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Investor Presentation April 2014 2 Forward Looking Statements Important Information Regarding Forward-Looking Statements This presentation contains, or may contain, “forward-looking statements” concerning Boyd, 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: Boyd’s improving balance sheet and its ability to pursue future growth acquisitions; the predictable and stable competitive markets in which Boyd operates; being well positioned to be a leader in online gaming, especially in New Jersey through the Borgata, and continued revenue growth due to the maturation of the online gaming market; market opportunities for online gaming in various other states; being positioned to continue to reduce leverage with significant cash flow; continued availability of free cash flow from the Peninsula acquisition; the considerable upside in Boyd’s Las Vegas Locals segment; improving macro trends impacting the Las Vegas market; operations in Boyd’s Midwest & South region being solid, with consistent free cash flow generation and continued positive outlook, with expectations of year over year growth in the second half of 2014; improvements from the introduction of Penny Lane and B Connected to more Boyd properties;; future increases in the downtown Las Vegas market resulting from downtown revitalization efforts; the statements on the slides titled “Pursuing Long- Term Growth Opportunities—Online Gaming is Substantial Opportunity to Grow and Diversify Our Business”,” “Online Gaming: A Substantial Opportunity to Grow and Diversify our Business” and “Pursuing Long-Term Growth Opportunities—Growth Pipeline in Attractive Markets. 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: risk related to the intense competition that exists in the gaming industry; risk related to the overall strength of the economies or regions from which Boyd draws its customers; risks associated with Boyd’s expansion, development and renovation projects, which are inherent in expansion, development or construction of new or existing projects; risk that any of Boyd’s projects may not be completed, if at all, on time or within established budgets, or that any project will result in increased earnings; risk that significant delays, cost overruns, or failures of any of Boyd’s projects to achieve market acceptance could have a material adverse effect on its business, financial condition and results of operations; risk that Boyd’s projects may not help it compete with new or increased competition in its markets; risk that new gaming licenses or jurisdictions become available (or offer different gaming regulations or taxes) that results in increased competition to Boyd; risk that the expansion of internet gaming in other jurisdictions could increase competition for our traditional operations; risks associated with owning real property; risks associated with challenges to legalized gaming; risk that the actual fair value for assets acquired and liabilities assumed from any of our acquisitions differ materially from Boyd’s preliminary estimates; risk that negative industry or economic trends, reduced estimates of future cash flows, disruptions to our business, slower growth rates or lack of growth in our business, may result in significant write-downs or impairments in future periods; risks associated with growth and acquisitions, including our ability to identify, acquire, develop or profitably manage additional companies or operations or successfully integrate such companies or operations into our existing operations without substantial costs, delays or other problems; the risk that Boyd may not receive gaming or other necessary licenses for new projects or that regulatory authorities may revoke, suspend, condition or limit our gaming or other licenses, impose substantial fines and take other adverse actions against any of our casino operations; Boyd’s inability to select the new joint venture partner for Borgata and the possibility that a new operating agreement will be entered into with the new venture partner, which could result in changes to Borgata's ongoing operations; risks related to the ability to refinance outstanding indebtedness; risks related to compliance with existing financial covenants in Boyd’s financings; uncertainties in the global economy and credit markets; 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 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 presentation. 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. No statement in this announcement should be interpreted to mean that the revenues, EBITDA, profits, margins or cash flows of Boyd for the current or future financial years would necessarily match or exceed the historical published figures, or that its debt, interest expenses and other expenses would necessarily match or be lower than 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. Reconciliations of non-GAAP financial measures to GAAP can be found in our earnings releases for the periods referenced in this document. Our earnings releases can be found in the investor relations section of our website at www.boydgaming.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. 2 Executing Our Strategic Plan Strengthening the Balance Sheet to Add Flexibility and Enable Growth • Sold 87 acres of non-core land on the Las Vegas strip enhancing profit and sold non-core Dania Jai-Alai increasing profit by $20 million annually • Issued $220 million of equity • Paid down $525 million in debt in 2013; extended maturities and reduced interest expense Improving Core Operations to Enhance Margins and Operating Leverage • Strong focus on operating margins; proven tracks record with Las Vegas Locals • Successful refinements to slot product, marketing • Operating leverage creates potential for significant EBITDA growth Diversifying through Strategic Acquisitions • Peninsula Gaming: Significantly diversified operations, expands free cash flow • IP: Acquired market-leading asset at an attractive multiple • Proven track record of deploying best-practices to enhance efficiencies and growth Pursuing Long-Term Growth Opportunities • Leader in domestic online gaming • Development agreements in N. California, S. Florida • Financially well positioned to pursue strategic acquisitions 3 Poised for Growth • Industry-leading gaming company with a diverse asset base in attractive markets • Highly levered to an economic recovery – particularly in Las Vegas • Exceptional flow through as the economy recovers • Industry leading B Connected loyalty program drives enhanced revenues and customer loyalty • Well positioned to expand as the market leader in online gaming • Strong free cash flows and improving balance sheet increases flexibility and growth opportunities • Experienced management team with successful acquisition track-record 4 Investment Thesis 1. Geographically diverse portfolio with high quality assets in attractive markets 2. Strong, stable free cash flow generation coupled with high equity return capital structure 3. Increased operating leverage as a result of improved cost structure 4. Successful track record of accretive acquisitions 5. Pursuing attractive long-term growth opportunities 5 Investment Thesis 1. Geographically diverse portfolio with high quality assets in attractive markets 2. Strong, stable free cash flow generation coupled with high equity return capital structure 3. Increased operating leverage as a result of improved cost structure 4. Successful track record of accretive acquisitions 5. Pursuing attractive long-term growth opportunities 6 7 High Quality Portfolio with Broad Geographic