ANNUAL REPORT 2010

OUR APPROACH At Boyd Gaming, measuring our success has long been about focusing on the big picture. Our approach is to create long-term, sustainable growth for our shareholders and strengthen Boyd Gaming’s position as a leading casino entertainment company. At Boyd Gaming, measuring our success has long been about focusing on the big picture. Our approach is to create long-term, sustainable growth for our shareholders and strengthen Boyd Gaming’s position as a leading casino entertainment company. Dear Shareholder:

Since our last report to shareholders, the economic climate has continued to create a challenging environment for the gaming industry. Yet, by remaining focused on efficient management of Company resources and the strengthening of our core business, Boyd Gaming Corporation’s financial foundation remains solid.

We met the challenges of the last several years head on, and have emerged in a stronger position than many of our competitors. Our geographically diverse portfolio of properties enjoys leadership positions in , Atlantic City, and communities throughout the Midwest and South. As the national economy regains its footing, we are poised to grow along with it.

Boyd Gaming has never been a company that reinvents itself with every new trend or shift of the economic winds. We are committed to a sound, consistent and strategic approach to growing our business. That is how we built the Company. It remains our foundation. And it is the path that will lead to increased shareholder value over the long term. SHAREHOLDER LETTER

In late 2010, the decline in our business flattened out, and we saw signs of a pending return to year-over-year growth. We are confident these positive trends will continue. As we look ahead to 2011, these points stand out:

n We improved our financial position in 2010 by n Over the past several years, we have aggressively refinancing and restructuring a significant portion driven unnecessary costs out of the business and we of our debt. Strengthening our balance sheet will will be vigilant in ensuring these costs do not return. As continue to be a top priority in 2011. customer spending starts to recover, our more efficient business model will allow us to drive a significant portion n We remain committed to a growth strategy that could, of revenue gains to the bottom line. among other things, include strategic acquisitions. As we evaluate opportunities, we will look for those that are a n We are pleased that the restructuring of our business good fit for our business, are priced appropriately, and has resulted in improved quality as customer satisfaction will deliver an attractive return for shareholders. scores increased in 2010. This is also a credit to the dedication of our outstanding employees who continue n We continue to use technology to differentiate our to deliver exceptional service every day. Company, provide an enhanced experience for our guests, and deliver information directly to them that is n Finally, we will continue to emphasize exceptional corporate customized to their unique needs and interests. Our governance, under the leadership of a Board that has been B Connected mobile applications set the standard for recognized as among the best in our industry. the industry as they allow us to put individualized special offers and updates directly into the hands of We have been through a challenging journey in recent our customers, even as they’re walking in the door. years. But the route ahead looks promising.

Thank you for your continued support and for your investment in Boyd Gaming.

Sincerely,

William S. Boyd Keith E. Smith Executive Chairman President and of the Board Chief Executive Officer EXECUTIVE BOARD OF LEADERSHIP DIRECTORS TEAM

William S. Boyd William S. Boyd Thomas V. Girardi Executive Chairman of the Board Executive Chairman of the Board, Partner, Girardi and Keese Boyd Gaming Marianne Johnson Billy G. McCoy Vice Chairman of the Board, Marianne Johnson Major General USAF (Ret) Executive Vice President and Vice Chairman of the Board, Chief Diversity Officer Executive Vice President and Frederick J. Schwab Chief Diversity Officer, Boyd Gaming Former President and Keith E. Smith Chief Executive Officer, President and Keith E. Smith Porsche Cars North America, Inc. Chief Executive Officer President and Chief Executive Officer, Christine J. Spadafor Paul J. Chakmak Boyd Gaming Chief Executive Officer, Executive Vice President and St. Jude’s Ranch for Children Chief Operating Officer Robert L. Boughner Executive Vice President and Peter M. Thomas Robert L. Boughner Chief Business Development Officer, Managing Director, Executive Vice President and Boyd Gaming Thomas & Mack Co. LLC Chief Business Development Officer William R. Boyd Veronica J. Wilson Brian A. Larson Vice President, Boyd Gaming Executive Director, Executive Vice President, Blind Center of General Counsel and Secretary

Josh Hirsberg Senior Vice President, Chief Financial Officer and Treasurer

William R. Boyd Vice President INVESTOR INFORMATION

Stock Listing Independent Registered The common stock of Boyd Gaming Public Accounting Firm Corporation is listed on the New York Deloitte & Touche LLP Stock Exchange. Its symbol is BYD. 3883 Howard Hughes Parkway As of February 28, 2011, there were Fourth Floor 899 stockholders of record. Las Vegas, NV 89169 702.893.3100 Annual Meeting The annual meeting of stockholders of Boyd Gaming Corporation Boyd Gaming Corporation will be held 3883 Howard Hughes Parkway on Thursday, May 26, 2011, at 11:00 a.m. Ninth Floor Pacific Time at the Sam’s Town Hotel and Las Vegas, NV 89169 Gambling Hall in Las Vegas, Nevada. The 702.792.7200 record date for the meeting is the close of business on March 31, 2011. Investor Contacts Financial Contact News Releases Josh Hirsberg As a service to our stockholders and Senior Vice President prospective investors, additional company Chief Financial Officer and information, including news releases, Treasurer earnings announcements and information 702.792.7234 on corporate governance, is available at [email protected] boydgaming.com. Media Contact Common Stock Transfer Rob Meyne Agent and Registrar Vice President Wells Fargo Shareowner Services Corporate Communications 161 North Concord Exchange 702.792.7353 South St. Paul, MN 55075 [email protected] 800.468.9716 wellsfargo.com/contactshareownerservices Our nationwide network of casino entertainment properties generates substantial value from B Connected, our branded multi-property player loyalty program. B Connected drives revenue by consistently and effectively rewarding customers for their continued play and loyalty. B Connected membership is free and available at 13 Boyd Gaming properties: Gold Coast, , Sam’s Town, Suncoast, California, Fremont and Main Street Station in Las Vegas; Blue Chip in Michigan City, Indiana; Par-A-Dice in East Peoria, Illinois; Sam’s Town in Tunica, Mississippi; Treasure Chest in Kenner, Louisiana; in Vinton, Louisiana; and Sam’s Town in Shreveport, Louisiana.

In order to encourage our guests to become familiar with a number of different Boyd Gaming locations, B Connected points and benefits are transferable between all 13 participating properties. The card recognizes three tiers of players – Ruby, Sapphire and Emerald – each offering an accelerated level of comps, discounts and other benefits.

The B Connected program is enhanced through an industry-leading online and mobile presence. B Connected Online allows us to provide members with information and special offers customized according to their individual interests. B Connected Mobile expands these capabilities by making all of the program’s benefits available through a variety of leading mobile devices, including those using iPhone, iPad, and Android technologies.

For more information, visit bconnectedonline.com, or bconnectedmobileapp.com. PROPERTIES

LAS VEGAS LOCALS DOWNTOWN MIDWEST & SOUTH ATLANTIC CITY LAS VEGAS Gold Coast Hotel and Casino Blue Chip Casino Borgata Hotel Casino 4000 West Flamingo Road California Hotel and Casino Hotel Spa and Spa Las Vegas, NV 89103 12 East Ogden Avenue 777 Blue Chip Drive One Borgata Way 800.331.5334 Las Vegas, NV 89101 Michigan City, IN 46360 Atlantic City, NJ 08401 goldcoastcasino.com 800.634.6505 888.879.7711 866.692.6742 thecal.com bluechipcasino.com theborgata.com The Orleans Hotel and Casino Delta Downs Racetrack The Water Club 4500 West Tropicana Avenue 200 Fremont Street Casino Hotel 1 Renaissance Way Las Vegas, NV 89103 Las Vegas, NV 89101 2717 Delta Downs Drive Atlantic City, NJ 08401 800.675.3267 800.634.6460 Vinton, LA 70668 800.800.8817 orleanscasino.com fremontcasino.com 800.589.7441 thewaterclubhotel.com deltadowns.com Sam’s Town Hotel and Main Street Station Casino, Gambling Hall Brewery and Hotel Par-A-Dice Hotel Casino BOYD GAMING 5111 Boulder Highway 200 North Main Street 21 Blackjack Boulevard Las Vegas, NV 89122 Las Vegas, NV 89101 East Peoria, IL 61611 Executive Offices 800.897.8696 800.713.8933 800.727.2342 3883 Howard Hughes Parkway samstownlv.com mainstreetcasino.com par-a-dice.com Ninth Floor Las Vegas, NV 89169 Suncoast Hotel and Casino Sam’s Town Hotel and Casino 702.792.7200 9090 Alta Drive 315 Clyde Fant Parkway boydgaming.com Las Vegas, NV 89145 Shreveport, LA 71101 877.677.7111 877.429.0711 Corporate Offices suncoastcasino.com samstownshreveport.com 6465 South Rainbow Boulevard Las Vegas, NV 89118 Eldorado Casino Sam’s Town Hotel and 702.792.7200 140 South Water Street Gambling Hall boydgaming.com Henderson, NV 89015 1477 Casino Strip Resort Boulevard 702.564.1811 Robinsonville, MS 38664 eldoradocasino.com 800.456.0711 samstowntunica.com 920 North Boulder Highway Treasure Chest Casino Henderson, NV 89011 5050 Williams Boulevard 702.564.8100 Kenner, LA 70065 jokerswildcasino.com 800.298.0711 treasurechest.com boydgaming.com