US – Boyd to buy Alicante in North Las VegasBy Phil - 25 April 2016
Boyd Gaming is buying Aliante Casino Hotel and Spa, an upscale, resort-style casino, well-positioned to benefit from future planned development throughout the city of North Las Vegas, for $380m.
Opened in 2008 at a cost of more than $660m, Aliante will be Boyd Gaming’s first property in North Las Vegas, and its 10th property in southern Nevada, one of the fastest-growing gaming markets in the United States.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Aliante is an asset without rival in the North Las Vegas market, strategically positioned to benefit from substantial future growth across the northern part of the Las Vegas Valley. With significant residential and industrial developments moving forward in the area, Aliante’s long-term potential is compelling. In addition, there are significant synergy opportunities at the property, allowing us to immediately improve its operating and financial performance. This acquisition will further strengthen and diversify our robust Las Vegas portfolio, the fastest-growing segment of our business.”
Aliante Chief Executive Officer Soohyung Kim, added: “It has been an honour to be part of the rebirth of Aliante Casino from a difficult restructuring to this excellent outcome for all stakeholders. We recognize that it would not have been possible but for the dedication of each and every team member, led by Terry Downey. These efforts have resulted in Aliante becoming the leader in our market. We are confident that Boyd Gaming will take Aliante to the next level and help it fulfill its ultimate potential. The future of North Las Vegas is brighter than ever, and we expect that Aliante will continue to be mainstay of our community.”
Aliante boasts an 82,000-square-foot gaming floor and more than 200 luxury hotel rooms and suites. The property’s upscale amenities include five signature restaurants, an ultra-modern, 170-seat race and sports book, a 16-screen movie theater complex, 14,000 square feet of event and banquet space, a luxury spa and an expansive, resort-style pool and outdoor lounge area. Aliante is situated on approximately 40 acres within the 1,905-acre Aliante master-planned community, and is adjacent to an 18-hole championship golf course.
The Company’s current Nevada portfolio includes The Orleans and Gold Coast, both located just west of the Las Vegas Strip; Suncoast, located just south of the master-planned community of Summerlin in northwest Las Vegas; Sam’s Town, on the east side of Las Vegas on Boulder Highway; Eldorado and Jokers Wild, both located in Henderson; and California Hotel and Casino, Fremont Hotel and Casino, and Main Street Station, all in downtown Las Vegas.