LAS VEGAS (AP) – Las Vegas-based Boyd Gaming Corp. says it has reached an agreement to purchase the Aliante casino in North Las Vegas for $380 million.
Boyd President and CEO Kevin Smith described the purchase as a strategic extension into the northern part of the Las Vegas region, and several industry observers also praised the deal.
Deutsche Bank analyst Carlo Santarelli said in a note to investors that the nearly 8-year-old, upscale neighborhood casino fills a geographic hole in Boyd’s portfolio. The company currently has no properties in North Las Vegas’ $270 million gaming market.
Boyd executives expect Aliante to create $8 million in cost savings during the first year and more than $40 million in earnings before interest, taxes, depreciation and amortization in three to five years.
Copyright 2016 The Associated Press.
