BOYD GAMING REPORTS FOURTH-QUARTER, FULL-YEAR 2024 RESULTS

Boyd Gaming Corporation(NYSE: BYD)today reported financial results for the fourth quarter and full year ended December 31, 2024.

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Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our Company continued to deliver solid results in the fourth quarter, consistent with our strong full-year performance. Our diversified business model, strong operating efficiencies and contributions from our recent property investments drove revenue and EBITDAR growth on a Companywide basis during the fourth quarter, as we maintained property-level operating margins of over 40%. We also continued our balanced approach to capital allocation throughout 2024, investing in our properties nationwide, returning nearly $750 million to shareholders, and maintaining the strongest balance sheet in our Company's history. As we mark the conclusion of another successful year, we are proud of the strong foundation we have built and are confident in our strategy to deliver long-term value for our shareholders.”

Smith added: “On January 1st, 2025, Boyd Gaming reached a historic milestone as we celebrated our 50th year in business. Since our founding in 1975, our Company has grown from a single property in downtown Las Vegas into one of the largest and most respected gaming companies in the United States. And while we are a much different company today than we were 50 years ago, the vision and integrity of our founders, Sam and Bill Boyd, continue to guide us to this day.”

Fourth-Quarter and Full-Year 2024 Results Boyd Gaming reported fourth-quarter 2024 revenues of $1.0 billion, increasing from $954.4 million in the fourth quarter of 2023. The Company reported net income of $170.5 million, or $1.92 per share, for the fourth quarter of 2024, compared to $92.6 million, or $0.94 per share, for the year-ago period. The Company's fourth-quarter 2023 results were impacted by $103.3 million in non-cash, pretax goodwill and intangible asset impairment charges.

Total Adjusted EBITDAR(1) was $379.3 million in the fourth quarter of 2024, up from $355.5 million in the fourth quarter of 2023. Adjusted Earnings(1) for the fourth quarter of 2024 were $174.7 million, or $1.96 per share, compared to $163.8 million, or $1.66 per share, for the same period in 2023.

For the full year 2024, Boyd Gaming reported revenues of $3.9 billion, up from $3.7 billion for the full year 2023. The Company reported net income of $578.0 million, or $6.19 per share, compared to net income of $620.0 million, or $6.12 per share, for the full year 2023. The Company's full-year 2023 results were impacted by $107.8 million in non-cash, pretax goodwill and intangible asset impairment charges.

Total Adjusted EBITDAR for the full year 2024 was $1.4 billion, essentially even with the prior year. Full-year 2024 Adjusted Earnings were $611.3 million, or $6.55 per share, compared to Adjusted Earnings of $639.9 million, or $6.31 per share, for the full year 2023.

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

Operations Review During the fourth quarter, results in the Company's Las Vegas Locals segment reflected ongoing competitive pressures at The Orleans and Gold Coast, while the remainder of the properties in the segment continued to perform better than the broader same-store market. In Downtown Las Vegas, results benefitted from the Company's recent property investments, as well as strong visitation from Hawaiian customers. The Midwest & South segment delivered both revenue and Adjusted EBITDAR growth, primarily driven by contributions from Treasure Chest's new land-based facility.

The Company's Online segment achieved strong revenue and Adjusted EBITDAR growth during the fourth quarter, with increased contributions and one-time benefits from the Company's market-access agreements. Growth in Managed & Other was driven by continued strong performance at Sky River Casino in northern California.

Dividend and Share Repurchase Update Boyd Gaming paid a quarterly cash dividend of $0.17 per share on January 15, 2025, as previously announced.

As part of its ongoing share repurchase program, the Company repurchased $203 million in shares of its common stock during the fourth quarter of 2024. As of December 31, 2024, the Company had approximately $640 million remaining under current share repurchase authorizations.

Balance Sheet Statistics As of December 31, 2024, Boyd Gaming had cash on hand of $316.7 million, and total debt of $3.2 billion.

Conference Call Information Boyd Gaming will host a conference call to discuss its fourth-quarter and full-year 2024 results today, February 6, at 5:00 p.m. Eastern. The conference call number is (800) 836-8184. No passcode is required to join the call. 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 online at https://investors.boydgaming.com or https://app.webinar.net/zLPQEW9A5Rk.

Following the call's completion, a replay will be available by dialing (888) 660-6345 today, February 6, and continuing through Thursday, February 13. The passcode for the replay will be55103#. The replay will also be available at https://investors.boydgaming.com.

BOYD GAMING CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) Three Months Ended Year Ended December 31, December 31,(In thousands, except per share data) 2024 2023 2024 2023RevenuesGaming $ 658,440 $ 647,083 $ 2,583,926 $ 2,613,288Food & beverage 81,161 75,481 303,522 288,417Room 52,840 50,571 204,608 199,117Online 188,821 124,058 606,233 422,211Management fee 23,880 22,292 88,407 76,921Other 35,773 34,927 143,498 138,538Total revenues 1,040,915 954,412 3,930,194 3,738,492Operating costs and expensesGaming 249,787 248,910 999,753 1,000,240Food & beverage 66,088 63,256 253,940 240,879Room 19,863 18,610 77,591 73,490Online 144,514 106,510 497,783 358,988Other 12,990 12,204 51,322 46,323Selling, general and administrative 111,517 90,558 427,226 389,891Master lease rent expense (a) 28,159 27,235 111,406 108,398Maintenance and utilities 36,255 35,677 148,366 151,014Depreciation and amortization 77,705 68,203 276,639 256,780Corporate expense 25,680 27,731 113,934 115,963Project development, preopening and writedowns 6,618 2,333 28,572 (8,935)Impairment of assets – 103,300 10,500 107,837Other operating items, net 438 (5,166) 5,385 (4,207)Total operating costs and expenses 779,614 799,361 3,002,417 2,836,661Operating income 261,301 155,051 927,777 901,831Other expense (income)Interest income (384) (1,441) (1,625) (23,886)Interest expense, net of amounts capitalized 45,943 42,314 177,409 171,247Other, net (299) 967 (10) 1,563Total other expense, net 45,260 41,840 175,774 148,924Income before income taxes 216,041 113,211 752,003 752,907Income tax provision (45,535) (20,606) (174,051) (132,884)Net income $ 170,506 $ 92,605 $ 577,952 $ 620,023Basic net income per common share $ 1.92 $ 0.94 $ 6.19 $ 6.12Weighted average basic shares outstanding 88,982 98,935 93,314 101,325Diluted net income per common share $ 1.92 $ 0.94 $ 6.19 $ 6.12Weighted average diluted shares outstanding 89,006 98,979 93,349 101,373(a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.BOYD GAMING CORPORATIONSUPPLEMENTAL INFORMATIONReconciliation of Adjusted EBITDA to Net Income(Unaudited) Three Months Ended Year Ended December 31, December 31,(In thousands) 2024 2023 2024 2023Total Revenues by SegmentLas Vegas Locals $ 231,971 $ 235,075 $ 894,508 $ 928,118Downtown Las Vegas 65,559 63,314 230,091 222,407Midwest & South 518,499 497,898 2,063,415 2,041,945Online 188,821 124,058 606,233 422,211Managed & Other 36,065 34,067 135,947 123,811Total revenues $ 1,040,915 $ 954,412 $ 3,930,194 $ 3,738,492Adjusted EBITDAR by SegmentLas Vegas Locals $ 112,318 $ 120,431 $ 428,423 $ 470,971Downtown Las Vegas 26,981 27,631 83,325 85,507Midwest & South 192,390 190,568 765,706 781,673Online 44,066 17,309 107,604 62,337Managed & Other 25,703 24,384 96,153 84,478Corporate expense, net of share-based compensation expense (a) (22,174) (24,861) (90,618) (90,175)Adjusted EBITDAR 379,284 355,462 1,390,593 1,394,791Master lease rent expense (b) (28,159) (27,235) (111,406) (108,398)Adjusted EBITDA 351,125 328,227 1,279,187 1,286,393Other operating costs and expensesDeferred rent 162 177 648 708Depreciation and amortization 77,705 68,203 276,639 256,780Share-based compensation expense 4,901 4,329 29,666 32,379Project development, preopening and writedowns 6,618 2,333 28,572 (8,935)Impairment of assets – 103,300 10,500 107,837Other operating items, net 438 (5,166) 5,385 (4,207)Total other operating costs and expenses 89,824 173,176 351,410 384,562Operating income 261,301 155,051 927,777 901,831Other expense (income)Interest income (384) (1,441) (1,625) (23,886)Interest expense, net of amounts capitalized 45,943 42,314 177,409 171,247Other, net (299) 967 (10) 1,563Total other expense, net 45,260 41,840 175,774 148,924Income before income taxes 216,041 113,211 752,003 752,907Income tax provision (45,535) (20,606) (174,051) (132,884)Net income $ 170,506 $ 92,605 $ 577,952 $ 620,023(a) Reconciliation of corporate expense: Three Months Ended Year Ended December 31, December 31,(In thousands) 2024 2023 2024 2023Corporate expense as reported on Condensed ConsolidatedStatements of Operations $ 25,680 $ 27,731 $ 113,934 $ 115,963Corporate share-based compensation expense (3,506) (2,870) (23,316) (25,788)Corporate expense, net, as reported on the above table $ 22,174 $ 24,861 $ 90,618 $ 90,175(b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.BOYD GAMING CORPORATIONSUPPLEMENTAL INFORMATIONReconciliation of Net Income to Adjusted Earningsand Net Income Per Share to Adjusted Earnings Per Share(Unaudited) Three Months Ended Year Ended December 31, December 31,(In thousands, except per share data) 2024 2023 2024 2023Net income $ 170,506 $ 92,605 $ 577,952 $ 620,023Pretax adjustments:Project development, preopening and writedowns 6,618 2,333 28,572 (8,935)Impairment of assets – 103,300 10,500 107,837Other operating items, net 438 (5,166) 5,385 (4,207)Interest income (a) – – – (14,315)Other, net (299) 967 (10) 1,563Total adjustments 6,757 101,434 44,447 81,943Income tax effect for above adjustments (2,531) (30,214) (11,135) (26,231)Impact of tax valuation allowance – – – (35,856)Adjusted earnings $ 174,732 $ 163,825 $ 611,264 $ 639,879Net income per share, diluted $ 1.92 $ 0.94 $ 6.19 $ 6.12Pretax adjustments:Project development, preopening and writedowns 0.07 0.02 0.31 (0.09)Impairment of assets – 1.04 0.11 1.06Other operating items, net – (0.05) 0.06 (0.04)Interest income (a) – – – (0.14)Other, net – 0.01 – 0.02Total adjustments 0.07 1.02 0.48 0.81Income tax effect for above adjustments (0.03) (0.30) (0.12) (0.26)Impact of tax valuation allowance – – – (0.36)Adjusted earnings per share, diluted $ 1.96 $ 1.66 $ 6.55 $ 6.31Weighted average diluted shares outstanding 89,006 98,979 93,349 101,373(a) Adjustment to the expected losses for interest on note receivable.

Non-GAAP Financial MeasuresOur financial presentations include the following non-GAAP financial measures:

— EBITDA: earnings before interest, taxes, depreciation and amortization,

— Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt and other items, net, as applicable,

— EBITDAR: EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust,

— Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust,

— Adjusted Earnings: net income before project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, adjustments to the expected losses for interest on note receivable, the release of valuation allowances on deferred tax assets and other non-recurring adjustments, net, as applicable, and,

— Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted average diluted shares outstanding.

Collectively, we refer to these and other non-GAAP financial measures as the “Non-GAAP Measures.”

The Non-GAAP Measures are commonly used measures 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), provide our investors with a more complete understanding of our operating results and facilitates comparisons between us and our competitors. We provide this information to investors to enable them to perform comparisons of our past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of the Non-GAAP Measures provides consistency in our financial reporting. We also believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making, their evaluation of total company and individual property performance, in the evaluation of incentive compensation and in the annual budget process. Management also uses Non-GAAP Measures in the evaluation of potential acquisitions and dispositions. We believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company.

The use of Non-GAAP Measures has certain limitations. Our presentation of the Non-GAAP Measures may be different from the presentation used by other companies and therefore comparability may be limited. While excluded from certain of the Non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, the Non-GAAP Measures 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. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.

The Non-GAAP Measures are to be used in addition to and in conjunction with results presented in accordance with GAAP. The Non-GAAP 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. The Non-GAAP 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 InformationThis 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 regardingthe Company's expectations, goals or intentions regarding future performance. These forward-looking statements are based on 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 Gaming's ability to control or estimate precisely. 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. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. 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 GamingCelebrating its 50th anniversary in 2025, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 28 gaming entertainment properties in 10 states, manager of a tribal casino in northern California, and owner and operator of Boyd Interactive, a B2B and B2C online casino gaming business. The Company is also a strategic partner and 5% equity owner of FanDuel Group, the nation's leading sports-betting operator. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering guests an outstanding entertainment experience and memorable customer service. Through a long-standing company philosophy called Caring the Boyd Way, Boyd Gaming is committed to advancing Corporate Social Responsibility (CSR) initiatives that positively impact the Company's stakeholders and communities. For additional Company information and press releases, visit https://investors.boydgaming.com.

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