Harrah's Shreveport includes a 514-room hotel and convention center and more than 23,000 sf of casino space with 1,224 slot machines, 32 table games and four restaurants. It has been owned by Harrah's since 1994.
Harrah's announced its plans to sell Harrah's Shreveport last fall, saying it wanted to avoid overexposure in that market, as the company had just entered into an agreement to acquire Horseshoe Gaming Holding Corp., which operates a casino in Shreveport-Bossier City, near Harrah's Louisiana Downs thoroughbred horseracing track in Bossier City.
Harrah's Shreveport will give Boyd three properties in Louisiana. Boyd plans to fund the acquisition through drawings under its existing credit facility, which it plans to increase.
In noontime trading Thursday, shares of Harrah's were moving for $52.46 apiece, $0.08 higher than Wednesday's close and $0.11 off its 52-week high of $52.57. The last trade of shares of Boyd Gaming was done at $17.04, $0.03 cents higher than Wednesday's close. Boyd's 52-week share price high is $18.40.
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