Boyd Gaming Closes Barbary Coast Property Exchange
LAS VEGAS, NV, February 28, 2007 Boyd Gaming Corporation (NYSE: BYD) announced today that its previously announced tax-deferred real property exchange involving the Barbary Coast Hotel and Casino has closed. In the transaction with Harrah's Operating Company, Inc., Boyd Gaming, through its wholly-owned subsidiary Coast Hotels and Casinos, Inc., exchanged the Barbary Coast for approximately 24 contiguous acres of Las Vegas Strip property located north of its Echelon Place development site.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include (without limitation) statements regarding the intended tax treatment of the exchange, the opportunities the exchange provides and Boyd Gaming's plans regarding Echelon Place. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in each such statement. In particular, Boyd Gaming can provide no assurances regarding the tax treatment the exchange will receive, or whether Echelon Place will be completed within Boyd Gaming's current timing and cost estimates, or at all. Among the factors that could cause actual results to differ materially include the satisfaction of the requirements of Section 1031 of the Internal Revenue Code, and various circumstances that could cause the development of Echelon Place project to be delayed or terminated. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of Boyd Gaming's Form 10-Q for the period ended September 30, 2006, which is on file with the SEC, and in Boyd Gaming's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to Boyd Gaming as of the date hereof, and Boyd Gaming assumes no obligation to update any forward-looking statement.
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