Financial Data and Key Metrics Changes - Company-wide revenues grew 3% to $903 million in Q3 2023, with EBITDAR decreasing 5% to $321 million [5][6][22] - Total play from core customers increased by 1%, while retail play declined by 4% year-over-year [5][6] - Property-level operating margins were 40%, and company-wide margins were 36% [22][24] Business Line Data and Key Metrics Changes - In the Las Vegas Locals segment, core customer play increased by 2%, while retail customer play decreased by approximately 4% [6][7] - Non-gaming revenue in the Las Vegas Locals segment grew nearly 6%, driven by hotel and food and beverage revenue increases [7] - The Online segment is projected to achieve $60 million to $65 million in EBITDAR for the full year, benefiting from strong results from FanDuel and Boyd Interactive [14][22] Market Data and Key Metrics Changes - Visitation to Las Vegas is up nearly 8% year-to-date, with convention and meeting business up 30% [11] - Average daily room rates increased by more than 10% across the market this year [11] - Total employment in Southern Nevada rose nearly 5% over the last 12 months, indicating a positive local economic environment [12] Company Strategy and Development Direction - The company remains focused on its core customers and growth initiatives, with ongoing investments in property renovations and expansions [16][17] - A balanced capital allocation program includes a $100 million per quarter share repurchase program and regular dividends [16][24] - The company is optimistic about future growth in Southern Nevada, supported by upcoming events and a robust development pipeline [11][12] Management's Comments on Operating Environment and Future Outlook - Management expects trends among core customers and retail players to remain consistent, with ongoing cost pressures anticipated [8][19] - The opening of new competitors may initially impact visitation, but management believes the market will absorb this new capacity over time [8][52] - Overall, management is optimistic about the stability of the retail customer segment and the performance of core customers [13][19] Other Important Information - Capital expenditures for Q3 were $108 million, with a total projected for the year of approximately $350 million [23] - The company has returned over $1 billion to shareholders through share repurchases and dividends since resuming its capital return program [24] Q&A Session Summary Question: OpEx pressures by geographic segments - Management noted that utility costs significantly impacted Nevada operations, while property taxes and insurance affected the Midwest and South [27][29] Question: Employee turnover due to new openings - Management observed some additional turnover but stated it was not significant and had prepared for the new openings [30][31] Question: Operating expenses and CapEx adjustments - Management indicated limited room to cut operating expenses due to current margins but noted flexibility in capital expenditures [36][37] Question: Promotional environment changes - The promotional environment has remained stable, with no significant changes from competitors [40][41] Question: Retail softness specifics - Retail softness was observed across all segments, with the unrated segment particularly affected by economic impacts [43][45] Question: Long-term capital allocation strategy - Management is focused on upgrading existing properties and will announce further growth projects in the future [46][49] Question: Impact of new competitors on Las Vegas locals - Management expects a low to mid-single-digit EBITDA impact from new competitors, with the market absorbing the new supply over time [52][53] Question: Online segment performance and ROI - The online segment is viewed as a long-term play, with early performance exceeding expectations [61][62] Question: Future capital decisions - Management plans to focus on maintenance capital and improvements to existing facilities, with potential for new growth projects [64][66] Question: Cost environment and leverage points - Management believes a stable expense environment will allow for margin expansion with modest revenue growth [68][70]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Nevada 88-0242733 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) WASHINGTON, D.C. 20549 ____________________________________________________ FORM 10-Q ____________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION ...

Financial Data and Key Metrics Changes - Company-wide revenues reached $917 million, a 2.5% increase year-over-year, while EBITDAR was $351 million, nearly matching last year's performance [20] - Property-level margins were maintained at 42%, consistent with recent quarters, and company-wide margins exceeded 38% [20][5] - The Online segment achieved a 75% EBITDAR gain, generating $13 million in EBITDAR during the quarter [12][20] Business Line Data and Key Metrics Changes - The Las Vegas Locals segment faced a year-over-year decline primarily due to a difficult comparison with last year's surge post-restrictions, with April accounting for most of the decline [6][20] - The Midwest & South segment showed sequential improvement in revenue and EBITDAR since Q4 2022, with operating margins at 39% [11] - The Online segment is projected to generate $55 million to $60 million in EBITDAR for the full year, up from a previous forecast of $50 million [12][20] Market Data and Key Metrics Changes - Visitation to Las Vegas increased nearly 10% over the trailing 12 months, with air traffic at all-time highs [7] - Employment in Southern Nevada rose more than 4% year-over-year, indicating a strong local economy [7] - The Downtown Las Vegas market saw strong pedestrian traffic, with nearly 60% of tourists visiting the area [8] Company Strategy and Development Direction - The company plans to continue its capital return program, with $100 million in share repurchases per quarter and regular dividend distributions [18] - Ongoing expansion projects, including the Treasure Chest Casino, are expected to enhance appeal and contribute to growth starting in the second half of 2024 [16][17] - The company remains disciplined regarding M&A opportunities, focusing on organic growth and capital returns [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term trajectory of the Locals business, despite facing challenging year-over-year comparisons [15] - The company does not expect significant changes in customer trends for the remainder of the year, with stability anticipated in core customer play [15] - Management noted that disruptions from ongoing renovations in Downtown Las Vegas will impact Q3 results but expect improvements in Q4 [16] Other Important Information - Capital expenditures for the quarter were $75 million, with a total of $350 million projected for the year [21][22] - The company has a strong balance sheet with total leverage at approximately 2.3x and no near-term debt maturities [23] Q&A Session Summary Question: Insights on the Locals market and customer segments - Management noted that core customers performed well, with stable spend per visit but a slight pullback in visitation [25][26] - Early July trends showed an increase in visitation compared to Q2, indicating a positive shift [27] Question: Changes in promotional behavior from competitors - The promotional environment in the locals market has remained stable, with no significant changes noted [29][30] Question: Stability in Southern markets - Management indicated that the Southern markets have stabilized, with signs of improvement in customer trends and financial performance [35][36] Question: Update on digital guidance and online casino launch - The Online segment's guidance was increased due to strong Q2 performance, with expectations for continued growth [42][45] Question: Impact of construction disruptions in Downtown - Estimated EBITDA impact from disruptions in Downtown is projected to be $2 million to $3 million, with expectations for recovery in Q4 [48] Question: Non-gaming revenue trends - Room revenue in Las Vegas was up, while Downtown faced softness due to construction disruptions [73] Question: Competitive openings and risks - The only significant upcoming opening is the Durango project in Las Vegas, with management confident that customers will return to existing properties after exploring new ones [84]

FORM 10-Q ____________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________________________ Nevada 88-0242733 (State or other jurisdiction of incorporation or organization) For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHA ...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-12882 BOYD GAMING CORPORATION (Exact name of registrant as specified in its charter) Nevada 88-0242733 (State or other jurisdiction of (I.R.S. Employer incorporation or ...

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