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November 14, 2009

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LV firm confirms Louisiana deal

Friday, April 27, 2001 | 11:24 a.m.

Boyd Gaming Corp. confirmed Thursday afternoon it has agreed to acquire the Delta Downs Racetrack near Vinton, La., giving the Las Vegas company its second Louisiana property.

Boyd will pay between $115 million and $125 million for the southwest Louisiana racetrack, "subject to certain conditions." Boyd said it also plans to spend $30 million on equipment purchases, refurbishment and completion of casino construction. Delta Downs is owned by Las Vegas businessman Shawn Scott and Jimho Cho of Hawaii.

Boyd said it expects the deal to close by the end of next month.

Delta Downs is located about 100 miles east of Houston on Interstate 10, and just three miles from the Texas border. This will make it the closest Louisiana gaming property to the Houston market. The property has been authorized by local voters to operate slot machines, but the Delta Downs' owners had yet to be licensed by Louisiana gaming authorities.

Boyd currently owns and operates the Treasure Chest riverboat casino in Kenner, La., which is located in the New Orleans metropolitan area.

Boyd stock was up less than 1 percent this morning, advancing 4 cents to $4.48.

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