Boyd Gaming has agreed to buy the Aliante Casino in the North Las Vegas market in a cash deal valued at $380 million, the company announced Thursday.
“Aliante is an asset without rival in the North Las Vegas market, strategically positioned to benefit from substantial future growth across the northern part of the Las Vegas Valley,” said Boyd CEO Keith Smith. “With significant residential and industrial developments moving forward in the area, Aliante’s long-term potential is compelling. In addition, there are significant synergy opportunities at the property, allowing us to immediately improve its operating and financial performance.”
Opened in 2008 at a cost of more than $650 million, the hotel and casino was victimized by bad timing. coming as it did at the onset of the recession that effectively shut down residential development in the area and the discretionary spending of potential customers.
The Aliante is located on the 215 Beltway within the master-planned community of Aliante.
Boyd will fund the transaction with cash on hand and expects the purchase to be accretive to earnings during the first year. The deal is subject to the approval of gaming regulators but is expected to close during the third quarter.
The Aliante holding company ALST Casino Holdco was formed in 2011 by private equity debt holders who acquired control in bankruptcy court.
Phil Hevener has been writing about the Nevada gaming business for more than 30 years. Email: .