Group 1 - Boyd Gaming Corporation donated over $200,000 to nearly 190 non-profit organizations in its 2023 "Wreaths of Hope" and "Trees of Hope" competition [1] - A total of 186 non-profits from 11 states participated, with cash prizes determined by customer votes [1] - The 2023 national prize pool was the largest in the 16-year history of the contest [1] Group 2 - The "Trees of Hope" competition began in 2007 and has expanded to 26 Boyd Gaming properties across various states [2] - Boyd Gaming has awarded nearly $1.5 million to non-profit organizations through these initiatives [2] Group 3 - Boyd Gaming Corporation, founded in 1975, operates 28 gaming entertainment properties in 10 states and manages a tribal casino [3] - The company is a strategic partner and 5% equity owner of FanDuel Group, a leading sports-betting operator [3] - Boyd Gaming emphasizes Corporate Social Responsibility (CSR) initiatives through its philosophy called Caring the Boyd Way [3]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-1 ...

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 ...

Financial Data and Key Metrics Changes - Company-wide revenues reached $964 million, and EBITDA exceeded $367 million, both setting first-quarter records with operating margins exceeding 38% [7][20] - Excluding contributions from the Online and Managed segments, property-level margins were 40%, consistent with historical performance [20] Business Line Data and Key Metrics Changes - Las Vegas Locals segment achieved record revenues and EBITDAR, with revenues and EBITDAR each growing about 6%, and operating margins at 52.5% [8] - Online segment generated nearly $21 million in EBITDAR, more than double the prior year, driven by new market launches and growth in existing markets [14] - Managed & Other segment benefited from strong performance at Sky River, generating $20 million in management fees during the quarter [15][22] Market Data and Key Metrics Changes - Las Vegas saw over 40 million visitors in the trailing 12 months, a 16% increase year-over-year, with average spending per visit exceeding $1,100, up nearly 35% from 2019 [9] - Convention business rose 86% over the trailing 12 months, contributing to strong visitation and spending trends [10] Company Strategy and Development Direction - The company focuses on growing play from core customers and managing operations efficiently, which has led to consistent performance and record results [6] - Investments in properties and online operations are expected to drive future growth, with a $100 million expansion of Treasure Chest Casino planned for next spring [17][18] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about business direction despite economic uncertainties, citing stable consumer behavior and growth in online and management fee segments [16] - The company anticipates continued strong performance from core customers and ongoing returns from property investments [16] Other Important Information - The company plans to continue its $100 million quarterly share repurchase program and has returned nearly $800 million to shareholders since late 2021 [23][24] - The company is committed to ESG initiatives, focusing on reducing carbon emissions and promoting diversity and inclusion [18] Q&A Session Summary Question: Margins in the Midwest and South segment - Management noted stability in Louisiana and Mississippi markets, with most margin decline attributed to these states [25][26] Question: Guidance for the online segment - Management expects seasonality in online performance, with Q1 being strong and Q2 and Q3 typically weaker [27][28] Question: Land-based casino performance in April - Trends in early April were consistent with Q1, with good growth from core customers [31][32] Question: Year-over-year performance in online - Management indicated that the online segment's performance is expected to be flat for the remainder of the year, influenced by customer acquisition costs [33][34] Question: Labor environment and margin expectations - Management is comfortable with current margins despite cost pressures and expects to maintain them moving forward [42][43] Question: Promotional activity in Louisiana and Mississippi - Management reported rational promotional activity in these markets, with no unusual changes noted [83][84] Question: M&A activity - Management indicated no current plans for additional acquisitions following the purchase of Boyd Interactive, focusing instead on organic growth [86] Question: Impact of convention events on business - Management stated that increased visitation from conventions benefits both the locals and downtown segments [88]

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 ...

Boyd Gaming Corporation (NYSE:BYD) Q4 2022 Earnings Conference Call February 2, 2023 5:00 PM ET Company Participants Josh Hirsberg - EVP and CFO Keith Smith - President and CEO Conference Call Participants Chad Beynon - Macquarie Joe Greff - JPMorgan Carlo Santarelli - Deutsche Bank Shaun Kelley - Bank of America Steve Wieczynski - Stifel Barry Jonas - Truist Dan Politzer - Wells Fargo David Katz - Jefferies Ben Chaiken - Credit Suisse John DeCree - CBRE Securities Brandt Montour - Barclays Joe Stauff - Sus ...