Cannery Casino Resorts’ Las Vegas operations will soon have a new owner: Boyd Gaming Corp. The deal is expected to close in the third quarter as Boyd tries to strengthen its position in North Las Vegas – an area that is quickly growing. In addition to Cannery Casino Hotel and Eastside Cannery Casino and Hotel, Boyd also bought Aliante Casino Hotel and Spa last week for $380 million.
“This transaction is a great tuck-in acquisition that further expands our presence in the Las Vegas locals market at an attractive price,” Keith Smith, president and CEO of Boyd Gaming, said in a statement. “Together, Aliante and Cannery Casino will give us a strong foothold in North Las Vegas, one of the fastest-growing areas in the Las Vegas Valley. And, we will have unique synergy opportunities at Eastside Cannery, given its close proximity to Sam’s Town.”
Boyd Gaming owns and operates a number of casinos across the country, most notably Eldorado, Jokers Wild, Sam’s Town Hotel and Gambling Hall, California Hotel and Casino, Fremont Hotel and Casino, and Main Street Station. Gaming revenue represents 75-percent of the company’s total gross revenue, and its strongest revenue growth has occurred in Nevada over the last two years.
The Cannery has 201 rooms, an 80,000-square-foot casino, five restaurants and bars, a 30,0000-square-foot entertainment venue, and a 14-screen movie theatre. There are no competing gaming venues within five miles (Aliante is about seven miles away) and its proximity to the Las Vegas Motor Speedway makes it a popular choice for race fans.
The Eastside Cannery has a smaller casino, 307 rooms, five restaurants, four bars, a mid-sized entertainment lounge, and 20,000 square feet of meeting and ballroom space.
Boyd is set to pay $230 million for the two properties.
“Like with the Aliante transaction, we think this acquisition makes strategic sense in increasing Boyd’s exposure to the attractive Las Vegas locals market, though we wouldn’t be surprised if there is additional capital investment in the property [unlike Aliante],” analyst Joseph Greff said in a report to investors.
Boyd Gaming also has a 50-percent share in MGM’s Borgata, the most successful gaming resort in Atlantic City.
(Photo credit: Marco Verch (Las Vegas Strip at Night) [CC BY 2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons. Photo has been cropped.)
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