Consolidation of Certain Interests (Tables)

6 Months Ended

Jun. 30, 2012

Condensed Financial Statements, Captions [Line Items]

Computation of Bargain Purchase Gain in Business Acquisition

The gain was computed as follows:

	Bargain Purchase Gain
	(In thousands)
Fair value of controlling equity interest	$	397,931
Carrying value of equity investment in Borgata	397,622
Bargain purchase gain	$	309

Schedule of Condensed Balance Sheet

Condensed Consolidating Balance Sheets

	June 30, 2012
								Non-				Non-
								Guarantor				Guarantor
								Subsidiaries				Subsidiaries
				Guarantor				(100%				(Not 100%
	Parent			Subsidiaries				Owned)				Owned)				Eliminations				Consolidated
								(In thousands)
Assets
Cash and cash equivalents	$	299		$	116,395			$	209,735			$	34,026			$	—			$	360,455
Other current assets	12,531			84,486				16,255				53,152				—				166,424
Property and equipment, net	109,030			2,104,222				74,915				1,232,241				—				3,520,408
Assets held for development	—			926,393				—				163,805				—				1,090,198
Investments in subsidiaries	4,105,135			396,240				32				—				(4,501,407		)		—
Intercompany receivable	—			306,790				—				—				(306,790		)		—
Other assets, net	34,171			6,610				6,633				69,099				—				116,513
Intangible assets, net	—			486,818				21,374				63,182				—				571,374
Goodwill, net	—			212,794				782				—				—				213,576
Total assets	$	4,261,166		$	4,640,748			$	329,726			$	1,615,505			$	(4,808,197	)		$	6,038,948
Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	42,500		$	10,711			$	—			$	—			$	—		—	$	53,211
Non-recourse debt	—			—				—				31,621				—				31,621
Current liabilities	4,422			267,744				26,166				108,596				43				406,971
Intercompany payable	108,999			—				197,851				—				(306,850		)		—
Long-term debt, net of current maturities	2,685,346			—				—				795,619				—				3,480,965
Due from affiliates	177,556			(89,666		)		—				—				(87,890		)		—
Other long-term liabilities	27,652			405,486				790				51,673				—				485,601
Non-recourse debt	—			—				—				192,479				—				192,479
Preferred stock	—			—				—				—				—				—
Common stock	863			31,128				32				—				(31,160		)		863
Additional paid-in capital	649,944			2,984,231				295,796				476,733				(3,756,760		)		649,944
Retained earnings (deficit)	563,884			1,031,114				(190,909		)		(41,216		)		(798,989		)		563,884
Total Boyd Gaming Corporation stockholders' equity (deficit)	1,214,691			4,046,473				104,919				435,517				(4,586,909		)		1,214,691
Noncontrolling interest	—		—	—			—	—			—	—			—	173,409				173,409
Total stockholders' equity (deficit)	1,214,691			4,046,473				104,919				435,517				(4,413,500		)		1,388,100
Total liabilities and stockholders' equity	$	4,261,166		$	4,640,748			$	329,726			$	1,615,505			$	(4,808,197	)		$	6,038,948

Condensed Consolidating Balance Sheets - continued

	December 31, 2011
					Non-			Non-
					Guarantor			Guarantor
					Subsidiaries			Subsidiaries
			Guarantor		(100%			(Not 100%
	Parent		Subsidiaries		Owned)			Owned)			Eliminations			Consolidated
					(In thousands)
Assets
Cash and cash equivalents	$	364	$	128,185	$	3,944		$	46,263		$	—		$	178,756
Other current assets	29,818		70,448		13,459			50,413			—			164,138
Property and equipment, net	115,346		2,120,227		75,739			1,230,796			—			3,542,108
Assets held for development	—		926,013		—			163,806			—			1,089,819
Investments in subsidiaries	3,777,298		353,740		32			—			(4,131,070		)	—
Intercompany receivable	—		187,911		—			—			(187,911		)	—
Other assets, net	28,501		15,068		5,993			71,077			—			120,639
Intangible assets, net	—		487,907		21,374			64,737			—			574,018
Goodwill, net	—		212,794		782			—			—			213,576
Total assets	$	3,951,327	$	4,502,293	$	121,323		$	1,627,092		$	(4,318,981	)	$	5,883,054
Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	42,500	$	730	$	—		$	—		$	—		$	43,230
Non-recourse debt	—		—		—			29,686			—			29,686
Current liabilities	146,054		152,437		16,725			102,484			(18,596		)	399,104
Intercompany payable	455		—		216,211			—			(216,666		)	—
Long-term debt, net of current maturities	2,527,076		10,341		—			809,809			—			3,347,226
Other long-term liabilities	33,150		404,463		1,537			57,599			—			496,749
Non-recourse debt	—		—		—			192,980			—			192,980
Preferred stock	—		—		—			—			—			—
Common stock	863		31,128		32			—			(31,160		)	863
Additional paid-in capital	644,174		2,984,250		41,724			476,733			(3,502,707		)	644,174
Retained earnings (deficit)	557,055		918,944		(154,906		)	(42,199		)	(721,839		)	557,055
Total Boyd Gaming Corporation stockholders' equity (deficit)	1,202,092		3,934,322		(113,150		)	434,534			(4,255,706		)	1,202,092
Noncontrolling interest	—		—		—			—			171,987			171,987
Total stockholders' equity (deficit)	1,202,092		3,934,322		(113,150		)	434,534			(4,083,719		)	1,374,079
Total liabilities and stockholders' equity	$	3,951,327	$	4,502,293	$	121,323		$	1,627,092		$	(4,318,981	)	$	5,883,054

Schedule of Condensed Income Statement

Condensed Consolidating Statements of Operations

	Three Months Ended June 30, 2012
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
							(In thousands)
Net revenues	$	35,317		$	425,858		$	13,948		$	175,415		$	(35,316	)	$	615,222
Costs and expenses
Operating	—			233,531			14,436			95,267			—			343,234
Selling, general and administrative	—			72,527			2,931			34,996			—			110,454
Maintenance and utilities	—			24,592			555			14,423			—			39,570
Depreciation and amortization	2,097			31,901			690			16,014			—			50,702
Corporate expense	19,114			77			264			—			(6,446		)	13,009
Preopening expenses	261			4,216			349			(2,616		)	—			2,210
Other operating charges, net	6,243			(6,279		)	—			(2,160		)	—			(2,196		)
Total costs and expenses	27,715			360,565			19,225			155,924			(6,446		)	556,983
Equity in earnings of subsidiaries	16,649			3,383			—			—			(20,032		)	—
Operating income (loss)	24,251			68,676			(5,277		)	19,491			(48,902		)	58,239
Other expense (income)
Interest expense, net	41,330			161			(409		)	23,298			—			64,380
Total other expense, net	41,330			161			(409		)	23,298			—			64,380
Income (loss) before income taxes	(17,079		)	68,515			(4,868		)	(3,807		)	(48,902		)	(6,141		)
Income taxes	18,056			(14,801		)	1,791			404			—			5,450
Net income (loss)	977			53,714			(3,077		)	(3,403		)	(48,902		)	(691		)
Net loss attributable to noncontrolling interest	—			—			—			—			1,668			1,668
Net income (loss) attributable to Boyd Gaming Corporation	$	977		$	53,714		$	(3,077	)	$	(3,403	)	$	(47,234	)	$	977
Comprehensive loss	$	—		$	—		$	—		$	(664	)	$	—		$	(664	)

Condensed Consolidating Statements of Operations - continued

	Three Months Ended June 30, 2011
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
							(In thousands)
Net revenues	$	38,350		$	377,443		$	14,204		$	185,525		$	(41,119	)	$	574,403
Costs and expenses
Operating	—			203,551			14,537			96,014			—			314,102
Selling, general and administrative	—			62,073			2,011			32,699			—			96,783
Maintenance and utilities	—			20,316			1,038			15,419			—			36,773
Depreciation and amortization	2,004			29,204			732			16,548			—			48,488
Corporate expense	22,511			11,611			653			—			(22,511		)	12,264
Preopening expenses	240			(3,007		)	4,416			92			—			1,741
Other operating charges, net	397			1,116			—			749			—			2,262
Total costs and expenses	25,152			324,864			23,387			161,521			(22,511		)	512,413
Equity in earnings of subsidiaries	15,397			(2,842		)	—			—			(12,555		)	—
Operating income (loss)	28,595			49,737			(9,183		)	24,004			(31,163		)	61,990
Other expense (income)
Interest expense, net	39,847			198			(6		)	26,635			—			66,674
Fair value adjustment of derivative instruments	48			—			—			—			—			48
Gain on early retirements of debt	—			—			—			—			—			—
Total other expense, net	39,895			198			(6		)	26,635			—			66,722
Income (loss) before income taxes	(11,300		)	49,539			(9,177		)	(2,631		)	(31,163		)	(4,732		)
Income taxes	8,349			(10,691		)	1,611			(180		)	—			(911		)
Net income (loss)	(2,951		)	38,848			(7,566		)	(2,811		)	(31,163		)	(5,643		)
Net loss attributable to noncontrolling interest	—			—			—			—			2,692			2,692
Net income (loss) attributable to Boyd Gaming Corporation	$	(2,951	)	$	38,848		$	(7,566	)	$	(2,811	)	$	(28,471	)	$	(2,951	)
Comprehensive income (loss)	$	935		$	—		$	—		$	(4,765	)	$	—		$	(3,830	)

Consolidating Statements of Operations - continued

	Six Months Ended June 30, 2012
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
							(In thousands)
Net revenues	$	72,774		$	867,922		$	28,817		$	351,566		$	(72,774	)	$	1,248,305
Costs and expenses
Operating	—			470,979			29,795			185,689			—			686,463
Selling, general and administrative	—			146,606			6,026			67,539			—			220,171
Maintenance and utilities	—			48,540			1,063			28,730			—			78,333
Depreciation and amortization	4,227			63,962			1,383			31,144			—			100,716
Corporate expense	44,298			154			542			—			(19,114		)	25,880
Preopening expenses	385			8,344			349			(5,208		)	—			3,870
Other operating charges, net	6,272			(6,033		)	—			(2,188		)	—			(1,949		)
Total costs and expenses	55,182			732,552			39,158			305,706			(19,114		)	1,113,484
Equity in earnings of subsidiaries	43,114			9,142			—			—			(52,256		)	—
Operating income (loss)	60,706			144,512			(10,341		)	45,860			(105,916		)	134,821
Other expense (income)
Interest expense, net	81,118			322			(409		)	47,173			—			128,204
Total other expense, net	81,118			322			(409		)	47,173			—			128,204
Income (loss) before income taxes	(20,412		)	144,190			(9,932		)	(1,313		)	(105,916		)	6,617
Income taxes	27,241			(31,558		)	3,657			(173		)	—			(833		)
Net income (loss)	6,829			112,632			(6,275		)	(1,486		)	(105,916		)	5,784
Net loss attributable to noncontrolling interest	—			—			—			—			1,045			1,045
Net income (loss) attributable to Boyd Gaming Corporation	$	6,829		$	112,632		$	(6,275	)	$	(1,486	)	$	(104,871	)	$	6,829
Comprehensive income	$	—		$	—		$	—		$	8,251		$	—		$	8,251

Condensed Consolidating Statements of Operations - continued

	Six Months Ended June 30, 2011
							Non-			Non-
							Guarantor			Guarantor
							Subsidiaries			Subsidiaries
				Guarantor			(100%			(Not 100%
	Parent			Subsidiaries			Owned)			Owned)			Eliminations			Consolidated
							(In thousands)
Net revenues	$	76,700		$	758,920		$	28,583		$	357,256		$	(82,110	)	$	1,139,349
Costs and expenses
Operating	—			411,161			29,053			187,125			—			627,339
Selling, general and administrative	—			124,750			4,275			63,546			—			192,571
Maintenance and utilities	—			40,484			1,937			31,767			—			74,188
Depreciation and amortization	4,028			58,101			1,529			35,414			—			99,072
Corporate expense	48,685			—			1,333			—			(24,474		)	25,544
Preopening expenses	495			(699		)	9,094			92			(5,410		)	3,572
Other operating charges, net	369			835			—			5,765			—			6,969
Total costs and expenses	53,577			634,632			47,221			323,709			(29,884		)	1,029,255
Equity in earnings of subsidiaries	30,180			(5,265		)	—			—			(24,915		)	—
Operating income (loss)	53,303			119,023			(18,638		)	33,547			(77,141		)	110,094
Other expense (income)
Interest expense, net	79,570			344			—			44,046			—			123,960
Fair value adjustment of derivative instruments	265			—			—			—			—			265
Gain on early retirements of debt	20			—			—			—			—			20
Total other expense, net	79,855			344			—			44,046			—			124,245
Income (loss) before income taxes	(26,552		)	118,679			(18,638		)	(10,499		)	(77,141		)	(14,151		)
Income taxes	20,080			(21,595		)	3,221			491			—			2,197
Net income (loss)	(6,472		)	97,084			(15,417		)	(10,008		)	(77,141		)	(11,954		)
Net loss attributable to noncontrolling interest	—			—			—			—			5,482			5,482
Net income (loss) attributable to Boyd Gaming Corporation	$	(6,472	)	$	97,084		$	(15,417	)	$	(10,008	)	$	(71,659	)	$	(6,472	)
Comprehensive income (loss)	$	1,122		$	—		$	—		$	(6,290	)	$	—		$	(5,168	)

LVE

Condensed Financial Statements, Captions [Line Items]

Schedule of Condensed Balance Sheet

The impact on our condensed consolidated balance sheets as of June 30, 2012 and December 31, 2011 was as follows:

	June 30, 2012
	Boyd Gaming
	Corporation							Boyd Gaming
	(as historically							Corporation
	presented)		LVE, LLC			Eliminations		(as consolidated)
	(In thousands)
ASSETS
Current assets	$	525,062	$	1,817		$	—	$	526,879
Property and equipment, net	3,520,408		—			—		3,520,408
Assets held for development	926,392		163,806			—		1,090,198
Debt financing costs, net	25,809		2,500			—		28,309
Restricted investments	—		21,367			—		21,367
Other assets	66,837		—			—		66,837
Intangible assets, net	571,374		—			—		571,374
Goodwill, net	213,576		—			—		213,576
Total Assets	$	5,849,458	$	189,490		$	—	$	6,038,948
LIABILITIES
Current maturities of long-term debt	$	53,211	$	—		$	—	$	53,211
Accounts payable	88,700		89			—		88,789
Accrued and other liabilities	316,456		859			—		317,315
Income taxes payable	867		—			—		867
Non-recourse obligations of variable interest entity	—		31,621			—		31,621
Long-term debt, net of current maturities	3,480,965		—			—		3,480,965
Deferred income taxes	384,143		—			—		384,143
Long-term tax and other liabilities	89,861		11,597			—		101,458
Non-recourse obligations of variable interest entity	—		192,479			—		192,479
STOCKHOLDERS' EQUITY
Common stock	863		—			—		863
Additional paid-in capital	649,944		—			—		649,944
Retained earnings	563,884		—			—		563,884
Noncontrolling interest	220,564		(47,155		)	—		173,409
Total Liabilities and Stockholders' Equity	$	5,849,458	$	189,490		$	—	$	6,038,948

	December 31, 2011
	Boyd Gaming
	Corporation							Boyd Gaming
	(as historically							Corporation
	presented)		LVE, LLC			Eliminations		(as consolidated)
	(In thousands)
ASSETS
Current assets	$	340,762	$	2,132		—		$	342,894
Property and equipment, net	3,542,108		—			—		3,542,108
Assets held for development	926,013		163,806			—		1,089,819
Debt financing costs, net	29,544		2,555			—		32,099
Restricted investments	—		21,367			—		21,367
Other assets	67,173		—			—		67,173
Intangible assets, net	574,018		—			—		574,018
Goodwill, net	213,576		—			—		213,576
Total Assets	$	5,693,194	$	189,860		$	—	$	5,883,054
LIABILITIES
Current maturities of long-term debt	$	43,230	$	—		$	—	$	43,230
Accounts payable	97,727		288			—		98,015
Accrued and other liabilities	294,578		881			—		295,459
Income taxes payable	5,630		—			—		5,630
Non-recourse obligations of variable interest entity	—		29,686			—		29,686
Long-term debt, net of current maturities	3,347,226		—			—		3,347,226
Deferred income taxes	379,958		—			—		379,958
Long-term tax and other liabilities	101,747		15,044			—		116,791
Non-recourse obligations of variable interest entity	—		192,980			—		192,980
STOCKHOLDERS' EQUITY
Common stock	863		—			—		863
Additional paid-in capital	644,174		—			—		644,174
Retained earnings	557,055		—			—		557,055
Noncontrolling interest	221,006		(49,019		)	—		171,987
Total Liabilities and Stockholders' Equity	$	5,693,194	$	189,860		$	—	$	5,883,054

Schedule of Condensed Income Statement

The summarized impact on our condensed consolidated statement of operations for the three and six months ended June 30, 2012 and 2011 was as follows:

	Three Months Ended June 30, 2012
	Boyd Gaming
	Corporation								Boyd Gaming
	(as historically								Corporation
	presented)			LVE, LLC		Eliminations			(as consolidated)
	(In thousands)
REVENUES
Other revenue	$	35,825		$	2,724	$	(2,724	)	$	35,825
COSTS AND EXPENSES
Selling, general and administrative	$	110,448		$	6	$	—		$	110,454
Preopening expenses	$	4,934		$	—	$	(2,724	)	$	2,210
Operating income	$	55,521		$	2,718	$	—		$	58,239
Other expense
Interest expense, net	62,139			2,649		—			64,788
Income (loss) before income taxes	$	(6,210	)	$	69	$	—		$	(6,141	)
Income taxes	5,450			—		—			5,450
Net income (loss)	$	(760	)	$	69	$	—		$	(691	)
Net (income) loss attributable to noncontrolling interest	1,737			—		(69		)	1,668
Net income (loss) attributable to Boyd Gaming Corporation	$	977		$	69	$	(69	)	$	977

	Three Months Ended June 30, 2011
	Boyd Gaming
	Corporation									Boyd Gaming
	(as historically									Corporation
	presented)			LVE, LLC			Eliminations			(as consolidated)
	(In thousands)
REVENUES
Other revenue	$	33,276		$	2,769		$	(2,769	)	$	33,276
COSTS AND EXPENSES
Maintenance and utilities	$	36,739		$	34		$	—		$	36,773
Preopening expenses	$	4,510		$	—		$	(2,769	)	$	1,741
Operating income	$	59,255		$	2,735		$	—		$	61,990
Other expense
Interest expense, net	61,387			5,307			—			66,694
Income (loss) before income taxes	$	(2,160	)	$	(2,572	)	$	—		$	(4,732	)
Income taxes	(911		)	—			—			(911		)
Net income (loss)	$	(3,071	)	$	(2,572	)	$	—		$	(5,643	)
Net (income) loss attributable to noncontrolling interest	120			—			2,572			2,692
Net income (loss) attributable to Boyd Gaming Corporation	$	(2,951	)	$	(2,572	)	$	2,572		$	(2,951	)

	Six Months Ended June 30, 2012
	Boyd Gaming
	Corporation									Boyd Gaming
	(as historically									Corporation
	presented)			LVE, LLC			Eliminations			(as consolidated)
	(In thousands)
REVENUES
Other revenue	$	71,657		$	5,448		$	(5,448	)	$	71,657
COSTS AND EXPENSES
Selling, general and administrative	$	220,162		$	9		$	—		$	220,171
Preopening expenses	$	9,318		$	—		$	(5,448	)	$	3,870
Operating income	$	129,382		$	5,439		$	—		$	134,821
Other expense
Interest expenses, net	122,574			6,042			—			128,616
Income (loss) before income taxes	$	7,220		$	(603	)	$	—		$	6,617
Income taxes	(833		)	—			—			(833		)
Net loss	$	6,387		$	(603	)	$	—		$	5,784
Net (income) loss attributable to noncontrolling interest	442			—			603			1,045
Net income (loss) attributable to Boyd Gaming Corporation	$	6,829		$	(603	)	$	603		$	6,829

	Six Months Ended June 30, 2011
	Boyd Gaming
	Corporation									Boyd Gaming
	(as historically									Corporation
	presented)			LVE, LLC			Eliminations			(as consolidated)
	(In thousands)
REVENUES
Other revenue	$	66,307		$	5,410		$	(5,410	)	$	66,307
COSTS AND EXPENSES
Maintenance and utilities	$	73,257		$	931		$	—		$	74,188
Preopening expenses	$	8,982		$	—		$	(5,410	)	$	3,572
Operating income	$	105,615		$	4,479		$	—		$	110,094
Other expense
Interest expense, net	118,551			5,434			—			123,985
Income (loss) before income taxes	$	(13,196	)	$	(955	)	$	—		$	(14,151	)
Income taxes	2,197			—			—			2,197
Net income (loss)	$	(10,999	)	$	(955	)	$	—		$	(11,954	)
Net (income) loss attributable to noncontrolling interest	4,527			—			955			5,482
Net income (loss) attributable to Boyd Gaming Corporation	$	(6,472	)	$	(955	)	$	955		$	(6,472	)