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.
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