May 17, 2012
Boyd Gaming Corp., the parent company of Delta Downs in Vinton, Louisiana, has entered into an agreement to buy a large group of property that includes Evangeline Downs in Opelousas, Louisiana.
The purchase of Peninsula Gaming LLC for $1.45 billion also includes Kansas Star Casino near Wichita, Kansas; Diamond Jo Casino in Dubuque, Iowa; Diamond Jo Worth in Northwood, Iowa; and Amelia Belle Casino in Amelia, Louisiana.
"Acquiring Peninsula Gaming is a transformative transaction that fits perfectly into our growth strategy by expanding our Company's scale, diversifying our platform, strengthening our financial profile, and generating meaningful value for our shareholders," said Keith Smith, President and Chief Executive Officer of Boyd Gaming. "The Peninsula properties are a strong fit for us, as they are well-managed and operate in resilient markets in the Midwest and South. We anticipate this transaction will be immediately accretive to earnings and significantly increase our free cash flow."
Subject to the satisfaction of various closing conditions and receipt of required regulatory approvals, Boyd Gaming expects the transaction to close by the end of 2012.
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