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Boyd Gaming Says Its Newly Acquired Aliante Property Is 'An Asset Without Rival' In The Vegas Market

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Boyd Gaming Says Its Newly Acquired Aliante Property Is 'An Asset Without Rival' In The Vegas Market

Boyd Gaming Corporation (NYSE: BYD) announced on Thursday it has entered into an agreement to acquire ALST Casino Holdco, the holding company of Aliante Casino Hotel and Spa for $380 million.

Aliante is an upscale, resort-style casino in Las Vegas that offers a premium style hotel accommodation, gaming, dining, entertainment and retail facilities. Boyd Gaming noted that its strategic location on the 215 Beltway is "well-positioned to benefit from future planned development throughout the city of North Las Vegas."

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Aliante will be Boyd's first property in North Las Vegas and its 10th property in Southern Nevada. The transaction is expected to be cash flow positive and accretive to its earnings per share during the first year of ownership.

The deal is expected to close in the third quarter.

"Aliante is an asset without rival in the North Las Vegas market, strategically positioned to benefit from substantial future growth across the northern part of the Las Vegas Valley," said Keith Smith, president and chief executive officer of Boyd Gaming. "With significant residential and industrial developments moving forward in the area, Aliante's long-term potential is compelling. In addition, there are significant synergy opportunities at the property, allowing us to immediately improve its operating and financial performance. This acquisition will further strengthen and diversify our robust Las Vegas portfolio, the fastest-growing segment of our business."

Aliante chief executive officer Soohyung Kim said, "It has been an honor to be part of the rebirth of Aliante Casino from a difficult restructuring to this excellent outcome for all stakeholders. We recognize that it would not have been possible but for the dedication of each and every team member, led by Terry Downey. These efforts have resulted in Aliante becoming the leader in our market. We are confident that Boyd Gaming will take Aliante to the next level and help it fulfill its ultimate potential. The future of North Las Vegas is brighter than ever, and we expect that Aliante will continue to be mainstay of our community."

Shares of Boyd were trading lower by around 2 percent Friday morning.

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