Boyd Gaming Going After Rival Station Casinos' Assets
This is a tough time for many casino developers in the US, and for others, that means it is a time to gobble up as much in assets from the struggling companies as possible. Boyd Gaming is the latest company to go after a rival.
Boyd is asking a US bankruptcy court to allow outside reorganization plans for Station Casinos. If they succeed in their attempt, the company would then be allowed to submit their own plan, that could help Stations emerge from bankruptcy quicker.
"Since the debtors (Station Casinos) have shown little interest in developing alternatives with potential buyers like Boyd, an examiner appears to be the logical intermediary between the reluctant debtors and motivated buyers," said Boyd Gaming.
Station Casinos had a 120 day exclusivity period to come up with a reorganization plan. The company filed for an extension of that period in October, and is working on coming up with a plan that will be acceptable to the bankruptcy court.
Station Casinos runs casinos in Las Vegas, the gambling capital of the US. Unlike the bigger companies, however, that focus on tourism, Station has tried to make their casinos friendly to residents of Las Vegas.
Boyd Gaming has casinos throughout the US. With laws changing in many states regarding casino gambling, many bigger development companies have been expanding their gambling empires over the past several years.
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