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.
Penn National Gaming has extended the deadline for the completion of its USD 6.1 billion sale to Fortress Investment Group and Centerbridge Partners to Oct. 13. The leveraged buyout, announced a year ago, has been delayed because it will not receive necessary approvals from some regulators by the original June 15 deadline, the casino company, based in Wyomissing, Pa., said Friday in a statement.
More than 250 casino workers took the recent buyouts offered by Niagara Fallsview Casino Resort and Casino Niagara, a move the company made to “rebalance” its mix of full-time and part-time employees. In a memo addressed to all casino workers, Niagara Casinos president Art Frank called the response to the first-ever voluntary resignation program a “win/win for all parties.”
Full-time employees at Niagara's two casinos have less than two weeks to decide whether to take a buyout package or hold onto their jobs. "We're offering our permanent full-time employees a financial compensation package," said Greg Medulun, a spokesman for Niagara Fallsview Casino Resort and Casino Niagara. The casinos told employees last week of a "voluntary resignation package" and a program to shift workers' status to part time from full time.
Johannesburg (Reuters) - South African casino operator Gold Reef Resorts said on Monday it had failed to win approval from gambling authorities for a proposed private equity buy-out by Friday's deadline, ending the 9.85 billion rand (USD 1.32 billion) deal. Gold Reef said in September last year a consortium known as Bidco, including South African private equity firm Ethos Private Equity and Goldman Sachs, will pay 34 rand per share for the group.
Carson City, Nevada -- A USD 17.7 billion purchase of casino giant Harrah's Entertainment Inc. by private equity buyers Apollo Management and Texas Pacific Group -- the world's largest casino buyout deal -- won final approval Thursday from Nevada regulators. The state Gaming Commission voted unanimously for the deal, already approved by Harrah's shareholders and by several other states in which Harrah's Entertainment operates.
Carson City, Nevada - A USD 17.7 billion purchase of casino giant Harrah's Entertainment Inc. by private equity buyers Apollo Management and Texas Pacific Group - the world's largest casino buyout deal - won preliminary approval Wednesday from Nevada regulators. The state Gaming Control Board's unanimous vote for the deal, already approved by Harrah's shareholders and by several other states in which Harrah's Entertainment operates...
Atlantic City - New Jersey gaming regulators have scheduled a hearing next month to consider a USD 17.1 billion buyout of Harrah's Entertainment Inc. by two private equity firms. Harrah's Entertainment, the world's largest gaming company, controls about 40 percent of the Atlantic City market through its ownership of the Harrah's, Bally's, Caesars and Showboat casinos. Pending regulatory approvals in states where Harrah's operates casinos, private equity firms Apollo Management and Texas Pacific Group will acquire the gaming giant in the casino industry's largest takeover ever.
Atlantic City (AP) -- Two Atlantic City casinos, blaming increased competition and a partial smoking ban for sinking profits, are offering buyouts to managers to avoid layoffs, according to a published report today. The president of Resorts Atlantic City and Atlantic City Hilton, both owned by Colony Capital of Los Angeles, said the managers are being offered one week's pay for every year of service with the casinos.
Johannesburg (Reuters) - South African casino operator Gold Reef Resorts is in exclusive talks with a private equity consortium about a cash takeover that values the firm at about ZAR 9.85 billion (USD 1.37 billion). Gold Reef said on Monday a consortium led by Ethos Private Equity Fund V and including management and black investors might make an offer of 34 rand per share in cash. Gold Reef said that implied an enterprise value of ZAR 11.6 billion.
Anthony Marnell III started out small in getting back into the casino operating business. Purchasing two of Laughlin's largest casinos, he figured, was the logical next step for his management team. The Gaming Control Board gave Marnell and the investment group he heads tentative approval Wednesday to acquire the Edgewater and Colorado Belle casinos from MGM Mirage for USD 200 million.
