Boyd Gaming (BYD) 8-K Results of Operations and Financial Condition

Exhibit 99.1 Pro Forma Unaudited Financial Statements and Supporting Schedules as of and for the three months ended March 31, 2009

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Balance Sheet

	March 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC		Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except share and per share data)
Assets
Cash and cash equivalents	$	98,168		$	21,525	$	—		$	119,693
Other current assets		110,351			48,995		—			159,346
Property and equipment, net		3,232,283			1,414,267		30,773			4,677,323
Investments in and advances to unconsolidated subsidiaries		418,083			6,023		(400,103	)		24,003
Other assets, net		83,898			29,836		—			113,734
Intangible assets, net		422,143			—		—			422,143
Goodwill, net		213,576			—		—			213,576
Total assets	$	4,578,502		$	1,520,646	$	(369,330	)	$	5,729,818
Liabilities and Stockholders’ Equity
Current liabilities	$	348,138		$	90,187	$	—		$	438,325
Long-term debt, net of current maturities		2,697,873			699,936		—			3,397,809
Other long-term liabilities		402,177			22,669		—			424,846
Stockholders’ equity
Preferred stock, $.01 par value, 5,000,000 shares authorized		—			—		—			—
Common stock, $.01 par value, 200,000,000 shares authorized; 86,122,787 and 87,814,061 shares outstanding		863			—		—			863
Additional paid-in capital		612,905			477,507		(477,507	)		612,905
Retained earnings		532,530			230,347		(230,347	)		532,530
Accumulated other comprehensive loss, net		(15,984	)		—		—			(15,984	)
Total Boyd Gaming Corporation stockholders’ equity		1,130,314			707,854		(707,854	)		1,130,314
Noncontrolling interest		—			—		338,524			338,524
Total stockholders’ equity		1,130,314			707,854		(369,330	)		1,468,838
Total liabilities and stockholders' equity	$	4,578,502		$	1,520,646	$	(369,330	)	$	5,729,818

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Statement of Operations

	Three Months Ended March 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Gaming revenue	$	366,063		$	168,849		$	—		$	534,912
Nongaming revenue		116,617			69,339			—			185,956
Gross revenues		482,680			238,188			—			720,868
Less promotional allowances		47,835			50,298			—			98,133
Net revenues		434,845			187,890			—			622,735
Operating expenses		329,926			141,965			(1	)		471,890
Depreciation and amortization		42,652			20,091			325			63,068
Corporate expense		12,685						—			12,685
Preopening expenses		5,839			353			—			6,192
Write-downs and other charges		28,963			(10	)		—			28,953
Total costs and expenses		420,065			162,399			324			582,788
Operating income from Borgata		12,422			—			(12,422	)		—
Operating income		27,202			25,491			(12,746	)		39,947
Interest expense, net		45,267			8,011			—			53,278
Gain on early retirements of debt		(2,400	)								(2,400	)
Other non-operating expenses from Borgata, net		4,522			—			(4,522	)		—
Total other expense, net		47,389			8,011			(4,522	)		50,878
Income (loss) before income taxes		(20,187	)		17,480			(8,224	)		(10,931	)
Income taxes		6,359			(1,032	)		—			5,327
Net income (loss)		(13,828	)		16,448			(8,224	)		(5,604	)
Noncontrolling interest		—			—			(8,224	)		(8,224	)
Net loss attributable to Boyd Gaming Corporation	$	(13,828	)	$	16,448		$	(16,448	)	$	(13,828	)
Basic and diluted net loss per common share	$	(0.16	)							$	(0.16	)
Weighted average basic and diluted shares outstanding		86,931									86,931

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Adjusted Earnings

	Three Months Ended March 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Net income (loss)	$	(13,828	)	$	16,448		$	(8,224	)	$	(5,604	)
Noncontrolling interest		—			—			(8,224	)		(8,224	)
Net loss attributable to Boyd Gaming Corporation		(13,828	)		16,448			(16,448	)		(13,828	)
Adjustments:
Preopening expenses		5,839			353			—			6,192
Our share of Borgata’s preopening expenses		176			—			(176	)		—
Our share of Borgata’s write-downs and other charges, net		(5	)		—			5			—
Gain on early retirements of debt		(2,400	)		—			—			(2,400	)
Write-downs and other charges		28,963			(10	)		—			28,953
Prior period interest expense related to the finalization of our purchase price for Dania Jai-Alai		8,883			—			—			8,883
Income tax effect for above adjustments		(14,626	)		(167	)		—			(14,793	)
Adjusted earnings	$	13,002		$	16,624		$	(16,619	)	$	13,007
Adjusted earnings per diluted share	$	0.15								$	0.15
Weighted average diluted shares outstanding		86,931									86,931
BOYD GAMING CORPORATION AND SUBSIDIARIES Pro Forma Net Revenues and Adjusted EBITDA by Segment
	Three Months Ended March 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Net Revenues
Las Vegas Locals	$	170,099		$	—		$	—		$	170,099
Downtown Las Vegas		58,665			—			—			58,665
Midwest and South		206,081			—			—			206,081
Atlantic City		—			187,890			—			187,890
Net revenues	$	434,845		$	187,890		$	—		$	622,735
Adjusted EBITDA
Las Vegas Locals	$	45,320		$	—		$	—		$	45,320
Downtown Las Vegas		13,354			—			—			13,354
Midwest and South		48,021			—			—			48,021
Atlantic City		—			45,926			—			45,926
Property Adjusted EBITDA		106,695			45,926			—			152,621
Corporate expense		(9,980	)		—			—			(9,980	)
		96,715			45,926			—			142,641
Our share of Borgata’s operating income before net amortization, preopening and other items		12,917			—			(12,917	)		—
Adjusted EBITDA		109,632			45,926			(12,917	)		142,641
Other operating costs and expenses
Deferred rent		1,089			—			—			1,089
Depreciation and amortization		42,976			20,092			—			63,068
Preopening expenses		5,839			353			—			6,192
Our share of Borgata’s preopening expenses		176			—			(176	)		—
Our share of Borgata’s write-downs and other charges, net		(5	)		—			5			—
Share-based compensation expense		3,392			—			—			3,392
Write-downs and other charges		28,963			(10	)		—			28,953
Total other operating costs and expenses		82,430			20,435			(171	)		102,694
Operating income		27,202			25,491			(12,746	)		39,947
Other non-operating items
Interest expense, net		45,267			8,011			—			53,278
Gain on early retirements of debt		(2,400	)		—			—			(2,400	)
Our share of Borgata’s non-operating expenses, net		4,522			—			(4,522	)		—
Total other non-operating costs and expenses, net		47,389			8,011			(4,522	)		50,878
Income (loss) before income taxes		(20,187	)		17,480			(8,224	)		(10,931	)
Income taxes		6,359			(1,032	)		—			5,327
Net income (loss)		(13,828	)		16,448			(8,224	)		(5,604	)
Noncontrolling interest		—			—			(8,224	)		(8,224	)
Net loss attributable to Boyd Gaming Corporation	$	(13,828	)	$	16,448		$	(16,448	)	$	(13,828	)

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Reconciliation of Adjusted EBITDA to EBITDA and Net Income (Loss)

	Three Months Ended March 31, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Adjusted EBITDA	$	109,632		$	45,926		$	(12,917	)	$	142,641
Deferred rent		1,089			—			—			1,089
Preopening expenses		5,839			353			—			6,192
Our share of Borgata’s preopening expenses		176			—			(176	)		—
Our share of Borgata’s write-downs and other charges, net		(5	)		—			5			—
Share-based compensation expense		3,392			—			—			3,392
Write-downs and other charges		28,963			(10	)		—			28,953
Gain on early retirements of debt		(2,400	)		—			—			(2,400	)
Our share of Borgata’s non-operating expenses, net		4,522			—			(4,522	)		—
EBITDA		68,056			45,583			(8,224	)		105,415
Depreciation and amortization		42,976			20,092			—			63,068
Interest expense, net		45,267			8,011			—			53,278
Income taxes		(6,359	)		1,032			—			(5,327	)
Net income (loss)		(13,828	)		16,448			(8,224	)		(5,604	)
Noncontrolling interest		—			—			(8,224	)		(8,224	)
Net loss attributable to Boyd Gaming Corporation	$	(13,828	)	$	16,448		$	(16,448	)	$	(13,828	)