Smith is the first casino company representative on the Federal Reserve Bank of San Francisco's board of directors.

The Federal Reserve System is central bank of the U.S., and it has many vital duties, as it formulates monetary policy, serves as a bank regulator and enforces some consumer protection laws.

Smith, just 48, will join six other directors on the bank's Los Angeles branch board in providing economic information about the region to the Federal Reserve System.

Smith has been Boyd Gaming's president since 2005.  He will offer economic data about the gaming and tourism industry.

"This position will allow me to provide the Federal Reserve with a great deal of information about the discretionary spending habits of our customers in the current economy," said Smith. "Our business is more than just casino-centric. We see customers from all across the country, and these are people who spend money in our hotels, on food and beverage, entertainment, retail and in other areas."

Smith replaces Peter Thomas, managing partner of Thomas & Mack Co., on the board. The appointment is for three years.

Mark Mullinix, the Los Angeles branch manager for the Federal Reserve, said tourism is an important element of the economies of Nevada, California and Arizona, which fall under his jurisdiction. He thought it was an important development that the casino industry had a seat on the board.

"The idea is to get representation from different sectors and different industries in order to speak more broadly on economic conditions," said Mullinix. "The entertainment and tourism industry is an important segment to our district's economy."

The casino industry includes nongaming businesses that allow operators to understand a cross section of consumer spending habits. Having gaming representation on the Federal Reserve signals the importance of the industry, said Smith.

"The commercial casino industry nationwide employs about 370,000 people," Smith said. "That's more than the auto industry. I think it's good for Southern Nevada to have a representative on this board who can provide an economic snapshot of our community."

Smith held several executive positions with Boyd before becoming chief operating officer in 2001. He is now the vice chairman of the Las Vegas Convention and Visitors Authority board of directors, chairman of the Nevada Resort Association and vice chairman of the American Gaming Association.

Smith was approached about the position when Thomas' final term was expiring. Mullinix said Smith was part of a slate of candidates for the position, and he was unanimously chosen by the San Francisco office.

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