Exhibit 99.1

BOYD GAMING REPORTS FOURTH-QUARTER, FULL-YEAR 2021 RESULTS

Company Sets Fourth-Quarter, Full-Year Records for Revenues, Adjusted EBITDAR

and Net Income

Board Reinstates Quarterly Dividend, Increases Payout to $0.15 Per Share

LAS VEGAS - FEBRUARY 3, 2022 - Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the fourth quarter and full year ended December 31, 2021.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our Company finished 2021 with record quarterly performances across every segment of our operations.  For the fourth straight quarter, we set new records for Companywide EBITDAR and operating margins. And on a full-year basis, we surpassed our previous EBITDAR record by more than 50%, as we achieved Companywide operating margins of more than 40%. As we begin 2022, we remain focused on executing our proven operating strategy, as well as driving incremental growth through strategic reinvestments in our portfolio and the continued expansion of our online business."

Smith continued: "Given the ongoing strength of our business, we are expanding our program to return capital to our shareholders by reinstating our quarterly dividend.  In conjunction with our current share repurchase program, this action reflects our commitment to a balanced approach to creating long-term shareholder value.”

Boyd Gaming reported fourth-quarter 2021 revenues of $879.8 million, up 38.4% from $635.9 million in the fourth quarter of 2020. The Company reported net income of $109.8 million, or $0.96 per share, for the fourth quarter of 2021, compared to $83.3 million, or $0.73 per share, for the year-ago period.

Total Adjusted EBITDAR⁽¹⁾ was $347.3 million in the fourth quarter of 2021, increasing 65.0% from $210.5 million in the fourth quarter of 2020. Adjusted Earnings⁽¹⁾ for the fourth quarter of 2021 were $154.3 million, or $1.35 per share, compared to $51.9 million, or $0.46 per share, for the same period in 2020.  Companywide Adjusted EBITDAR margins after corporate expense were 39.5% in the fourth quarter of 2021, increasing from 33.1% in the year-ago quarter.

Operations Review⁽²⁾

Due to the impact of the COVID pandemic on the Company’s operations and related state-mandated restrictions during 2020, the Company is providing segment results for the fourth quarters of 2021, 2020 and 2019.

During the fourth quarter of 2021, the Company continued to deliver broad-based growth across its operations, setting fourth-quarter records for Adjusted EBITDAR and operating margins in all three operating segments.  Twenty-four of the Company’s 27 open properties delivered double-digit revenue growth during the quarter as compared to the prior-year period, while 26 properties grew Adjusted EBITDAR at a double-digit pace. 

Full-Year 2021 Results

For the full year 2021, Boyd Gaming reported revenues of $3.4 billion, compared to $2.2 billion for the full year 2020. The Company reported net income of $463.8 million, or $4.07 per share, compared to a net loss of $134.7 million, or $1.19 per share, for the full year 2020.

Total Adjusted EBITDAR for the full year 2021 was $1.4 billion versus $609.9 million for the full year 2020. Full-year 2021 Adjusted Earnings were $584.2 million, or $5.12 per share, compared to an Adjusted Loss of $17.5 million, or $0.15 per share, for the full year 2020. 

The Company’s full-year 2021 pretax income was impacted by charges of $95.2 million related to early extinguishments of debt.  Financial results for the full year ended December 31, 2020, were significantly impacted by state-mandated COVID-19 property closures that began in mid-March 2020 and continued through the second quarter of 2020, as well as increased operating restrictions and additional property closures throughout the second half of the year.  Additionally, the Company’s full-year 2020 net loss was impacted by $174.7 million in noncash, pretax intangible asset impairment charges.

Dividend and Share Repurchase Program Update

Boyd Gaming’s Board of Directors approved the reinstatement of a regular quarterly dividend, starting in the second quarter of 2022.  The quarterly cash dividend of $0.15 per share will be paid on April 15, 2022, to shareholders of record as of March 15, 2022.  This represents an increase from the Company’s previous quarterly dividend of $0.07 per share, which was suspended in March 2020 due to the impact of the COVID pandemic on the Company’s operations.

In October 2021, the Company resumed regular share repurchases under a $300 million repurchase program authorized by the Board of Directors.  When combined with amounts remaining under a previous authorization, the Company had total availability of $361 million upon resuming its repurchase activity.

Balance Sheet Statistics

As of December 31, 2021, Boyd Gaming had cash on hand of $344.6 million, and total debt of $3.1 billion. 

BOYD GAMING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 

(Unaudited)

__________________________________________

(a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA to Net Income 

(Unaudited)

__________________________________________

(a) Reconciliation of corporate expense:

(b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliations of Net Income to Adjusted Earnings

and Net Income Per Share to Adjusted Earnings Per Share 

(Unaudited)

Non-GAAP Financial Measures

Our financial presentations include the following non-GAAP financial measures:

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 Information

This 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 regarding the Company's expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release include statements regarding continued growth in visitation and spending among the Company’s core customers, the Company’s views that it will be able to drive continued revenue and EBITDAR growth throughout its business, the impacts of COVID-19 on the Company, the Company’s operating strategy, and the Company’s confidence in its long-term growth trajectory. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement.  These risks and uncertainties include, but are not limited to: the ongoing uncertainty about COVID-19, its duration and impact, the extent of consumer demand, potential negative effects on the Company’s workforce, suppliers, contractors and other partners, as well as the impact on the customer experience of necessary health and safety measures implemented at the direction of state and local governments and gaming regulators.  Risks also include fluctuations in the Company's operating results; the political climate and its effects on consumer spending and its impact on the travel industry; the state of the economy and its effect on consumer spending; the impact and effects of the local economies in the markets where the Company operates; the receipt of legislative, and other state, federal and local approvals for the Company's development projects; developments in legalization of online gaming , the Company's ability to operate online gaming profitably, or otherwise; consumer reaction to fluctuations in the stock market and economic factors; the effects of events adversely impacting the economy or the regions from which the Company draws a significant percentage of its customers; competition; litigation; financial community and rating agency perceptions of the Company and its subsidiaries; changes in laws and regulations, weather, regulation, economic, credit and capital market conditions; and the effects of war, terrorist or similar activity. 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. 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 Gaming

Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 28 gaming entertainment properties in 10 states.  The Company is also a strategic partner and 5% equity owner of FanDuel Group, the nation’s leading sports-betting and iGaming operator.  With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering its guests an outstanding entertainment experience, delivered with unwavering attention to customer service.  Boyd Gaming was recognized by Forbes magazine as the highest-ranked gaming company in America’s Best Employers for Diversity in 2021, as well as one of Nevada’s 25 Best Employers in 2020 and 2021.  For additional Company information and press releases, visit https://investors.boydgaming.com.