Boyd Gaming Announces Senior Management Change

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Sep 16, 2014, 05:00 ET

LAS VEGAS, Sept. 16, 2014 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today announced that Chief Operating Officer Paul Chakmak will leave the Company, effective September 19. Keith Smith, President and Chief Executive Officer, will assume Chakmak's responsibilities.

Smith said: "Paul helped strengthen our financial organization as Chief Financial Officer, and as Chief Operating Officer he helped guide our operations through a period of significant expansion. However, given today's operating environment, we believe that more direct oversight and a streamlined decision-making process will position us to improve our operating performance going forward, and allow us to execute our growth strategy more quickly and effectively. I want to thank Paul for his contributions to the Company, and wish him the best in the future."

Today's announcement follows several recent executive changes by the Company to strengthen its operations leadership team. In July, Boyd Gaming appointed Chris Gibase to the newly created position of Senior Vice President and Chief Marketing Officer; named two executives – Steve Schutte and Vince Schwartz – to the position of Senior Vice President, Operations; and expanded the responsibilities of Ted Bogich, Senior Vice President, Operations of the Company's Midwest properties. Gibase and the Company's Senior Vice Presidents, Operations – Steve Thompson, Bogich, Schutte and Schwartz – will report directly to Smith.

Additionally, the Company reaffirmed its previous guidance for the full-year 2014, projecting total Adjusted EBITDA in the range of $580 million to $600 million.

About Boyd Gaming

Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a leading diversified owner and operator of 22 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi and New Jersey. Boyd Gaming press releases are available at www.prnewswire.com. Additional news and information on Boyd Gaming can be found at www.boydgaming.com.

Forward-looking Statements and Company Information

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release include statements regarding the Company's estimated total adjusted EBITDA for 2014 and the expected benefits resulting from the announced management changes. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks and uncertainties include, but are not limited to: fluctuations in the Company's operating results; recovery of its properties in various markets; the state of the economy and its effect on consumer spending and the Company's results of operations; the timing for economic recovery, its effect on the Company's business and the local economies where the Company's properties are located; the receipt of legislative, and other state, federal and local approvals for the Company's development projects in Florida, California and other jurisdictions; whether online gaming will become legalized in various states, the Company's ability to operate online gaming profitably, or otherwise; consumer reaction to fluctuations in the stock market and economic factors; the fact that the Company's expansion, development and renovation projects (including enhancements to improve property performance) are subject to many risks inherent in expansion, development or construction of a new or existing project; the effects of events adversely impacting the economy or the regions from which the Company draws a significant percentage of its customers; competition; litigation; financial community and rating agency perceptions of the Company and its subsidiaries; changes in laws and regulations, including increased taxes; the availability and price of energy, weather, regulation, economic, credit and capital market conditions; and the effects of war, terrorist or similar activity. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement. For information regarding the Company's use of non-GAAP financial measures, including those discussed in this press release, please refer to the Company's Form 8-K furnished to the SEC on July 31, 2014.

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SOURCE Boyd Gaming Corporation