Boyd considers purchase of Cannery Resorts

Boyd considers purchase of Cannery ResortsBoyd Gaming Corp is considering an agreement to buy Cannery Casino Resorts LLC, in a deal that will value the privately held  company at between $225 million and $240 million, according to people familiar with the matter, according to a Reuters report.

One of Cannery Casino Resorts’ two Las Vegas locations would give Boyd a strong foothold in the fast-growing North Las Vegas area, which is emerging as a hub for technology start-ups and affluent professionals with a high level of discretionary spending power.

An agreement between Boyd and Cannery Casino Resorts could come within weeks, the people said, asking not to be named because the matter was private.

Established in 2001, Cannery Casino Resorts is owned by privately-held casino operator Millennium Gaming Inc, investment Oaktree Capital Management, and a subsidiary of Australian gaming company Crown Resorts Ltd.

In December, Cannery Casino Resorts agreed to sell The Meadows Racetrack and Casino located in a suburb of Pittsburgh to Gaming and Leisure Properties Inc for $440 million.

The sale of the Pennsylvania property simplified Cannery’s capital structure, paving the way for a potential sale of the Nevada properties.

Phil Hevener has been writing about the Nevada gaming business for more than 30 years. Email: .

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