CONFIDENTIAL

Investor Presentation October 2012 2

Intense Focus On Improving And Growing The Business

• Diversifying Asset Base and Pursuing Other Growth Opportunities • Pending acquisition of Peninsula - good strategic fit and expected solid returns to shareholders • Expanded presence in attractive domestic markets with significant growth potential • Positioned to be a leader in internet gaming • Strengthening and Growing Operations • Continued drive for efficiencies • Committed to property improvements • Focus on generating profitable growth

• Expanding Leading Customer Loyalty Program and Online Opportunities • Optimizing revenue from leading loyalty program across all properties • Leverage award-winning online and mobile presence to drive incremental visitation • Maintaining Strong Financial Profile • Actively strengthening balance sheet and generating free cash flow • Significant operating leverage 3

Increasingly Diverse Asset Base In Attractive Markets

Boyd Gaming Peninsula

Las Vegas Locals Diamond Jo Dubuque Diamond Jo Worth • Sam's Town Hotel and Gambling Hall Blue Chip Casino Hotel Spa • Suncoast Hotel and Casino Kansas Star • Hotel and Borgata Hotel Par-A-Dice Hotel Casino Casino Casino and Spa • Gold Coast Hotel and Casino Sam’s Town Hotel and Gambling Hall Tunica • • Eldorado Casino Sam’s Town Hotel and Casino Shreveport

Downtown Amelia Belle IP Casino Resort Spa Las Vegas Racetrack • California Hotel and Casino Casino Hotel Treasure Chest Casino • • Main Street Station Casino Brewery Hotel 4

Peninsula – A Strategic and Transformative Transaction

High Quality • A high-margin, high-return business Assets in Protected • Peninsula LTM EBITDA margin of 35.2% is well above its industry peers average of 27.0% (1) Markets • Peninsula operates in low promotional and gaming tax environments, resulting in high EBITDA margins

Further • Upon closing, Boyd will expand into two new states – Iowa and Kansas Jurisdictional • Increases relative importance of the Midwest and South regions, providing stability to earnings while Diversification maintaining upside potential in a Las Vegas recovery

Near-Term • The is a near and long-term growth opportunity Identified • Property EBITDA of $49.8 million in first two quarters of operations Growth Catalyst

Attractive • Pure-play Midwest and regional gaming comparables currently trade at a multiple of roughly Valuation 7.0 to 8.0x versus the acquisition multiple of ~7.0x

High • Peninsula has the potential to increase our free cash flow by over $78 million/yr., which increases Free Cash Flow return on equity, strengthens the balance sheet and accelerates deleveraging

Revenue • Additional revenue opportunities through expanding the B Connected loyalty program to Peninsula’s Opportunities customers

1) Industry peers include ASCA, PENN and PNK. 5

Diversification into Growth Markets in Midwest/South

 Location: Dubuque, IA  Gaming Tax Rate: 21%  LTM EBITDA: $24 million  EBITDA Margin: 34.2%

 Location: Northwood, IA  Gaming Tax Rate: 21%  LTM EBITDA: $40 million  EBITDA Margin: 41.5%

 Location: Mulvane, KS  Gaming Tax Rate: 27%-31%  1H ’12 EBITDA: $50 million  EBITDA Margin: 52.1%

 Location: Opelousas, LA  Gaming Tax Rate: 36.5%  LTM EBITDA: $31 million  EBITDA Margin: 26.0%

 Location: Amelia, LA  Gaming Tax Rate: 21.5% Existing Boyd Properties  LTM EBITDA: $15.3 million Peninsula Properties  EBITDA Margin: 31.1%

Note: LTM EBITDA figures are as of June 30, 2012, except for Kansas Star which represents Q1 & Q2 2012 results. 6

Significant Growth Potential in Kansas Star At opening of the permanent facility, approximately $260 million expected to be invested in the premier gaming property in Kansas

December 2011 (Interim Facility) January 2013 (Permanent Facility) January 2015 (Phase II)

Slots: 1,411 + 425 Slots: 1,836 + 164 Slots: 2,000

Table Games: 35 + 10 Table Games: 45 + 10 Table Games: 55

Hotel Rooms (1): 0 + 150 Hotel Rooms (1): 150 + 150 Hotel Rooms (1): 300

Budget (2): $179 million Budget (2): $83 million Budget (2): $28 million 1H 2012 $96 million Net Revenue: 1H 2012 $50 million Property EBITDA:

Source: Public filings. 1) To be developed and operated by a third-party. 2) Development costs do not incorporate hotel development costs by a third-party.

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Kansas Star Update

Construction Update Phase 1B Development

• Construction of Kansas Star is • 1,836 total slots on schedule and on budget • 45 total table games • Phase 1B is expected to be completed by January 2013 • 10 table poker room • Construction has been aided • 246-seat buffet by favorable weather • 140-seat steakhouse conditions and has had no impact on existing operations • 74-seat deli / grill • Transition to permanent • Asian noodle bar casino and added amenities • 162,000 sq.ft. indoor will underpin continued arena strong performance at the property • 150 room hotel 9

Expands Geographic & Operating Diversification

Current Geographical Diversification Pro Forma Geographical Diversification

Gaming Gaming Operations in Operations in 6 Jurisdictions 8 Jurisdictions

Boyd LTM 6/30/12 EBITDA Diversification (1) Pro Forma EBITDA Diversification (1)

Atlantic City Atlantic City Las Vegas Las Vegas 21% 30% 24% 33%

Midwest and South(2) Midwest and South 55% 37%

Note: Borgata results are presented to reflect full consolidation of the property, consistent on a GAAP basis. 1) Excludes corporate expenses. 2) Includes $110 million of Peninsula LTM 6/30/12 property EBITDA (excluding Kansas) and $100 million of annualized YTD 2012 Kansas EBITDA. 10

Pro Forma Operating Performance

Pro Forma Adjusted EBITDA ($ in millions)

$800

$683

600 $199 $484

400 $178 $178

200 $306 $306

0 Boyd Consolidated LTM 6/30/12 Pro Forma Consolidated LTM 6/30/12

(1) (1) (2) Las Vegas & Atlantic City Midwest and South Peninsula

Note: Borgata results are presented to reflect full consolidation of the property, consistent on a GAAP basis. 1) Includes proportional amount of corporate expenses. 2) Includes $110 million of Peninsula LTM 6/30/12 property EBITDA (excluding Kansas), $100 million of annualized YTD 2012 Kansas EBITDA and $10 million of corporate expenses. 11

Future Growth Initiatives

• Acquisitions remain key pillar in growth strategy • Close and integrate Peninsula • Continue to unlock value at IP

• Long-term opportunities • JV to develop gaming facility adjacent to BB&T Center in Broward County, Florida • Agreement with Wilton Rancheria Tribe near Sacramento, California • Attractive options at Dania Jai-Alai in south Florida

• Internet Poker: JV with bwin.party positions BYD to be “Day One” leader domestically

• B Connected continues to drive growth in operations • Targeted players club program drives player loyalty, cross-property visitation nationwide • Recently launched B Connected Social, a comprehensive social gaming platform • B Connected Online & Mobile delivers effective, targeted promotions based customer interests • Additional properties grow our database, create new cross-marketing opportunities nationwide

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Summary

• High quality, well-positioned assets in diverse markets

• Consistently strengthening business and driving efficiencies – focus on profitable growth

• Significant new growth opportunities

• Strengthening financial profile

• Experienced management team with strong track record CONFIDENTIAL

IMPORTANT INFORMATION REGARDING FORWARD LOOKING STATEMENTS

This presentation contains, or may contain, “forward-looking statements” concerning , which are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Generally, the words “believe,” “anticipate,” “expect,” “may,” “should,” “could,” and other future-oriented terms identify forward-looking statements. Forward-looking statements include, but are not limited to, statements relating to the following: (i) information included on the page titled “intense focus on improving and growing the business” including, Boyd Gaming’s intent to strengthen and grow operations, expand customer loyalties and online opportunities and maintain a strong financial profile, (ii) potential long-term opportunities in Florida and California, (iii) continued progress on deleveraging and strengthening Boyd’s balance sheet, (iv) that the negative macroeconomic trends affecting Boyd are one-time issues, (v) that Boyd expects long-term growth trends to continue in the second half of ’12, (vi) that Borgata remains the clear market leader despite rising competition, (vii) that B Connected is expected to drive additional growth at IP starting in Q3 2012, (viii) statements regarding Boyd’s pending acquisition of Peninsula, including the anticipated benefits that the acquisition will provide Boyd, (ix) information included on the page titled “Peninsula – a strategic and transformative transaction” including Peninsula’s anticipated returns and the expected benefits of the merger, (x) information included on the page titled “Significant growth potential in Kansas Star” including the anticipated budgets, facility amenities and offerings within the time periods indicated, (xi) the anticipated geographic and operating diversification that Peninsula is expected to provide Boyd, (xii) the anticipated pro forma financial benefits that the acquisition will provide Boyd, including EBITDA, free cash flow and a strengthened financial profile, (xiii) information included on the page titled “Future growth initiatives” including statements regarding the importance of future acquisitions, long term opportunities, internet poker and B connected, (xiv) the anticipated completion (and timing of) of the proposed merger, and (xv) assumptions underlying any of the foregoing statements. These forward-looking statements are based upon the current beliefs and expectations of management and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Boyd’s ability to control or estimate precisely and include, without limitation: the ability to obtain governmental or gaming approvals of the merger and the transactions contemplated by the merger agreement, or to satisfy other conditions to the merger on the proposed terms and timeframe; the possibility that the merger does not close when expected or at all, or that the companies may be required to modify aspects of the merger to achieve regulatory approval; the ability to realize the expected synergies or other benefits from the transaction in the amounts or in the timeframe anticipated; the ability to integrate Peninsula in a timely and cost- efficient manner with Boyd; uncertainties in the global economy and credit markets; and rates of change in, margins, market share, capital expenditures, revenue and operating expenses generally; volatility in quarterly results and in the stock price of Boyd; access to capital markets; the ability to manage and grow the Boyd’s cash position following the merger; the sufficiency of Boyd’s financial resources to support future business activities (including but not limited to operations, investments, debt service requirements and capital expenditures); the impact of legal proceedings; and other risks and uncertainties, including those detailed from time to time in Boyd’s periodic reports (whether under the caption Risk Factors or Forward Looking Statements or elsewhere). Boyd can give no assurances that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. Neither Boyd nor any other person undertakes any obligation to update or revise publicly any of the forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of Boyd following the implementation of the merger or otherwise. No statement in this announcement should be interpreted to mean that the earnings per share, profits, margins or cash flows of Boyd for the current or future financial years would necessarily match or exceed the historical published figures.

Non-GAAP Financial Measures Regulation G, "Conditions for Use of Non-GAAP Financial Measures," prescribes the conditions for use of non-GAAP financial information in public disclosures. We believe that our presentations of the non-GAAP financial measures used in this presentation are important supplemental measures of operating performance to investors. Reconciliations of non-GAAP financial measures to GAAP can be found at http://boydgaming.investorroom.com/. We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses. CONFIDENTIAL