LAS VEGAS, July 29 /PRNewswire-FirstCall/ — Boyd Gaming Corporation (NYSE:BYD) today announced that it has entered into a definitive purchase agreement to acquire substantially all of the non-gaming assets of the Isle of Capri's Tunica, Mississippi property which is adjacent to the Company's Sam's Town Hotel Casino. The purchase price is $7.5 million. The agreement contemplates that Isle of Capri will close its casino operations at the acquired property prior to the consummation of the transaction. While the Company plans to use the acquired property's hotel and theaters on a selected basis in connection with its own operations, Boyd Gaming expects to keep the casino closed permanently.
William S. Boyd, Chairman and Chief Executive Officer of Boyd Gaming, said, We believe this transaction will help our Sam's Town Tunica operation in two ways: first, we hope to attract many of Isle's former customers to Sam's Town after the acquisition; and second, we can utilize the additional 225 hotel rooms and two theaters during peak periods and for special events to enhance the amenities already available at Sam's Town Tunica.
The consummation of the transaction is subject to customary conditions which includes obtaining the waiver of a right of first refusal held by the land owner. The transaction is expected to close in 60 days.