Boyd Gaming Corporation announced it has closed a deal to acquire the Las Vegas assets of Cannery Casino Resorts, LLC.
US.- Yesterday (Monday) Boyd Gaming Corporation announced that it has signed a definitive agreement to acquire the Las Vegas assets of Cannery Casino Resorts, LLC, for US$230 million.
As per the agreement, Boyd Gaming will acquire Cannery Casino Hotel, located in North Las Vegas, and Eastside Cannery Casino and Hotel, located adjacent to Sam’s Town Hotel & Gambling Hall on Boulder Highway in the eastern part of the Las Vegas Valley.
“This transaction is a great tuck-in acquisition that further expands our presence in the Las Vegas Locals market at an attractive price,” expressed Keith Smith, President and Chief Executive Officer of Boyd Gaming. “Together, Aliante and Cannery Casino will give us a strong foothold in North Las Vegas, one of the fastest-growing areas in the Las Vegas Valley. And we will have unique synergy opportunities at Eastside Cannery, given its close proximity to Sam’s Town. Our southern Nevada assets have delivered the strongest revenue growth in our Company over the last two years, and this acquisition will broaden our portfolio in this promising market. We look forward to welcoming Cannery’s team members and customers to the Boyd Gaming family.”
The Company’s recently announced the acquisition of Aliante Casino Hotel and Spa in North Las Vegas. Now with the Cannery transaction Boyd Gaming’s southern Nevada portfolio expands to 12 properties. The transaction is expected to be closed in 2016’s third quarter, subject to the satisfaction of customary closing conditions and the receipt of all required regulatory approvals, which includes the Nevada Gaming Commission and the Federal Trade Commission. This transaction will be funded with cash on hand.