And since his actions had gotten the company into this mess, he reasoned, maybe he could use some advice on getting out of it. He shelved plans for luxury casinos, instead doubling down on adding budget ones across rural America. To stave off bankruptcy, Boyd was forced to make a number of humbling decisions. In 17 months, Boyd Gaming’s stock lost 94% of its value, falling to nearly $3 a share in November 2008. Both Atlantic City and Las Vegas had become increasingly saturated markets.

The moves suffered from exceptionally poor timing.