Exhibit 99.1

BOYD GAMING REPORTS FOURTH-QUARTER, FULL-YEAR 2022 RESULTS

LAS VEGAS - FEBRUARY 2, 2023 - Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the fourth quarter and full year ended December 31, 2022.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “The fourth quarter was a strong conclusion to another record year for our Company.  We achieved records for revenue and EBITDAR on both a fourth-quarter and full-year basis, as our operating teams remain focused on growing revenues and building loyalty among our core customers while successfully managing expenses.  Companywide growth in the fourth quarter was driven by strong performances in our Nevada segments, management fees from Sky River and growth in our online business. During the quarter we also made progress advancing our online strategy, completing our acquisition of Pala Interactive while further expanding our sports-betting partnership with FanDuel.  And we continued to return significant capital to our shareholders with nearly $600 million in share repurchases and dividends in 2022.  In all, 2022 was another strong year for our Company, and we remain confident in our operating model and our team’s ability to successfully navigate the year ahead.”

Boyd Gaming reported fourth-quarter 2022 revenues of $922.9 million, increasing from $879.8 million in the fourth quarter of 2021. The Company reported net income of $172.7 million, or $1.63 per share, for the fourth quarter of 2022, compared to $109.8 million, or $0.96 per share, for the year-ago period.

Total Adjusted EBITDAR⁽¹⁾ was $360.1 million in the fourth quarter of 2022, up from $347.3 million in the fourth quarter of 2021. Adjusted Earnings⁽¹⁾ for the fourth quarter of 2022 were $181.8 million, or $1.72 per share, compared to $154.3 million, or $1.35 per share, for the same period in 2021. 

Operations Review

The Company’s Las Vegas Locals segment posted record fourth-quarter revenue and EBITDAR, with operating margins exceeding 52%. Growth in the segment was driven by destination business, non-gaming operations and continued strength in play from core customers.  The Downtown Las Vegas segment also achieved a fourth-quarter EBITDAR record, as visitation grew throughout the downtown Las Vegas market and business volumes from our Hawaiian customer segments exceeded pre-pandemic levels. In the Midwest & South segment, revenue and EBITDAR growth was driven by contributions from online gaming and management fees from Sky River Casino. Excluding these items, revenue and EBITDAR were below prior year in the Midwest & South segment.

Full-Year 2022 Results

For the full year 2022, Boyd Gaming reported revenues of $3.56 billion, compared to $3.37 billion for the full year 2021. The Company reported net income of $639.4 million, or $5.87 per share, compared to net income of $463.8 million, or $4.07 per share, for the full year 2021. 

Total Adjusted EBITDAR for the full year 2022 was $1.39 billion versus $1.37 billion for the full year 2021. Full-year 2022 Adjusted Earnings were $662.0 million, or $6.07 per share, compared to Adjusted Earnings of $584.2 million, or $5.12 per share, for the full year 2021. 

The Company’s full-year 2022 and 2021 pretax income was impacted by charges of $19.8 million and $95.2 million, respectively, related to early extinguishments of debt.

Dividend and Share Repurchase Update

Boyd Gaming paid a quarterly cash dividend of $0.15 per share on January 15, 2023, as previously announced.

As part of its ongoing share repurchase program, the Company repurchased approximately $107 million of its common stock during the fourth quarter of 2022. As of December 31, 2022, the Company had approximately $239 million remaining under current share repurchase authorizations.

Balance Sheet Statistics

As of December 31, 2022, Boyd Gaming had cash on hand of $283.5 million, and total debt of $3.09 billion. 

BOYD GAMING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 

(Unaudited)

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(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 

(Unaudited)

__________________________________________

(a) Reconciliation of corporate expense:

(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 to Adjusted Earnings

and Net Income Per Share to Adjusted Earnings Per Share 

(Unaudited)

__________________________________________

(a) Adjustment to the expected losses for interest on note receivable.

Non-GAAP Financial Measures

Our financial presentations include the following non-GAAP financial measures:

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, as well as in our earnings conference call remarks, 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, the impacts of COVID-19 on the Company, the Company’s operating strategy, the Company’s confidence in its long-term growth trajectory, and the Company’s plans with respect to share repurchases and returning capital to shareholders. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement.  Risks also include fluctuations in the Company's operating results; 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; the impact and effects of the local economies in the markets where the Company operates; the receipt of legislative, and other state, federal and local approvals for the Company's development projects; developments in legalization of online gaming, 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; changes in laws and regulations, 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, and manager of a tribal casino in northern California. The Company is also a strategic partner and 5% equity owner of FanDuel Group, the nation's leading sports-betting 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.  Through a long-standing company philosophy called Caring the Boyd Way, Boyd Gaming is committed to advancing Environmental, Social and Corporate Governance (ESG) initiatives that positively impact the Company's stakeholders and communities.  For additional Company information and press releases, visit https://investors.boydgaming.com.