Boyd Gaming Corporation has entered into a definitive agreement to sell the assets of Dania Jai-Alai in Dania Beach, Florida, US, for US$80m cash.
The purchaser is Dania Entertainment Center, an entity controlled by a group of private investors. Subject to terms of the definitive agreement, the transaction is expected to close on or before September 26, 2011. In connection with entering into the purchase agreement, the buyer paid Boyd Gaming $5m cash, the full amount of which will be applied to the purchase price.
"After a careful analysis, we determined that Dania Jai-Alai no longer fits our current growth strategy," said Keith Smith, president and CEO of Boyd Gaming. "The sale of this asset is consistent with our priority of strengthening our balance sheet, and will be immediately accretive to earnings."
