Gaming briefs for May 17, 2004

Monday, May 17, 2004 | 10:35 a.m.

Regulators approve Shreveport deal

Louisiana gaming regulators today approved Boyd Gaming Corp.'s $190 million purchase of a Shreveport casino from Harrah's Entertainment Inc.

The acquisition gives Boyd three casinos in that state and its first in Shreveport, which is near the Texas border in the northern part of Louisiana.

Boyd expects to close the property in the next couple of days and reopen it Thursday as Sam's Town Shreveport.

Separately, Boyd said that in connection with its proposed acquisition of Coast Casinos Inc., it offered to buy back $325 million of outstanding Coast 9.5 percent notes due 2009.

Board rejects takeover bid

SYDNEY, Australia -- Shares in Tab Ltd., Australia's second-largest gaming company, fell slightly today after its board rejected the A$2.1 billion ($1.4 billion) takeover bid by bigger rival Tabcorp Holdings Ltd.

An assessment of the bid by Lonergan Edwards and Associates said Tabcorp's offer doesn't reflect improvements in Tab's business, Sydney-based Tab said in a statement. An alternative offer is unlikely in the short term, it said.

Melbourne-based Tabcorp, the nation's biggest gaming company, is offering 0.2 shares and A$2 cash per Tab share for all of its rival and is the only bidder after Brisbane-based Unitab Ltd. dropped out of the contest last month.

Tab shares fell 1 cent to A$4.57.

PAUL-SON GAMING CORP.:

Casino table game equipment maker and supplier Paul-Son Gaming Corp. of Las Vegas today reported a loss for the quarter ended March 31 of $470,000, or 6 cents per share, compared to a loss in the year-ago quarter of $601,000 or 8 cents. Quarterly revenue fell from $7.8 million to $7.3 million.