LAS VEGAS, Aug. 1, 2016 /PRNewswire/ -- Boyd Gaming
Corporation ("Boyd Gaming") (NYSE: BYD) today announced that it has
completed the previously announced sale of its 50% equity interest
in Marina District Development Holding Co., LLC, the parent company
of Borgata Hotel Casino & Spa in Atlantic City, New Jersey, to MGM Resorts
International (NYSE: MGM).
Boyd Gaming received net cash proceeds of $589 million from the transaction, after
deducting its share of Borgata's currently outstanding
debt. These proceeds do not include Boyd Gaming's 50% share of
any future property tax settlement benefits. Borgata estimates that
it is entitled to property tax refunds totaling $160 million, including amounts due under court
decisions rendered in its favor and estimates for open tax
appeals.
Boyd Gaming plans to use proceeds from the transaction for debt
reduction and general corporate purposes.
About Boyd Gaming
Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE:
BYD) is a leading diversified owner and operator of 21 gaming
entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas,
Louisiana and Mississippi. Boyd Gaming press releases are
available at www.prnewswire.com. Additional news and information on
Boyd Gaming can be found at www.boydgaming.com.
Forward-looking Statements
This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Such statements
contain words such as "may," "will," "might," "expect," "believe,"
"anticipate," "could," "would," "estimate," "continue," "pursue,"
or the negative thereof or comparable terminology, and include
(without limitation) statements regarding the anticipated amount of
the property tax refunds or court settlements and the intended use
of the proceeds from the sale, and any statements or assumptions
underlying any of the foregoing. These forward-looking statements
are based upon the current beliefs and expectations of management
and involve certain risks and uncertainties, including (without
limitation) the amount of any tax refunds or court settlement
amounts. Additional factors are discussed in "Risk Factors" in Boyd
Gaming's Annual Report on Form 10-K for the year ended December 31, 2015, and in Boyd Gaming's other
current and periodic reports filed from time to time with the
Securities and Exchange Commission. All forward-looking statements
in this press release are made as of the date hereof, based on
information available to Boyd Gaming as of the date hereof, and
Boyd Gaming assumes no obligation to update any forward-looking
statement.
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SOURCE Boyd Gaming Corporation