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Boyd, Harrah's To Swap Strip Property

LAS VEGAS-Boyd will trade the Barbary Coast Hotel and Casino in a tax-deferred exchange for approximately 24 contiguous acres of Las Vegas Strip property directly north of its 63-acre Eschelon Place development site.

By Brian K. Miller | Updated on October 02, 2006

LAS VEGAS-Boyd Gaming Corp. says it will sell the Barbary Coast Hotel and Casino to Harrah’s in exchange for 24 contiguous acres next to its 63-acre Eschelon Place development site that Harrah’s has contracted to acquire from third parties.

The transaction will give Boyd 87 contiguous acres on the Las Vegas Strip and the ability to develop future phases of its multibillion-dollar Eschelon Place project, which is replacing the Stardust Casino. The addition of Barbary Coast will give Harrah’s control some 350 acres on the Strip.

Boyd says its transaction would be an IRS 1031 exchange. It expects to recognize a non-cash gain of approximately $280 million in the quarter in which the transaction closes. The estimated closing quarter is the first quarter of 2007. Boyd plans to report results from Barbary Coast as discontinued operations beginning in the third quarter.

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