Boyd Gaming won't purchase all of Borgata

25 October 2010

ATLANTIC CITY, New Jersey -- Boyd Gaming Corp. said this morning it wouldn't match the offer MGM Resorts International received for its 50 percent stake in Atlantic City's Borgata hotel-casino.

The Las Vegas-based company will continue to operate the Borgata.

"Given other opportunities and our current focus on deleveraging our balance sheet, the current offer would not provide a sufficient return on investment for our shareholders," the company said in a statement.

MGM Resorts said on Oct. 12 it had received an offer to sell its stake in the property and would receive proceeds of $250 million. As the managing partner in the joint venture, Boyd had the right to match the offer, reportedly made by Los Angeles-based private equity firm Leonard Green & Partners.

Boyd Gaming also reported the company's third quarter earnings were $5.6 million, or 6 cents a share, for the period that ended Sept. 30. A year ago, the Las Vegas-based company had net earnings of $6.3 million, or 7 cents a share.

The company's quarterly revenue in the quarter was $595.4 million, a decline of 4.1 percent.

Related Links
New Jersey Online Gambling
Boyd Gaming Gaming Vendor Information
Borgata Hotel Casino and Spa Details


Copyright GamingWire. All rights reserved.
Featured Vendors
AmericanChecked
Casino Schedule Ease
AmericanChecked
Background checks for the gaming industry with key & non-key packages & fingerprinting solutions
Casino Schedule Ease
Full Featured & customizable for the complex scheduling needs of table games & other casino depts
Casino City Press
Slot Machines Unlimited
Casino City Press
A leading publisher and distributor of casino and gaming business data and market research reports.
Slot Machines Unlimited
Exporter of IGT, Williams, AVP, Trimline, Aristocrat, Konami, Bally, & parts over 20 yrs experience
Betson Imperial Parts & Service
Texas Slots & Gaming
Betson Imperial Parts & Service
Your one stop shop for all your gaming and OEM needs!
Texas Slots & Gaming
Wholesale gaming reimagined. Texas Slots & Gaming is your sustainable gaming partner.
TribalHub
Rymax Marketing Services, Inc.
TribalHub
25th Annual TribalNet Conference Sept 16-19, 2024 Westgate Las Vegas
Rymax Marketing Services, Inc.
Leader in creating award winning player & employee loyalty programs & events proven to increase ROI
Regulatory Management Counselors, PC
Top One Tech Limited
Regulatory Management Counselors, PC
Over 45 years of experience serving the legal and regulatory needs of casino industry clients
Top One Tech Limited
Global Touch solution partner of choice, 10+ years OEM manufacturing, 100,000+ units application
Casino Network
Dable Advisory & Consulting Services
Casino Network
20+ years experience selling refurbished slot machines, parts & glass for all major brands
Dable Advisory & Consulting Services
Advisory & consulting services services for Indigenous entrepreneurs, businesses & organizations
Talisman Group Creators of EZ Baccarat
Sunkist Graphics, Inc.
Talisman Group Creators of EZ Baccarat
With over 800 tables in 150+ casinos, EZ Baccarat is the number one brand in baccarat.
Sunkist Graphics, Inc.
Specializing in the creation of best-of-breed gaming graphics - slot glass, sign faces, and more
Players Pal
Imagine This
Players Pal
Revolutionize the way you connect with your casino players with the Players Pal mobile app
Imagine This
Imagine This #1 Source for Player Gifts. Over $50 million in stock ready to ship! Let us serve you!
Shenzhen ZhengYuanTai Technology Co., Ltd.
Oklahoma Indian Gaming Association (OIGA) Conference
Shenzhen ZhengYuanTai Technology Co., Ltd.
14 years experienced gaming display manufacturer: open frame, curved, and halo monitors
Oklahoma Indian Gaming Association (OIGA) Conference
The biggest little show in Indian gaming! Save the date: August 12-14, 2024 Oklahoma City


Your Guide to 14,945 Gaming Industry Suppliers