Boyd Gaming announces agreement to sell Dania Jai-Alai

LAS VEGAS, Nevada -- (PRESS RELEASE) -- 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., for $80 million cash. The purchaser is Dania Entertainment Center, LLC, an entity controlled by a group of private investors.

Subject to terms of the definitive agreement and satisfaction of various closing conditions, including the completion of due diligence by the buyer and the receipt of all required regulatory approvals, the transaction is expected to close on or before September 26, 2011.

In connection with entering into the purchase agreement, the buyer paid Boyd Gaming $5 million cash, the full amount of which will be applied to the purchase price. The $5 million payment is non-refundable, other than under limited circumstances.

"After a careful analysis, we determined that Dania Jai-Alai no longer fits our current growth strategy," said Keith Smith, President and Chief Executive Officer of Boyd Gaming. "The sale of this asset is consistent with our priority of strengthening our balance sheet, and will be immediately accretive to earnings."

About Boyd Gaming

Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a leading diversified owner and operator of 16 gaming entertainment properties located in Nevada, New Jersey, Mississippi, Illinois, Indiana, and Louisiana.