Boyd Gaming : 2022 Environmental, Social and Corporate Governance Report (15 MB Shareable)

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ENVIRONMENTAL, SOCIAL & GOVERNANCE REPORT

A MESSAGE FROM OUR LEADERSHIP

Our Commitment to ESG

Corporate responsibility and ethical business conduct have gone by many names over the years. Whether it is called Environmental, Social and Governance (ESG), Corporate Social Responsibility (CSR) or simply doing the right thing, this philosophy has been a fundamental part of how we do business at Boyd Gaming since the day we were founded nearly 50 years ago.

Through Caring the Boyd Way, Boyd seeks to positively impact our communities and our stakeholders in four core areas.

We fulfill our commitment to

ESG through four core pillars:

Environment

Recognizing the growing threat of climate change, we seek to minimize our ecological impact to our local and global environments. We accomplish this through ongoing efforts to reduce greenhouse gas emissions, lower energy consumption, conserve water and minimize waste sent to local landfills. These efforts have meaningful and positive benefits for our communities and future generations while supporting our company's strategic efforts to operate more efficiently.

People

Our team members and our customers are the foundation of our success, and we pledge to treat both with the utmost respect and integrity. We demonstrate our commitment to being an employer of choice through our unique workplace culture, our attractive pay and benefits, and our

comprehensive career development programs. And we pledge to be honest and fair with our customers, providing them a high-quality entertainment experience while promoting responsible gaming throughout our operations.

Communities

When our communities thrive, we thrive. Throughout our history, Boyd, our properties and our team members have given back generously to our communities through our financial and volunteer support of non-profit organizations nationwide - a commitment that continues to this day, as we provide millions of dollars in philanthropic donations each year. We also seek to create opportunities for diverse and/or disadvantaged businesses through our procurement efforts, ensuring we share opportunities with the widest possible range of business owners.

Corporate Governance

We will always hold ourselves to the highest standards of ethics and integrity in all of our business dealings. This commitment starts in the boardroom and carries through to each of our properties through such measures as our Anti-Corruption Policy, our Anti-Money Laundering programs and our comprehensive Data Security infrastructure. We work to ensure we have the policies, programs and tools needed to meet and exceed our legal requirements and regulatory obligations.

On behalf of the entire Boyd team, we appreciate your interest in our efforts to enhance the communities we call home, and to build mutually beneficial relationships with all company stakeholders.

TABLE OF CONTENTS

Introduction.	1
Environmental.	7
People .	27
Communities .	53

Bill Boyd	Marianne Johnson	Keith Smith
Co-Executive Chair	Co-Executive Chair,	President &
	Executive Vice President	Chief Executive Officer
	& Chief Diversity Officer

Corporate Governance .	65
Reporting Indexes.	75

Introduction | 1

Introduction | 2

OUR UNIQUE CULTURE

OUR MISSION STATEMENT

We, as members of Boyd Gaming Corporation, operate with only the highest degree of integrity, and rely on the competence and friendliness of each person in our organization to provide entertainment and service to satisfy our customers' wants.

Through teamwork, we strive to maximize shareholder value, to be among the leading companies in our industry, and to provide opportunities for all while we support and enhance our communities.

OUR COMPANY'S VISION

Boyd Gaming is one of the nation's leading casino entertainment companies. But we're so much more

• a multi-billion-dollar company that retains the philosophy of a family-owned business, successfully generating long-term, sustainable growth for our shareholders.

Since our founding nearly 50 years ago, Boyd Gaming has been committed to an operating style built around strong relationships with our customers, our team members and our communities. In our highly competitive industry, this "Boyd Style" brand of hospitality has come to define us in a unique way, even as we have grown into a nationwide company. We take pride in our history, but are not standing still. While we remain focused on offering exciting and compelling gaming experiences, we also seek to connect with our customers through enhanced amenities throughout our properties. Through targeted reinvestments in our hotel rooms, restaurants, entertainment venues and other amenities, we strive to make Boyd Gaming more relevant and compelling to our customers, existing and new, for years to come.

Forging ahead in the coming years, we will remain focused on our strategic objectives: strengthening our operations, investing in future growth and improving our financial position. We remain confident in the ability of our company to successfully meet whatever challenges lie ahead.

Our culture is reflected within FOUR VALUES that we call BOYD STYLE.

VALUE

RELATIONSHIPS INTEGRITY

EXCEED	WORK SMART
EXPECTATIONS

Introduction | 3

Introduction | 4

WHY WE CARE

Environment, People, Communities and Corporate Governance are the four core pillars of Boyd's ESG philosophy. Under each pillar, Boyd has identified the following key initiatives.

BOYD'S FOUR CORE PILLARS

	ENVIRONMENT	PEOPLE
As part of our commitment to the well-being	We strive to be an employer of choice, and
of our communities and future generations,	a company where team members want to
we pledge to lessen our impact on our shared	spend a career. We are firmly committed to
environment and reduce our consumption of	treating every team member and customer
	natural resources.	with dignity and respect.

KEY INITIATIVES

KEY INITIATIVES

UNITED NATIONS SUSTAINABLE

Reducing our Carbon Footprint

Water Conservation

Waste Diversion

Reducing Energy

Consumption

COMMUNITIES

					T
				N
				E
				M
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		I	R	O
	V
N
E

C

O

M

M U NITIES

	Workforce Diversity
	Talent Development
	Protecting Team Members and
P	Promoting Workplace Safety
E
O
P	Responsible Gaming
L
E

								E	E
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								C
					R		A	A	N	CORPORATE
			O
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			P
	R
	R
O
E
C
		V
	O
G										GOVERNANCE

DEVELOPMENT GOALS

As part of our commitment to our stakeholders, Boyd Gaming is proud to support these eight United Nations Sustainable Development Goals through the initiatives outlined in this report.

Through our economic contributions

and our support of non-profit organizations across the country, we are committed to making our communities better places because Boyd Gaming is a part of them.

We are committed to acting with the highest

level of integrity in our dealings with all

stakeholders, and to advancing inclusion in our Board of Directors and senior executive team.

KEY INITIATIVES	KEY INITIATIVES
Corporate Philanthropy	Effective Corporate Governance
Supporting Education	and Integrity
Team Member Giving and Volunteerism	Anti-Money Laundering (AML)
Supplier Diversity	Data Security and Cybersecurity

Introduction | 5

Introduction | 6

Environment | 8

WE CARE ABOUT OUR ENVIRONMENT

WHY WE CARE

" Reducing our Carbon Footprint: Climate change is having a negative impact throughout the world, including communities we call home. By reducing our greenhouse gas (GHG) emissions, Boyd joins the collective international effort to mitigate climate impact, which helps reduce future negative impacts to our operations, customers, team members and communities.

" Water Conservation: Due in part to the impacts of climate change, our home community of southern Nevada is experiencing increasingly severe drought conditions and water shortages. As one of southern Nevada's largest companies, we strive to take a leadership role in conserving water, which ultimately protects the long-term viability of

our community and our Las Vegas operations.

" Waste Diversion: Our companywide efforts to reduce, reuse and recycle waste materials help conserve limited natural resources. Additionally, diverting waste from landfill disposal helps reduce GHG emissions, further supporting our effort to reduce our carbon footprint.

" Energy Conservation: Reducing our energy consumption is essential to our ongoing efforts to reduce our carbon footprint. Additionally, lowering our overall energy consumption results in significant cost savings for our company.

Environment | 7

OUR ENVIRONMENTAL VISION

Foundational to Boyd Gaming's ESG philosophy is a strategic focus on lessening our impact on our shared environment and reducing our consumption of natural resources. As one of the largest casino operators in the United States, we strive to do our part in the collective effort to slow climate change.

• We commit ourselves to full compliance with all applicable federal, state and local environmental laws and regulations.
• We look to make sustained reductions in our consumption of energy and water.
• We look to make sustained reductions in our carbon emissions (scopes I, II and III).
• We invest in technology and training to increase our efficiencies as part of our capital investment strategy.
• We strive to make sustained reductions in the amount of waste our properties send to landfills through enhanced recycling, reuse, composting and improved purchasing programs throughout all of our properties.
• We are raising awareness of our environmental initiatives through ongoing communications with our team members, guests, business partners, investors and community leaders.

ECOLOGICAL IMPACT STATEMENT

Environmental Responsibility is a foundation of our company's ESG philosophy, as evidenced by our ongoing and significant investments in energy and water efficiencies throughout our nationwide portfolio.

We are focused on finding new ways to further reduce our water use. In Nevada, Boyd is actively removing non-functional turf at its properties in order to reduce landscape watering in our desert environment. Boyd also implemented a water reuse program at its Nevada linen facility that is expected to save approximately 10 million gallons of water annually in the drought-impacted Southwest region. Boyd has researched water stress and water quality at all properties and implemented flood sedimentation control programs where applicable, to ensure clean waterways and reduced flooding.

We are also committed to reducing the amount of waste our properties send to landfill. Reduction efforts are focused on sharing best practices across our portfolio, reducing single use plastics, expanding composting and other waste diversion programs, and donating reusable items to charitable organizations.

MAKING PROGRESS

As a company, we have made steady progress reducing our energy consumption over the last five years. Through such initiatives as LED lighting retrofits and better monitoring of our HVAC systems, we have achieved reductions each year compared to our baseline in 2017.

In 2022 we continued to make progress identifying ways to reduce our energy consumption, even as we brought more amenities back online following pandemic closures. As a result, our annual weather-normalized energy consumption is now more than 31% below our 2017 baseline.

We have been unable to set long-term reduction target goals to date due to disruptions from pandemic-related closures and restrictions in 2020 and 2021, which made it difficult to accurately assess long-term trends in our energy usage. However, we are making progress in this regard and expect to publish long-term goals for our energy and water consumption in the future.

2022 ENERGY CONSUMPTION

NATURAL GAS + ELECTRICITY

		37.5% Nevada Region
	1,108,042	62.5% Midwest
	G J
	& South Region
G J		TOTAL
1,845,455
		2,953,497 Gigajoules (GJ)
		Energy consumption in 2022 is based on
		weather normalized data.

WEATHER NORMALIZED ENERGY CONSUMPTION

	4,500,000
		4,290,056	11.9% Reduction
		2017 - 2019
(GJ)	4,000,000
		3,780,955
Consumption				31.2% Reduction
3,500,000	3,587,844			From 2017 Baseline
Energy	3,000,000	BASELINE		3,007,293	3,268,534
		2,953,497
	2,500,000

Weather normalization is key to removing variances due to extreme temperatures (cold or hot) which could impact accurate measurement of decarbonization efforts by our company. In an effort to improve the quality of our reported data, Boyd has updated our weather normalization process. This resulted in slight variations in mean temperature readings and an adjustment to previously reported data in our 2021 ESG report for weather-normalized figures from 2017 to 2021. Reported data may be based on estimates where actual data is not yet available. For full reported data from prior year, please see page 5 of Boyd's 2021 ESG report.

TOTAL ENERGY CONSUMPTION

ACTUAL vs. WEATHER NORMALIZED

					Actual			Weather Normalized
	4,000,000		4,290,056
	3,000,000	3,623,134	3,667,007	3,587,844	3,644,499	3,780,955			3,268,534
Gigajoules		2,904,683 3,007,293	2,954,062	2,986,135	2,953,497
2,000,000	BASELINE
1,000,000
	0

Boyd conducted a thorough review of actual energy consumption data from 2017 to 2021. In order to provide the most comprehensive and detailed data possible, Boyd changed its methodology to utilize direct feed data from providers where available. This resulted in a slight change in previously reported actual data from 2017 to 2021. Reported data may be based on estimates where data is not yet available. For full reported data from prior year, please see page 5 of Boyd's 2021 ESG report.

Environment | 9

Environment | 10

CARBON FOOTPRINT

BOYD GAMING 2022

(Metric tons of CO2 equivalent)

0.8%	3.0%	SCOPE 1
		Fugitive*: 8,571 MT CO2e
		Fleet*: 2,313 MT CO2e
	20.6%	Natural Gas: 58,688 MT CO2e

		SCOPE 2
	5.3%	Electricity: 199,679 MT CO2e
70.3%		SCOPE 3
	Waste: 15,200 MT CO2e

TOTAL CARBON FOOTPRINT

284,451 MT CO2e

In 2022, Boyd Gaming began tracking two new Scope 1 emissions for the first time: Fugitive Emissions and Fleet Emissions.

Simplified Material Balance Method: The Simplified Material Balance Method was utilized for tracking Fugitive Emissions.

This method requires information on the quantity of refrigerant: (a) used to fill any new equipment installed during the reporting period, (b) used to service equipment, and (c) recovered from any equipment retired during the reporting period. It also requires information on the total refrigerant capacity of installed and retired equipment.

Fleet Emissions: All vehicle and maintenance equipment companywide are tracked for mileage, hours of usage or consumption. This data was converted to emissions using factors provided by the United States Environmental Protection Agency's GHG Emissions Factor Hub published in April 2022.

GREENHOUSE GAS EMISSIONS BY REGION

BOYD GAMING 2022

102,470	36.0% Nevada Region
MT CO2e
181,981	64.0% Midwest
& South Region
MT CO2e

ANNUAL CARBON EMISSIONS

(Scope I and II Stationary*)

	400,000		15.2% Reduction
		395,625
		2017 - 2019
		382,369
	350,000
CO2e)			335,346
			34.7% Reduction
(MT	300,000			From 2017 Baseline**
Emissions
	BASELINE		272,009
250,000	251,593	258,367
	200,000

*Carbon emissions for calendar years 2017-2022 include Scope 1 (natural gas) and Scope 2 (purchased electricity). Other Scope 1 (fugitive and fleet emissions) and Scope 3 emissions are not included due to lack of comparative data in previous years.

**Reduction from 2017 baseline is attributable to benefits from capital investments in LED lighting and more efficient HVAC systems; operational initiatives to reduce energy consumption; and reduced business volumes during and after the COVID pandemic.

REDUCING CARBON EMISSIONS

As part of our Company's contribution to the global fight against climate change, Boyd is focused on achieving long-term reductions in energy consumption and carbon emissions. We have tracked stationary Scope 1 (natural gas) and Scope 2 (purchased electricity) emissions since 2017, and are working to further expand our tracking to include new sources of Scope 1 and 3 emissions.

In 2021, Boyd reported on waste and transportation of waste to landfills as part of our Scope 3 emissions inventory.

In 2022, Boyd began reporting on fleet emissions and fugitive emissions under Scope 1. Even with the addition of these emissions to our 2021 and 2022 data, Boyd was still able to reduce our total carbon emissions by more than 28% from 2017 baseline levels.

Environment | 11

Environment | 12

ANNUAL WATER USAGE AND CUMULATIVE SAVINGS

Total Usage	30.3% Reduction
Cumulative Water Savings (since 2017)	From 2017 Baseline

1,500	1,630,385,321	1,666,629,001
		1,522,272,778
1,000		1,079,338,064	1,162,687,937	1,135,872,627
500	BASELINE

Usage data includes ground water. Reported data may be based on estimates where actual data is not yet available.

We've reduced water

consumption by

30.3%

from our

2017 baseline

Our cumulative water

savings over that

time is nearly

1.6 BILLION

GALLONS

CONSERVING WATER

Conserving water is an important part of our environmental strategy.

We are reducing our long-term water consumption through a variety of means, including removing non-functional turf at our Nevada properties and installing water-smart technologies, such as efficient dishwasher technology and installation of low-flow fixtures. We are

Enough water for 14,400 HOMES for one year*

* Based on estimated consumption of approximately 110,000 gallons of water per household per year.

also applying best practices for conservation across our portfolio, taking lessons and methods from our Nevada properties and applying them in other states across the country. As of 2022, we have reduced our annual water consumption by more than 30% from our 2017 baseline, with cumulative water savings of nearly 1.6 billion gallons over the past five years.

Environment | 13

Environment | 14

DIVERTING WASTE FROM LANDFILLS

One of our most successful environmental initiatives is our waste diversion program, which reduces waste sent to landfills through reduction, reuse and recycling.

This strategic effort began in 2021 with the establishment of a committee tasked with developing a consistent approach to waste diversion and sharing best practices throughout the organization. We also established a Waste Reduction & Diversion Plan to provide operational guidance for the safe, responsible and ecologically sound management of waste generated by our facilities. Solid waste management is the practice of employing three basic strategies - reduce, reuse and recycle - to lower the amount of waste disposed of by environmentally damaging means, such as landfill disposal.

As a result of this initiative, Boyd made excellent progress improving our waste diversion efforts in 2022. Companywide, we achieved a 53.6% waste diversion rate in 2022, improving nearly 4 percentage points from our 2021 rate. We increased our waste diversion rate in every major category, led by a doubling of our diversion rate of standard recyclables due to team member education, engagement and participation. We also focused on building community partnerships as an additional opportunity for diversion.

We are proud of our continued progress, and remain on track to achieve our waste diversion goal of 60% by 2025.

We avoided	Equivalent to
5,800
26,745 MT
of emissions from 2021 to 2022	standard vehicles'
annual emissions

WASTE IN OPERATIONS

SOURCE OF CONTRIBUTION

100%
75%	50.1%	46.4%
			ACHIEVE
			60%
50%	2.0%	2.8%	BY 2025
5.0%
	3.0%
			53.6%
49.9%	44.9%	45.8%	Diversion
Rate
Diversion
Rate
0%

Mixed Waste (Landfilled)

Other (Diverted)

Standard (Diverted)

Mixed Organics (Diverted)

SOURCE CONTRIBUTION BREAKDOWN

WASTE EMISSION BREAKDOWN

Avoided Emissions Emissions

12,922

16,286

Mixed Waste

includes all mixed waste generated in operations that is landfilled

Other

includes recovered assets, batteries, e-waste, donations, light bulbs, soap and shampoo amenities

Standard

includes plastic, aluminum, cardboard, paper, glass and metal

Mixed Organics

includes food waste, horticulture waste, agriculture waste, and cooking oil

	13,823		15,200
-20,000	-10,000	0	10,000	20,000
		MT CO2e

53.6%		We reduced our waste		We remain on
	sent to landfill by		track to reach
	4.5 MILLION		our goal of
waste			60%
diversion		POUNDS
in 2022		in 2022		by 2025

Environment | 15

Environment | 16

OUR GREEN TEAMS

At Boyd Gaming, we believe every team member can play a role in protect our environment. And one of the most effective ways we members in this mission is through our property "Green Teams"- team members at each of our properties, focused on identifying practical implement sustainable practices throughout our operations.

Nationwide, our Green Teams made outstanding progress in 2022 identifying new ways to recycle and reuse various waste products, such as landscape compost, paper, cardboard, glass and e-waste. In addition to the implementation of new recycling programs, Green Teams communicated the importance of recycling to other team members - and the role every Boyd team member can play in advancing our environmental initiatives.

Thanks in part to the work of our Green Teams, Boyd Gaming was able to prevent

4.5 million pounds of additional waste from entering landfill in 2022, as our company wide waste diversion rate improved from 49.9% in 2021 to 53.6% in 2022.

Green Team at Sam's Town Tunica

HOW GREEN TEAMS ARE

MAKING A DIFFERENCE:

" Composting containers to divert food waste from landfills

" Recycling glass bottles

" Electronic recycling drives

" Recycling stations for e-waste, oil, metal and wood pallets

" Raising team member awareness of environmental efforts

" Ensuring compliance with recycling policies

" Communication and education of team members and guests

Environment | 17					Environment | 18
Green Team at Treasure Chest Casino			Members of the Green Team at Valley Forge