$72 million payment in three months!!!! over $1 a share increase in shareholder equity!!!! Last Years' 10K says that they earned $52,000,000 for the WHOLE YEAR in the 'Central Division' that included 4 properties. This seems like a plus to me, as any infusion of cash is.
Together with expanding properties in other areas and increasing earnings, this one could triple very easily.
Thanks, to all of you that helped influence my dicision to invest in this undervalued company!!!
Dave
Wednesday October 20, 3:02 pm Eastern Time
Company Press Release
SOURCE: Boyd Gaming Corporation
Boyd Gaming Corporation Reaches Agreement With Mississippi Band of Choctaw Indians
Boyd to Receive Payment for Early Termination
LAS VEGAS, Oct. 20 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD - news) today announced that it has reached a definitive agreement with the Mississippi Band of Choctaw Indians for an early termination and settlement payment with respect to Boyd Gaming's management of the Silver Star Resort and Casino in Philadelphia, Mississippi. Under the agreement, Boyd Gaming will continue to manage Silver Star under the current terms of the management contract until January 31, 2000, which is 17 months prior to the contract's scheduled expiration date, at which time Boyd Gaming's management of Silver Star will end. Today's agreement provides that at the time of Boyd Gaming's departure, the Tribe will make a one-time payment to Boyd of $72 million. The Company plans to use the proceeds to reduce its outstanding indebtedness.
William S. Boyd, Chairman and Chief Executive Officer of Boyd Gaming said, ``We fully understand and appreciate the Tribe's desire to operate their successful Silver Star Resort and Casino themselves. We take great pride in what the Tribe and Boyd Gaming have accomplished together -- Silver Star is truly one of the outstanding gaming entertainment resorts in the country. We have had a wonderful association with Chief Phillip Martin, the Tribe's innovative and distinguished leader, and with the Tribal Council, the many Tribal members with whom we have worked during the past several years, and with the surrounding communities. We look forward to a smooth transition to Tribal management of Silver Star and wish them great success in the future.'
This press release contains forward-looking statements, including the application of the proceeds from the transaction, which are subject to change. The actual results may differ materially from those described in any forward-looking statements. Additional information concerning potential factors that could affect the Company's financial results are included in the Company's Form 10-K for the year ended December 31, 1998.
Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD - news) is a leading diversified owner or operator of 11 casino entertainment properties located in Nevada, Mississippi, Illinois and Louisiana. Boyd Gaming recently agreed to acquire Blue Chip Casino, a riverboat casino in Michigan City, Indiana, subject to regulatory approval. Boyd Gaming is also developing ``The Borgata' (AOL keyword: borgata or theborgata.com), a $750 million casino resort in the Marina district of Atlantic City, through a joint venture with Mirage Resorts, Incorporated.
Boyd Gaming press releases are available by facsimile through Company News On-Call (800) 758-5804, extension 104550, or at prnewswire.com. Additional news and information on Boyd Gaming can be found at boydgaming.com.
SOURCE: Boyd Gaming Corporation |
