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

Exhibit 99.2 Pro Forma Unaudited Financial Statements and Supporting Schedules as of and for the three and six months ended June 30, 2009

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Balance Sheet

	June 30, 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	$	93,646		$	24,146	$	—		$	117,792
Other current assets		117,406			46,763		—			164,169
Property and equipment, net		3,209,368			1,394,231		30,411			4,634,010
Investments in and advances to unconsolidated subsidiaries		423,906			5,709		(405,993	)		23,622
Other assets, net		83,224			37,219		—			120,443
Intangible assets, net		422,124			—		—			422,124
Goodwill, net		213,576			—		—			213,576
Total assets	$	4,563,250		$	1,508,068	$	(375,582	)	$	5,695,736
Liabilities and Stockholders’ Equity
Current liabilities	$	315,547		$	98,009	$	—		$	413,556
Long-term debt, net of current maturities		2,688,736			666,778		—			3,355,514
Other long-term liabilities		416,067			22,923		—			438,990
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		861			—		—			861
Additional paid-in capital		615,445			477,507		(477,507	)		615,445
Retained earnings		545,308			242,851		(242,851	)		545,308
Accumulated other comprehensive loss, net		(18,714	)		—		—			(18,714	)
Total Boyd Gaming Corporation stockholders’ equity		1,142,900			720,358		(720,358	)		1,142,900
Noncontrolling interest		—			—		344,776			344,776
Total stockholders’ equity		1,142,900			720,358		(375,582	)		1,487,676
Total liabilities and stockholders’ equity	$	4,563,250		$	1,508,068	$	(375,582	)	$	5,695,736

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Statement of Operations

	Three Months Ended June 30, 2009
	Boyd Gaming  Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Gaming revenue	$	353,597		$	173,837		$	—		$	527,434
Non-gaming revenue		115,722			71,915			—			187,637
Gross revenues		469,319			245,752			—			715,071
Less promotional allowances		46,369			54,239			—			100,608
Net revenues		422,950			191,513			—			614,463
Operating expenses		324,754			143,787			—			468,541
Depreciation and amortization		42,093			20,040			325			62,458
Corporate expense		11,036			—			—			11,036
Preopening expenses		4,054			346			—			4,400
Write-downs and other charges		(1,835	)		71			—			(1,764	)
Total costs and expenses		380,102			164,244			325			544,671
Operating income from Borgata		13,310			—			(13,310	)		—
Operating income		56,158			27,269			(13,635	)		69,792
Interest expense, net		36,235			7,447			—			43,682
Gain on early retirements of debt		(6,057	)		—			—			(6,057	)
Other non-operating expenses from Borgata, net		4,504			—			(4,504	)		—
Total other expense, net		34,682			7,447			(4,504	)		37,625
Income before income taxes		21,476			19,822			(9,131	)		32,167
Income taxes		(8,698	)		(1,561	)		—			(10,259	)
Net income		12,778			18,261			(9,131	)		21,908
Noncontrolling interest		—			—			(9,130	)		(9,130	)
Net income attributable to Boyd Gaming Corporation	$	12,778		$	18,261		$	(18,261	)	$	12,778
Basic net income per common share	$	0.15								$	0.15
Weighted average basic shares outstanding		86,254									86,254
Diluted net income per common share	$	0.15								$	0.15
Weighted average diluted shares outstanding		86,291									86,291

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Adjusted Earnings

	Three Months Ended June 30, 2009
	Boyd Gaming  Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Net income	$	12,778		$	18,261		$	(9,131	)	$	21,908
Noncontrolling interest		—			—			(9,130	)		(9,130	)
Net income attributable to Boyd Gaming Corporation		12,778			18,261			(18,261	)		12,778
Adjustments:
Preopening expenses		4,054			346			—			4,400
Our share of Borgata’s preopening expenses		173			—			(173	)		—
Our share of Borgata’s write-downs and other charges, net		36			—			(36	)		—
Gain on early retirements of debt		(6,057	)		—			—			(6,057	)
Write-downs and other charges		(1,835	)		71			—			(1,764	)
Income tax effect for above adjustments		1,280			(133	)		—			1,147
Adjusted earnings	$	10,429		$	18,545		$	(18,470	)	$	10,504
Adjusted earnings per diluted share	$	0.12								$	0.12
Weighted average diluted shares outstanding		86,291									86,291

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Net Revenues and Adjusted EBITDA by Segment

	Three Months Ended June 30, 2009
	Boyd Gaming  Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Net Revenues
Las Vegas Locals	$	166,127		$	—		$	—		$	166,127
Downtown Las Vegas		57,577			—			—			57,577
Midwest and South		199,246			—			—			199,246
Atlantic City		—			191,513			—			191,513
Net revenues	$	422,950		$	191,513		$	—		$	614,463
Adjusted EBITDA
Las Vegas Locals	$	43,917		$	—		$	—		$	43,917
Downtown Las Vegas		11,800			—			—			11,800
Midwest and South		44,253			—			—			44,253
Atlantic City		—			47,726			—			47,726
Property Adjusted EBITDA		99,970			47,726			—			147,696
Corporate expense		(8,216	)		—			—			(8,216	)
		91,754			47,726			—			139,480
Our share of Borgata’s operating income before net amortization, preopening and other items		13,844			—			(13,844	)		—
Adjusted EBITDA		105,598			47,726			(13,844	)		139,480
Other operating costs and expenses
Deferred rent		1,088			—			—			1,088
Depreciation and amortization		42,418			20,040			—			62,458
Preopening expenses		4,054			346			—			4,400
Our share of Borgata’s preopening expenses		173			—			(173	)		—
Our share of Borgata’s write-downs and other charges, net		36			—			(36	)		—
Share-based compensation expense		3,506			—			—			3,506
Write-downs and other charges		(1,835	)		71			—			(1,764	)
Total other operating costs and expenses		49,440			20,457			(209	)		69,688
Operating income (loss)		56,158			27,269			(13,635	)		69,792
Other non-operating items
Interest expense, net		36,235			7,447			—			43,682
Gain on early retirements of debt		(6,057	)		—			—			(6,057	)
Our share of Borgata’s non-operating expenses, net		4,504			—			(4,504	)		—
Total other non-operating costs and expenses, net		34,682			7,447			(4,504	)		37,625
Income before income taxes		21,476			19,822			(9,131	)		32,167
Income taxes		(8,698	)		(1,561	)					(10,259	)
Net income		12,778			18,261			(9,131	)		21,908
Non-controlling interest		—			—			(9,130	)		(9,130	)
Net income attributable to Boyd Gaming Corporation	$	12,778		$	18,261		$	(18,261	)	$	12,778

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Reconciliation of Adjusted EBITDA to EBITDA and Net Income

	Three Months Ended June 30, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC		Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Adjusted EBITDA	$	105,598		$	47,726	$	(13,844	)	$	139,480
Deferred rent		1,088			—		—			1,088
Preopening expenses		4,054			346		—			4,400
Our share of Borgata’s preopening expenses		173			—		(173	)		—
Our share of Borgata’s write-downs and other charges, net		36			—		(36	)		—
Share-based compensation expense		3,506			—		—			3,506
Write-downs and other charges		(1,835	)		71		—			(1,764	)
Gain on early retirements of debt		(6,057	)		—		—			(6,057	)
Our share of Borgata’s non-operating expenses, net		4,504			—		(4,504	)		—
EBITDA		100,129			47,309		(9,131	)		138,307
Depreciation and amortization		42,418			20,040		—			62,458
Interest expense, net		36,235			7,447		—			43,682
Income taxes		8,698			1,561		—			10,259
Net income		12,778			18,261		(9,131	)		21,908
Noncontrolling interest		—			—		(9,130	)		(9,130	)
Net income attributable to Boyd Gaming Corporation	$	12,778		$	18,261	$	(18,261	)	$	12,778

BOYD GAMING CORPORATION AND SUBSIDIARIES

Unaudited Pro Forma Condensed Consolidated Statement of Operations

	Six Months Ended June 30, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Gaming revenue	$	719,660		$	342,686		$	—		$	1,062,346
Non-gaming revenue		232,339			141,254			—			373,593
Gross revenues		951,999			483,940			—			1,435,939
Less promotional allowances		94,204			104,537			—			198,741
Net revenues		857,795			379,403			—			1,237,198
Operating expenses		654,680			285,751			—			940,431
Depreciation and amortization		84,745			40,131			649			125,525
Corporate expense		23,721			—			—			23,721
Preopening expenses		9,893			699			—			10,592
Write-downs and other charges		27,128			61			—			27,189
Total costs and expenses		800,167			326,642			649			1,127,458
Operating income from Borgata		25,732			—			(25,732	)		—
Operating income		83,360			52,761			(26,381	)		109,740
Interest expense, net		81,502			15,458			—			96,960
Gain on early retirements of debt		(8,457	)		—			—			(8,457	)
Other non-operating expenses from Borgata, net		9,026			—			(9,026	)		—
Total other expense, net		82,071			15,458			(9,026	)		88,503
Income before income taxes		1,289			37,303			(17,355	)		21,237
Income taxes		(2,339	)		(2,593	)		—			(4,932	)
Net income (loss)		(1,050	)		34,710			(17,355	)		16,305
Noncontrolling interest		—			—			(17,355	)		(17,355	)
Net loss attributable to Boyd Gaming Corporation	$	(1,050	)	$	34,710		$	(34,710	)	$	(1,050	)
Basic and diluted net loss per common share	$	(0.01	)							$	(0.01	)
Weighted average basic and diluted shares outstanding		86,591									86,591

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Adjusted Earnings

	Six Months Ended June 30, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands, except per share data)
Net income (loss)	$	(1,050	)	$	34,710		$	(17,355	)	$	16,305
Noncontrolling interest		—			—			(17,355	)		(17,355	)
Net loss attributable to Boyd Gaming Corporation		(1,050	)		34,710			(34,710	)		(1,050	)
Adjustments:
Preopening expenses		9,893			699			—			10,592
Our share of Borgata’s preopening expenses		349			—			(349	)		—
Our share of Borgata’s write-downs and other charges, net		31			—			(31	)		—
Gain on early retirements of debt		(8,457	)		—			—			(8,457	)
Write-downs and other charges		27,128			61			—			27,189
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		(13,346	)		(176	)		—			(13,522	)
Adjusted earnings	$	23,431		$	35,294		$	(35,090	)	$	23,635
Adjusted earnings per diluted share	$	0.27								$	0.27
Weighted average diluted shares outstanding		86,291									86,291

BOYD GAMING CORPORATION AND SUBSIDIARIES

Pro Forma Net Revenues and Adjusted EBITDA by Segment

	Six Months Ended June 30, 2009
	Boyd Gaming Corp Consolidated			MDDC LLC			Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Net Revenues
Las Vegas Locals	$	336,226		$	—		$	—		$	336,226
Downtown Las Vegas		116,243			—			—			116,243
Midwest and South		405,326			—			—			405,326
Atlantic City		—			379,403			—			379,403
Net revenues	$	857,795		$	379,403		$	—		$	1,237,198
Adjusted EBITDA
Las Vegas Locals	$	89,237		$	—		$	—		$	89,237
Downtown Las Vegas		25,154			—			—			25,154
Midwest and South		92,274			—			—			92,274
Atlantic City		—			93,652			—			93,652
Property Adjusted EBITDA		206,665			93,652			—			300,317
Corporate expense		(18,196	)		—			—			(18,196	)
		188,469			93,652			—			282,121
Our share of Borgata’s operating income before net amortization, preopening and other items		26,761			—			(26,761	)		—
Adjusted EBITDA		215,230			93,652			(26,761	)		282,121
Other operating costs and expenses
Deferred rent		2,177			—			—			2,177
Depreciation and amortization		85,394			40,131			—			125,525
Preopening expenses		9,893			699			—			10,592
Our share of Borgata’s preopening expenses		349			—			(349	)		—
Our share of Borgata’s write-downs and other charges, net		31			—			(31	)		—
Share-based compensation expense		6,898			—			—			6,898
Write-downs and other charges		27,128			61			—			27,189
Total other operating costs and expenses		131,870			40,891			(380	)		172,381
Operating income		83,360			52,761			(26,381	)		109,740
Other non-operating items
Interest expense, net		81,502			15,458			—			96,960
Gain on early retirements of debt		(8,457	)		—			—			(8,457	)
Our share of Borgata’s non-operating expenses, net		9,026			—			(9,026	)		—
Total other non-operating costs and expenses, net		82,071			15,458			(9,026	)		88,503
Income before income taxes		1,289			37,303			(17,355	)		21,237
Income taxes		(2,339	)		(2,593	)					(4,932	)
Net income (loss)		(1,050	)		34,710			(17,355	)		16,305
Noncontrolling interest		—			—			(17,355	)		(17,355	)
Net loss attributable to Boyd Gaming Corporation	$	(1,050	)	$	34,710		$	(34,710	)	$	(1,050	)

BOYD GAMING CORPORATION AND SUBSIDIARIES

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

	Six Months Ended June 30, 2009
	Boyd Gaming  Corp Consolidated			MDDC LLC		Adjustments			Boyd Gaming Corp Pro Forma
	(In thousands)
Adjusted EBITDA	$	215,230		$	93,652	$	(26,761	)	$	282,121
Deferred rent		2,177			—		—			2,177
Preopening expenses		9,893			699		—			10,592
Our share of Borgata’s preopening expenses		349			—		(349	)		—
Our share of Borgata’s write-downs and other charges, net		31			—		(31	)		—
Share-based compensation expense		6,898			—		—			6,898
Write-downs and other charges		27,128			61		—			27,189
Gain on early retirements of debt		(8,457	)		—		—			(8,457	)
Our share of Borgata’s non-operating expenses, net		9,026			—		(9,026	)		—
EBITDA		168,185			92,892		(17,355	)		243,722
Depreciation and amortization		85,394			40,131		—			125,525
Interest expense, net		81,502			15,458		—			96,960
Income taxes		2,339			2,593		—			4,932
Net income (loss)		(1,050	)		34,710		(17,355	)		16,305
Noncontrolling interest		—			—		(17,355	)		(17,355	)
Net loss attributable to Boyd Gaming Corporation	$	(1,050	)	$	34,710	$	(34,710	)	$	(1,050	)