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.

© Copyright 2017 Bloomberg News. All rights reserved.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved