Boyd Reiterates Interest in Station Casinos Deal

LAS VEGAS-Boyd Gaming on Monday said it remains interested in acquiring some or all of Station Casinos Inc. despite being once rejected. Station Casinos never initiated talks with Boyd before dismissing last week’s non-binding $950-million offer for several of its locals’ casinos in Las Vegas, according to the statement by Boyd filed with the SEC Monday morning.

Station Casinos management (the Fertitta family) and Colony Capital took the company private in 2007 and the partnership is now struggling to pay down billions of dollars of debt associated with its buy out of the formerly public company. Boyd’s initial offer was made in February, after Station and some of its lenders offered up a prepackaged bankruptcy proposal that would pay bondholders pennies on the dollar. Boyd argued that its offer “would present a superior recovery to the unsecured creditors of Station versus the current Exchange Offer.”

Boyd’s offer was for Texas Station, Aliante Station, Santa Fe Station, Green Valley Ranch, two Fiesta casinos and other assets. Boyd also said it would be willing to make an offer for the rest of the 18-casino operation as well should it be considered for sale. Boyd has approximately $2 billion in available liquidity under its revolving credit facility.