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.
Focusing on the IP, first quarter results were very encouraging and provide us just a glimpse of the full potential of this acquisition. We generated EBITDA growth of more than 10% of the property during our first full quarter of ownership primarily due to more effective marketing initiatives and stronger management. It is notable that we achieved this growth without the benefits of our B Connected player program, which is just being rolled out.This performance is not an accident. It is the result of the expertise and experience of our management team as they unlock the full value of this asset. And we are confident the IP will continue to perform at a high level in the coming quarters, ultimately making the multiple for this acquisition well below 7x. I would like to take a moment to commend our entire team for the progress they have made so far at the IP. In addition, our management and team members throughout the Midwest and South region have done a terrific job in marketing effectively even as they have diligently controlled expenses. The results speak for themselves. Apart from the IP, our Midwest and South region had an outstanding quarter with broad-based growth across the region as we outperformed our competition, and we were able to grow revenues, EBITDA and margins. While this strong performance was led by Delta Downs, Treasure Chest and the IP, the majority of our properties in the region posted double-digit EBITDA gains. Paul will provide more color during his comments. Read the rest of this transcript for free on seekingalpha.com