We have made significant progress over the last 18 months. We acquired six new properties,
adding about $250 million in annual EBITDA, greatly enhancing our free cash flow. We sold
the Echelon site and entered into an agreement to sell Dania Jai-Alai. These actions have made us a stronger company. And we will continue strengthening our Company through several key initiatives:
Improving our core business. Our Company’s success is built upon executing on the details,
both large and small, that make Boyd Gaming experiences stand out from the competition.
Targeted capital investment in slot product, technology and redesigned amenities will help
drive revenue and EBITDA growth across the Company.
Strengthening customer relationships. We have always focused on viewing our operations
as a customer would, and providing them with many reasons to visit our properties. This
begins with delivering personalized and friendly service. BConnected, our nationwide player
loyalty program, enables us to engage many customers across the country and encourage
cross-property visitation. We will continue to leverage this valuable program to drive increased
visitation to our properties.
Executing on opportunities. In late 2012, we completed our acquisition of Peninsula Gaming,
adding five high-margin properties to our nationwide portfolio and greatly expanding our
ability to generate free cash fl ow. Going forward, we will focus on realizing the full potential
of this transformative transaction by successfully completing the integration of Peninsula
into our Company.
Looking to the future. We are optimistic about the long-term opportunities we have created.
We are well-positioned to become a market leader in the emerging domestic online gaming
industry. And we have agreements to expand our reach into lucrative new markets in south
Florida and northern California.