Boyd Gaming has finally made some advancement to pick up some much-needed cash. It has decided to sell one of its casinos in Nevada. The Eldorado Casino is now waiting for the regulator’s approval before Boyd Gaming hand it over to DeSimone Gaming. The amount of the deal is still not closed.
Eldorado Casino did not reopen even after the lockdown was relaxed in Nevada. The company did not consider it to be a major source of revenue post-lockdown.
David Strow, the VP of Corporate Communication confirmed the sale of the Eldorado Casino to DeSimone Gaming. He however referred to the casino as a ‘non-core’ property and only represented a ‘very modest part of the Boyd Revenue generating asset’. It was previously communicated that the property would be closed till June next year and Boyd Gaming was in no rush to resume.
Boyd also closed the other two casinos Eastside Cannery and Main Street Casino. It is not sure when these might open or whether Boyd is also planning to sell.
However, this is a gain for DeSimone Gaming. They are picking up a good place at a very good price. It has a lot of promise and the city offers good opportunities as well. Eldorado is in Henderson in Southern Nevada. The city already has a number of other casinos. Marnell Gaming Management also wants to build a new resort and working closely with the Henderson city council.
Henderson is home to two major sports teams, Las Vegas Raiders, and the Silver Knights.
DeSimone Gaming does not have brand recognition but the overall gaming scenario of Nevada has changed. This is a part of First Federal Realty and purchased the Railroad Pass Hotel and Casino from MGM in 2015.
The money from the sale will be handy in Boyd. Boyd had a fair year and is moving towards to build a casino in California, and these funds could be useful. Boyd has purchased 64 acres of land in Elk Grove.
Inspirational Link: https://calvinayre.com/2020/12/11/casino/boyd-gaming-unloads-shuttered-nevada-casino/
