Boyd Gaming Announces Agreement To Sell Dania Jai-Alai
LAS VEGAS, Feb. 28, 2013
LAS VEGAS, Feb. 28, 2013 /PRNewswire/ --Boyd Gaming Corporation (NYSE: BYD)
today announced that it has entered into a definitive agreement to sell the
assets of Dania Jai-Alai in Dania Beach, Fla., to Dania Entertainment Center,
LLC, for $65.5 million in cash.
As part of the agreement, Dania Entertainment has dismissed with prejudice its
lawsuit filed in November 2011, following Boyd Gaming's termination of the
initial sale agreement. As part of the agreement, the $7 million deposit
previously paid by Dania Entertainment to Boyd Gaming will be applied to the
Subject to terms of the definitive agreement and satisfaction of closing
conditions, the transaction is expected to close on or before May 24, 2013.
The Company intends to use proceeds for general corporate purposes, including
the repayment of debt.
Upon execution of the purchase agreement, Dania Entertainment paid Boyd Gaming
a non-refundable deposit of $4 million. The full amount of the deposit will be
applied to the purchase price upon closing of the transaction.
"Our Company's primary focus is on strengthening our balance sheet, and the
sale of this non-strategic asset is another significant step toward that
goal," said Keith Smith, President and Chief Executive Officer of Boyd Gaming.
About Boyd Gaming
Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a leading
diversified owner and operator of 22 gaming entertainment properties located
in Nevada, New Jersey, Illinois, Indiana, Iowa, Kansas, Louisiana and
Mississippi. Boyd Gaming press releases are available at www.prnewswire.com.
Additional news and information on Boyd Gaming can be found at
This press release contains forward-looking statements within the meaning of
Section27A of the Securities Act of 1933, as amended, and Section21E of the
Securities Exchange Act of 1934, as amended. Such statements contain words
such as "may," "will," "might," "expect," "believe," "anticipate," "could,"
"would," "estimate," "continue," "pursue," or the negative thereof or
comparable terminology, and may include (without limitation) statements
regarding the transactions contemplated by the purchase agreement and Boyd
Gaming's expectations regarding the timing of the closing. Forward-looking
statements involve certain risks and uncertainties, and actual results may
differ materially from those discussed in each such statement. Factors that
could cause actual results to differ include (without limitation) the
possibility that the transactions contemplated by the purchase agreement will
not close on the expected terms, or at all; that the purchaser will not have
sufficient financing, litigation, regulatory matters or the satisfaction or
waiver of any of the closing conditions that could delay or prevent the
closing; and changes to the financial conditions of the parties or the
economic conditions in the areas in which they operate. Additional factors are
discussed in Part I, Item1A, "Risk Factors" in Boyd Gaming's Annual Report on
Form 10-K for the year ended December31, 2011, and in Boyd Gaming's other
current and periodic reports filed from time to time with the Securities and
Exchange Commission. All forward-looking statements in this document are made
as of the date hereof, based on information available to Boyd Gaming as of the
date hereof, and Boyd Gaming assumes no obligation to update any
SOURCE Boyd Gaming Corporation
Contact: Financial, Josh Hirsberg, (702) 792-7234,
email@example.com; or Media, David Strow, (702) 792-7386,
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