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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Boyd Gaming Corp | NYSE:BYD | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.04 | -0.07% | 54.12 | 55.00 | 53.82 | 54.94 | 973,128 | 01:00:00 |
From May 2019 to May 2024
Boyd Gaming Corp. is buying Cannery Casino Resorts' Las Vegas operations for $230 million, strengthening its position in fast-growing North Las Vegas.
The deal comes less than a week after the casino operator agreed to buy Aliante Casino Hotel and Spa for $380 million. Both deals are to be added to the company's Las Vegas Locals segment, which in 2015 accounted for 28% of Boyd's net revenue, up from 22% a year earlier.
The Cannery deal, expected to close in the third quarter, includes the Cannery Casino Hotel in North Las Vegas and Eastside Cannery Casino and Hotel in the eastern part of Las Vegas Valley near Boyd's Sam's Town.
Boyd expects the Cannery acquisition will add $32 million in earnings before interest, tax, depreciation and amortization during the company's first full year of ownership.
Privately held Cannery had previously agreed to sell its other location, Pittsburgh-area Meadows Racetrack and Casino, to Gaming & Leisure Properties Inc. That deal is expected to close in the second half of the year.
Boyd shares, up 51% over the past 12 months, edged up 0.2% to $20.23 in after-hours trading.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 25, 2016 18:35 ET (22:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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