Two Vegas firms decline to bid on Station boats

David Strow

Tuesday, Oct. 17, 2000 | 11:09 a.m.

Officials with two Las Vegas companies said today that they aren't bidding for Station Casinos Inc.'s two Missouri riverboat casinos.

Rob Stillwell, spokesman for Las Vegas-based Boyd Gaming Corp., confirmed this morning that Boyd officials had looked at the casinos in Kansas City and St. Louis, but decided against pursuing a deal. Stillwell said the company instead wanted to focus on its development of the $1 billion Borgata in Atlantic City, a joint venture with MGM MIRAGE. Boyd was considered one of the top three contenders for the Missouri properties.

Meanwhile, Coast Resorts Inc. also says it is no longer interested in acquiring the two casinos. Harlan Braaten, president of Coast, said today that company officials had also looked at acquiring the casinos, but said the properties didn't meet Coast's needs.

"When you look at the whole (package), it just didn't make sense for us to go forward," Braaten said.

That would leave Ameristar Casinos Inc. as the last Las Vegas company still in the hunt for the casinos, according to industry sources. Ameristar and Illinois-based Argosy Gaming Co. are considered the top remaining contenders for the property, primarily because of confidence that both companies could be licensed quickly.

Wall Street sources also told the Las Vegas Sun that former Circus Circus Enterprises Inc. Chairman Clyde Turner has looked at the possibility of acquiring the two properties, though it isn't clear if Turner is now pursuing a deal. Circus Circus is now called Mandalay Resort Group.

Sources say they expect Station will announce a deal for the casinos soon, possibly today or this week.

An Ameristar spokeswoman again declined comment this morning.

Station had hoped to sell the properties to a team of its Midwestern executives for $475 million, but announced several weeks ago that it would consider outside offers if certain conditions weren't met by the management team. The Missouri Gaming Commission is still moving forward with an effort to revoke the licenses of the properties because of a disciplinary dispute with Station, though Station is appealing that order.