Boyd PowerPoint Template

Investor PresentationSeptember 2014

Forward Looking Statements

Important Information Regarding Forward-Looking Statements This presentation contains “forward-looking statements” regarding Boyd that are subject to the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Generally, the words “believe,” “anticipate,” “expect,” “may,” “should,” “could,” and other future-oriented terms identify forward-looking statements. Forward-looking statements include, but are not limited to, statements relating to the following: Boyd’s improving balance sheet and its ability to pursue future growth acquisitions; the magnitude of EBITDA growth resulting from increases in revenue; the predictable and stable competitive markets in which Boyd operates; being well positioned to be a leader in online gaming, especially in New Jersey through the Borgata, and continued revenue growth due to the maturation of the online gaming market; market opportunities for online gaming in various other states; being positioned to continue to reduce leverage with significant cash flow; continued availability of free cash flow from the Peninsula acquisition; the considerable upside in Boyd’s Las Vegas Locals segment; improving macro trends impacting the Las Vegas market; operations in Boyd’s Midwest & South region being solid, with consistent free cash flow generation and continued positive outlook; improvements from the introduction of Penny Lane and B Connected to more Boyd properties; future increases in the downtown Las Vegas market resulting from downtown revitalization efforts; the statements on the slides titled: “Strong, Stable Free Cash Flow Generation,” “Online Gaming: A Substantial Opportunity to Grow and Diversify our Business” and “Pursuing Long-Term Growth Opportunities—GrowthPipeline in Attractive Markets. These forward-looking statements are based upon the current beliefs and expectations of management and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Boyd’s ability to control or estimate precisely and include, without limitation: risk related to the intense competition that exists in the gaming industry; risk related to the overall strength of the economies or regions from which Boyd draws its customers; risks associated with Boyd’s expansion, development and renovation projects, which are inherent in expansion, development or construction of new or existing projects; risk that any of Boyd’s projects may not be completed, if at all, on time or within established budgets, or that any project will result in increased earnings; risk that significant delays, cost overruns, or failures of any of Boyd’s projects to achieve market acceptance could have a material adverse effect on its business, financial condition and results of operations; risk that Boyd’s projects may not help it compete with new or increased competition in its markets; risk that new gaming licenses or jurisdictions become available (or offer different gaming regulations or taxes) that results in increased competition to Boyd; risk that the expansion of internet gaming in other jurisdictions could increase competition for our traditional operations; risks associated with owning real property; risks associated with challenges to legalized gaming; risk that the actual fair value for assets acquired and liabilities assumed from any of our acquisitions differ materially from Boyd’s preliminary estimates; risk that negative industry or economic trends, reduced estimates of future cash flows, disruptions to our business, slower growth rates or lack of growth in our business, may result in significant write-downs or impairments in future periods; risks associated with growth and acquisitions, including our ability to identify, acquire, develop or profitably manage additional companies or operations or successfully integrate such companies or operations into our existing operations without substantial costs, delays or other problems; the risk that Boyd may not receive gaming or other necessary licenses for new projects or that regulatory authorities may revoke, suspend, condition or limit our gaming or other licenses, impose substantial fines and take other adverse actions against any of our casino operations; risks related to the ability to refinance outstanding indebtedness; risks related to compliance with existing financial covenants in Boyd’s financings; rates of change in, margins, market share, capital expenditures, revenue and operating expenses generally; volatility in quarterly results; access to capital markets; the sufficiency of Boyd’s financial resources to support future business activities (including but not limited to operations, investments, debt service requirements and capital expenditures); the impact of legal proceedings; and other risks and uncertainties, including those detailed from time to time in Boyd’s periodic reports filed with the U.S. Securities and Exchange Commission (whether included in such filings under the caption “Risk Factors” or “Forward Looking Statements” or elsewhere). Boyd can give no assurances that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Neither Boyd nor any other person undertakes any obligation to update or revise publicly any of the forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of Boyd. No statement in this announcement should be interpreted to mean that the revenues, EBITDA, profits, margins or cash flows of Boyd for the current or future financial years would necessarily match or exceed the historical published figures, or that its debt, interest expenses and other expenses would necessarily match or be lower than the historical published figures.

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. Reconciliations of non-GAAP financialmeasures to GAAP can be found in our earnings releases for the periods referenced in this document. Our earnings releases can be found in the investor relations section of our website atwww.boydgaming.com. We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses.

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http://www.boydgaming.com/

Executing Our Strategic Plan

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Improving Core Operations to Enhance Margins and Operating Leverage• Strong focus on operating margin

• Successful ongoing refinements to slot product, marketing, non-gaming amenities

• Operating leverage creates potential for significant EBITDA growth

Pursuing Long-Term Growth Opportunities• Leader in domestic online gaming

• Development agreements in N. California, S. Florida

• Financially well positioned to pursue strategic acquisitions

Strengthening the Balance Sheet to Add Flexibility and Enable Growth• Sold 87 acres of non-core land on the Las Vegas Strip, enhancing profit; and sold non-core Dania Jai-Alai

increasing profit by $20 million annually

• Issued $220 million of equity

• Paid down over $600 million in debt since the beginning of 2013; extended maturities and reduced interest expense

Diversifying through Strategic Acquisitions• Peninsula Gaming: Significantly diversified operations, expands free cash flow

• Proven track record of deploying best-practices to enhance efficiencies and growth

Investment Thesis

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2. Strong, stable free cash flow generation coupled with high equity return capital structure

5. Pursuing attractive long-term growth opportunities

3. Increased focus on amenities and enhanced enterprise wide marketing efforts to broaden customer base in both gaming and non-gaming

4. Successful track record of accretive acquisitions

1. Geographically diverse portfolio with high quality assets

Investment Thesis

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High Quality Assets and Superior Customer Service6

High Quality Portfolio with Broad Geographic Span

• 21 wholly-owned properties and one joint venture across 8 states

• High quality properties in every market where the Company operates

• Over 31,000 slot machines, 750 table games and 11,000 hotel rooms

• Industry-leading B Connected customer loyalty program

• Strong focus on operating margins

• Successful refinements to slot product, marketing

• Operating leverage creates potential for significant EBITDA growth

Geographically Distributed Assets

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Boyd Gaming Legacy Properties

Recent Acquisitions

Las Vegas Locals

• Sam's Town Hotel and

Gambling Hall

• Suncoast Hotel and

Casino

• The Orleans Hotel and

Casino

• Gold Coast Hotel and

Casino

• Jokers Wild Casino

• Eldorado Casino

Downtown Las Vegas

• California Hotel and Casino

• Fremont Hotel and Casino

• Main Street Station Casino Brewery Hotel

Kansas Star

Diamond Jo Worth

Diamond Jo Dubuque

Blue Chip Casino Hotel Spa

Par-A-Dice Hotel Casino

Evangeline Downs

Amelia Belle

Delta Downs Racetrack Casino Hotel Treasure Chest Casino

IP Casino Resort Spa

Sam’s Town Hotel and Casino Shreveport

Sam’s Town Hotel and Gambling Hall Tunica

Borgata Hotel Casino and Spa

Stable gaming market; improving non-gaming revenues

Key economic data improving

Upside from enhancing non-gaming amenities

Stable business due to loyal Hawaiian customer base

Incremental upside from Downtown revitalization efforts

Improved yield management of charter operations

Strong flow-through potential as consumer confidence builds and revenues recover

Portfolio largely insulated from competitive pressure

Continued focus on operating margins, cost management and non-gaming amenities

Deployment of B Connected enhancing opportunities for cross property play

Dominant market position and strong regional presence

Continues to build market share and brand strength

Established as the leader in real money online gaming

Significant increase in FCF as result of reduced property taxes

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Las Vegas Locals

Downtown Las

Vegas

Midwest & South

and Peninsula

Borgata

Increased Focus – Driving Revenues and EBITDA

Enhanced focus on non-gaming amenities to drive further growth

Loyal core customer base

Successful and unique Penny Lane product offering is driving incremental visitation and spend per visit

Substantial flow-through opportunity with refined operations

Considerable upside opportunity with improving local economic trends (housing prices, employment, wages) in Las Vegas market

Improvements in ADR and occupancy expected as the Las Vegas Strip recovers

Continued resort growth on the Las Vegas Strip (SLS, Resorts World, Crown Resorts) will further improve employment levels in Las Vegas

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Significant Potential in Las Vegas Locals


$276

$219

$155 $137 $146

$129 $138 $136

$0

$50

$100

$150

$200

$250

$300

2007 2008 2009 2010 2011 2012 2013 LTM2Q2014

Adjusted EBITDA

$848 $763

$642 $607 $605 $591 $591 $589

$0

$200

$400

$600

$800

$1,000

2007 2008 2009 2010 2011 2012 2013 LTM2Q2014

Net Revenue

Las Vegas Locals Recovery has Significant Upside Potential

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As the Las Vegas market recovers, operating leverage presents a

significant opportunity for increased cash flow10

($ in millions)

Loyal core Hawaiian customer base accounts for 52% of gaming revenue Dominant 32% share of the Downtown market

Over $350 million in Downtown revitalization investments planned and underway; driving increased visitation

Increased efficiency of charter operations

Introduction of Penny Lane product is supporting incremental visitation and spend per visit

Improvements in ADR and occupancy expected as the Las Vegas Strip recovers

Continued focus on expense management and margin improvements

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Downtown Las Vegas


Well positioned assets in attractive markets poised to benefit from the recovery of consumer confidence

Less exposed to new competition

Introduction of Penny Lane product offering expected to drive incremental visitation and spend per visit

Continued focus on expense management and margin improvements

Enhanced non-gaming amenities present opportunity for future growth

Deployment of B Connected across Peninsula properties further enhancing opportunities for cross property play

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Midwest and South; Peninsula


Leading property in Atlantic City and broader Northeast region Gained market share in the broader Northeast region for three of the last four quarters

Stabilizing competitive environment Established leader in real money online gaming with 31.6% market share Significant upside from resolution of pending property tax appeal

Seasoned management team and powerful player database

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Borgata


Investment Thesis

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Strong, Stable Free Cash Flow Generation

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Free Cash Flow Trends Free Cash Flow Yield(1)

Adjusted EBITDA• Improved operating leverage and

favorable acquisitions have increased Adjusted EBITDA by 39% since 2010(2)

• Significant upside due to economic recovery and high flow through

• Enhanced non-gaming amenities offer additional upside

Maintenance capital expenditures• Well maintained properties that require

minimal capital expendituresLowered Interest Expense• Refinanced balance sheet in 2013

reducing projected cash interest expense by $60 million annually and extended maturities

Cash taxes• Cumulative net operating loss carry-

forward of approximately $1.1 billion

1) Projections as of July 31, 2014

2) Fiscal Year 2010 compared to LTM 2Q2014

Projected Free Cash Flow 2014

(in millions)

Projected EBITDA (Guidance Mid-Point) 590$

Less: Projected maintenance CapEx (125)$

Less: Projected cash taxes -$

Less: Projected cash interest expense (265)$

Projected Free Cash Flow 200$

Market cap (as of 06/30/14) 1,315$

Projected Free Cash Flow Yield 15.2%

Significant Free Cash Flow from Operations

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Significant EBITDA Potential on Modest Revenue Increases

Debt Debt

Market Cap

Market Cap

Current Future

Debt Reduction

Impact of EBITDA Growth

($ in millions)

Increase in Revenue EBITDA Impact*

1% $17

2% $35

3% $52

* Assumes 60% flow through to EBITDA

Investment Thesis

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Further growth opportunity through non-gaming enhancements

Hotel Room Enhancements

New and Creative Food and Beverage Choices Attractive Entertainment Offerings


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Industry-Leading Loyalty Program: B Connected

• B Connected has become the Company’s unifying brand, recognizing and rewarding customer loyalty and providing incentives to visit Boyd Gaming casinos across the country

• Provides Boyd’s guests highly personalized and constantly updated information and offers that generate better customer experiences and greater loyalty to the Company’s brands

• Allows for data-driven marketing model

• Robust online and mobile presence

• Utilizing multiple highly-recognized social platforms, Boyd Gaming has garnered close to half a million social media fans, followers, and subscribers for our brand

• With B Connected Online's new social login, we have expanded knowledge of our customers

• Deployment across Peninsula segment to further drive opportunities for cross market play

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Consistent Target Customer Across Markets – Increasing Loyalty

Investment Thesis

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Accretive Acquisitions Driving Growth

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Peninsula GamingAcquired November 2012• 2013 Adjusted EBITDA of $183 million

• 2013 Adjusted EBITDA margin of 35.1%

• Peninsula contributed nearly $100 million in free cash flow in 2013

• Introduction of B Connected and Penny Lane will further improve the potential of these assets

Existing Boyd Properties

Peninsula Properties

Diversifying through Strategic Acquisitions

Investment Thesis

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• Online Gaming Positioning and Strategy

• High quality experience and strong brand propelling us to a market leading position

• Our partnership with bwin.party provides the highest quality infrastructure

• Continue to leverage our market leading brand and product to drive revenues and

increase our overall reach into the online gaming and land based casino market in New

Jersey

• Early Success

• Through the end of June, the Borgata/bwin platform has commanded an impressive

31.6% market share with Borgata accounting for a 25.1% market share

• Complementary to the Core Business

• To date, a large portion of our online players have not had rated play at Borgata in the

last two years

• Expanding our database of active online players will expand our reach for marketing the

land based facility

• Future Potential

• New Jersey is just the first step in what we expect to be a larger opportunity for online

gaming

• Our early success in New Jersey provides us with a significant advantage as we enter

new markets

• Additional potential opportunities in California, Illinois, Pennsylvania, and others

Online Gaming: A Substantial Opportunity to Grow and

Diversify our Business

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South Florida:• Sunrise Sports Entertainment

• Strategic Location with Significant Visitation

• Attractive Market

• Located Near Major Population Centers

Northern California:• Wilton Rancheria Tribe

• High-quality location near Sacramento

• Attractive Market

• Early Stage Design Work Completed

• EIS Scoping Report Filed

• Regulatory Approval Process Underway

Growth Pipeline in Attractive Markets

Pursuing Long-Term Growth Opportunities

Investment Thesis

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Seasoned Management Team with Significant Gaming and Acquisition Experience

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Keith Smith

President and Chief Executive Officer

• Industry veteran with almost 30 years of gaming experience

• First joined Boyd Gaming Corporation as Corporate Controller in 1990

• Promoted to Executive Vice President of Operations in 1998 and to Chief Operating Officer in 2001

• Named President in 2005 and, in January of 2008, assumed the role of Chief Executive Officer

Robert L. Boughner

Executive VP and Chief Business

Development Officer

• A 36-year veteran of Boyd Gaming

• Led the development and successful opening of Borgata and continues to oversee the property’s operations

• Currently oversees the Company's new business development efforts, including expansion into new and existing markets; building corporate relationships and alliances; and pursuing new business opportunities

Josh Hirsberg

Senior VP, CFO and Treasurer

• A 20-year veteran of the gaming industry

• Oversees the Company’s financial efforts, including debt and equity financing, strategic planning, accounting, budgeting and investor relations

• Former Chief Financial Officer of Edge-Star Partners, a real estate acquisition and development company

• Previously held senior-level executive positions at several publicly-traded gaming companies

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Detailed Property Portfolio

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Note: Property data as of December 31, 2013.

* 50% joint venture with MGM Resorts International. Includes the Water Club.

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PropertyYear Opened or

Acquired

Casino Space

Square FootageSlot Machines Table Games Hotel Rooms

Gold Coast Hotel and Casino 2004 85,500 1,878 49 712

The Orleans Hotel and Casino 2004 137,000 2,631 60 1,885

Sam's Town Hotel and Gambling Hall - Las Vegas 1979 133,000 2,030 29 646

Suncoast Hotel and Casino 2004 95,898 2,006 34 427

Eldorado Casino 1993 20,992 399 4 N/A

Jokers Wild Casino 1993 20,478 429 7 N/A

California Hotel and Casino 1975 35,848 1,033 28 781

Fremont Hotel and Casino 1985 30,244 1,045 24 447

Main Street Station Casino, Brewery and Hotel 1993 26,918 861 19 406

Sam's Town Hotel and Gambling Hall - Tunica 1994 66,000 1,277 30 842

IP Casino Resort Spa 2011 70,000 1,753 63 1,100

Par-A-Dice Hotel Casino 1996 26,116 1,157 20 202

Blue Chip Casino, Hotel & Spa 1999 65,000 1,921 42 486

Treasure Chest Casino 1997 24,000 982 36 N/A

Delta Downs Racetrack Casino & Hotel 2001 15,000 1,642 — 203

Sam's Town Hotel and Casino - Shreveport 2004 30,000 1,042 29 514

Diamond Jo Dubuque 2012 33,300 996 19 N/A

Diamond Jo Worth 2012 37,957 1,002 23 N/A

Evangeline Downs Racetrack and Casino 2012 41,235 1,424 — N/A

Amelia Belle Casino 2012 27,484 838 20 N/A

Kansas Star Casino 2012 71,854 1,854 50 N/A

Total of wholly-owned properties 1,093,824 28,200 586 8,651

Atlantic City Borgata Hotel Casino & Spa* 2003 160,287 3,200 183 2,767

Total all properties 1,254,111 31,400 769 11,418

Las Vegas

Locals

Downtown Las

Vegas

Midwest &

South

Peninsula

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