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Bulletin: Boyd Gaming Corp. Rating Unaffected By Announced Deal To Acquire Biloxi-Based IP Casino Jun 11
Standard & Poors, June 2011
Abstract
NEW YORK (Standard & Poor's) June 16, 2011--Standard & Poor's Ratings Services said today that its 'B' corporate credit rating and stable outlook on Las Vegas-based Boyd Gaming Corp. is unaffected by the company's announcement that it has entered into a definitive agreement to acquire the IP Casino Resort Spa in Biloxi, Miss. The company will spend $288 million to acquire the property and plans to invest $44 million in capital improvements for a total cost of $332 million. Boyd indicated that IP Casino generated approximately $41 million of EBITDA in the last 12 months and believes it can achieve $5 million in synergies in the first year of operations, resulting in a pro forma acquisition multiple of 7.2x. Boyd...
Companies mentioned in this report are: Boyd Gaming Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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