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Boyd Gaming's CEO Discusses Q1 2012 Results - Earnings Call Transcript

During our call today, we will make reference to non-GAAP financial measures. For a complete reconciliation of historical non-GAAP to GAAP financial measures, please refer to our earnings press release and our Form 8-K furnished to the SEC today, and both of which are available in the Investors section of our website at boydgaming.com.

We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses.

Finally, today's conference call is also being webcast live and will be available for replay on the Investor Relations section of our website, boydgaming.com, shortly following the completion of this call.

I'd now like to turn the call over to Keith Smith, our President and CEO. Keith?

Keith E. Smith

Thanks, Josh. Good morning, everyone. Thank you for joining us for our first quarter earnings call. I'm pleased to report that the positive trends we have been experiencing in previous quarters continued in the first quarter. Our business clearly continues to move in the right direction, and we expect this momentum to continue for the remainder of the year.

Our strong performance and continued confidence is rooted in 3 factors: first, the economic fundamentals supporting our business are strengthening, and we anticipate this trend will continue; second, our strategy of having a geographically diverse collection of properties is allowing us to capitalize on the strengthening conditions in our Midwest and South region; and third, our focus on driving profitable revenue, along with growing EBITDA, will help us deleverage the business.

When you look at the first quarter from an operating perspective, it was extremely encouraging as we reported widespread strength in the Midwest and South region and strong results to Borgata. All of these helped us to beat expectations. On a wholly-owned basis, including the IP, we reported our fourth straight quarter of revenue growth and fifth quarter of EBITDA growth. But even without the IP, our wholly-owned revenues grew for the fourth consecutive quarter, and our wholly-owned EBITDA increased for the fifth straight quarter.

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