Station Casinos Turns Away Boyd Gaming's Buyout Offer

It had been anticipated that Boyd Gaming may have been the savior for rival casino company Station Casinos. A buyout offer was given from Boyd to Station and many believed the offer would be accepted.

On Tuesday, Station Casinos went in another direction. They turned down the buyout offer and showed a willingness to try and weather their current economic storm.

"It is in the best interests of the company and our stakeholders to proceed with the current restructuring plan," said Station Casinos Chairman and Chief executive, Frank J. Fertitta III. He did, however, leave open the possibility to re-open talks with Boyd in the future.

Boyd Gaming has not given up on the idea of acquiring some of Stations properties. They have received the answer letter from Station and plan on deciding on how to move forward with their offer. Station owns several casinos in Las Vegas.

The company has until April 15th to restructure some of their debt. They were granted a forbearance from their lenders back in November, and have been working towards staying out of bankruptcy.

Another casino company has recently been down the road that Station is traveling. Trump Entertainment Resorts tried to restructure their debt and in the process ended up filing for bankruptcy protection.

March 4, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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