Boyd Gaming Agrees to Sell Barbary Coast to Harrah

Company to Exchange Property for 24 Acre Las Vegas Strip Site

. October 14, 2008

LAS VEGAS, NV, October 3, 2006. Boyd Gaming Corporation (NYSE: BYD) announced that it has reached an agreement with Harrah's Entertainment, Inc. to trade the Barbary Coast Hotel and Casino in a tax- deferred exchange for approximately 24 contiguous acres of Las Vegas Strip property that Harrah's has contracted to acquire from third parties.

The land that Boyd Gaming is to receive in the exchange is located directly to the north of its 63-acre Echelon Place development site. Boyd Gaming expects to recognize a non-cash gain of approximately $280 million in the quarter in which the transaction closes and plans to begin reporting the results of operations from Barbary Coast in "discontinued operations" in the third quarter 2006. The transaction is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close in the first quarter 2007.

Bill Boyd, Chairman and Chief Executive Officer of Boyd Gaming, commented on the transaction, "This agreement provides additional Las Vegas Strip development opportunities for our Company and is strategically located next to Echelon Place. We are especially excited about the prospect of having 87 contiguous acres on the Las Vegas Strip. The additional acreage provides us with the opportunity to develop future phases related to our Echelon project, as well as extending our strategic growth pipeline well into the next decade.

Media Contact:

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in June 2020...

Sales & Marketing: Technology Rules

It is impossible for any hotel to develop an effective sales and marketing plan that doesn't include a wide-ranging digital strategy. Online platforms have impacted virtually every aspect of their business, due to major changes in how Internet users research, plan, and book their hotel visits. As a result, a successful plan includes generating traffic through the use of a hotel website, social media, email and a myriad of other digital marketing technologies. One such strategy uses data collection and automation technology to create personalized content to individual customers. The goal of personalization marketing is to engage potential customers by communicating with them as individuals - to establish a more personal relationship - as a way of encouraging them to visit a property. Video marketing is also extremely important. Showing someone authentic video from a specific location is immersive and engaging, and video is still the preferred way for customers to interact with a hotel brand. Voice and Visual Search are increasingly in demand, as consumers are moving away from typing queries into a search engine. Instead, they can simply speak their request into their phone, and find and book a hotel without ever typing a word. Similarly, other platforms allow consumers to search visually for almost any image, and find out pricing information, shopping comparisons and how-to-buy - all from the app. The adoption of Artificial Intelligence is also becoming popular. The ability of chatbots to answer simple questions or fulfill requests 24/7 is undeniably appealing. In addition, A.I. seems best positioned to qualify leads that can be later nurtured and closed by a human sales expert - all at a fraction of the cost of a traditional support team. The June Hotel Business Review will examine how some sales and marketing professionals are integrating these innovative technologies into their operations.