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Boyd Gaming Corporation to Buy Dania Jai-Alai |
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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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