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Boyd Gaming Launches Tender Offer For Senior Subordinated Notes

Under the terms of the offer, the total consideration to be paid for each note validly tendered prior to 5:00 p.m. New York City time, on December 30, 2002 and accepted for payment will be $1,047.50 per $1,000.00 of principal amount, plus accrued and unpaid interest. The total consideration for each note tendered includes an early tender premium of $10.00 per $1,000.00 of principal amount of notes tendered prior to 5:00 p.m., New York City time, on December 30, 2002. Holders that tender their notes after that time but prior to the expiration of the tender offer will receive $1,037.50 per $1,000.00 of principal amount of notes validly tendered and accepted for payment, plus accrued and unpaid interest.

The tender offer is scheduled to expire at 5:00 p.m., New York City time, on January 14, 2003, unless extended or earlier terminated. Tenders of notes made prior to 5:00 p.m., New York City time, on December 30, 2002, may not be validly withdrawn or revoked, unless the Company reduces the tender offer consideration or the principal amount of notes subject to the tender offer or is otherwise required by law to permit withdrawal. Tenders of notes made after 5:00 p.m., New York City time, on December 30, 2002, may be validly withdrawn at any time until 5:00 p.m., New York City time, on the expiration date.

The tender offer is subject to certain conditions, including the consummation of the Company's issuance of its 7.75% senior subordinated notes due 2012. As soon as practicable upon consummation of the Company's issuance of its 7.75% senior subordinated notes due 2012, the Company intends to call for redemption, in accordance with the indenture governing the 9.50% senior subordinated notes due 2007, all such notes that remain outstanding. The redemption price will be $1,047.50 per $1,000.00 of principal amount thereof, plus interest accrued and unpaid to the redemption date. This statement of intent shall not constitute a notice of redemption under the indenture governing the 9.50% senior subordinated notes due 2007.

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