Boyd Gaming eyes Station Casinos in wake of its bankruptcy filing

By Lisa Kerner

Charlotte, N.C., Aug. 5 - Boyd Gaming Corp. president and chief executive officer Keith Smith said the company believes it can play a key role in helping Station Casinos, Inc. resolve its bankruptcy situation and, to that end, remains "actively engaged" with "various parties."

Smith made his comments during an earnings call on Wednesday.

"As the bankruptcy process continues and the creditors consider their options, they know Boyd Gaming remains serious and committed as being an active participant," Smith said.

"They also know we have the ability and the financial resources to swiftly execute a transaction and we have more than 35 years of experience in the Las Vegas market."

In February, Boyd Gaming submitted a $950 million non-binding preliminary indication of interest to purchase 100% of Station Casinos' operating company assets through a sale or plan sponsorship that would be completed under a Chapter 11 bankruptcy case.

The proposal, which Station Casinos rejected, included the continued operation of Station Casinos' business.

Boyd Gaming, a Las Vegas-based gaming company, reiterated in March that it had $2 billion in available liquidity under its revolving credit facility to finance the proposed cash transaction.

Station Casinos, a Las Vegas-based casino company, filed for bankruptcy on July 28 in the U.S. Bankruptcy Court for the District of Nevada. Its Chapter 11 case number is 09-52470.

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