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Published: 2021-10-26 00:00:00 ET

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Exhibit 99.1

	Financial Contact:		Media Contact:
	Josh Hirsberg		David Strow
	(702) 792-7234		(702) 792-7386
	joshhirsberg@boydgaming.com		davidstrow@boydgaming.com

BOYD GAMING REPORTS THIRD-QUARTER 2021 RESULTS

Strong Revenue Growth, Margin Expansion Drive Record Third-

Quarter Adjusted EBITDAR Performances

Across All Operating Segments

Board of Directors Authorizes $300 Million Share Repurchase Program

LAS VEGAS - OCTOBER 26, 2021 - Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the third quarter ended September 30, 2021.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Since reopening our properties last year, we have made fundamental changes to our operating philosophy -- sharpening our focus on building loyalty with core customers while executing our business at a much higher level of efficiency. These changes have resulted in five consecutive quarters of strong performance, including record third-quarter results this year. Continued growth in visitation and spending among our core customers, combined with our more efficient operating model, resulted in a third-quarter Companywide revenue record, EBITDAR growth of more than 42%, and a nearly 400-basis-point improvement in operating margins. As the pandemic recedes, restrictions are lifted and additional guests return to our properties nationwide, we are confident in our ability to drive continued revenue and EBITDAR growth throughout our business.”

Smith continued: “Based on our robust free cash flow, strong balance sheet and opportunities for continued growth, our Board of Directors has authorized a $300 million share repurchase program. This program reflects the Board's confidence in the long-term prospects for our business, as well as our balanced approach in allocating capital to growth investments, deleveraging and returning free cash flow to shareholders.”

Boyd Gaming reported third-quarter 2021 revenues of $843.1 million, up 29.3% from $652.2 million in the third quarter of 2020. The Company reported net income of $138.2 million, or $1.21 per share, for the third quarter of 2021, compared to $38.1 million, or $0.33 per share, for the year-ago period.

Total Adjusted EBITDAR⁽¹⁾was $340.7 million in the third quarter of 2021, increasing 42.6% from $238.8 million in the third quarter of 2020. Adjusted Earnings⁽¹⁾ for the third quarter of 2021 were $149.0 million, or $1.30 per share, compared to $43.5 million, or $0.38 per share, for the same period in 2020. Companywide Adjusted EBITDAR margins after corporate expense were 40.4% in the third quarter of 2021, increasing from 36.6% in the year-ago quarter.

⁽¹⁾

^{See footnotes at the end of the release for additional information relative to non-GAAP financial measures.}

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 third quarters of 2021, 2020 and 2019.

Revenues	Three Months Ended September 30,
							% Change
*($ amounts in thousands)*		2021		2020		2019		2021 vs 2020		2021 vs 2019
Las Vegas Locals	$	231,264	$	171,076	$	213,286		35.2	%	8.4	%
Downtown Las Vegas		42,137		17,539		60,624		140.2	%	(30.5	)%
Midwest & South		569,659		463,623		545,658		22.9	%	4.4	%
Total Revenues	$	843,060	$	652,238	$	819,568		29.3	%	2.9	%

Property Adjusted EBITDAR	Three Months Ended September 30,
								% Change
*($ amounts in thousands)*		2021		2020			2019		2021 vs 2020		2021 vs 2019
Las Vegas Locals	$	125,360	$	78,900		$	64,062		58.9	%	95.7	%
Downtown Las Vegas		13,222		(1,511	)		11,903		N/A		11.1	%
Midwest & South		222,058		182,502			156,202		21.7	%	42.2	%
Property Adjusted EBITDAR	$	360,640	$	259,891		$	232,167		38.8	%	55.3	%

Property Adjusted EBITDAR Margin	Three Months Ended September 30,
										Basis Point Change
	2021			2020			2019			2021 vs 2020				2021 vs 2019
Las Vegas Locals		54.2	%		46.1	%		30.0	%		809		bps		2,417	bps
Downtown Las Vegas		31.4	%		-8.6	%		19.6	%		N/A				1,174	bps
Midwest & South		39.0	%		39.4	%		28.6	%		(38	)	bps		1,035	bps
Property Adjusted EBITDAR Margin		42.8	%		39.8	%		28.3	%		293		bps		1,445	bps

The Company achieved record third-quarter revenues, Adjusted EBITDAR and operating margins on a Companywide basis. Twenty-one of the Company’s properties posted double-digit EBITDAR growth over the third quarter of 2020, with record third-quarter Adjusted EBITDAR in each of its three operating segments.

⁽²⁾

^{In the Las Vegas Locals region, Eastside Cannery remained closed as of the date of this press release, while Eldorado Casino was closed until its sale on December 10, 2020. In the Downtown Las Vegas segment, Main Street Station reopened to the public on September 8, 2021.}

Share Repurchase Program

The Company's Board of Directors has authorized a new share repurchase program of $300 million. Additionally, the Company has $61 million remaining under a previous repurchase program. The Company intends to make purchases of its common stock from time to time under these programs.

Balance Sheet Statistics

As of September 30, 2021, Boyd Gaming had cash on hand of $570.9 million, and total debt of $3.38 billion.

Conference Call Information

Boyd Gaming will host a conference call to discuss its third-quarter 2021 results today, October 26, at 5:00 p.m. Eastern. The conference call number is (844) 200-6205, or +1-929-526-1599 for international callers. The conference call passcode is 239894. 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 live on the Internet at https://investors.boydgaming.com, or: https://events.q4inc.com/attendee/204020985.

Following the call’s completion, a replay will be available by dialing (866) 813-9403 (+44 204 525 0658 for international callers) today, October 26, and continuing through Tuesday, November 2. The conference number for the replay will be

261959. The replay will also be available at https://investors.boydgaming.com.

BOYD GAMING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
*(In thousands, except per share data)*	2021			2020			2021			2020
Revenues
Gaming	$	674,227		$	565,965		$	2,019,615		$	1,260,841
Food & beverage		61,101			38,778			162,641			139,323
Room		44,317			26,925			109,384			80,570
Other		63,415			20,570			198,329			61,888
Total revenues		843,060			652,238			2,489,969			1,542,622
Operating costs and expenses
Gaming		249,685			214,984			741,176			530,445
Food & beverage		50,659			38,691			136,391			145,275
Room		15,074			12,931			41,413			41,013
Other		41,644			5,809			128,038			29,425
Selling, general and administrative		91,159			86,983			271,639			260,681
Master lease rent expense (a)		26,306			25,914			78,396			75,992
Maintenance and utilities		35,868			33,751			95,256			88,551
Depreciation and amortization		67,586			69,320			199,332			205,498
Corporate expense		28,264			19,605			86,295			58,526
Project development, preopening and writedowns		10,646			2,249			13,515			9,582
Impairment of assets		—			—			—			171,100
Other operating items, net		3,023			14,928			15,295			23,570
Total operating costs and expenses		619,914			525,165			1,806,746			1,639,658
Operating income (loss)		223,146			127,073			683,223			(97,036	)
Other expense (income)
Interest income		(442	)		(468	)		(1,406	)		(1,476	)
Interest expense, net of amounts capitalized		45,171			62,387			158,192			173,440
Loss on early extinguishments and modifications of debt		42			413			65,517			1,000
Other, net		119			(4,977	)		2,288			(5,206	)
Total other expense, net		44,890			57,355			224,591			167,758
Income (loss) before income taxes		178,256			69,718			458,632			(264,794	)
Income tax (provision) benefit		(40,082	)		(31,602	)		(104,568	)		46,807
Net income (loss)	$	138,174		$	38,116		$	354,064		$	(217,987	)

Basic net income (loss) per common share	$	1.21		$	0.34		$	3.11		$	(1.92	)
Weighted average basic shares outstanding		114,095			113,520			113,835			113,495

Diluted net income (loss) per common share	$	1.21		$	0.33		$	3.10		$	(1.92	)
Weighted average diluted shares outstanding		114,284			113,862			114,099			113,495

__________________________________________

(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 (Loss)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
*(In thousands)*	2021			2020			2021			2020
Total Revenues by Reportable Segment
Las Vegas Locals	$	231,264		$	171,076		$	649,782		$	400,531
Downtown Las Vegas		42,137			17,539			102,350			76,316
Midwest & South		569,659			463,623			1,737,837			1,065,775
Total revenues	$	843,060		$	652,238		$	2,489,969		$	1,542,622

Adjusted EBITDAR by Reportable Segment
Las Vegas Locals	$	125,360		$	78,900		$	349,572		$	128,520
Downtown Las Vegas		13,222			(1,511	)		31,083			1,225
Midwest & South		222,058			182,502			700,199			320,986
Property Adjusted EBITDAR		360,640			259,891			1,080,854			450,731
Corporate expense, net of share-based compensation expense (a)		(19,943	)		(21,048	)		(62,165	)		(51,333	)
Adjusted EBITDAR		340,697			238,843			1,018,689			399,398
Master lease rent expense (b)		(26,306	)		(25,914	)		(78,396	)		(75,992	)
Adjusted EBITDA		314,391			212,929			940,293			323,406

Other operating costs and expenses
Deferred rent		207			217			621			666
Depreciation and amortization		67,586			69,320			199,332			205,498
Share-based compensation expense		9,783			(858	)		28,307			10,026
Project development, preopening and writedowns		10,646			2,249			13,515			9,582
Impairment of assets		—			—			—			171,100
Other operating items, net		3,023			14,928			15,295			23,570
Total other operating costs and expenses		91,245			85,856			257,070			420,442
Operating income (loss)		223,146			127,073			683,223			(97,036	)
Other expense (income)
Interest income		(442	)		(468	)		(1,406	)		(1,476	)
Interest expense, net of amounts capitalized		45,171			62,387			158,192			173,440
Loss on early extinguishments and modifications of debt		42			413			65,517			1,000
Other, net		119			(4,977	)		2,288			(5,206	)
Total other expense, net		44,890			57,355			224,591			167,758
Income (loss) before income taxes		178,256			69,718			458,632			(264,794	)
Income tax (provision) benefit		(40,082	)		(31,602	)		(104,568	)		46,807
Net income (loss)	$	138,174		$	38,116		$	354,064		$	(217,987	)

__________________________________________

(a) Reconciliation of corporate expense:

	Three Months Ended September 30,					Nine Months Ended September 30,
*(In thousands)*	2021			2020		2021			2020
Corporate expense as reported on Condensed Consolidated Statements of Operations	$	28,264		$	19,605	$	86,295		$	58,526
Corporate share-based compensation expense		(8,321	)		1,443		(24,130	)		(7,193	)
Corporate expense, net, as reported on the above table	$	19,943		$	21,048	$	62,165		$	51,333

(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 (Loss) to Adjusted Earnings (Loss)

and Net Income (Loss) Per Share to Adjusted Earnings (Loss) Per Share

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
*(In thousands, except per share data)*	2021			2020			2021			2020
Net income (loss)	$	138,174		$	38,116		$	354,064		$	(217,987	)
Pretax adjustments:
Project development, preopening and writedowns		10,646			2,249			13,515			9,582
Impairment of assets		—			—			—			171,100
Other operating items, net		3,023			14,928			15,295			23,570
Loss on early extinguishments and modifications of debt		42			413			65,517			1,000
Other, net		119			(4,977	)		2,288			(5,206	)
Total adjustments		13,830			12,613			96,615			200,046

*Income tax effect for above adjustments*		(2,992	)		(2,767	)		(20,843	)		(47,559	)
*Impact of tax audit settlements*		—			(4,505	)		—			(4,505	)
*Impact of tax valuation allowance*		—			—			—			568
Adjusted earnings (loss)	$	149,012		$	43,457		$	429,836		$	(69,437	)

Net income (loss) per share, diluted	$	1.21		$	0.33		$	3.10		$	(1.92	)
*Pretax adjustments:*
Project development, preopening and writedowns		0.09			0.02			0.12			0.08
Impairment of assets		—			—			—			1.51
Other operating items, net		0.03			0.13			0.13			0.21
Loss on early extinguishments and modifications of debt		—			—			0.58			0.01
Other, net		—			(0.04	)		0.02			(0.05	)
Total adjustments		0.12			0.11			0.85			1.76

*Income tax effect for above adjustments*		(0.03	)		(0.02	)		(0.18	)		(0.42	)
*Impact of tax audit settlements*		—			(0.04	)		—			(0.04	)
*Impact of tax valuation allowance*		—			—			—			0.01
Adjusted earnings (loss) per share, diluted	$	1.30		$	0.38		$	3.77		$	(0.61	)

Weighted average diluted shares outstanding		114,284			113,862			114,099			113,495

Non-GAAP Financial Measures

Our 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, loss on early extinguishments and modifications of debt and other operating items, net,

●

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 items, net, gain or loss on early extinguishments and modifications of debt, and other non-recurring adjustments, net, 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 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 as the pandemic recedes and restrictions are lifted, the authorization of a new share repurchase program and that such program reflects the Board’s confidence in the long-term prospects for the Company’s business, the impacts of COVID-19 on the Company, economic conditions, operating strategy, efficient flow, growth initiatives, visitation, spend-per-visit, status, the Company’s confidence in the long-term direction of the Company and its ability to keep delivering robust levels of EBITDAR and margin performance, the continued creation of long-term value for the Company’s stakeholders. 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 possibility of future closures and length of closures of the Company’s properties, negative perceptions of visiting properties that have large groups of people, the cost to comply with any mandated health requirements associated with the virus, the extent of consumer demand, the 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 results of operations of its properties in various markets; 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 and the Company's results of operations; the impact and effects of the local economies in the markets where the Company has operations; the receipt of legislative, and other state, federal and local approvals for the Company's development projects; whether online gaming will become legalized in various states, 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, including increased taxes; the availability and price of energy, 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. For additional Company information and press releases, visit https://investors.boydgaming.com.