Boyd Gaming Aggressively Pursuing Station Casinos' Assets

Boyd Gaming is on the prowl. While other gaming companies are being swallowed up by the economy, Boyd Gaming is considering expanding. Their latest idea may be to acquire the assets of casino operator Station Casinos.

Station Casinos is exploring options of their own. They are considering filing for bankruptcy. If that occurs, or if the company reorganizes, Boyd Gaming would then put a stalking horse bid in for the assets.

Boyd values the assets at $950 million. The plan is in the beginning stages. Boyd has said that their interest is based on public information and that much more in depth research would need to be done before they moved any further with the plan.

Station Casinos is in a similar spot as Trump Entertainment Resorts. Both companies missed interest payments to lenders, and Trump has already filed for bankruptcy. It was the third time Trump Entertainment has been in bankruptcy. Unlike past times, this time it appears the company will have a hard time recovering.

Boyd Gaming would like to get their hands on Station Casinos' assets. The company owns thirteen casinos, many of which are in Las Vegas. Boyd claims to have the cash available should the deal be completed.

Even though Boyd is looking to acquire assets, they do not find themselves in the best of situations themselves. Their stock has plummeted, much like many US based casino companies. It closed at $3.40 a share on Monday.

February 24, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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