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Boyd Gaming Comments on Recent Operating Results

The Company's Central Region, comprised of Blue Chip, Par-A-Dice, Treasure Chest and Sam's Town Tunica, and which accounted for 63% of EBITDA for all of the Company's properties for the 12 months ended June 30, 2001, operated in line with prior-year levels for the period from September 11 to September 30, 2001.

For the 20-day period compared to the prior year:

-- Blue Chip's gaming revenue and admissions were essentially unchanged. Blue Chip was closed by Indiana gaming authorities for much of September 11.

-- Par-A-Dice's gaming revenue was down 4% and admissions were up 2%. Par-A-Dice was closed by Illinois Gaming authorities for much of September 11.

-- Treasure Chest's gaming revenue was up 4% and admissions were down 4%.

-- Sam's Town Tunica's gaming revenue was unchanged and its hotel occupancy was 94%.

In the last 20 days of September, the Company's business was more affected in Las Vegas than the Central Region, but the Company believes not to the extent reported for Las Vegas in general.

-- The Company's Downtown properties, which accounted for over half of the Company's Nevada EBITDA for the 12 months ended June 30, 2001, reported that for the last 20 days of September, gaming revenue was up 2% versus the prior year, and hotel occupancy was 92%. The Downtown properties derive a substantial portion of their room occupancy and gaming revenue from visitors from Hawaii, and a substantial portion of those visitors arrive on charter flights operated by the Company.

Occupancy on the charter flights from Honolulu to Las Vegas, which is generally at or near 100%, was in the mid-90% range for the last 20 days of September, and bookings for October are at similar levels.

-- The Eldorado and Jokers Wild, the Company's two neighborhood casinos in Henderson, reported essentially unchanged gaming revenue for the 20-day period versus the prior year.

-- The Stardust, the Company's only property on the Las Vegas Strip, reported hotel occupancy of 82% for the last 20 days of September.

Gaming revenue in that period was down 24% from prior-year levels, with business volumes rebounding steadily in the successive weeks in the 20-day period. The property has reduced staffing levels and curtailed or closed certain operations in connection with reduced business levels.

-- Sam's Town Las Vegas, whose business is split between Las Vegas locals and visitors, reported gaming revenue declined 9% in the 20-day period versus last year, and hotel occupancy was 78% for the 20 days. Similar to the Stardust, the property has reduced its operating expenses in response to the decline in business levels.

The Company estimates that its Central Region properties produced EBITDA at approximately the same level that would have been achieved had they operated under normal circumstances from September 11 to September 30, but for the closure of Blue Chip and Par-A-Dice on September 11, which may have impacted EBITDA by approximately $400,000. The Company further estimates that reduced business levels in Nevada for the last 20 days in September negatively impacted EBITDA from normal levels by approximately $2,000,000.

The Company expects to report third quarter results on October 15 and will not provide guidance for any future periods due to the uncertainty of consumer behavior and world events.

The Company further reported that as of September 30, it had total debt of $1.114 billion and $236 million available under its bank credit facility. The Company's near-term significant commitments are for Delta Downs and The Borgata in Atlantic City:

-- Upon receipt of a license to operate slot machines at the racetrack, Delta Downs requires the repayment of a seller note of $65 million. In addition, the Company has approximately $25 million left to spend for the completion and furnishing of the facility. These expenditures are expected to be made in the fourth quarter of 2001.

-- The Company, together with its partner MGM MIRAGE, is periodically funding the development of The Borgata in Atlantic City. The Company has $61 million remaining to invest before bank financing funds further development of the project. The Company expects to invest these funds through the first quarter of 2002.

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