Boyd Gaming Corporation announced it has entered into an agreement with ALST Casino Holdco, LLC to acquire Aliante Casino Hotel and Spa.
The announcement which was published on the Boyd Gaming website stated that it will cost them $380 million to be able to price the golden property away from it former owner, ALST Casino Holdco, LLC and the transaction will be funded with the cash on hand.
It was revealed that Boyd Gaming is gunning for the Aliante Casino Hotel and Spa base on the fact that the property is destine to benefit immensely from the future planned development which is on-going in North Las Vegas. The company believes that the residential and industrial development on daily basis in the area make Aliante long term potential appealing. Boyd Gaming also sees the aquisition as an opportunity to strenghten and diversify their robust Las Vegas portfolio.
Aliante Casino Hotel and Spa was opened in 2008 at the cost of more than $660 million. If eventually acquired, it will be Boyd Gaming first property in North Las Vegas and 10th of their property in South Nevada.
However, the company expect the transaction to be cash flow positive and aid increase in earning per share during it first full year of ownership.
The transaction is therefore expected to complete during the 3rd quater, subject to the customary closing condition and the approval of all the neccesary regulatory bodies including Nevada Gaming Commission and the Federal Trade Commission.