MGM MGM Resorts International

LAS VEGAS, Oct. 9 /PRNewswire-FirstCall/ -- Boyd Gaming Corporation (NYSE:BYD) today announced it has completed its initial assessment of the damage caused by the September 23 fire at The Water Club development in Atlantic City. (Logo: http://www.newscom.com/cgi-bin/prnh/20030219/BOYDLOGO) At this time, the Company believes it will be able to open The Water Club prior to summer 2008. Given the project's insurance coverage, and except for standard deductibles, the Company anticipates that the project cost will remain unchanged. "Although we are disappointed by the delay caused by the fire, we currently remain on track to open The Water Club's doors in time for the peak of the Atlantic City tourism season in 2008," said Keith Smith, President and Chief Operating Officer of Boyd Gaming. "The Water Club will add a new level of luxury in Atlantic City and provide the market with its first boutique hotel experience." Located adjacent to Borgata, The Water Club will feature 800 guest rooms and suites, a two-story spa, 18,000 square feet of meeting space, three residences, five heated indoor and outdoor pools and six retail shops. Borgata is a joint venture of Boyd Gaming Corporation and MGM MIRAGE (NYSE:MGM). 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 "will," "expect," "believe," "anticipate," "initial," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding the future, including but not limited to statements regarding the Company's initial assessment of the damage at The Water Club, the project's insurance coverage, the ability to recover the full amount of the insurance claim, the successful resolution of insurance claims, that the project cost will remain unchanged, that The Water Club will open prior to summer 2008, that The Water Club will add a new level of luxury for Atlantic City, and The Water Club's various anticipated amenities. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. In particular, the Company can provide no assurances that it will be able to recover the full, or any, amount of insurance claims related to the fire, that any amount received from insurance will be sufficient to cover the damage caused by the fire, that additional inspections of the project will not reveal additional damage or alter the Company's initial assessment, that the project cost will not increase or that the project will open when anticipated. Among the factors that could cause actual results to differ materially are the following: litigation, changes in laws and regulations, the availability and price of energy, weather, regulation, economic conditions and the effects of war, terrorist or similar activity. In addition, The Water Club, like the Company's other development and expansion projects, is subject to the many risks inherent in the expansion or renovation of an existing enterprise or construction of a new enterprise, including unanticipated design, construction, regulatory, environmental and operating problems and lack of demand, as well as unanticipated delays and cost increases, shortages of materials, shortages of skilled labor or work stoppages, unforeseen construction scheduling, engineering, environmental, permitting, construction or geological problems, weather interference, floods, fires or other casualty losses. In addition, the Company's anticipated costs and construction periods for projects are based upon budgets, conceptual design documents and construction schedule estimates prepared by the Company in consultation with its architects and contractors. Many of these costs are based on initial estimates and can change over time as the project is built to completion. Depending on limits or restrictions in the insurance policies covering the Company's projects, the Company, or any of its projects, may not be able to recover all, or any, insurance claims. The Company cannot assure you that any project will be completed, if at all, on time or within established budgets, or that any project will result in increased earnings to the Company. Significant delays, cost overruns, or failures of the Company's projects to achieve market acceptance could have a material adverse effect on the Company's business, financial condition and results of operations. Furthermore, the Company's projects may not help it compete with new or increased competition in its markets. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Form 10-Q for the quarter ended June 30, 2007, which is on file with the SEC, 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. About Boyd Gaming Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE:BYD) is a leading diversified owner and operator of 17 gaming entertainment properties located in Nevada, New Jersey, Mississippi, Illinois, Indiana, Louisiana and Florida. The Company is also developing Echelon, a world-class destination resort on the Las Vegas Strip, expected to open in the third quarter 2010. Boyd Gaming press releases are available at http://www.prnewswire.com/. Additional news and information on Boyd Gaming can be found at http://www.boydgaming.com/ . http://www.newscom.com/cgi-bin/prnh/20030219/BOYDLOGO http://photoarchive.ap.org/ DATASOURCE: Boyd Gaming Corporation CONTACT: Financial, Paul Chakmak, +1-702-792-7212, , or Media, Rob Stillwell, +1-702-792-7353, , both of Boyd Gaming Corporation Web site: http://www.boydgaming.com/

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