Tags: boyd | gaming | buy | peninsula

Boyd Gaming Buys Peninsula Gaming for $1.45 Billion

Wednesday, 16 May 2012 04:44 PM

Boyd Gaming Corp., the Las Vegas- based regional casino operator, agreed to buy Peninsula Gaming LLC for $1.45 billion, adding properties in Kansas, Iowa and Louisiana.

The deal will be funded by $200 million in cash and about $1.2 billion in debt at the Peninsula subsidiary, Boyd said Wednesday in a statement. A note provided by the seller of about $144 million will also make up part of the purchase.

The transaction will immediately add to earnings and is expected to have a deleveraging impact, Boyd said. The purchase price represents multiple of 7 times trailing earnings before interest, taxes, depreciation and amortization for Peninsula’s Iowa and Louisiana properties, Boyd said.

Boyd rose 0.7 percent to $7.03 in extended trading. The shares were little changed at the close in New York, at $6.98.

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Wednesday, 16 May 2012 04:44 PM
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