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Boyd Targets Station’s Assets in Bankruptcy Court
Boyd Gaming Corp. continues to go after Station Casinos, filing a motion in the bankruptcy proceedings asking the court to allow the company to submit a reorganization plan for its competitor. Station Casinos filed for Chapter 11 bankruptcy protection at the end of July. Although local gaming stocks continue to fall from the shaky economic times the future of gaming stocks seems to be a case of the rich getting richer in Las Vegas.
The most likely scenario from a potential Boyd Gaming plan would be the acquisition of all or part of Station Casinos, which operates 18 properties in Las Vegas, Henderson and North Las Vegas. Boyd was rejected earlier this year when it offered to buy a large portion of Station and is now asking the U.S. Bankruptcy Court in Reno to appoint an examiner so other parties can offer competing reorganization plans.
This deal does not appear to be moving very fast, just last week Station Casinos asked for a four-month extension to try and sort out their own issues. The current deadline is Nov. 25. asking the court to allow the casino operator to submit a reorganization plan for its financially troubled rival.
Boyd Gaming Corp., which owns many casino and hotels off of the Strip in Las Vegas, including the Coast casinos, Fremont, Main Street Station and Sam’s Town has reported a revenue decrease of 28.3 percent to $398.2 million. Also reporting quarterly profit of $6.3 million or 7 cents per share missed analyst expectations. Boyd Gaming also reported a third-quarter profit decline of 27%, having been hurt by the effects of unemployment and the housing crisis on its clientele of mainly Las Vegas locals.
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