Boyd Gaming sells assets of Florida property
Boyd Gaming Corp. has reached an agreement to sell the assets of a Florida property for $80 million, the Las Vegas-based gaming company said Monday.
Dania Entertainment Center LLC, an entity controlled by a group of private investors, purchased the assets of Dania Jai-Alai in Dania Beach, Fla.
"After a careful analysis, we determined that Dania Jai-Alai no longer fits our current growth strategy," Keith Smith, president and chief executive officer of Boyd Gaming, said in a statement.
Smith said the sale was consistent with the company's effort to strengthening its balance sheet and "will be immediately accretive to earnings."
Boyd Gaming expects the deal to close by Sept. 26. In connection with entering into the purchase agreement, the buyer paid Boyd Gaming $5 million cash, the full amount of which will be applied to the purchase price.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
