US casino operator Boyd Gaming has struck a deal to acquire the Aliante Casino Hotel and Spa in the North Las Vegas market.
On Thursday, Boyd announced it had reached a deal with ALST Casino HoldCo LLC, the parent company of the Aliante property (pictured), to acquire the casino for a total consideration of $380m. Boyd says it will fund the transaction with cash on hand and expects the deal to be complete by sometime in Q3 2016.
Aliante, which opened in 2008, cost its former owners Station Casinos more than $660m to develop. It features an 82k-square-foot gaming floor, 200 hotel rooms, five restaurants, a pool and outdoor lounge area, a 16-screen movie theater, event and banquet space and a 170-seat sportsbook.
Aliante will become Boyd’s 10th Nevada property but its first in the burgeoning and increasingly upscale North Las Vegas area. Boyd CEO Keith Smith said the acquisition would “further strengthen and diversify our robust Las Vegas portfolio, the fastest-growing segment of our business.”
Aliante CEO Soohyung Kim praised his current team for having helped steer the casino “from a difficult restructuring to this excellent outcome for all stakeholders.” Kim expressed confidence that Boyd would “take Aliante to the next level and help it fulfill its ultimate potential.”
The Aliante announcement came just 24 hours after Reuters reported that Boyd was mulling a $240m acquisition of Cannery Casino Resorts, which operates two casinos in Nevada, including the Cannery Casino in North Las Vegas. Neither Boyd nor Cannery have yet commented on the report.