Station Casinos Post Big Loss, Boyd Gaming Still Interested

Station Casinos has been borrowing money and begging every investor to help them out in this dire time. They have run up debt that is significant, and they have filed for bankruptcy back at the end of July. On Friday, they made a filing that showed a net loss of over $63 million.

That has not deterred Boyd Gaming, however, from attempting to acquire Stations' assets. In the past, Boyd has been turned away in their attempts, but the farther the company falls into debt, the more Boyd is becoming a viable option to bail the company out.

"Net revenues continue to be affected by the weakening Las Vegas and US economies as a result of declining real estate value, the credit crisis, increased unemployment and a decrease in consumer confidence levels which are expected to continue to affect our net revenue levels through the remainder of 2009," the filing said, according to the Las Vegas Review-Journal.

Boyd Gaming started their pursuit of Station assets, which include eighteen casino, by offering a billion dollars to Stations. They were turned away, but have made another offer since the bankruptcy filing.

Whether Station accepts the new offer is still unknown. They must do something fast, however, with conditions becoming worse. The company may soon have no choice but to accept the offer from Boyd.

Meanwhile, Boyd Gaming stock has been par with the course for casino stocks in the US. They have been hurt, but are surviving. The stock reached a six-month high back on May 11th, with a price of $12.41. On Friday, the Boyd stock closed at $10.26 a share.

August 16, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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