A strengthening southern Nevada economy got the credit from Boyd Gaming Tuesday as the company explained the recent burst of activity that has seen it commit to the purchase of the Aliante and two Las Vegas properties of Cannery Resorts.
Boyd CEO Keith Smith has recently referred to Las Vegas aas the fastest growing gaming market in the U.S. He did that again Tuesday in his discussion of the recent purchases with financial analysts.
“The Las Vegas growth prospects are compelling,” Smith said. “We are excited to add assets that will expand and diversify our presence in this high growth market. The positive trends we saw in 2015 carried in to the first quarter of 2016.
He added, “Our Las Vegas locals business achieved its best year over year revenue comparisons in more than a decade… Recent investments across our portfolio delivered strong returns, driving increases in both visitation and revenue.”
Boyd announced that it is funding the $380 million purchase of the Aliante and the $230 million purchase of the Cannery properties with cash on hand. Both deals are expected to close in the third quarter and as with all such matters, they will require the approval of gaming regulators.
The North Las Vegas Cannery will represent Boyd’s first presence in this fast growing area of the Las Vegas Valley. As for the Boulder Highway Cannery, Smith sees “unique synergy opportunities” said it is a short distance from the Boyd-owned Sam’s Town.
Phil Hevener has been writing about the Nevada gaming business for more than 30 years. Email: .