Station Casinos Fetches $2.4B Offer to Buy

Boyd Gaming Corp. has offered $2.45 billion for Station Casinos, a Las Vegas-based owner of 18 off-Las Vegas Strip casinos in the area. Station Casinos, which filed for bankruptcy in 2009 and is in the process of reorganizing, so far has not accepted. The Las Vegas-based Boyd Gaming, which owns suburban casinos in the region as well as the stalled Echelon resort development and several casinos on the Strip, became a creditor of Station Casinos after acquiring a portion of its post-bankruptcy debt. Prior to the bankruptcy, Boyd Gaming had offered $950 million for only a few of the bankrupt owner’s casinos.

Boyd Gaming asserts that its offer price represents fair value to Station Casinos’s stockholders and takes into account current market conditions, its knowledge of the industry, and Station Casinos’s financial performance. Station Casinos says that accepting the offer could potentially cost its creditors and investors billions of dollars in losses.