Boyd Gaming's Q3 2016 results announced

- Las Vegas locals adjusted EBITDA grows for sixth straight quarter, up 12%

- Aliante acquisition completed September 27

- Company completes refinancing, reduces interest expense

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Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: Our Nevada operations continued their strong performance in the third quarter, as our Las Vegas Locals segment delivered double-digit EBITDA growth for the fifth time in the last six quarters

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Outside of Nevada, results were primarily impacted by continued softness at IP and Par-A-Dice, while the remainder of our regional operations generally performed in-line with our expectations. Looking ahead, the acquisition of Aliante positions us well for future growth, as we expand our presence in our top-performing market. We also continued to strengthen our financial foundation with the completion of a major refinancing, simplifying the Company's capital structure and significantly reducing interest expense."

Boyd Gaming reported third-quarter 2016 net revenues of $531.9 million, compared to $546.3 million in the year-ago quarter. Income from continuing operations, net of tax, for the third quarter was $161.9 million, or $1.40 per share, compared to $7.0 million, or $0.06 per share, in the prior-year third quarter. The Company reported net income, which includes discontinued operations, of $342.6 million, or $2.97 per share, for the third quarter of 2016, compared to $25.4 million, or $0.22 per share, for the year-ago period.

The company's third quarter results were favorably impacted by $190.4 million of noncash income tax benefits resulting from the release of a previously recorded deferred tax asset valuation allowance. Third-quarter 2016 results were also impacted by pretax losses of $41.5 million related to the early extinguishments and modification of debt during the quarter. Discontinued operations for third quarter 2016 included a $181.7 million after-tax gain from the previously announced sale of the Company's 50% equity interest in the parent company of Borgata Hotel Casino & Spa, which was completed on August 1, 2016.

Total Adjusted EBITDA(1) was $121.9 million, compared to $125.2 million in the third quarter of 2015. Adjusted Earnings(1) for the third quarter 2016 were $16.7 million, or $0.14 per share, compared to Adjusted Earnings of $8.0 million, or $0.07 per share, for the same period in 2015. Adjusted EBITDA and Adjusted Earnings exclude discontinued operations.