LAS VEGAS (AP) - An analyst said today that Boyd Gaming Corp.'s
offer to buy Station Casinos Inc.'s assets may make sense, as the
Las Vegas locals market could be closer to a recovery than the Las
Late yesterday, Boyd told fellow Las Vegas-based casino operator
Station that it was interested in buying its assets after or as
part of a bankruptcy reorganization.
Boyd said in a letter that it was willing to pay $950 million in
cash for most of the assets of the privately held company, except
for those secured by certain loans.
Boyd has access to $2 billion in a revolving credit facility.
Susquehanna Financial Group's Robert LaFleur says the
transaction would give Boyd possession of nearly all Las Vegas
locals properties if approved.
(Copyright 2009 by The Associated Press. All Rights Reserved.)