Boyd Gaming buys Resorts Digital
Resorts Casino president Mark Giannantonio has confirmed the sale.
US.- Boyd Gaming has reportedly acquired Resorts Digital, the online gaming arm of Resorts Casino in Atlantic City, New Jersey, for an undisclosed amount. The Associated Press reported that Resorts Casino president Mark Giannantonio confirmed on Monday that the transaction was finalised on September 1.
The acquisition includes the operations of ResortsCasino.com and MoheganSunCasino.com, which operate in New Jersey under Resorts Casino’s licence. DraftKings, ESPN Bet and PokerStars will continue their relationship with Resorts Casino.
In the first half of this year, Resorts Digital posted gross operating profit of $9.6m, up 5.6 per cent from the same period a year ago. The physical Resorts casino had a gross operating profit of $355,000, down almost 89 per cent from a year earlier.
For the quarter ended June 30, Boyd Gaming reported revenue of $967.5m, up 5.5 per cent compared to the same period last year. The increase was mostly driven by growth in the online segment.
Net income for the quarter was $139.8m, or $1.47 per share, representing a 22 per cent decrease in earnings per share. That’s because the prior year’s results included a one-time tax benefit, resulting in a lower tax rate of 5 per cent compared to 24 per cent in the current quarter. Adjusted EBITDAR for Q2 2024 decreased by 2 per cent, reaching $344.2m. Adjusted earnings were $150m, or $1.58 per share.
Resorts Casino and Morris Bailey to start development project in New Jersey
Resorts Casino and Morris Bailey, chairman of JEMB Realty, have commenced a development project on 80 acres adjacent to Monmouth Park Racetrack in Oceanport, New Jersey. The project includes the phased development of a 298-unit residential building, a 200-room hotel and a youth sports community centre.
The first phase of the project, to be developed with the State of New Jersey and Dennis Drazin’s Darby Development, is scheduled to break ground in Q4 2025. Bailey has been working with the New Jersey Thoroughbred Horsemen’s Association (NJTHA), the New Jersey Sports & Exposition Authority (NJSEA), local community stakeholders and elected officials as well as Darby, which recently entered into an 85-year lease agreement for Monmouth Park.
