Las Vegas (AP) — Boyd Gaming Corp. said Monday that it remains committed to pursuing a deal to acquire some or all of the assets of Station Casinos Inc., even after the rival regional casino operator turned down its buyout proposal. In February, Boyd said it was willing to pay USD 950 million for most of Station’s assets, except for those secured by certain loans.
New York (Reuters) – Station Casinos Inc said on Tuesday it had reached a forbearance agreement with some of its lenders and debt holders, and turned its back on a possible acquisition by competitor Boyd Gaming Corp. In February, Boyd Gaming had said it was interested in exploring an acquisition of Station Casinos, which owns and manages casinos geared for the local population in Las Vegas.
Shares of casino operator Boyd Gaming Corp. slid to an all-time low last week as an analyst trimmed some adjusted earnings forecasts on the likelihood that gaming revenue results will not improve until 2010. Boyd Gaming slides to all-time low as analyst reduces estimates, predicting weak revenue. Jeffrey Logsdon of BMO Capital Markets said 2009 looks to be difficult for Las Vegas-based Boyd, partly due to weakness at facilities in its central region and properties where Las Vegas locals play.
Boyd Gaming, which hoped to resume work on its stalled Echelon resort on the Strip next year, said the deteriorating economy will likely delay those plans through the end of 2009. Boyd halted construction on Echelon August 1 after joint venture partners weren’t able to secure financing for two key hotels and a mall on the site. During a conference call to discuss the worst quarterly declines in company history, Boyd executives said the company will explore alternatives in the coming year…
One delay and one continues, but both have the same result: investor satisfaction. MGM Mirage last week downplayed reports that it was having trouble finalizing funding for its CityCenter project in Las Vegas. While admitting that financing has not been finalized, MGM Mirage CFO Dan D’Arrigo expects no delays in construction and the expected late 2009 opening of CityCenter.
Dominant locals casino operator Station Casinos has been one of the valley’s most aggressive developers, staking out prime neighborhoods before objectors can get a foothold. Top competitor Boyd Gaming Corp. has been less aggressive in the land acquisition game, though the company has done its best over the years to keep up. One example is North Las Vegas, where Boyd, which owns the Coast brand, purchased 40 acres of land in 2006 for a casino.
It was a plot straight out of the Hollywood. A daring gang of gamblers attempted a sophisticated, high-stakes heist on a casino frequented by the stars. But this time the plotters were caught: police in New Jersey have just released details of how they smashed a plot to rip off gamblers playing in a GBP 1m poker tournament.
Las Vegas (AP) — Boyd Gaming Corp. said Monday its Echelon megaresort on the Las Vegas Strip will cost USD 4.8 billion, up from a previously expected USD 4.4 billion as plans for its retail spaces and hotels were better defined. The company said its 50-50 joint venture with Morgans Hotel Group Co. would develop a 550-room Delano hotel and 860-room Mondrian hotel for USD 950 million. The cost of the hotels had previously been estimated at USD 700 million, Boyd spokesman Rob Stillwell said.
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