The Nevada-based company announced it had reached an agreement to purchase the Aliante Casino & Hotel for US$380 million.
US.- Boyd Gaming has publicly confirmed it closed a deal to purchase the Aliante Casino & Hotel located in North Las Vegas for US$380 million.
Boyd already operates three casinos in downtown Las Vegas, the California, Main Street Station and Fremont. Boyd also owns other facilities located in other parts of the valley, such as The Orleans, Sam’s Town, Suncoast and Gold Coast. In Henderson, Nevada, Boyd owns the Jokers Wild and Eldorado casinos. The Boyd Gaming Corporation also owns casinos in New Jersey, Illinois, Kansas, Indiana, Iowa, Mississippi and Louisiana.
The acquisition of the nearly 8-year-old casino will increase Boyd’s presence in the Las Vegas locals market. Executives at Boyd are betting that the strategic placement of the casino, which is located off the 215 Beltway roughly between Interstate 15 and U.S. 95, will benefit from future growth. During the first year, Boyd expects the Aliante purchase to generate US$8 million in cost savings, as well as showing, before EBITDA, earnings of more than US$40 million within three to five years.
The Aliante features an 82,000-square-foot casino floor, a 202-room hotel, 170-seat race and sports book, 650-seat showroom, 16-screen movie theater, pool and 14,000 square feet of event space. Boyd said it would be funding the purchase of Aliante with cash on hand and that the deal should be completed in the third quarter of this year. The transaction has yet to be approved by Nevada gaming regulators.
The company made the announcement after Reuters reported last week that Boyd was close to acquiring Cannery Casino Resorts. That information was neither confirmed nor denied by Josh Hirsberg, Boyd’s Chief Financial Officer.