Boyd Gaming Affirms Commitment To Buy Station Casinos Assets

Station Casinos does not have many options left available to them with their company folding under the current economic conditions in the US. One option that they downplayed late last week appears to be coming back to life.

Boyd Gaming has shown increasing interest in buying some of Stations assets. They disputed Station Casinos claims that the sides were not close to a deal by claiming they have enough cash to but what they seeks.

The company claims that Station has not responded to a letter sent from Boyd showing interest in the assets. Still, Boyd has the $950 million in cash that would be necessary to buy the assets.

"This is one of those story's where I believe Stations is trying to decide their next plan of action," said analyst Betsy Froeberg, "if they decide that they cannot survive, then they will use Boyd Gaming as a last resort to get out with some cash in their pockets."

Stations is currently attempting to restructure debt in order to keep all of their properties. If the debt restructuring does not take place, the company would most likely have to file for bankruptcy protection.

If it becomes a choice between bankruptcy and selling their assets to Boyd, the latter would become the more viable choice. Boyd has been interested in the Station casinos because if acquired, it would place a strong hold on the Las Vegas local gambling market.

March 9, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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