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Reports: Boyd Gaming offers to buy Station Casinos’ assets
By Zach Arnold | March 3, 2009
Update (3/4): Station Casinos has turned down Boyd’s asset purchase offer. The message? Don’t call us, we’ll call you. Hostile takeover coming?
Update (3/3): Station Casinos issued a press release regarding new deadlines on outstanding bonds.
That’s the big gambling-related news headline today. Boyd made an unsolicited offer of $950M USD to purchase company assets, which would effectively mean that the Fertitta family would exit the company. The caveat? The offer would be good only after bankruptcy reorganization.
Boyd Gaming has competed with Stations for local Las Vegas players for years. To finance such an asset purchase, Boyd would reportedly have to tap into a $2B USD line of revolving credit to make it happen.
Topics: Media, Zach Arnold | 6 Comments » | Permalink | Trackback |
Boyd doesn’t seem to jazzed about the idea of taking on all that debt. I don’t blame them, especially since the locals market in Las Vegas is through the floor. Just to give people an idea of how much Station is hurting: Aliante Station *cost* $662 million to build. For $250 million more than that cost, Boyd would get the entire chain.
Why is the failure to follow up on Marcos Galvao’s condition during the WEC broadcast being blamed on Versus? The way that was handled was Zuffa policy, and it has been done the same way on UFC PPV events, UFC live events on Spike TV, and WEC events on Versus.
Off topic, but interesting Teddy Atlas interview:
http://boxing.fanhouse.com/2009/03/03/boxing-analyst-teddy-atlas-on-espns-upcoming-heavyweight-title/
Teddy Atlas was making some great points… Talked about how there needs to be a national commission that does more then just tries to get their little piece of of the sport.
In a way, he was describing what Zuffa does with MMA. Zuffa, while they obviously have their own interests at stake, don’t do what boxing promoters do. They give back to the sport. They are building up the smaller weight classes, even though there is no money in them. They are getting the sport sanctioned in more and more states. They are getting it more accepted across many nations. So basically what Teddy Atlas is asking for in boxing, is what Zuffa is doing in MMA.
Then he makes a stupid comment and says that MMA isn’t even a pimple on the behind of boxing. Now that is comical. Outside of 1 or 2 mega fights per year, the UFC is dominated boxing right now.
He then talks about how much the boxers are making. And really, that is part of the problem. When guys make that much, there is NOTHING to give back to the sport with. Nothing to really use to get a really awesome undercard to make the sport better.
He basically praises the very thing that is hurting boxing.
looks like the bros. are trying to steal the casinos!!!!!!!!!!!!!!!!!
looks like the fer. bros are trying to steal the casinos!!!!!!!!!!!!!! why do they want them if they are not worth anything??????????????????