Boyd Gaming had a simple message to real estate investment trust executives sniffing around the company’s downtown and Las Vegas locals properties for potential sale and leaseback deals.
Don’t bother.
The company, which operates nine casinos in the Las Vegas Valley, isn’t looking for transactions similar to what took place on the Strip over the past few years.
“With the strength of our balance sheet, the strength of our cash flows and our ability to access other forms of financing, we just don’t have a need,” Boyd Gaming CEO Keith Smith said last week in an interview following the company’s fourth-quarter conference call.
Gaming REITs acquire land and real estate associated with casino resorts and lease the properties back to an operator.
