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Boyd Gaming Corporation to
Buy Dania Jai-Alai
DANIA BEACH, FL. – May 31, 2006 – The
Aragon Group, a privately held company, which owns Dania Jai Alai and
approximately 50 acres of related land, today announced that it has agreed
to be acquired by Boyd Gaming Corporation for approximately $152.5
million, subject to certain closing conditions and regulatory approvals.
Boyd Gaming (NYSE:BYD) is a leading diversified
owner and operator of gaming and hotel properties in 6 states ranging from
horseracing racinos to riverboats to casinos. Boyd was recently selected
as Forbes Magazine’s best managed company in America in the
hotel-restaurant-leisure category.
Dania Jai Alai is located near the Fort
Lauderdale International Airport and the Broward County Convention Center,
and in close proximity to the major population centers of South Florida.
It is one of four facilities approved under Florida law to operate 1,500
Class III slot machines. The enabling legislation was signed into law in
January and Florida Department of Business and Professional Regulation
(Pari-Mutuel Wagering Division) is expected to approve final regulations
by July 2006. Dania Jai Alai currently offers off-track betting, poker,
and pari-mutuel wagering on jai-alai, called the fastest ballgame in the
world.
William S. Boyd, Chairman and Chief Executive
Officer of Boyd Gaming, commented on the acquisition, “We are thrilled to
have the opportunity to expand our brand of entertainment into the Florida
market. Our facility will offer the latest in slot machine equipment as
well as many new and exciting amenities that have become an important part
of today’s casino entertainment product.” He went on to say, “ We look
forward to working with local officials in making our facility the best it
can be.”
Boyd Gaming has initiated a master
plan which will include an expansive gaming floor, a variety of
restaurants, poker, off-track betting and wagering on live jai alai games.
“Boyd provides a wealth of experience that will contribute to a successful
project,” said Steve Snyder, President of The Aragon Group.
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