{"id":4940,"date":"2010-10-25T09:12:03","date_gmt":"2010-10-25T17:12:03","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=4940"},"modified":"2010-10-25T09:19:53","modified_gmt":"2010-10-25T17:19:53","slug":"no-borgata-buyout-for-boyd","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/no-borgata-buyout-for-boyd\/","title":{"rendered":"No Borgata buyout for Boyd"},"content":{"rendered":"

\"\"As expected, Boyd Gaming<\/strong> has punted on its purchase option for MGM Resorts International<\/strong>‘s half of Borgata<\/strong>. With the emergence of investor Leonard Green<\/strong> as potential co-owner — as opposed to another casino company — Boyd gets what it surely hopes will be a passive partner, one who’ll be content to collect a monthly check for half the profits … and Borgata is one of the very few Atlantic City<\/strong> casinos operating in the black. The company “indicated [full ownership] would have generated an insufficient return on investment<\/em>,” according to a J.P. Morgan<\/strong> investor note, which goes on to speculate that the company may liquidate its own half of the casino-resort. (Doesn’t make sense to me, as Borgata is Boyd’s biggest earner, but OK.) Boyd’s carefully hoarded borrowing capacity can now be aimed at an acquisition of on-the-block Ameristar Casinos<\/strong>.<\/p>\n

In terms of geographical diversity, as well as its locals\/tourist mix of properties, Ameristar makes more sense for Boyd than for anyone else. That’s not to say that Harrah’s Entertainment<\/strong> won’t get into the Ameristar derby. Under Gary Loveman<\/strong>, its governing philosophy might be characterized as “more is more” (hence four casinos in Atlantic City), whether bondholders like it or not. An Ameristar buyout would create numerous redundancies within both Harrah’s and Penn National Gaming<\/strong>, but that’s not the sort of concern that would preclude either of those particular companies from getting into the hunt.<\/p>\n","protected":false},"excerpt":{"rendered":"

As expected, Boyd Gaming has punted on its purchase option for MGM Resorts International‘s half of Borgata. With the emergence of investor Leonard Green as potential co-owner — as opposed to another casino company — Boyd gets what it surely … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,23,60,7,11,69],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/4940"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=4940"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/4940\/revisions"}],"predecessor-version":[{"id":4942,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/4940\/revisions\/4942"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=4940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=4940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=4940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}