Boyd to purchase Coast Casinos in $1.28bn agreement - 2004-02-09
Boyd Gaming, one of the biggest gaming businesses in the US, is to purchase Coast Casinos in a deal valued at $1.28bn. The agreement will offer Boyd increased firepower to compete with larger US gaming rivals like MGM Mirage and Harrah's Entertainment.
Under the deal, shareholders in Coast Casinos will be compensated about $495m in cash and $325m in Boyd shares. Boyd will also take on about $460m of the group's debt. The deal creates a business with 17 casino properties, such as the Stardust and Main Street Station developments in Las Vegas.
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