Boyd Gaming Receives License Approval From Louisiana State Racing Commission
LAS VEGAS, May 15 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD)
announced today that it received unanimous approval yesterday for its racing
license from the Louisiana State Racing Commission. The Company recently
entered into a definitive agreement to acquire the Delta Downs Racetrack near
Vinton, Louisiana. The track is an eligible facility under Louisiana law to
operate slot machines, and the Company plans to begin casino operations when
it receives the appropriate licenses and approvals and completes necessary
improvements to the facility.
William S. Boyd, Chairman and Chief Executive Officer of Boyd Gaming,
commented on the licensing, "The Racing Commission approval is a significant
step toward completing the acquisition of Delta Downs. This approval allows
us to complete the transaction and begin preparing for our suitability hearing
before the Louisiana Gaming Control Board."
The Company also received its early termination notice under the Hart-
Scott-Rodino Act for this transaction on May 8, 2001. The Hart-Scott-Rodino
Act requires a pre-merger notification be filed with the Federal Trade
Commission.
Additionally, the Louisiana Gaming Control Board unanimously rejected a
petition today by Isle of Capri Casinos, Inc. (and related entities) and
declared that it did not have jurisdiction to review the transaction between
Boyd Gaming and Delta Downs. The Board stated that it will review all
relevant aspects of Boyd Gaming's suitability when it applies for a license to
conduct casino operations at the facility, which is expected at the close of
the transaction.
Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a
leading diversified owner and operator of 11 casino entertainment properties
located in Nevada, Mississippi, Illinois, Indiana and Louisiana. Boyd Gaming
is also developing "The Borgata" (AOL keyword: borgata or www.theborgata.com,
a $1 billion entertainment destination resort in Atlantic City, through a
joint venture with MGM MIRAGE.
Boyd Gaming press releases are available by facsimile through Company News
On-Call (800) 758-5804, extension 104550, or at www.prnewswire.com.
Additional news and information on Boyd Gaming can be found at
www.boydgaming.com.
Statements in this release which are not historical facts, including the
closing of the transaction, the completion of construction and refurbishment
of the facility and the ultimate success of the facility, are "forward
looking" statements and "safe harbor statements" under the Private Securities
Litigation Reform Act of 1995 that involve risks and/or uncertainties,
including risks associated with obtaining necessary consents and approvals
from regulatory, financing and other sources; the timing of such consents and
approvals; the number of slot machines the Company will be authorized to
operate; the costs and timing of the completion of the facility; and
competition or the absence thereof in markets the Company expects to serve;
and risks and/or uncertainties as described in the Company's public filings
with the Securities and Exchange Commission.
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SOURCE Boyd Gaming Corporation
-0- 05/15/2001
/CONTACT: investors, Ellis Landau, 702-792-7210, or media, Rob Stillwell,
702-792-7353, both of Boyd Gaming Corporation/
/Web site: boydgaming.com
(BYD)
CO: Boyd Gaming Corporation
ST: Nevada, Louisiana
IN: CNO
SU: LIC
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