Marina District Finance Company, Inc. - FORM 8-K - EX-99.1 - EXHIBIT

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8-K - 8-K - Marina District Finance Company, Inc.	form8-kq42013earningreleas.htm

Exhibit 99.1

Financial Contact:

Josh Hirsberg

(702) 792-7234

joshhirsberg@boydgaming.com

Media Contact:

David Strow

(702) 792-7386

davidstrow@boydgaming.com

BOYD GAMING REPORTS FOURTH-QUARTER, FULL-YEAR RESULTS

Full-Year 2013 Highlights


•	Four Consecutive Quarters of EBITDA Growth in Las Vegas Locals


•	$525 Million in Debt Reduction; Annual Interest Expense Cut by More Than $60 Million


•	Market-Leading Online Gaming Presence Launched in New Jersey

LAS VEGAS - MARCH 5, 2014 - Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the fourth quarter and full year ended December 31, 2013.

Boyd Gaming reported fourth-quarter 2013 net revenues of $681.5 million, up 9.1% from $624.7 million during the same quarter in 2012. Total Adjusted EBITDA⁽¹⁾ was $131.5 million, an increase of 30.4% from $100.9 million in the year-ago quarter. Results reflect the addition of the operations of Peninsula Gaming, LLC, which was acquired by the Company on November 20, 2012.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “We made great progress executing on our strategic plan in 2013, despite some external headwinds that we faced over the course of the year. We made significant refinements to our marketing and operations, launched a market-leading online gaming presence in New Jersey, and introduced our Penny Lane initiative across the country. We successfully integrated Peninsula Gaming into our Company, generating nearly $100 million in free cash flow from these assets during our first full year of ownership. Our Las Vegas Locals business returned to consistent growth, with four consecutive quarters of EBITDA gains. And we

significantly strengthened our balance sheet, repaying $525 million in debt and eliminating more than $60 million in interest expense.”

Smith continued: “Looking ahead, we are taking the right steps to drive efficiencies, grow EBITDA and margins, and maximize long-term shareholder value. We are well-positioned to capitalize on future growth in online gaming across the country. We are beginning the roll-out of our B Connected program at the Peninsula properties, further enhancing our ability to cross-market our properties nationwide. And we continue to pursue opportunities to further expand our pipeline of growth projects. Boyd Gaming is moving in the right direction, and I am optimistic about our prospects in 2014 and beyond.”

Adjusted Earnings⁽¹⁾ for the fourth quarter 2013 reflect a loss of $26.4 million, or $0.24 per share, compared to a loss of $25.2 million, or $0.29 per share, for the same period in 2012. The calculations of Adjusted Earnings and Adjusted Earnings per share are presented in a table at the end of this press release.

During the fourth quarter of 2013, Boyd Gaming reported an aggregate pretax loss on early extinguishments of debt of $24.7 million, primarily due to the redemption of all of the outstanding 2015 notes at Borgata using the net proceeds from Borgata’s new $380 million term loan. Results for the prior-year period included impairment charges of $1.05 billion, including a $993.9 million impairment charge associated with the former Echelon site on the Las Vegas Strip, sold by the Company on March 4, 2013. These charges are not included in Adjusted Earnings or Adjusted Earnings per share.

On a GAAP basis, the Company reported a net loss of $47.3 million, or $0.43 per share, for the fourth quarter 2013, compared to a net loss of $899.9 million, or $10.24 per share, for the year-ago period.


(1)	_{See footnotes at the end of the release for additional information relative to non-GAAP financial measures.}

Key Operations Review

Las Vegas Locals

In the Las Vegas Locals segment, fourth-quarter 2013 net revenues were $148.6 million, even with net revenues in the prior-year period. Fourth-quarter 2013 Adjusted EBITDA was $33.2 million, an increase of 5.6% from $31.5 million in the fourth quarter of 2012. Lower and more effective marketing spend and continued operating efficiencies drove the fourth consecutive quarter of year-over-year EBITDA gains, as margins improved by more than 120 basis points.

Downtown

In the Downtown Las Vegas segment, net revenues were $59.8 million in the fourth quarter of 2013, up 3.7% from $57.7 million in the year-ago period. Adjusted EBITDA increased 31.8% to $13.1 million, compared to $9.9 million in the fourth quarter of 2012. The Downtown properties experienced broad-based strength in operations. Revenue growth at all three properties, as well as efficiencies throughout our operations, contributed to EBITDA gains.

Midwest and South; Peninsula

In the Midwest and South segment, net revenues were $196.0 million, compared to $213.8 million in the fourth quarter of 2012. Adjusted EBITDA was $39.7 million, including a one-time, favorable property tax adjustment of $9.3 million. By comparison, Adjusted EBITDA was $34.5 million in the year-ago period.

During the fourth quarter 2013, the Peninsula segment reported net revenues of $119.9 million and Adjusted EBITDA of $41.0 million. This compares to net revenues of $56.9 million and Adjusted EBITDA of $21.2 million that Boyd Gaming generated from the business from November 20 to December 31, 2012.

Revenues were impacted by continued softness in consumer spending in many markets, as well as severe winter weather in December. However, a significant amount of the revenue shortfall’s impact on EBITDA was successfully mitigated through ongoing cost-containment measures.

Borgata

Borgata, the Company’s 50% joint venture, reported fourth-quarter 2013 net revenues of $157.1 million, including $2.2 million from its online gaming operations. This represented a 6.5% increase from the $147.6 million in revenues reported in the year-ago period. Adjusted EBITDA rose 17.0% to $16.4 million, compared to $14.0 million in the fourth quarter of 2012.

Borgata’s December 2013 results were adversely impacted by an unusually low hold percentage and severe winter weather. Prior-year results reflect the impact of Superstorm Sandy.

Full-Year 2013 Results

For the full year ended December 31, 2013, Boyd Gaming reported net revenues of $2.89 billion, an increase of 16.6% from the $2.48 billion in net revenues reported in the year-ago period. Total Adjusted EBITDA was $610.4 million, up 35.0% from $452.1 million in the prior year.

Adjusted Earnings for the year ended December 31, 2013, reflect a loss of $33.4 million, or $0.34 per share, compared to a loss of $20.1 million, or $0.23 per share, for the year ended December 31, 2012.

For the full year 2013, Boyd Gaming reported an aggregate pretax loss on early extinguishments and modifications of debt of $54.2 million. The Company also reported impairment charges of $10.4 million in 2013, as compared to the $1.05 billion reported in the prior year. Results for all periods reflect the Dania Jai-Alai business (sold in the second quarter of 2013) as discontinued operations. These amounts are excluded from Adjusted Earnings and Adjusted Earnings per share.

On a GAAP basis, including discontinued operations, Boyd Gaming reported a net loss of $80.3 million, or $0.83 per share, for the full year ended December 31, 2013. By comparison, the Company reported a net loss of $908.9 million, or $10.37 per share, for the comparable prior-year period.

Key Balance Sheet Statistics

As of December 31, 2013, Boyd Gaming had cash on hand of $177.8 million, including $31.2 million related to Peninsula and $37.5 million related to Borgata.

Total debt was $4.43 billion, of which $1.15 billion was related to Peninsula and $813.4 million was related to Borgata.

First-Quarter and Full-Year 2014 Guidance

For the first quarter of 2014, Boyd Gaming expects to generate total Adjusted EBITDA (including Peninsula and Borgata) of $140 million to $145 million.

For the full year 2014, Boyd Gaming currently projects total Adjusted EBITDA, including Peninsula and Borgata, of $600 million to $630 million.

Conference Call Information

Boyd Gaming will host its conference call to discuss fourth-quarter and full-year 2013 results today, March 5, at 5:00 p.m. Eastern. The conference call number is (888) 317-6003, passcode 9793904. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call.

The conference call will also be available live on the Internet at www.boydgaming.com, or: http://www.videonewswire.com/event.asp?id=98245

Following the call’s completion, a replay will be available by dialing (877) 344-7529 today, March 5, beginning at 7:00 p.m. Eastern and continuing through Thursday, March 13, at 9 a.m. Eastern. The conference number for the replay will be 10041845. The replay will also be available on the Internet at www.boydgaming.com.

BOYD GAMING CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)



	Three Months Ended						Year Ended
	December 31,						December 31,
(In thousands, except per share data)	2013			2012			2013			2012
Revenues
Gaming	$	585,261		$	541,451		$	2,478,983		$	2,106,211
Food and beverage	107,392			99,308			446,367			417,184
Room	62,063			59,314			265,371			264,903
Other	40,173			34,760			165,190			145,176
Gross revenues	794,889			734,833			3,355,911			2,933,474
Less promotional allowances	113,352			110,134			461,473			450,646
Net revenues	681,537			624,699			2,894,438			2,482,828

Costs and expenses
Gaming	283,407			267,588			1,170,843			1,006,830
Food and beverage	58,131			50,368			240,081			219,497
Room	12,727			11,860			54,338			55,531
Other	29,171			28,324			121,600			110,967
Selling, general and administrative	116,361			118,575			490,226			449,286
Maintenance and utilities	40,412			38,384			166,398			154,308
Depreciation and amortization	69,055			63,177			278,413			214,236
Corporate expense	20,661			14,522			63,249			50,719
Preopening expenses	4,203			6,053			9,032			11,541
Impairments of assets	4,101			1,053,526			10,383			1,053,526
Asset transactions costs	3,311			11,525			5,576			18,442
Other operating charges and credits, net	817			(2,476		)	5,998			(11,792		)
Total costs and expenses	642,357			1,661,426			2,616,137			3,333,091
Operating income (loss)	39,180			(1,036,727		)	278,301			(850,263		)

Other expense (income)
Interest income	(368		)	(485		)	(2,147		)	(1,169		)
Interest expense, net of amounts capitalized	77,377			87,273			344,330			290,004
Loss on early extinguishments of debt	24,689			—			54,202			—
Other, net	(1,755		)	137			(2,090		)	137
Total other expense, net	99,943			86,925			394,295			288,972

Loss from continuing operations before income taxes	(60,763		)	(1,123,652		)	(115,994		)	(1,139,235		)
Income taxes	(6,828		)	214,362			(3,350		)	220,789
Loss from continuing operations, net of tax	(67,591		)	(909,290		)	(119,344		)	(918,446		)
Income (loss) from discontinued operations, net of tax	—			(2,487		)	10,790			(4,629		)
Net loss	(67,591		)	(911,777		)	(108,554		)	(923,075		)
Net loss attributable to noncontrolling interest	20,251			11,879			28,290			14,210
Net loss attributable to Boyd Gaming Corporation	$	(47,340	)	$	(899,898	)	$	(80,264	)	$	(908,865	)

Basic net loss per common share
Continuing operations	$	(0.43	)	$	(10.22	)	$	(0.94	)	$	(10.32	)
Discontinued operations	—			(0.02		)	0.11			(0.05		)
Basic net loss per common share	$	(0.43	)	$	(10.24	)	$	(0.83	)	$	(10.37	)
Weighted average basic shares outstanding	109,471			87,846			97,243			87,652

Diluted net loss per common share
Continuing operations	$	(0.43	)	$	(10.22	)	$	(0.94	)	$	(10.32	)
Discontinued operations	—			(0.02		)	0.11			(0.05		)
Diluted net loss per common share	$	(0.43	)	$	(10.24	)	$	(0.83	)	$	(10.37	)
Weighted average diluted shares outstanding	109,471			87,846			97,243			87,652

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA to Operating Income (Loss)

(Unaudited)



	Three Months Ended						Year Ended
	December 31,						December 31,
(In thousands)	2013			2012			2013			2012
Net Revenues by Reportable Segment
Las Vegas Locals	$	148,639		$	148,743		$	591,447		$	591,306
Downtown Las Vegas	59,831			57,684			222,715			224,178
Midwest and South	196,025			213,782			864,247			924,197
Peninsula (1)	119,914			56,925			520,329			56,925
Borgata	157,128			147,565			695,700			686,222
Net revenues	$	681,537		$	624,699		$	2,894,438		$	2,482,828

Adjusted EBITDA by Reportable Segment
Las Vegas Locals	$	33,223		$	31,450		$	137,501		$	128,742
Downtown Las Vegas	13,094			9,935			35,036			32,832
Midwest and South	39,733			34,508			179,976			192,349
Peninsula (1)	40,960			21,152			185,269			21,152
Wholly owned property Adjusted EBITDA	127,010			97,045			537,782			375,075
Corporate expense (2)	(11,919		)	(10,198		)	(46,594		)	(39,954		)
Wholly owned Adjusted EBITDA	115,091			86,847			491,188			335,121
Borgata	16,393			14,010			119,237			116,976
Adjusted EBITDA	131,484			100,857			610,425			452,097

Other operating costs and expenses
Deferred rent	959			996			3,831			3,984
Depreciation and amortization	69,055			63,177			278,413			214,236
Preopening expenses	4,203			6,053			9,032			11,541
Share-based compensation expense	9,858			4,687			18,891			12,247
Impairments of assets	4,101			1,053,526			10,383			1,053,526
Asset transactions costs	3,311			11,525			5,576			18,442
Other operating charges and credits, net	817			(2,380		)	5,998			(11,616		)
Total other operating costs and expenses	92,304			1,137,584			332,124			1,302,360
Operating income (loss)	39,180			(1,036,727		)	278,301			(850,263		)
Other non-operating items
Interest expense, net	77,009			86,788			342,183			288,835
Loss on early extinguishments of debt	24,689			—			54,202			—
Other, net	(1,755		)	137			(2,090		)	137
Total other non-operating items, net	99,943			86,925			394,295			288,972
Loss from continuing operations before taxes	(60,763		)	(1,123,652		)	(115,994		)	(1,139,235		)
Income taxes	(6,828		)	214,362			(3,350		)	220,789
Loss from continuing operations, net of tax	(67,591		)	(909,290		)	(119,344		)	(918,446		)
Income (loss) from discontinued operations, net of tax	—			(2,487		)	10,790			(4,629		)
Net loss	(67,591		)	(911,777		)	(108,554		)	(923,075		)
Net loss attributable to noncontrolling interest	20,251			11,879			28,290			14,210
Net loss attributable to Boyd Gaming Corporation	$	(47,340	)	$	(899,898	)	$	(80,264	)	$	(908,865	)

_______________________________________________

(1) Peninsula Gaming was acquired on November 20, 2012.

(2) Reconciliation of corporate expense:



	Three Months Ended						Year Ended
	December 31,						December 31,
(In thousands)	2013			2012			2013			2012
Corporate expense as reported on Consolidated Statements of Operations	$	20,661		$	14,522		$	63,249		$	50,719
Corporate share-based compensation expense	(8,742		)	(4,324		)	(16,655		)	(10,765		)
Corporate expense as reported on the above table	$	11,919		$	10,198		$	46,594		$	39,954

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Net Loss to Adjusted Earnings (Loss) and Net Loss Per Share to Adjusted Earnings (Loss) Per Share

(Unaudited)



	Three Months Ended						Year Ended
	December 31,						December 31,
(In thousands, except per share data)	2013			2012			2013			2012
Net loss attributable to Boyd Gaming Corporation	$	(47,340	)	$	(899,898	)	$	(80,264	)	$	(908,865	)
Less: (income) loss from discontinued operations, net of tax (1)	—			2,487			(10,790		)	4,629
Adjusted net loss attributable to Boyd Gaming Corporation	(47,340		)	(897,411		)	(91,054		)	(904,236		)

Pretax adjustments related to Boyd Gaming:
Preopening expenses, excluding impact of LVE	616			8,776			6,909			22,196
Loss on early extinguishments of debt	1,368			—			28,346			—
Impairments of assets	4,101			1,050,715			5,351			1,050,715
Asset transactions costs	3,336			11,734			5,396			18,651
Adjustments to property tax accruals, net	(9,325		)	—			(9,325		)	(1,255		)
Other operating charges and credits, net	825			6			2,861			(5,498		)
Interest on acquisition financing	—			4,163			—			7,776
Other (income) loss	(1,509		)	137			(2,325		)	137

Pretax adjustments related to Borgata:
Preopening expenses	3,587			—			4,056			240
Loss on early extinguishments of debt	23,321			—			25,856			—
Valuation adjustments related to consolidation, net	(290		)	(137		)	(973		)	295
Impairments of assets	—			2,811			5,032			2,811
Asset transactions costs	(25		)	(209		)	180			(209		)
Other operating charges and credits, net	(8		)	(2,483		)	3,137			(6,294		)
Total adjustments	25,997			1,075,513			74,501			1,089,565

Income tax effect for above adjustments	8,245			(203,283		)	1,844			(207,020		)
Impact on noncontrolling interest, net	(13,294		)	9			(18,649		)	1,579
Adjusted loss	$	(26,392	)	$	(25,172	)	$	(33,358	)	$	(20,112	)

Net loss per share attributable to Boyd Gaming Corporation	$	(0.43	)	$	(10.24	)	$	(0.83	)	$	(10.37	)
Less: (income) loss from discontinued operations, net of tax (1)	—			0.02			(0.11		)	0.05
Adjusted net loss per share attributable to Boyd Gaming Corporation	(0.43		)	(10.22		)	(0.94		)	(10.32		)
Pretax adjustments related to Boyd Gaming:
Preopening expenses, excluding impact of LVE	0.01			0.10			0.07			0.25
Loss on early extinguishments of debt	0.01			—			0.29			—
Impairments of assets	0.04			11.96			0.06			11.99
Asset transactions costs	0.03			0.13			0.06			0.21
Adjustments to property tax accruals, net	(0.09		)	—			(0.10		)	(0.01		)
Other operating charges and credits, net	0.01			—			0.03			(0.06		)
Interest on acquisition financing	—			0.05			—			0.09
Other (income) loss	(0.02		)	—			(0.02		)	—

Pretax adjustments related to Borgata:
Preopening expenses	0.03			—			0.04			—
Loss on early extinguishments of debt	0.21			—			0.27			—
Valuation adjustments related to consolidation, net	—			—			(0.01		)	—
Impairments of assets	—			0.03			0.05			0.03
Asset transactions costs	—			—			—			—
Other operating charges and credits, net	—			(0.03		)	0.03			(0.07		)
Total adjustments	0.23			12.24			0.77			12.43

Income tax effect for above adjustments	0.08			(2.31		)	0.02			(2.36		)
Impact on noncontrolling interest, net	(0.12		)	—			(0.19		)	0.02
Adjusted loss per share	$	(0.24	)	$	(0.29	)	$	(0.34	)	$	(0.23	)

Weighted average shares outstanding	109,471			87,846			97,243			87,652

_______________________________________________

(1) Results for all periods are adjusted to exclude the financial results of Dania Jai-Alai, which was sold during the second quarter of 2013.



BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Three Months Ended December 31, 2013
(Unaudited)

	Boyd Gaming Wholly Owned
(In thousands, except per share data)	Excluding Peninsula Segment			Peninsula Segment			Eliminations			Total			Borgata (1)			Eliminations			Boyd Gaming Consolidated
Revenues
Gaming	$	330,687		$	110,882		$	—		$	441,569		$	143,692		$	—		$	585,261
Food and beverage	65,629			9,682			—			75,311			32,081			—			107,392
Room	36,080			—			—			36,080			25,983			—			62,063
Other	31,035			4,521			(4,423		)	31,133			9,040			—			40,173
Gross revenues	463,431			125,085			(4,423		)	584,093			210,796			—			794,889
Less promotional allowances	54,513			5,171			—			59,684			53,668			—			113,352
Net revenues	408,918			119,914			(4,423		)	524,409			157,128			—			681,537

Costs and expenses
Gaming	169,328			52,866			—			222,194			61,213			—			283,407
Food and beverage	35,245			6,313			—			41,558			16,573			—			58,131
Room	9,960			—			—			9,960			2,767			—			12,727
Other	18,322			7,520			(4,423		)	21,419			7,752			—			29,171
Selling, general and administrative	65,418			13,389			—			78,807			37,554			—			116,361
Maintenance and utilities	22,247			3,288			—			25,535			14,877			—			40,412
Depreciation and amortization	33,081			21,676			—			54,757			14,298			—			69,055
Corporate expense	20,088			573			—			20,661			—			—			20,661
Preopening expenses	616			—			—			616			3,587			—			4,203
Impairments of assets	901			3,200			—			4,101			—			—			4,101
Asset transactions costs	1,568			1,768			—			3,336			(25		)	—			3,311
Other, net	711			114			—			825			(8		)	—			817
Total costs and expenses	377,485			110,707			(4,423		)	483,769			158,588			—			642,357

Operating loss from Borgata	(729		)	—			—			(729		)	—			729			—

Operating income (loss)	30,704			9,207			—			39,911			(1,460		)	729			39,180

Other expense (income)
Interest income	123			(491		)	—			(368		)	—			—			(368		)
Interest expense, net of amounts capitalized	38,254			19,687			—			57,941			19,436			—			77,377
Loss on early extinguishments of debt	—			1,368			—			1,368			23,321			—			24,689
Other, net	(1,523		)	(232		)	—			(1,755		)	—			—			(1,755		)
Other non-operating expenses from Borgata, net	19,521			—			—			19,521			—			(19,521		)	—
Total other expense, net	56,375			20,332			—			76,707			42,757			(19,521		)	99,943

Income (loss) from continuing operations before taxes	(25,671		)	(11,125		)	—			(36,796		)	(44,217		)	20,250			(60,763		)
Income taxes	(10,306		)	(236		)	—			(10,542		)	3,714			—			(6,828		)
Income (loss) from continuing operations, net of tax	(35,977		)	(11,361		)	—			(47,338		)	(40,503		)	20,250			(67,591		)
Income (loss) from discontinued operations, net of tax	—			—			—			—			—			—			—
Net income (loss)	(35,977		)	(11,361		)	—			(47,338		)	(40,503		)	20,250			(67,591		)
Net income (loss) attributable to noncontrolling interest	—			—			—			—			—			20,251			20,251
Net income (loss) attributable to Boyd Gaming Corporation	$	(35,977	)	$	(11,361	)	$	—		$	(47,338	)	$	(40,503	)	$	40,501		$	(47,340	)



BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Three Months Ended December 31, 2013
(Unaudited)

	Boyd Gaming Wholly Owned
(In thousands, except per share data)	Excluding Peninsula Segment	Peninsula Segment	Eliminations	Total			Borgata (1)	Eliminations	Boyd Gaming Consolidated

Basic net loss per common share
Continuing operations				$	(0.43	)			$	(0.43	)
Discontinued operations				—					—
Basic net loss per common share				$	(0.43	)			$	(0.43	)
Weighted average basic shares outstanding				109,471					109,471

Diluted net loss per common share
Continuing operations				$	(0.43	)			$	(0.43	)
Discontinued operations				—					—
Diluted net loss per common share				$	(0.43	)			$	(0.43	)
Weighted average diluted shares outstanding				109,471					109,471

_______________________________________________


(1)	Borgata's financial results include the impact of certain valuation adjustments made upon consolidation. These valuation adjustments are not pushed down to Borgata and are therefore not reflected in Borgata's standalone financial statements.



BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Three Months Ended December 31, 2012
(Unaudited)

	Boyd Gaming Wholly Owned
(In thousands, except per share data)	Excluding Peninsula Segment			Peninsula Segment (1)			Eliminations			Total			Borgata (2)			LVE (Variable Interest Entity)			Eliminations			Boyd Gaming Consolidated
Revenues
Gaming	$	349,167		$	53,442		$	—		$	402,609		$	138,842		$	—		$	—		$	541,451
Food and beverage	67,279			3,988			—			71,267			28,041			—			—			99,308
Room	35,857			—			—			35,857			23,457			—			—			59,314
Other	27,285			1,687			(2,181		)	26,791			7,969			2,724			(2,724		)	34,760
Gross revenues	479,588			59,117			(2,181		)	536,524			198,309			2,724			(2,724		)	734,833
Less promotional allowances	57,198			2,192			—			59,390			50,744			—			—			110,134
Net revenues	422,390			56,925			(2,181		)	477,134			147,565			2,724			(2,724		)	624,699

Costs and expenses
Gaming	183,314			24,565			—			207,879			59,709			—			—			267,588
Food and beverage	32,462			2,855			—			35,317			15,051			—			—			50,368
Room	9,313			—			—			9,313			2,547			—			—			11,860
Other	20,867			3,271			(2,181		)	21,957			6,367			—			—			28,324
Selling, general and administrative	77,184			5,250			—			82,434			36,100			41			—			118,575
Maintenance and utilities	22,591			2,015			—			24,606			13,778			—			—			38,384
Depreciation and amortization	33,039			13,327			—			46,366			16,811			—			—			63,177
Corporate expense	14,147			375			—			14,522			—			—			—			14,522
Preopening expenses	8,239			538			—			8,777			—			—			(2,724		)	6,053
Impairments of assets	1,050,715			—			—			1,050,715			2,811			—			—			1,053,526
Asset transactions costs	11,734			—			—			11,734			(209		)	—			—			11,525
Other, net	6			—			—			6			(2,482		)	—			—			(2,476		)
Total costs and expenses	1,463,611			52,196			(2,181		)	1,513,626			150,483			41			(2,724		)	1,661,426

Operating loss from Borgata	(1,461		)	—			—			(1,461		)	—			—			1,461			—

Operating income (loss)	(1,042,682		)	4,729			—			(1,037,953		)	(2,918		)	2,683			1,461			(1,036,727		)

Other expense (income)
Interest income	(238		)	(247		)	—			(485		)	—			—			—			(485		)
Interest expense, net of amounts capitalized	52,891			10,065						62,956			21,017			3,300						87,273
Other, net	—			137			—			137			—			—			—			137
Other non-operating expenses from Borgata, net	9,800			—			—			9,800			—			—			(9,800		)	—
Total other expense, net	62,453			9,955			—			72,408			21,017			3,300			(9,800		)	86,925

Income (loss) from continuing operations before taxes	(1,105,135		)	(5,226		)	—			(1,110,361		)	(23,935		)	(617		)	11,261			(1,123,652		)
Income taxes	212,950			—			—			212,950			1,412			—			—			214,362
Income (loss) from continuing operations, net of tax	(892,185		)	(5,226		)	—			(897,411		)	(22,523		)	(617		)	11,261			(909,290		)
Income (loss) from discontinued operations, net of tax	(2,487		)	—			—			(2,487		)	—			—			—			(2,487		)
Net income (loss)	(894,672		)	(5,226		)	—			(899,898		)	(22,523		)	(617		)	11,261			(911,777		)
Net income (loss) attributable to noncontrolling interest	—			—			—			—			—			617			11,262			11,879
Net income (loss) attributable to Boyd Gaming Corporation	$	(894,672	)	$	(5,226	)	$	—		$	(899,898	)	$	(22,523	)	$	—		$	22,523		$	(899,898	)



BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Three Months Ended December 31, 2012
(Unaudited)

	Boyd Gaming Wholly Owned
(In thousands, except per share data)	Excluding Peninsula Segment	Peninsula Segment (1)	Eliminations	Total			Borgata (2)	LVE (Variable Interest Entity)	Eliminations	Boyd Gaming Consolidated

Basic net loss per common share
Continuing operations				$	(10.22	)				$	(10.22	)
Discontinued operations				(0.02		)				(0.02		)
Basic net loss per common share				$	(10.24	)				$	(10.24	)
Weighted average basic shares outstanding				87,846						87,846

Diluted net loss per common share
Continuing operations				$	(10.22	)				$	(10.22	)
Discontinued operations				(0.02		)				(0.02		)
Diluted net loss per common share				$	(10.24	)				$	(10.24	)
Weighted average diluted shares outstanding				87,846						87,846

_______________________________________________

(1) Results of Peninsula Gaming are included from the November 20, 2012, date of acquisition.

(2) Borgata's financial results include the impact of certain valuation adjustments made upon consolidation. These valuation adjustments are not pushed down to Borgata and are therefore not reflected in Borgata's standalone financial statements.



BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Year Ended December 31, 2013
(Unaudited)

	Boyd Gaming Wholly Owned
(In thousands, except per share data)	Excluding Peninsula Segment			Peninsula Segment			Eliminations			Total			Borgata (1)			LVE (Variable Interest Entity)(2)			Eliminations			Boyd Gaming Consolidated
Revenues
Gaming	$	1,378,458		$	484,791		$	—		$	1,863,249		$	615,734		$	—		$	—		$	2,478,983
Food and beverage	266,868			39,207			—			306,075			140,292			—			—			446,367
Room	150,258			—			—			150,258			115,113			—			—			265,371
Other	124,463			17,934			(19,584		)	122,813			42,377			1,933			(1,933		)	165,190
Gross revenues	1,920,047			541,932			(19,584		)	2,442,395			913,516			1,933			(1,933		)	3,355,911
Less promotional allowances	222,054			21,603			—			243,657			217,816			—			—			461,473
Net revenues	1,697,993			520,329			(19,584		)	2,198,738			695,700			1,933			(1,933		)	2,894,438

Costs and expenses
Gaming	694,581			226,905			—			921,486			249,357			—			—			1,170,843
Food and beverage	142,579			26,454			—			169,033			71,048			—			—			240,081
Room	41,404			—			—			41,404			12,934			—			—			54,338
Other	74,218			32,324			(19,584		)	86,958			34,642			—			—			121,600
Selling, general and administrative	285,700			55,746			—			341,446			148,780			—			—			490,226
Maintenance and utilities	93,483			13,212			—			106,695			59,703			—			—			166,398
Depreciation and amortization	130,816			87,851			—			218,667			59,746			—			—			278,413
Corporate expense	60,576			2,673			—			63,249			—			—			—			63,249
Preopening expenses	6,818			91			—			6,909			4,056			—			(1,933		)	9,032
Impairments of assets	2,151			3,200			—			5,351			5,032			—			—			10,383
Asset transactions costs	3,334			2,062			—			5,396			180			—			—			5,576
Other, net	2,548			313			—			2,861			3,137			—			—			5,998
Total costs and expenses	1,538,208			450,831			(19,584		)	1,969,455			648,615			—			(1,933		)	2,616,137

Operating income from Borgata	23,542			—			—			23,542			—			—			(23,542		)	—

Operating income	183,327			69,498			—			252,825			47,085			1,933			(23,542		)	278,301

Other expense (income)
Interest income	(21		)	(2,126		)	—			(2,147		)	—			—			—			(2,147		)
Interest expense, net of amounts capitalized	177,823			82,795			—			260,618			81,335			2,377			—			344,330
Loss on early extinguishments of debt	25,002			3,344			—			28,346			25,856			—			—			54,202
Other, net	(2,252		)	162			—			(2,090		)	—			—			—			(2,090		)
Other non-operating expenses from Borgata, net	51,388			—			—			51,388			—			—			(51,388		)	—
Total other expense, net	251,940			84,175			—			336,115			107,191			2,377			(51,388		)	394,295

Income (loss) from continuing operations before taxes	(68,613		)	(14,677		)	—			(83,290		)	(60,106		)	(444		)	27,846			(115,994		)
Income taxes	2,731			(10,496		)	—			(7,765		)	4,415			—			—			(3,350		)
Income (loss) from continuing operations, net of tax	(65,882		)	(25,173		)	—			(91,055		)	(55,691		)	(444		)	27,846			(119,344		)
Income (loss) from discontinued operations, net of tax	10,790			—			—			10,790			—			—			—			10,790
Net income (loss)	(55,092		)	(25,173		)	—			(80,265		)	(55,691		)	(444		)	27,846			(108,554		)
Net income (loss) attributable to noncontrolling interest	—			—			—			—			—			444			27,846			28,290
Net income (loss) attributable to Boyd Gaming Corporation	$	(55,092	)	$	(25,173	)	$	—		$	(80,265	)	$	(55,691	)	$	—		$	55,692		$	(80,264	)



BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Year Ended December 31, 2013
(Unaudited)

	Boyd Gaming Wholly Owned
(In thousands, except per share data)	Excluding Peninsula Segment	Peninsula Segment	Eliminations	Total			Borgata (1)	LVE (Variable Interest Entity)(2)	Eliminations	Boyd Gaming Consolidated

Basic net loss per common share
Continuing operations				$	(0.94	)				$	(0.94	)
Discontinued operations				0.11						0.11
Basic net loss per common share				$	(0.83	)				$	(0.83	)
Weighted average basic shares outstanding				97,243						97,243

Diluted net loss per common share
Continuing operations				$	(0.94	)				$	(0.94	)
Discontinued operations				0.11						0.11
Diluted net loss per common share				$	(0.83	)				$	(0.83	)
Weighted average diluted shares outstanding				97,243						97,243

_______________________________________________

(1) Borgata's financial results include the impact of certain valuation adjustments made upon consolidation. These valuation adjustments are not pushed down to Borgata and are therefore not reflected in Borgata's standalone financial statements.

(2) Boyd Gaming's contractual agreements with LVE were terminated on March 4, 2013, in connection with the sale of the Echelon development site. As a result, Boyd Gaming ceased consolidation of LVE as of that date. The financial results presented for LVE include only that portion of the period that the variable interest entity was consolidated by Boyd Gaming.



BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Year Ended December 31, 2012
(Unaudited)

	Boyd Gaming Wholly Owned
(In thousands, except per share data)	Excluding Peninsula Segment			Peninsula Segment (1)			Eliminations			Total			Borgata (2)			LVE (Variable Interest Entity)			Eliminations			Boyd Gaming Consolidated
Revenues
Gaming	$	1,443,642		$	53,442		$	—		$	1,497,084		$	609,127		$	—		$	—		$	2,106,211
Food and beverage	272,805			3,988			—			276,793			140,391			—			—			417,184
Room	150,398			—			—			150,398			114,505			—			—			264,903
Other	106,154			1,687			(2,181		)	105,660			39,516			10,896			(10,896		)	145,176
Gross revenues	1,972,999			59,117			(2,181		)	2,029,935			903,539			10,896			(10,896		)	2,933,474
Less promotional allowances	231,137			2,192			—			233,329			217,317			—			—			450,646
Net revenues	1,741,862			56,925			(2,181		)	1,796,606			686,222			10,896			(10,896		)	2,482,828

Costs and expenses
Gaming	727,331			24,565			—			751,896			254,934			—			—			1,006,830
Food and beverage	145,058			2,855			—			147,913			71,584			—			—			219,497
Room	42,040			—			—			42,040			13,491			—			—			55,531
Other	78,165			3,271			(2,181		)	79,255			31,712			—			—			110,967
Selling, general and administrative	304,881			5,250			—			310,131			139,100			55			—			449,286
Maintenance and utilities	93,871			2,015			—			95,886			58,422			—			—			154,308
Depreciation and amortization	136,646			13,327			—			149,973			64,263			—			—			214,236
Corporate expense	50,344			375			—			50,719			—			—			—			50,719
Preopening expenses	21,659			538			—			22,197			240			—			(10,896		)	11,541
Impairments of assets	1,050,715			—			—			1,050,715			2,811			—			—			1,053,526
Asset transactions costs	18,651			—			—			18,651			(209		)	—			—			18,442
Other, net	(5,498		)	—			—			(5,498		)	(6,294		)	—			—			(11,792		)
Total costs and expenses	2,663,863			52,196			(2,181		)	2,713,878			630,054			55			(10,896		)	3,333,091

Operating income from Borgata	28,082			—			—			28,082			—			—			(28,082		)	—

Operating income	(893,919		)	4,729			—			(889,190		)	56,168			10,841			(28,082		)	(850,263		)

Other expense (income)
Interest income	(922		)	(247		)	—			(1,169		)	—			—			—			(1,169		)
Interest expense, net of amounts capitalized	184,714			10,065						194,779			82,902			12,323						290,004
Other, net	—			137			—			137			—			—			—			137
Other non-operating expenses from Borgata, net	40,810			—			—			40,810			—			—			(40,810		)	—
Total other expense, net	224,602			9,955			—			234,557			82,902			12,323			(40,810		)	288,972

Income (loss) from continuing operations before taxes	(1,118,521		)	(5,226		)	—			(1,123,747		)	(26,734		)	(1,482		)	12,728			(1,139,235		)
Income taxes	219,510									219,510			1,279									220,789
Income (loss) from continuing operations, net of tax	(899,011		)	(5,226		)	—			(904,237		)	(25,455		)	(1,482		)	12,728			(918,446		)
Income (loss) from discontinued operations, net of tax	(4,629		)	—			—			(4,629		)	—			—			—			(4,629		)
Net income (loss)	(903,640		)	(5,226		)	—			(908,866		)	(25,455		)	(1,482		)	12,728			(923,075		)
Net income (loss) attributable to noncontrolling interest	—			—			—			—			—			1,482			12,728			14,210
Net income (loss) attributable to Boyd Gaming Corporation	$	(903,640	)	$	(5,226	)	$	—		$	(908,866	)	$	(25,455	)	$	—		$	25,456		$	(908,865	)



BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Condensed Consolidating Statements of Income
Year Ended December 31, 2012
(Unaudited)

	Boyd Gaming Wholly Owned
(In thousands, except per share data)	Excluding Peninsula Segment	Peninsula Segment (1)	Eliminations	Total			Borgata (2)	LVE (Variable Interest Entity)	Eliminations	Boyd Gaming Consolidated

Basic net loss per common share
Continuing operations				$	(10.32	)				$	(10.32	)
Discontinued operations				(0.05		)				(0.05		)
Basic net loss per common share				$	(10.37	)				$	(10.37	)
Weighted average basic shares outstanding				87,652						87,652

Diluted net loss per common share
Continuing operations				$	(10.32	)				$	(10.32	)
Discontinued operations				(0.05		)				(0.05		)
Diluted net loss per common share				$	(10.37	)				$	(10.37	)
Weighted average diluted shares outstanding				87,652						87,652

_______________________________________________

(1) Results of Peninsula Gaming are included from the November 20, 2012, date of acquisition.

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Condensed Consolidated Statements of Operations of Peninsula Segment (1)

Successor and Predecessor Periods Comprising the Three Month Periods Ended December 31, 2013 and 2012

(Unaudited)



	Successor			Successor			Predecessor (2)			Combined
	October 1, 2013			November 20, 2012			October 1, 2012			October 1, 2012
	Through			Through			Through			Through
(In thousands)	December 31, 2013			December 31, 2012			November 19, 2012			December 31, 2012
Revenues
Gaming	$	110,882		$	53,442		$	63,338		$	116,780
Food and beverage	9,682			3,988			4,507			8,495
Other	4,521			1,687			2,299			3,986
Gross revenues	125,085			59,117			70,144			129,261
Less promotional allowances	5,171			2,192			2,725			4,917
Net revenues	119,914			56,925			67,419			124,344

Costs and expenses
Gaming	52,866			24,565			29,337			53,902
Food and beverage	6,313			2,855			2,865			5,720
Other	3,097			1,090			1,547			2,637
Selling, general and administrative	13,389			5,250			7,208			12,458
Maintenance and utilities	3,288			2,015			1,518			3,533
Depreciation and amortization	21,676			13,327			5,504			18,831
Corporate expense	573			375			2,685			3,060
Affiliate management fee	4,423			2,181			1,096			3,277
Preopening expenses	—			538			392			930
Impairments of assets	3,200			—			—			—
Asset transaction costs	1,768			—			26,830			26,830
Other, net	114			—			—			—
Total costs and expenses	110,707			52,196			78,982			131,178
Operating income (loss)	9,207			4,729			(11,563		)	(6,834		)

Other expense (income)
Interest income	(491		)	(247		)	(309		)	(556		)
Interest expense, net of amounts capitalized	19,687			10,065			9,231			19,296
Loss on early retirements of debt, net	1,368			—			79,571			79,571
Gain from equity affiliate	(11		)	137			—			137
Other non-operating items	(221		)
Total other expense, net	20,332			9,955			88,493			98,448

Income (loss) before income taxes	(11,125		)	(5,226		)	(100,056		)	(105,282		)
Income taxes (3)	(236		)	—			—			—
Net income (loss)	$	(11,361	)	$	(5,226	)	$	(100,056	)	$	(105,282	)

Adjusted EBITDA, after corporate expense	$	40,388		$	20,775		$	22,259		$	43,034

_______________________________________________

(1)

Peninsula Gaming, LLC ("PGL") was acquired by Boyd Gaming on November 20, 2012. In accordance with Generally Accepted Accounting Principles ("GAAP"), PGL's post acquisition financial results have been prepared on Boyd Gaming's ("Successor") basis of accounting and reflect adjustments resulting from the application of the acquisition method. Financial information for the pre-acquisition period has been prepared on PGL's ("Predecessor") basis of accounting. Consequently, the financial statements for the Successor and Predecessor periods are presented on different bases. However, the Successor and Predecessor periods’ results comprising the quarter ended December 31, 2012, are also presented on a combined basis because management believes doing so provides a meaningful presentation and comparison of results.


(2)	Certain amounts for the prior year have been reclassified to conform with the Successor presentation. These reclassifications had no impact on income from operations or net income as previously reported by the Predecessor.


(3)	The Predecessor was structured as a limited liability company and the members were taxed on their proportionate share of its taxable income. Accordingly, no provision for income taxes was included in the financial statements of the Predecessor.

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Condensed Consolidated Statements of Operations of Peninsula Segment (1)

Successor and Predecessor Periods Comprising the Years Ended December 31, 2013 and 2012

(Unaudited)



	Successor			Successor			Predecessor (2)			Combined
	January 1, 2013			November 20, 2012			January 1, 2012			January 1, 2012
	Through			Through			Through			Through
(In thousands)	December 31, 2013			December 31, 2012			November 19, 2012			December 31, 2012
Revenues
Gaming	$	484,791		$	53,442		$	438,417		$	491,859
Food and beverage	39,207			3,988			29,802			33,790
Other	17,934			1,687			14,655			16,342
Gross revenues	541,932			59,117			482,874			541,991
Less promotional allowances	21,603			2,192			17,686			19,878
Net revenues	520,329			56,925			465,188			522,113

Costs and expenses
Gaming	226,905			24,565			198,680			223,245
Food and beverage	26,454			2,855			18,736			21,591
Other	12,740			1,090			10,190			11,280
Selling, general and administrative	55,746			5,250			44,160			49,410
Maintenance and utilities	13,212			2,015			9,792			11,807
Depreciation and amortization	87,851			13,327			36,743			50,070
Corporate expense	2,673			375			11,572			11,947
Affiliate management fee	19,584			2,181			8,145			10,326
Preopening expenses	91			538			548			1,086
Impairments of assets	3,200			—			—			—
Asset transactions costs	2,062			—			26,784			26,784
Other, net	313			—			2,474			2,474
Total costs and expenses	450,831			52,196			367,824			420,020
Operating income	69,498			4,729			97,364			102,093

Other expense (income)
Interest income	(2,126		)	(247		)	(1,994		)	(2,241		)
Interest expense, net of amounts capitalized	82,795			10,065			62,935			73,000
Loss on early retirements of debt, net	3,344			—			79,571			79,571
Loss from equity affiliate	383			137			62			199
Other non-operating items	(221		)	—			—			—
Total other expense, net	84,175			9,955			140,574			150,529

Income (loss) before income taxes	(14,677		)	(5,226		)	(43,210		)	(48,436		)
Income taxes (3)	(10,496		)	—			—			—
Net income (loss)	$	(25,173	)	$	(5,226	)	$	(43,210	)	$	(48,436	)

Adjusted EBITDA, after corporate expense	$	182,599		$	20,775		$	172,058		$	192,833

_______________________________________________

(1)

Peninsula Gaming, LLC ("PGL") was acquired by Boyd Gaming on November 20, 2012. In accordance with Generally Accepted Accounting Principles ("GAAP"), PGL's post acquisition financial results have been prepared on Boyd Gaming's ("Successor") basis of accounting and reflect adjustments resulting from the application of the acquisition method. Financial information for the pre-acquisition period has been prepared on PGL's ("Predecessor") basis of accounting. Consequently, the financial statements for the Successor and Predecessor periods are presented on different bases. However, the Successor and Predecessor periods’ results comprising the year ended December 31, 2012, are also presented on a combined basis because management believes doing so provides a meaningful presentation and comparison of results.


(2)	Certain amounts for the prior year have been reclassified to conform with the Successor presentation. These reclassifications had no impact on income from operations or net income as previously reported by the Predecessor.


(3)	The Predecessor was structured as a limited liability company and the members were taxed on their proportionate share of its taxable income. Accordingly, no provision for income taxes was included in the financial statements of the Predecessor.

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. We do not provide a reconciliation of forward-looking non-GAAP financial measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.

EBITDA and Adjusted EBITDA

EBITDA is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (“GAAP”), provides our investors a more complete understanding of our 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 refer to this measure as Adjusted EBITDA. 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 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 our management in their 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 the evaluation of potential acquisitions and dispositions. Adjusted EBITDA is also 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, impairments of assets, asset transactions costs, loss on early extinguishments of debt and other operating charges, net, and Borgata's non-operating expenses, preopening expenses and other items and write-downs, net. In addition, Adjusted EBITDA includes corporate expense.

Adjusted Earnings and Adjusted EPS

Adjusted Earnings is net income (loss) before preopening expenses, asset transactions costs, net gains on insurance settlements, impairments of assets, certain adjustments to property tax accruals, write-downs and other charges, net, accelerated amortization of deferred loan fees, gain or loss on early retirements of debt, other non-recurring adjustments, net, valuation adjustments related to the consolidation of Borgata, and 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.

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 historical 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 historical 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.

Forward-looking Statements and Company Information

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release include statements regarding: the Company’s steps to drive efficiencies, improve margins and maximize EBITDA growth, future growth in online gaming across the country, actions to enhance the Company’s ability to cross-market its properties nationwide, expanding the Company’s pipeline of growth projects, and prospects for 2014. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks and uncertainties include, but are not limited to: fluctuations in the Company's operating results; recovery of its properties in various markets; the state of the economy and its effect on consumer spending and the Company's results of operations; the timing for economic recovery, its effect on the Company's business and the local economies where the Company's properties are located; the receipt of legislative, and other state, federal and local approvals for the Company's development projects in Florida, California and other jurisdictions; whether online gaming will become legalized in various states, the Company's ability to operate online gaming profitably, or otherwise; consumer reaction to fluctuations in the stock market and economic factors; the fact that the Company's expansion, development and renovation projects (including enhancements to improve property performance) are subject to many risks inherent in expansion, development or construction of a new or existing project; the effects of events adversely impacting the economy or the regions from which the Company draws a significant percentage of its customers; competition; litigation; financial community and rating agency perceptions of the Company and its subsidiaries; changes in laws and regulations, including increased taxes; the availability and price of energy, weather, regulation, economic, credit and capital market conditions; and the effects of war, terrorist or similar activity. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

About Boyd Gaming

Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a leading diversified owner and operator of 22 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi and New Jersey. Boyd Gaming press releases are available at www.prnewswire.com. Additional news and information on Boyd Gaming can be found at www.boydgaming.com.

Marina District Finance Company, Inc. - FORM 8-K - EX-99.1 - EXHIBIT - March 5, 2014

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