		2,339			2,593		—			4,932
Net income (loss)		(1,050	)		34,710		(17,355	)		16,305
Noncontrolling interest		—			—		(17,355	)		(17,355	)
Net loss attributable to Boyd Gaming Corporation	$	(1,050	)	$	34,710	$	(34,710	)	$	(1,050	)

EX-99.3

Exhibit 99.3 Pro Forma Unaudited Financial Statements and Supporting Schedules as of and for the three and nine months ended September 30, 2009

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Balance Sheet

	September 30, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC		Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Assets
Cash and cash equivalents	$	89,061		$	22,335	$	—		$	111,396
Other current assets		115,227			48,891		—			164,118
Property and equipment, net		3,183,270			1,376,792		29,972			4,590,034
Investments in and advances to unconsolidated subsidiaries		438,118			5,889		(433,668	)		10,339
Other assets, net		79,070			32,965		—			112,035
Intangible assets, net		422,126			—		—			422,126
Goodwill, net		213,576			—		—			213,576
Total assets	$	4,540,448		$	1,486,872	$	(403,696	)	$	5,623,624
Liabilities and Stockholders’ Equity
Current liabilities	$	318,972		$	89,364	$	—		$	408,336
Long-term debt, net of current maturities		2,644,628			595,078		—			3,239,706
Other long-term liabilities		425,959			25,844		—			451,803
Stockholders’ equity
Preferred stock, $.01 par value, 5,000,000 shares authorized		—			—		—			—
Common stock, $.01 par value, 200,000,000 shares authorized; 86,122,787 and 87,814,061 shares outstanding		861			—		—			861
Additional paid-in capital		618,597			477,507		(477,507	)		618,597
Retained earnings		551,623			299,079		(299,079	)		551,623
Accumulated other comprehensive loss, net		(20,192	)		—		—			(20,192	)
Total Boyd Gaming Corporation stockholders’ equity		1,150,889			776,586		(776,586	)		1,150,889
Noncontrolling interest		—			—		372,890			372,890
Total stockholders’ equity		1,150,889			776,586		(403,696	)		1,523,779
Total liabilities and stockholders’ equity	$	4,540,448		$	1,486,872	$	(403,696	)	$	5,623,624

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Statement of Operations

	Three Months Ended September 30, 2009
	Boyd Gaming  Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Gaming revenue	$	332,054		$	195,355		$	—		$	527,409
Non-gaming revenue		110,479			89,411			—			199,890
Gross revenues		442,533			284,766			—			727,299
Less promotional allowances		44,290			62,169			—			106,459
Net revenues		398,243			222,597			—			620,840
Operating expenses		318,418			155,038			—			473,456
Depreciation and amortization		40,579			19,208			325			60,112
Corporate expense		11,356			—			—			11,356
Preopening expenses		4,880			—			—			4,880
Write-downs and other charges		14,287			(28,677	)		—			(14,390	)
Total costs and expenses		389,520			145,569			325			535,414
Operating income from Borgata		38,189			—			(38,189	)		—
Operating income		46,912			77,028			(38,514	)		85,426
Interest expense, net		32,299			6,423			—			38,722
Gain on early retirements of debt		(3,604	)		—			—			(3,604	)
Other non-operating expenses		30			—			—			30
Other non-operating expenses from Borgata, net		7,204			—			(7,204	)		—
Total other expense, net		35,929			6,423			(7,204	)		35,148
Income before income taxes		10,983			70,605			(31,310	)		50,278
Income taxes		(4,668	)		(7,986	)		—			(12,654	)
Net income		6,315			62,619			(31,310	)		37,624
Noncontrolling interest		—			—			(31,309	)		(31,309	)
Net income attributable to Boyd Gaming Corporation	$	6,315		$	62,619		$	(62,619	)	$	6,315
Basic net income per common share	$	0.07								$	0.07
Weighted average basic shares outstanding		86,264									86,264
Diluted net income per common share	$	0.07								$	0.07
Weighted average diluted shares outstanding		86,436									86,436

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Adjusted Earnings

	Three Months Ended September 30, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Net income	$	6,315		$	62,619		$	(31,310	)	$	37,624
Noncontrolling interest		—			—			(31,309	)		(31,309	)
Net income attributable to Boyd Gaming Corporation		6,315			62,619			(62,619	)		6,315
Adjustments:
Preopening expenses		4,880			—			—			4,880
Our share of Borgata’s preopening expenses		—			—			—			—
Other non-operating expenses		30									30
Our share of Borgata’s write-downs and other charges, net		(14,339	)		—			14,339			—
Gain on early retirements of debt		(3,604	)		—			—			(3,604	)
Write-downs and other charges		14,287			(28,677	)		—			(14,390	)
Income tax effect for above adjustments		424			7,218			—			7,642
Adjusted earnings	$	7,993		$	41,160		$	(48,280	)	$	873
Adjusted earnings per diluted share	$	0.09								$	0.01
Weighted average diluted shares outstanding		86,436									86,436
BOYD GAMING CORPORATION AND SUBSIDIARIES
Pro Forma Net Revenues and Adjusted EBITDA by Segment
	Three Months Ended September 30, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Net Revenues
Las Vegas Locals	$	150,749		$	—		$	—		$	150,749
Downtown Las Vegas		54,857			—			—			54,857
Midwest and South		192,637			—			—			192,637
Atlantic City		—			222,597			—			222,597
Net revenues	$	398,243		$	222,597		$	—		$	620,840
Adjusted EBITDA
Las Vegas Locals	$	31,363		$	—		$	—		$	31,363
Downtown Las Vegas		8,701			—			—			8,701
Midwest and South		41,537			—			—			41,537
Atlantic City		—			67,559			—			67,559
Property Adjusted EBITDA		81,601			67,559			—			149,160
Corporate expense		(9,157	)		—			—			(9,157	)
		72,444			67,559			—			140,003
Our share of Borgata’s operating income before net amortization, preopening and other items		24,174			—			(24,174	)		—
Adjusted EBITDA		96,618			67,559			(24,174	)		140,003
Other operating costs and expenses
Deferred rent		1,089			—			—			1,089
Depreciation and amortization		40,903			19,208			—			60,111
Preopening expenses		4,880			—			—			4,880
Our share of Borgata’s preopening expenses		—			—			—			—
Our share of Borgata’s write-downs and other charges, net		(14,339	)		—			14,339			—
Share-based compensation expense		2,886			—			—			2,886
Write-downs and other charges		14,287			(28,677	)		—			(14,390	)
Total other operating costs and expenses		49,706			(9,469	)		14,339			54,576
Operating income		46,912			77,028			(38,513	)		85,427
Other non-operating items
Interest expense, net		32,299			6,423			—			38,722
Gain on early retirements of debt		(3,604	)		—			—			(3,604	)
Other non-operating expenses		30			—			—			30
Our share of Borgata’s non-operating expenses, net		7,204			—			(7,204	)		—
Total other non-operating costs and expenses, net		35,929			6,423			(7,204	)		35,148
Income before income taxes		10,983			70,605			(31,309	)		50,279
Income taxes		(4,668	)		(7,986	)		—			(12,654	)
Net income		6,315			62,619			(31,309	)		37,625
Noncontrolling interest		—			—			(31,311	)		(31,311	)
Net income attributable to Boyd Gaming Corporation	$	6,315		$	62,619		$	(62,620	)	$	6,315

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Reconciliation of Adjusted EBITDA to EBITDA and Net Income

	Three Months Ended September 30, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Adjusted EBITDA	$	96,618		$	67,559		$	(24,174	)	$	140,003
Deferred rent		1,089			—			—			1,089
Preopening expenses		4,880			—			—			4,880
Our share of Borgata’s preopening expenses		—			—			—			—
Our share of Borgata’s write-downs and other charges, net		(14,339	)		—			14,339			—
Share-based compensation expense		2,886			—			—			2,886
Write-downs and other charges		14,287			(28,677	)		—			(14,390	)
Gain on early retirements of debt		(3,604	)		—			—			(3,604	)
Other non-operating expenses		30			—			—			30
Our share of Borgata’s non-operating expenses, net		7,204			—			(7,204	)		—
EBITDA		84,185			96,236			(31,309	)		149,112
Depreciation and amortization		40,903			19,208			—			60,111
Interest expense, net		32,299			6,423			—			38,722
Income taxes		4,668			7,986			—			12,654
Net income		6,315			62,619			(31,309	)		37,625
Noncontrolling interest		—			—			(31,311	)		(31,311	)
Net income attributable to Boyd Gaming Corporation	$	6,315		$	62,619		$	(62,620	)	$	6,315

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Statement of Operations

	Nine Months Ended September 30, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Gaming revenue	$	1,051,714		$	538,041		$	—		$	1,589,755
Non-gaming revenue		342,818			230,665			—			573,483
Gross revenues		1,394,532			768,706			—			2,163,238
Less promotional allowances		138,494			166,706			—			305,200
Net revenues		1,256,038			602,000			—			1,858,038
Operating expenses		973,098			440,789			—			1,413,887
Depreciation and amortization		125,324			59,339			974			185,637
Corporate expense		35,077			—			—			35,077
Preopening expenses		14,773			699			—			15,472
Write-downs and other charges		41,415			(28,616	)		—			12,799
Total costs and expenses		1,189,687			472,211			974			1,662,872
Operating income from Borgata		63,921			—			(63,921	)		—
Operating income		130,272			129,789			(64,895	)		195,166
Interest expense, net		113,801			21,881			—			135,682
Gain on early retirements of debt		(12,061	)		—						(12,061	)
Other non-operating expenses		30			—			—			30
Other non-operating expenses from Borgata, net		16,230			—			(16,230	)		—
Total other expense, net		118,000			21,881			(16,230	)		123,651
Income before income taxes		12,272			107,908			(48,665	)		71,515
Income taxes		(7,007	)		(10,579	)		—			(17,586	)
Net income		5,265			97,329			(48,665	)		53,929
Noncontrolling interest		—			—			(48,664	)		(48,664	)
Net income attributable to Boyd Gaming Corporation	$	5,265		$	97,329		$	(97,329	)	$	5,265
Basic net income per common share	$	0.06								$	0.06
Weighted average diluted shares outstanding		86,481									86,481
Diluted net income per common share	$	0.06								$	0.06
Weighted average diluted shares outstanding		86,550									86,550

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Adjusted Earnings

	Nine Months Ended September 30, 2009
	Boyd Gaming Corp									Boyd Gaming Corp
	Consolidated			MDDC LLC			Adjustments			Pro Forma
	(In thousands, except share and per share data)
Net income	$	5,265		$	97,329		$	(48,665	)	$	53,929
Noncontrolling interest		—			—			(48,664	)		(48,664	)
Net income attributable to Boyd Gaming Corporation		5,265			97,329			(97,329	)		5,265
Adjustments:
Preopening expenses		14,773			699			—			15,472
Our share of Borgata’s preopening expenses		349			—			(349	)		—
Our share of Borgata’s write-downs and other charges, net		(14,308	)		—			14,308			—
Other non-operating expenses		30			—			—			30
Gain on early retirements of debt		(12,061	)		—			—			(12,061	)
Write-downs and other charges		41,415			(28,616	)		—			12,799
Prior period interest expense related to the finalization of our purchase price for Dania Jai-Alai		8,883			—			—			8,883
Income tax effect for above adjustments		(12,922	)		6,865			—			(6,057	)
Adjusted earnings	$	31,424		$	76,277		$	(83,371	)	$	24,330
Adjusted earnings per diluted share	$	0.36								$	0.28
Weighted average diluted shares outstanding		86,550									86,550

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Net Revenues and Adjusted EBITDA by Segment

	Nine Months Ended September 30, 2009
	Boyd Gaming Corp									Boyd Gaming Corp
	Consolidated			MDDC LLC			Adjustments			Pro Forma
	(In thousands)
Net Revenues
Las Vegas Locals	$	486,975		$	—		$	—		$	486,975
Downtown Las Vegas		171,100			—			—			171,100
Midwest and South		597,963			—			—			597,963
Atlantic City		—			602,000			—			602,000
Net revenues	$	1,256,038		$	602,000		$	—		$	1,858,038
Adjusted EBITDA
Las Vegas Locals	$	120,600		$	—		$	—		$	120,600
Downtown Las Vegas		33,855			—			—			33,855
Midwest and South		133,811			—			—			133,811
Atlantic City		—			161,211			—			161,211
Property Adjusted EBITDA		288,266			161,211			—			449,477
Corporate expense		(27,353	)		—			—			(27,353	)
		260,913			161,211			—			422,124
Our share of Borgata’s operating income before net amortization, preopening and other items		50,935			—			(50,935	)		—
Adjusted EBITDA		311,848			161,211			(50,935	)		422,124
Other operating costs and expenses
Deferred rent		3,266			—			—			3,266
Depreciation and amortization		126,297			59,339			—			185,636
Preopening expenses		14,773			699			—			15,472
Our share of Borgata’s preopening expenses		349			—			(349	)		—
Our share of Borgata’s write-downs and other charges, net		(14,308	)		—			14,308			—
Share-based compensation expense		9,784			—			—			9,784
Write-downs and other charges		41,415			(28,616	)		—			12,799
Total other operating costs and expenses		181,576			31,422			13,959			226,957
Operating income		130,272			129,789			(64,894	)		195,167
Other non-operating items
Interest expense, net		113,801			21,881			—			135,682
Gain on early retirements of debt		(12,061	)		—			—			(12,061	)
Other non-operating expenses		30			—			—			30
Our share of Borgata’s non-operating expenses, net		16,230			—			(16,230	)		—
Total other non-operating costs and expenses, net		118,000			21,881			(16,230	)		123,651
Income before income taxes		12,272			107,908			(48,664	)		71,516
Income taxes		(7,007	)		(10,579	)					(17,586	)
Net income		5,265			97,329			(48,664	)		53,930
Noncontrolling interest		—			—			(48,666	)		(48,666	)
Net income attributable to Boyd Gaming Corporation	$	5,265		$	97,329		$	(97,330	)	$	5,265

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Reconciliation of Adjusted EBITDA to EBITDA and Net Income

	Nine Months Ended September 30, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Adjusted EBITDA	$	311,848		$	161,211		$	(50,935	)	$	422,124
Deferred rent		3,266			—			—			3,266
Preopening expenses		14,773			699			—			15,472
Our share of Borgata’s preopening expenses		349			—			(349	)		—
Our share of Borgata’s write-downs and other charges, net		(14,308	)		—			14,308			—
Share-based compensation expense		9,784			—			—			9,784
Write-downs and other charges		41,415			(28,616	)		—			12,799
Gain on early retirements of debt		(12,061	)		—			—			(12,061	)
Other non-operating expenses		30			—			—			30
Our share of Borgata’s non-operating expenses, net		16,230			—			(16,230	)		—
EBITDA		252,370			189,128			(48,664	)		392,834
Depreciation and amortization		126,297			59,339			—			185,636
Interest expense, net		113,801			21,881			—			135,682
Income taxes		7,007			10,579			—			17,586
Net income		5,265			97,329			(48,664	)		53,930
Noncontrolling interest		—			—			(48,666	)		(48,666	)
Net income attributable to Boyd Gaming Corporation	$	5,265		$	97,329		$	(97,330	)	$	5,265

EX-99.4

Exhibit 99.4 Pro Forma Unaudited Financial Statements and Supporting Schedules as of and for the three months and year ended December 31, 2009

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Balance Sheet

	December 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC		Pro Forma Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except share and per share data)
Assets
Cash and cash equivalents	$	93,202		$	46,894	$	—		$	140,096
Other current assets		99,535			48,729		—			148,264
Property and equipment, net		3,159,177			1,366,008		29,426			4,554,611
Investments in and advances to unconsolidated subsidiaries		394,220			5,515		(394,220	)		5,515
Other assets, net		78,121			34,805		—			112,926
Intangible assets, net		422,126			—		—			422,126
Goodwill, net		213,576			—		—			213,576
Total assets	$	4,459,957		$	1,501,951	$	(364,794	)	$	5,597,114
Liabilities and Stockholders’ Equity
Current liabilities	$	295,359		$	82,802	$	—		$	378,161
Long-term debt, net of current maturities		2,576,911			679,619		—			3,256,530
Other long-term liabilities		431,318			40,749		—			472,067
Stockholders’ equity
Preferred stock, $.01 par value, 5,000,000 shares authorized		—			—		—			—
Common stock, $.01 par value, 200,000,000 shares authorized; 86,122,787 and 87,814,061 shares outstanding		861			—		—			861
Additional paid-in capital		623,035			477,507		(477,507	)		623,035
Retained earnings		550,599			221,274		(221,274	)		550,599
Accumulated other comprehensive loss, net		(18,126	)		—		—			(18,126	)
Total Boyd Gaming Corporation stockholders’ equity		1,156,369			698,781		(698,781	)		1,156,369
Noncontrolling interest		—			—		333,987			333,987
Total stockholders’ equity		1,156,369			698,781		(364,794	)		1,490,356
Total liabilities and stockholders’ equity	$	4,459,957		$	1,501,951	$	(364,794	)	$	5,597,114

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Statement of Operations

	Three Months Ended December 31, 2009
	Boyd Gaming  Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Gaming revenue	$	320,377		$	153,387		$	—		$	473,764
Non-gaming revenue		109,257			68,508			—			177,765
Gross revenues		429,634			221,895			—			651,529
Less promotional allowances		44,686			46,487			—			91,173
Net revenues		384,948			175,408			—			560,356
Operating expenses		312,199			138,960			—			451,159
Depreciation and amortization		39,103			19,380						58,483
Corporate expense		12,540			—			325			12,865
Preopening expenses		3,025			—			—			3,025
Write-downs and other charges		365			10			—			375
Total costs and expenses		367,232			158,350			325			525,907
Operating income from Borgata		8,205			—			(8,205	)		—
Operating income		25,921			17,058			(8,530	)		34,449
Interest expense, net		33,023			5,787			—			38,810
Gain on early retirements of debt		(3,223	)								(3,223	)
Other non-operating expenses		3									3
Other non-operating expenses from Borgata, net		3,073			—			(3,073	)		—
Total other expense, net		32,876			5,787			(3,073	)		35,590
Income (loss) before income taxes		(6,955	)		11,271			(5,457	)		(1,141	)
Income taxes		5,931			(359	)		—			5,572
Net income (loss)		(1,024	)		10,912			(5,457	)		4,431
Noncontrolling interest		—			—			(5,455	)		(5,455	)
Net loss attributable to Boyd Gaming Corporation	$	(1,024	)	$	10,912		$	(10,912	)	$	(1,024	)
Basic and diluted net loss per common share	$	(0.01	)							$	(0.01	)
Weighted average basic and diluted shares outstanding		86,276									86,276

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Adjusted Earnings

	Three Months Ended December 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Net income (loss)	$	(1,024	)	$	10,912		$	(5,457	)	$	4,431
Noncontrolling interest		—			—			(5,455	)		(5,455	)
Net loss attributable to Boyd Gaming Corporation		(1,024	)		10,912			(10,912	)		(1,024	)
Adjustments:
Preopening expenses		3,025			—			—			3,025
Our share of Borgata’s preopening expenses		—			—			—			—
Other non-operating expenses		3									3
Our share of Borgata’s write-downs and other charges, net		5			—			(5	)		—
Gain on early retirements of debt		(3,223	)		—			—			(3,223	)
Write-downs and other charges		365			10						375
Accelerated interest expense for recommitment of our bank credit facility		1,813			—			—			—   1,813
Income tax effect for above adjustments		(758	)		(49	)		—			(807	)
Adjusted earnings	$	206		$	10,873		$	(10,917	)	$	162
Adjusted earnings per diluted share	$	0.00								$	0.00
Weighted average diluted shares outstanding		86,517									86,517
BOYD GAMING CORPORATION AND SUBSIDIARIES Pro Forma Net Revenues and Adjusted EBITDA by Segment
	Three Months Ended December 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Net Revenues
Las Vegas Locals	$	154,966		$	—		$	—		$	154,966
Downtown Las Vegas		58,049			—			—			58,049
Midwest and South		171,933			—			—			171,933
Atlantic City		—			175,408			—			175,408
Net revenues	$	384,948		$	175,408		$	—		$	560,356
Adjusted EBITDA
Las Vegas Locals	$	34,736		$	—		$	—		$	34,736
Downtown Las Vegas		12,247			—			—			12,247
Midwest and South		28,081			—			—			28,081
Atlantic City		—			36,448			—			36,448
Property Adjusted EBITDA		75,064			36,448			—			111,512
Corporate expense		(9,581	)		—			—			(9,581	)
		65,483			36,448			—			101,931
Our share of Borgata’s operating income before net amortization, preopening and other items		8,535			—			(8,535	)		—
Adjusted EBITDA		74,018			36,448			(8,535	)		101,931
Other operating costs and expenses
Deferred rent		1,088			—			—			1,088
Depreciation and amortization		39,428			19,380			—			58,808
Preopening expenses		3,025			—			—			3,025
Our share of Borgata’s preopening expenses		—			—			—			—
Our share of Borgata’s write-downs and other charges, net		5			—			(5	)		—
Share-based compensation expense		4,186			—			—			4,186
Write-downs and other charges		365			10			—			375
Total other operating costs and expenses		48,097			19,390			(5	)		67,482
Operating income		25,921			17,058			(8,530	)		34,449
Other non-operating items
Interest expense, net		33,023			5,787			—			38,810
Gain on early retirements of debt		(3,223	)		—			—			(3,223	)
Other non-operating expenses		3			—			—			3
Our share of Borgata’s non-operating expenses, net		3,073			—			(3,073	)		—
Total other non-operating costs and expenses, net		32,876			5,787			(3,073	)		35,590
Income (loss) before income taxes		(6,955	)		11,271			(5,457	)		(1,141	)
Income taxes		5,931			(359	)					5,572
Net income (loss)		(1,024	)		10,912			(5,457	)		4,431
Noncontrolling interest		—			—			(5,455	)		(5,455	)
Net loss attributable to Boyd Gaming Corporation	$	(1,024	)	$	10,912		$	(10,912	)	$	(1,024	)

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Reconciliation of Adjusted EBITDA to EBITDA and Net Income (Loss)

	Three Months Ended December 31, 2009
	Boyd Gaming Corp								Boyd Gaming Corp
	Consolidated			MDDC LLC		Adjustments			Pro Forma
	(In thousands)
Adjusted EBITDA	$	74,018		$	36,448	$	(8,535	)	$	101,931
Deferred rent		1,088			—		—			1,088
Preopening expenses		3,025			—		—			3,025
Our share of Borgata’s preopening expenses		—			—		—			—
Our share of Borgata’s write-downs and other charges, net		5			—		(5	)		—
Share-based compensation expense		4,186			—		—			4,186
Write-downs and other charges		365			10		—			375
Gain on early retirements of debt		(3,223	)		—		—			(3,223	)
Other non-operating expenses		3			—		—			3
Our share of Borgata’s non-operating expenses, net		3,073			—		(3,073	)		—
EBITDA		65,496			36,438		(5,457	)		96,477
Depreciation and amortization		39,428			19,380		—			58,808
Interest expense, net		33,023			5,787		—			38,810
Income taxes		(5,931	)		359		—			(5,572	)
Net income (loss)		(1,024	)		10,912		(5,457	)		4,431
Noncontrolling interest		—			—		(5,455	)		(5,455	)
Net loss attributable to Boyd Gaming Corporation	$	(1,024	)	$	10,912	$	(10,912	)	$	(1,024	)

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Statement of Operations

	Year Ended December 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Gaming revenue	$	1,372,091		$	691,428		$	—		$	2,063,519
Non-gaming revenue		452,075			299,173			—			751,248
Gross revenues		1,824,166			990,601			—			2,814,767
Less promotional allowances		183,180			213,193			—			396,373
Net revenues		1,640,986			777,408			—			2,418,394
Operating expenses		1,285,297			579,749			—			1,865,046
Depreciation and amortization		164,427			78,719			1,298			244,444
Corporate expense		47,617			—			—			47,617
Preopening expenses		17,798			699			—			18,497
Write-downs and other charges		41,780			(28,606	)		—			13,174
Total costs and expenses		1,556,919			630,561			1,298			2,188,778
Operating income from Borgata		72,126			—			(72,126	)		—
Operating income		156,193			146,847			(73,424	)		229,616
Interest expense, net		146,824			27,668			—			174,492
Gain on early retirements of debt		(15,284	)		—						(15,284	)
Other non-operating expenses		33			—			—			33
Other non-operating expenses from Borgata, net		19,303			—			(19,303	)		—
Total other expense, net		150,876			27,668			(19,303	)		159,241
Income before income taxes		5,317			119,179			(54,121	)		70,375
Income taxes		(1,076	)		(10,938	)		—			(12,014	)
Net income		4,241			108,241			(54,121	)		58,361
Noncontrolling interest		—			—			(54,120	)		(54,120	)
Net income attributable to Boyd Gaming Corporation	$	4,241		$	108,241		$	(108,241	)	$	4,241
Basic net income per common share	$	0.05								$	0.05
Weighted average basic shares outstanding		86,429									86,429
Diluted net income per common share	$	0.05								$	0.05
Weighted average diluted shares outstanding		86,517									86,517

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Adjusted Earnings

	Year Ended December 31, 2009
	Boyd Gaming  Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Net income	$	4,241		$	108,241		$	(54,121	)	$	58,361
Noncontrolling interest		—			—			(54,120	)		(54,120	)
Net income attributable to Boyd Gaming Corporation		4,241			108,241			(108,241	)		4,241
Adjustments:
Preopening expenses		17,798			699			—			18,497
Our share of Borgata’s preopening expenses		349			—			(349	)		—
Our share of Borgata’s write-downs and other charges, net		(14,303	)		—			14,303			—
Other non-operating expenses		33			—			—			33
Gain on early retirements of debt		(15,284	)		—			—			(15,284	)
Write-downs and other charges		41,780			(28,606	)		—			13,174
Prior period interest expense related to the finalization of our purchase price for Dania Jai-Alai		8,883			—			—			8,883
Accelerated interest expense for recommitment of our bank credit facility		1,813			—			—			1,813
Income tax effect for above adjustments		(13,680	)		4,764			—			(8,916	)
Adjusted earnings	$	31,630		$	85,098		$	(94,287	)	$	22,441
Adjusted earnings per diluted share	$	0.37								$	0.26
Weighted average diluted shares outstanding		86,517									86,517
BOYD GAMING CORPORATION AND SUBSIDIARIES Pro Forma Net Revenues and Adjusted EBITDA by Segment
	Year Ended December 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Net Revenues
Las Vegas Locals	$	641,941		$	—		$	—		$	641,941
Downtown Las Vegas		229,149			—			—			229,149
Midwest and South		769,896			—			—			769,896
Atlantic City		—			777,408			—			777,408
Net revenues	$	1,640,986		$	777,408		$	—		$	2,418,394
Adjusted EBITDA
Las Vegas Locals	$	155,336		$	—		$	—		$	155,336
Downtown Las Vegas		46,102			—			—			46,102
Midwest and South		161,892			—			—			161,892
Atlantic City		—			197,659			—			197,659
Property Adjusted EBITDA		363,330			197,659			—			560,989
Corporate expense		(36,934	)		—			—			(36,934	)
		326,396			197,659			—			524,055
Our share of Borgata’s operating income before net amortization, preopening and other items		59,470			—			(59,470	)		—
Adjusted EBITDA		385,866			197,659			(59,470	)		524,055
Other operating costs and expenses
Deferred rent		4,354			—			—			4,354
Depreciation and amortization		165,725			78,719			—			244,444
Preopening expenses		17,798			699			—			18,497
Our share of Borgata’s preopening expenses		349			—			(349	)		—
Our share of Borgata’s write-downs and other charges, net		(14,303	)		—			14,303			—
Share-based compensation expense		13,970			—			—			13,970
Write-downs and other charges		41,780			(28,606	)		—			13,174
Total other operating costs and expenses		229,673			50,812			13,954			294,439
Operating income		156,193			146,847			(73,424	)		229,616
Other non-operating items
Interest expense, net		146,824			27,668			—			174,492
Gain on early retirements of debt		(15,284	)		—			—			(15,284	)
Other non-operating expenses		33			—			—			33
Our share of Borgata’s non-operating expenses, net		19,303			—			(19,303	)		—
Total other non-operating costs and expenses, net		150,876			27,668			(19,303	)		159,241
Income before income taxes		5,317			119,179			(54,121	)		70,375
Income taxes		(1,076	)		(10,938	)					(12,014	)
Net income		4,241			108,241			(54,121	)		58,361
Noncontrolling interest		—			—			(54,120	)		(54,120	)
Net income attributable to Boyd Gaming Corporation	$	4,241		$	108,241		$	(108,241	)		4,241

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Reconciliation of Adjusted EBITDA to EBITDA and Net Income

	Year Ended December 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Adjusted EBITDA	$	385,866		$	197,659		$	(59,470	)	$	524,055
Deferred rent		4,354			—			—			4,354
Preopening expenses		17,798			699			—			18,497
Our share of Borgata’s preopening expenses		349			—			(349	)		—
Our share of Borgata’s write-downs and other charges, net		(14,303	)		—			14,303			—
Share-based compensation expense		13,970			—			—			13,970
Write-downs and other charges		41,780			(28,606	)		—			13,174
Gain on early retirements of debt		(15,284	)		—			—			(15,284	)
Other non-operating expenses		33			—			—			33
Our share of Borgata’s non-operating expenses, net		19,303			—			(19,303	)		—
EBITDA		317,866			225,566			(54,121	)		489,311
Depreciation and amortization		165,725			78,719			—			244,444
Interest expense, net		146,824			27,668			—			174,492
Income taxes		1,076			10,938			—			12,014
Net income		4,241			108,241			(54,121	)		58,361
Noncontrolling interest		—			—			(54,120	)		(54,120	)
Net income attributable to Boyd Gaming Corporation	$	4,241		$	108,241		$	(108,241	)	$	4,241

Non-GAAP Financial Measures

Regulation G, “Conditions for Use of Non-GAAP Financial Measures,” prescribes the conditions for use of non-GAAP financial information in public disclosures. We believe that our presentations of the following non-GAAP financial measures are important supplemental measures of operating performance to investors: earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA, Adjusted Earnings and Adjusted Earnings Per Share (Adjusted EPS). The following discussion defines these terms and why we believe they are useful measures of our performance.

EBITDA and Adjusted EBITDA

EBITDA is a commonly used measure of performance in our industry which we believe, when considered with measures calculated in accordance with GAAP, gives investors a more complete understanding of operating results before the impact of investing and financing transactions and income taxes and facilitates comparisons between us and our competitors. Management has historically adjusted EBITDA when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide the most accurate measure of our core operating results and as a means to evaluate period-to-period results. We have chosen to provide this information to investors to enable them to perform more meaningful comparisons of past, present and future operating results and as a means to evaluate the results of core on- going operations. We do not reflect such items when calculating EBITDA; however, we adjust for these items and refer to this measure as Adjusted EBITDA. We have historically reported this measure to our investors and believe that the continued inclusion of Adjusted EBITDA provides consistency in our financial reporting. We use Adjusted EBITDA in this press release because we believe it is useful to investors in allowing greater transparency related to a significant measure used by management in its financial and operational decision-making. Adjusted EBITDA is among the more significant factors in management’s internal evaluation of total company and individual property performance and in the evaluation of incentive compensation related to property management. Management also uses Adjusted EBITDA as a measure in determining the value of acquisitions and dispositions. Adjusted EBITDA is also widely used by management in the annual budget process. Externally, we believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company. Adjusted EBITDA reflects EBITDA adjusted for deferred rent, preopening expenses, share-based compensation expense, write-downs and other charges, net, increase in value of derivative instruments, gain on early retirements of debt, other non-operating expenses, and our share of Borgata’s non-operating expenses, preopening expenses and other items and write-downs, net. In addition, Adjusted EBITDA includes the results of Dania Jai-Alai and corporate expense. A reconciliation of Adjusted EBITDA to EBITDA and net income (loss), based upon GAAP, is included in the financial schedules accompanying this release.

Adjusted Earnings and Adjusted EPS

Adjusted Earnings is net income (loss) before preopening expenses, increase in value of derivative instruments, write-downs and other charges, net, gain on early retirements of debt, prior period interest expense related to the finalization of our purchase price for Dania Jai-Alai, accelerated interest expense related to our bank credit facility amendment, certain one-time permanent tax readjustments, other non-operating expenses, and our share of Borgata’s preopening expenses and other items and write-downs, net. Adjusted Earnings and Adjusted EPS are presented solely as supplemental disclosures because management believes that they are widely used measures of performance in the gaming industry. A reconciliation of net loss based upon GAAP to Adjusted Earnings and Adjusted EPS are included in the financial schedules accompanying this release.

Limitations on the Use of Non-GAAP Measures

The use of EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures has certain limitations. Our presentation of EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS or certain other non-GAAP financial measures may be different from the presentation used by other companies and therefore comparability may be limited. Depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred and are not reflected in the presentation of EBITDA or Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, EBITDA and Adjusted EBITDA do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.

About Boyd Gaming

Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a leading diversified owner and operator of 16 gaming entertainment properties located in Nevada, New Jersey, Mississippi, Illinois, Indiana, and Louisiana. Boyd Gaming press releases are available at www.prnewswire.com. Additional news and information on Boyd Gaming can be found at www.boydgaming.com.

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