Boyd Gaming

Recent Events

• Sept. 20,2006 Thomas Weisel notes that regional market growth accelerated for BYD in August on easy comps, but looks to be tracking a bit light relative to estimates. However, the broker feels downside risk is limited, and they are keeping their estimates and upbeat view of the stock. :theflyonthewall.com
• Sept. 19, 2006 - A rumor that somebody might buy Boyd caused the stock price jump $1.71 to 38.72 a 4.7% increase. Boyd denies the rumor.
• In May, 2006 Boyd agreed to buy Dania Jai Alai and about 50 acres of land in South Florida for $152.5 million.
• In July, 2006 Boyd said it would sell its South Coast Hotel and Casino in Las Vegas to company executive Michael Gaughan for about $533 million.
• Boyd will not have a presence in Pennsylvannia

Besides growing through mergers and acquisitions, Boyd has both short and long term growth opportunities. The Company recently completed a $65 million expansion project at its Delta Downs Racetrack Casino and Hotel. The first phase consisted of a new entrance and complete casino reconfiguration, and the second phase included the addition of a 206-room adjoining hotel. The Company also recently completed a $170 expansion of its highly successful Blue Chip facility in Michigan City, Indiana. With the expansion, the new Blue Chip offers 65,000 square feet of gaming on one floor, along with three new dining venues and a new entertainment lounge that borders the casino floor.

In addition, Boyd Gaming announced multiple expansions of Borgata Hotel Casino and Spa, the Company's joint venture with MGM MIRAGE. The first will be the $200 million public space expansion, which is expected to be completed in Q2 2006 and will include more restaurants, gaming and meeting and convention space, as well as an expanded spa.

The $325 million second phase will include a new hotel tower with approximately 800 guest rooms and suites and is expected to be done in Q4 2007.

In another dynamic growth area of the Las Vegas valley, the Company recently purchased a 40-acre, fully entitled casino site to grow our presence in the Las Vegas locals market.

Boyd Gaming's other growth opportunity involves its 63 acres on the Las Vegas Strip. In January, the Company announced plans for Echelon Place, which will include its $2.9 billion wholly-owned Echelon Resort with hotel and retail joint ventures between the Company and key strategic partners. Additionally, Echelon Resort will be principally operated by the Company, but include operating arrangements with leaders in the hotel, restaurant, nightlife and entertainment industries who will bring unique brands and industry-leading reputations and relationships to the project. Echelon is expected to open in early 2010.

And finally, the Company recently announced the acquisition of Dania Jai Alai, located near the Fort Lauderdale Airport and the Broward County Convention Center and in close proximity to the major population centers of South Florida. The acquisition includes 50 acres of related land and is subject to certain closing conditions and regulatory approvals.