Boyd Makes Non-Binding Offer for Station Casinos

WASHINGTON (Reuters) – Boyd Casinos (BYD.N) made a nonbinding proposal for bankrupt Station Casinos of $2.45 billion in cash and assumed debt on Wednesday and said it was willing to seal the deal quickly.
“Given the divergent interests of the parties involved, the unique nature of the assets, and to give due regard to the views of the various creditors, Boyd Gaming remains open and flexible in establishing a transaction structure that is appropriate and feasible,” Boyd said in a securities filing.
Station Casinos, which operates casinos aimed toward Las Vegas residents rather than tourists, filed for Chapter 11 bankruptcy in July. Boyd expressed interest in buying the company in February.

“We are prepared to commit the necessary resources to complete a transaction as quickly as possible,” Boyd said in the filing.

Station was taken private in a $5.4 billion deal in 2007 by its founding family, the Fertittas, and Los Angeles-based private equity firm Colony Capital.

(Reporting by Deepa Seetharaman, editing by Matthew Lewis)