New York (Reuters) – Casino operator Boyd Gaming Corp. may be the next takeover target following a private equity-led bid for Harrah’s Entertainment Inc. worth roughly USD 15.5 billion, BusinessWeek said in its Dec. 4 issue.
Texas Pacific Group and Apollo Management offered in October to buy Harrah’s, the world’s No. 1 casino company, leading to speculation among investors about who could be next.
Boyd could be an attractive target in part due to land it owns in Las Vegas, BusinessWeek quoted Lawrence Haverty, of Gabelli Global Multimedia Trust, as saying.
Haverty’s comments come after a similar report by Reuters last month.
Haverty put a private-market value for Boyd at USD 70 per share, the magazine said.
Boyd’s shares closed up 2 percent at USD 42.97 on Wednesday. The shares have traded in a 52-week range of USD 33.10 to USD 54.72.
Boyd owns 63 acres on the Las Vegas Strip, the heart of the U.S. gaming industry. In early 2007, it will own another 24 acres there after a land swap with Harrah’s. It owns or operates 17 casinos and other gambling facilities in Nevada, Indiana, Illinois, Louisiana, Mississippi and New Jersey.
A Boyd spokesman declined to comment.