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With Station Casinos in the verge of bankruptcy, Boyd Gaming has just offered a $950 million buyout proposal to one of Las Vegas’ largest casino companies.
The massive offer is for Boyd to purchase 14 of the 18 casinos owned and operated by Station Casinos in the Vegas area. If the buyout was to go through, Station only would be holding on to Palace, Boulder, Sunset and the newer upscale Red Rock casino.
Boyd also expressed interest in purchasing some of the remaining casinos, however the terms are not outlined in the current proposal.
Station Casinos has not discussed the possibility off excepting or denying Boyd’s offer, only confirming the receipt of letter from Boyd. Station vowed to continue to work with their lenders and bondholders to pursue their previously proposed plan for reorganization, however they did not dismiss Boyd’s offer saying they would certainly, “evaluate the terms of Boyd Gaming’s proposal.”
In this time of economic turmoil, a deal of this magnitude doesn’t guarantee that it will help either company stay afloat. Either way, there would be a huge risk for both sides.
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