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US-Boyd turns to profit in Q2 despite Vegas downturn, G3

US-Boyd turns to profit in Q2 despite Vegas downturn, G3 | Poker & eGaming News | Scoop.it

Net revenues came in at US$615.2m for the second quarter, marking an increase of 7.1 per cent from US$574.4m during the same quarter in 2011.

 

Revenues were up to $438.7m, representing an increase of 12.4 per cent from the year-ago period, driven by results in the Midwest and South region, while a weaker performance in Nevada negatively impacted results. Borgata, the company’s 50 per cent joint venture, reported second-quarter 2012 net revenues of $175.4m, down $7.4m from the second quarter of 2011.

 

Other sources:

http://www.vegasinc.com/news/2012/jul/24/boyd-gaming-profits-despite-revenue-fall-las-vegas/ ;

http://www.casinocitytimes.com/article/boyd-gaming-sees-small-second-quarter-profit-plans-new-projects-61118

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Boyd Gaming to acquire Peninsula Gaming, iGaming Business

Boyd Gaming to acquire Peninsula Gaming, iGaming Business | Poker & eGaming News | Scoop.it

American land-based casino operator Boyd Gaming Corporation has signed a definitive agreement that will see it spend $1.45 billion in order to acquire rival firm Peninsula Gaming.

 

Las Vegas-based Boyd Gaming operates 17 gaming entertainment properties throughout the United States and stated that the acquisition of Peninsula Gaming will ‘complement’ its existing portfolio by adding five properties ‘in some of the nation's strongest growth regions’ including Kansas, Iowa and Louisiana.

 

Boyd Gaming declared that the agreed purchase price represents seven times the earnings before interest, tax, depreciation and amortisation over the past twelve months for Peninsula Gaming’s Iowa and Louisiana properties along with an annualised run-rate for its Kansas Star Casino property based on its first-quarter earnings and corporate expenses of ten million dollars.

 

Other sources:

http://www.gaming-awards.com/NEWS/archives/9550

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Boyd Gaming to buy Peninsula Gaming for $1.45 billion

Boyd Gaming Corp., will spend $1.45 billion to acquire the assets of Peninsula Gaming LLC, giving the Las Vegas-based company a presence in Kansas, Iowa and a significant expansion in Louisiana, the company announced Wednesday.

 

The deal is expected to close by year's end. Boyd Gaming, which now owns and operates 17 gaming properties, including six in Las Vegas, said it plans to use $200 million in cash and about $1.2 billion in debt in the transaction. Boyd said it has secured financing, and a seller's note provided by Peninsula for about $144 million will be part of the deal.

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