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 March 31, 2020 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: 1-12882 ...

Financial Data and Key Metrics Changes - The company reported significant impacts from COVID-19, leading to the closure of all 29 properties from March 12 to March 18, 2020, which affected financial performance [10][11] - Prior to closures, the company was on track for strong first-quarter results, with 13 of 17 properties showing double-digit EBITDAR growth in the first two months [9] - Available cash at the end of March was $831 million, including $670 million drawn from the revolving credit facility, providing sufficient liquidity during the crisis [20] Business Line Data and Key Metrics Changes - The Las Vegas Locals segment was expected to post its 20th consecutive quarter of EBITDAR growth before the crisis [9] - The Downtown Las Vegas business was poised for a record quarter, indicating strong performance across various properties [9] Market Data and Key Metrics Changes - The company operates in 10 states, with each state likely to have different reopening timelines and health guidelines [13][14] - The majority of the company's business comes from local customers, reducing reliance on destination or convention business [15] Company Strategy and Development Direction - The company has suspended all non-essential spending, major capital projects, quarterly dividend payments, and share repurchase activities to navigate through the crisis [11][12] - Focus is on planning for reopening, reengaging team members, and serving customers while ensuring health and safety protocols are met [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to sustain operations until reopening, citing strong liquidity and reduced cash requirements [20] - There is an expectation of pent-up demand once stay-at-home orders are lifted, with management hopeful that the business model focused on local visitation will aid recovery [15][39] Other Important Information - The company has taken steps to support team members during closures, including providing a full month of pay and benefits [10][12] - Management is exploring various options for liquidity and maintaining flexibility in financial strategies [52][53] Q&A Session Summary Question: What will social distancing measures look like when reopening? - Management indicated that social distancing will likely limit capacity in restaurants and gaming areas, with fewer people allowed in buildings initially [23][24] Question: How will properties be phased for reopening? - Management plans to open most properties simultaneously due to distinct customer bases, although Downtown properties may face different challenges [31] Question: What are the monthly cash requirements? - Monthly cash requirements are approximately $60 million, with operating expenses and corporate expenses running about $20 million [32][34] Question: Will there be permanent cost reductions post-crisis? - Management is exploring reengineering the business for efficiency but has not committed to specific permanent cost reductions yet [37][70] Question: What is the outlook for iGaming? - Management noted a significant increase in iGaming revenue and anticipates more states will consider iGaming to fill budget deficits [64][65] Question: What is the status of the Wilton Rancheria project? - The project is currently on hold due to the pandemic, with financing arrangements needed before proceeding [72][73] Question: How will the Las Vegas Locals market recover compared to the Strip? - Management believes the locals market will recover independently of the Strip, with a focus on local customers who are more comfortable returning [46][81]

Table of Contents 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, 2019 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 incorporation o ...

Boyd Gaming Corporation (NYSE:BYD) Q4 2019 Earnings Conference Call February 20, 2020 5:00 PM ET Company Participants Josh Hirsberg - Executive Vice President & Chief Financial Officer Keith Smith - President & Chief Executive Officer Conference Call Participants Joe Greff - JPMorgan Carlo Santarelli - Deutsche Bank Steve Wieczynski - Stifel Felicia Hendrix - Barclays David Katz - Jefferies Harry Curtis - Instinet Shaun Kelley - Bank of America Jeff Stantial - SunTrust Chad Beynon - Macquarie Andrew Berg - ...

Financial Performance - Total revenues increased by $207.4 million, or 33.9%, for the three months ended September 30, 2019, primarily due to the Midwest & South segment's increase of $201.4 million [172]. - Operating income rose by $43.8 million, or 63.0%, for the three months ended September 30, 2019, and by $97.1 million, or 37.3%, for the nine months ended September 30, 2019, mainly due to acquisitions and cost control efforts [177]. - Income from continuing operations, net of tax, for the three months ended September 30, 2019, was $39.4 million, compared to $11.8 million in the prior year, reflecting an increase of $27.6 million [178]. - Gaming revenues increased by $166.7 million, or 37.3%, during the three months ended September 30, 2019, primarily driven by the Midwest & South segment [186]. - The Midwest & South segment generated $523.4 million of gaming revenue for the nine months ended September 30, 2019, contributing to a total gaming revenue increase of $532.4 million, or 39.9% [187]. - Total revenues for the nine months ended September 30, 2019, reached $2,493.0 million, up from $1,835.1 million in the prior year, marking a 35.8% increase [172]. - The company’s gaming operations produced approximately 75% of total revenues for the three months ended September 30, 2019 [182]. Revenue Breakdown - Food & beverage revenues increased by $22.1 million, or 25.7%, during the three months ended September 30, 2019, primarily due to growth in the Midwest & South segment attributed to acquisitions [188]. - Room revenues increased by $12.7 million, or 26.5%, during the three months ended September 30, 2019, also primarily due to acquisitions [190]. - Other revenues increased by $5.9 million, or 18.6%, during the three months ended September 30, 2019, driven by acquisitions [192]. - Total revenues increased by $201.4 million, or 58.5%, during the three months ended September 30, 2019, due to acquisitions [202]. - Adjusted EBITDAR increased by $58.4 million, or 59.7%, for the three months ended September 30, 2019, primarily due to acquisitions [202]. Expenses and Margins - Overall food & beverage margins increased to 5.6% from 4.4% year-over-year, driven by an 8.5% increase in average check [188]. - Room margins decreased to 53.6% from 55.3% year-over-year, due to a 13.2% increase in cost per room [191]. - Corporate expenses represented 2.6% of revenues during the three months ended September 30, 2019, down from 4.1% in the prior year [207]. - Selling, general and administrative expenses were 14.3% of revenues during the three months ended September 30, 2019, compared to 14.4% in the prior year [203]. - Maintenance and utilities expenses were consistent at 5.0% of revenues during the three months ended September 30, 2019, compared to 5.4% in the prior year [205]. Debt and Interest - The average long-term debt balance increased by $332.1 million, reflecting additional debt issued to fund acquisitions, impacting interest expenses [178]. - Interest expense for the three months ended September 30, 2019 increased by $6.7 million or 12.9% compared to the prior year, and for the nine months, it increased by $40.1 million or 28.5% [213]. - Average long-term debt balance increased by $332.1 million for the three months and $740.7 million for the nine months ended September 30, 2019, driven by the issuance of $700.0 million senior notes [213]. - Long-term variable-rate borrowings represented approximately 41.4% of total long-term debt as of September 30, 2019 [246]. - A 100 basis point change in interest rates would result in an annual interest cost change of approximately $15.9 million based on September 30, 2019 debt levels [246]. Cash Flow and Capital Requirements - Cash and cash equivalents were $235.1 million as of September 30, 2019, down from $249.4 million at December 31, 2018 [215]. - Net cash provided by operating activities for the nine months ended September 30, 2019 was $415.4 million, an increase from $332.2 million in 2018 [219]. - Net cash outflows for investing activities were $195.6 million for the nine months ended September 30, 2019, compared to $485.6 million in 2018 [221]. - Total long-term debt decreased to $3,850.7 million as of September 30, 2019, from $4,030.0 million at December 31, 2018 [223]. - The company plans to fund capital requirements using cash on hand, cash flows from operations, and availability under the Revolving Credit Facility for the next twelve months [234]. - The annual cash capital requirements for ongoing refurbishment and maintenance at properties are estimated to range from $170 million to $190 million [235]. Strategic Initiatives - The company aims to strengthen its balance sheet by diversifying and increasing cash flow to reduce debt [168]. - The company is committed to evaluating acquisition opportunities that align with its strategic goals and deliver solid returns for shareholders [170]. - The company continues to pursue expansion opportunities in both current and new gaming jurisdictions, contingent on gaming license approvals and suitable investment opportunities [237]. - The company may seek additional funding through public or private equity or debt financings if cash flow from operations and bank credit facilities are insufficient [238]. - The company funded the acquisition of land for the Wilton Rancheria casino for $35.1 million, which will be reimbursed from the cash flows of the business after the facility opens [236]. - The construction timeline for the Wilton Rancheria casino project is expected to span 18 to 24 months once financing is secured [236]. Legal and Compliance - The company believes that all pending legal claims will not have a material adverse effect on its business or financial position [239]. - There have been no material changes to off-balance sheet arrangements as of the latest report [240]. - The effectiveness of the company's disclosure controls and procedures was confirmed by the Chief Executive Officer and Chief Financial Officer as of the end of the reporting period [247].

Boyd Gaming Corporation (NYSE:BYD) Q3 2019 Earnings Conference Call October 22, 2019 5:00 PM ET Corporate Participants Josh Hirsberg - Executive Vice President & Chief Financial Officer Keith Smith - President & Chief Executive Officer Conference Call Participants Joe Greff - JPMorgan Felicia Hendrix - Barclays David Katz - Jefferies Carlo Santarelli - Deutsche Bank Barry Jonas - SunTrust Steven Wieczynsk - Stifel Harry Curtis - Instinet Shaun Kelley - Bank of America Chad Beynon - Macquarie Joe Stauff - Su ...

[Part I. Financial Information](index=2&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Boyd Gaming Corporation's unaudited condensed consolidated financial statements for the periods ended June 30, 2019, detailing financial position, operations, and cash flows [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$6.71 billion** from **$5.76 billion** at year-end 2018, driven by new operating lease right-of-use assets Condensed Consolidated Balance Sheets (In thousands) | (In thousands) | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$6,710,452** | **$5,756,339** | | Total current assets | $396,793 | $399,751 | | Property and equipment, net | $2,726,554 | $2,716,064 | | Operating lease right-of-use assets | $916,613 | — | | Goodwill, net | $1,102,977 | $1,062,102 | | **Total Liabilities** | **$5,497,737** | **$4,610,598** | | Total current liabilities | $530,843 | $469,701 | | Long-term debt, net | $3,882,220 | $3,955,119 | | Operating lease liabilities, net | $850,536 | — | | **Total Stockholders' Equity** | **$1,212,715** | **$1,145,741** | [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenues increased **37.2%** to **$846.1 million** for the three months and **36.8%** to **$1.67 billion** for the six months ended June 30, 2019, largely due to acquisitions Condensed Consolidated Statements of Operations (In thousands, except per share data) | (In thousands, except per share data) | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | **$846,132** | **$616,793** | **$1,673,420** | **$1,222,911** | | Operating income | $126,692 | $96,258 | $244,318 | $191,032 | | **Net income** | **$48,484** | **$38,945** | **$93,935** | **$80,344** | | Diluted net income per common share | $0.43 | $0.34 | $0.83 | $0.70 | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities increased to **$264.3 million** for the six months ended June 30, 2019, while investing and financing activities used **$154.9 million** and **$119.5 million**, respectively Condensed Consolidated Statements of Cash Flows (In thousands) | (In thousands) | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $264,312 | $217,991 | | Net cash used in investing activities | ($154,948) | ($173,198) | | Net cash provided by (used in) financing activities | ($119,489) | $386,366 | | Change in cash, cash equivalents and restricted cash | ($10,125) | $431,641 | [Notes to Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, including the adoption of the new lease standard recognizing **$926.7 million** in right-of-use assets, and cover acquisitions, segment performance, and debt structure - The Company adopted the new Lease Standard (ASU 2016-02) on January 1, 2019, resulting in the recognition of **$926.7 million** of Right-of-Use (ROU) assets and **$921.8 million** of lease liabilities on the balance sheet[41](index=41&type=chunk) - The company operates 29 gaming properties across 10 states, which are aggregated into three reportable segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South[15](index=15&type=chunk)[127](index=127&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=52&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the **37.2%** revenue increase to **$846.1 million** for Q2 2019, driven by acquisitions, and outlines the company's financial condition, segment performance, and strategic priorities - The company's strategy focuses on four key areas: strengthening the balance sheet, operating efficiently, evaluating acquisition opportunities, and maintaining its brand[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) Total Revenues, Operating Income, and Net Income (In millions) | (In millions) | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | | :--- | :--- | :--- | | **Total revenues** | **$846.1** | **$616.8** | | Operating income | $126.7 | $96.3 | | Net income | $48.5 | $38.9 | - The significant increase in revenues and operating income for the three and six months ended June 30, 2019, is primarily attributed to the acquisitions of Lattner, Valley Forge, and the Pinnacle Properties, which bolstered the Midwest & South segment[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk) [Results of Operations by Segment](index=56&type=section&id=Results%20of%20Operations%20by%20Segment) The Midwest & South segment led growth with **67.1%** revenue increase to **$560.7 million** in Q2 2019 due to acquisitions, while other segments showed modest gains Total Revenues and Adjusted EBITDAR by Segment (In millions) | (In millions) | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | | :--- | :--- | :--- | | **Total Revenues** | | | | Las Vegas Locals | $220.9 | $220.0 | | Downtown Las Vegas | $64.5 | $61.2 | | Midwest & South | $560.7 | $335.6 | | **Adjusted EBITDAR** | | | | Las Vegas Locals | $71.4 | $70.2 | | Downtown Las Vegas | $15.9 | $13.6 | | Midwest & South | $165.1 | $98.5 | [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2019, the company maintained **$239.4 million** in cash, **$574.2 million** in credit facility availability, and generated **$264.3 million** in operating cash flow, ensuring sufficient liquidity - As of June 30, 2019, the company had **$574.2 million** of remaining contractual availability under its bank credit facility[219](index=219&type=chunk) - During the six months ended June 30, 2019, the company repurchased **1.1 million** shares of its common stock, with an additional **$72.8 million** remaining authorized for repurchase under the 2018 plan[224](index=224&type=chunk) - The company declared a quarterly cash dividend of **$0.07 per share** on June 7, 2019, an increase from the previous **$0.06 per share**[226](index=226&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=63&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate fluctuations, with **42.9%** of long-term debt being variable-rate, and no derivative use for speculation - A **100 basis point (1%)** change in interest rates would cause the company's annual interest costs to change by approximately **$17.0 million**, based on debt levels at June 30, 2019[243](index=243&type=chunk) [Item 4. Controls and Procedures](index=63&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2019, following successful remediation of a material weakness in internal control over financial reporting - A material weakness related to the lack of segregation of duties within the general ledger system, identified in Q4 2018, was successfully remediated as of June 30, 2019[245](index=245&type=chunk)[247](index=247&type=chunk) - Remediation efforts included modifying user role definitions in the general ledger system to eliminate incompatible functions and implementing new controls to review user roles and journal entry processing[247](index=247&type=chunk)[248](index=248&type=chunk) [Part II. Other Information](index=64&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) The company is party to various legal proceedings arising in the ordinary course of business but believes none would have a material adverse effect on its financial position or operations - The company states that pending legal claims are not expected to have a material adverse effect on its financial condition or operations[250](index=250&type=chunk) [Item 1A. Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2018 - No material changes to risk factors were reported for the quarter[250](index=250&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2019, the company repurchased **245,221** shares for **$6.1 million**, with **$72.8 million** remaining authorized under the repurchase program Share Repurchases (Q2 2019) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 1-30, 2019 | — | $— | | May 1-31, 2019 | 135,586 | $25.81 | | June 1-30, 2019 | 109,635 | $23.78 | | **Totals** | **245,221** | **N/A** | - As of June 30, 2019, approximately **$72.8 million** remained available for repurchase under the company's authorized plan[253](index=253&type=chunk) [Item 6. Exhibits](index=65&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO pursuant to Exchange Act rules and the financial statements formatted in iXBRL

Boyd Gaming Corporation (NYSE:BYD) Q2 2019 Earnings Conference Call July 30, 2019 5:00 PM ET Company Participants Josh Hirsberg - Executive Vice President & Chief Financial Officer Keith Smith - President & Chief Executive Officer Conference Call Participants Carlo Santarelli - Deutsche Bank Thomas Allen - Morgan Stanley Joe Greff - JPMorgan David Katz - Jefferies Felicia Hendrix - Barclays Jared Shojaian - Wolfe Research Harry Curtis - Instinet Barry Jonas - SunTrust Shaun Kelley - Bank of America John DeC ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________________________ FORM 10-Q ____________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR o 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: 1-12882 _________________ ...

Financial Data and Key Metrics Changes - The first quarter marked a strong start to 2019 with continued growth in same-store revenues, EBITDAR, and operating margins across all segments [7][21] - At quarter end, debt-to-EBITDA was 5.1x and lease adjusted leverage was 5.5x, with a target leverage of 4x to 5x EBITDA expected to be achieved later this year [23][24] - Capital expenditures were $89 million for the quarter, driven by the purchase of a new slot system and higher carryover capital from previous projects, with full-year guidance holding at approximately $160 million [24][52] Business Line Data and Key Metrics Changes - The Midwest and South segment showed continued growth in same-store revenues, EBITDAR, and operating margins despite severe winter weather [13][15] - The Las Vegas Locals segment achieved its highest first quarter EBITDAR since 2007, with segment operating margins improving by 134 basis points to exceed 33% [8][10] - Downtown Las Vegas operations delivered record first quarter EBITDAR performance, with all three properties posting revenue and EBITDAR gains [12] Market Data and Key Metrics Changes - Southern Nevada's economy remains strong, with a 2.4% job growth rate over the last 12 months, outpacing the national average [10][11] - The visitation in Las Vegas reached an all-time high for the convention and meeting business, with new infrastructure supporting further growth [11][12] - The company reported strong performance in its newly acquired properties, achieving revenue and EBITDAR growth on a combined basis [15][22] Company Strategy and Development Direction - The company is focused on integrating new properties into its nationwide player loyalty network and enhancing marketing capabilities [17][20] - The expansion of sports betting is seen as a key growth driver, with positive results reported from properties in Mississippi and Pennsylvania [18][19] - The company continues to pursue opportunities for expansion while balancing growth with returning capital to shareholders and deleveraging its balance sheet [21][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trends for the Locals business, supported by a robust Southern Nevada economy and population growth [10][12] - The company remains optimistic about the future potential of its new assets and the synergies expected from recent acquisitions [8][22] - Despite weather-related challenges, management noted a recovery in business trends and a positive outlook for the remainder of the year [23][35] Other Important Information - The company returned over $28 million to shareholders during the quarter through dividends and share repurchases [24] - EBITDAR guidance for the year remains reaffirmed at $885 million to $910 million [25] Q&A Session Summary Question: Impact of the Palms property on performance - Management indicated that the Palms property does not significantly impact the Gold Coast customer base, and they are pleased with Gold Coast's performance [28] Question: Incremental EBITDA from sports betting - Management noted positive growth in visitation and spending due to sports betting but did not provide specific incremental EBITDA figures [29] Question: Weather impact on Midwest and South margins - Management stated that quantifying the weather impact is complex, but overall trends in March were positive, indicating recovery [32][35] Question: Performance at Eastside Cannery - Management acknowledged operational modifications at Eastside Cannery that initially did not succeed but reported improved results in April following adjustments [36] Question: Downtown Las Vegas performance drivers - Management attributed strong performance to a growing interest in Downtown Las Vegas and effective revenue management [38] Question: Resort fees and customer pushback - Management confirmed that resort fees have not been raised recently and noted minimal customer pushback due to modest fee increases [69] Question: Market share shifts between Downtown and the Strip - Management has not conducted specific surveys on market share shifts but noted increased interest in Downtown due to enhanced amenities [72] Question: Legislative updates on Illinois gaming tax - Management is monitoring legislative developments in Illinois but did not provide specific updates on the proposed tax changes [76]