Boyd Gaming Corporation has completed its acquisition of the Las Vegas assets of Cannery Casino Resorts, adding two more casinos to its Southern Nevada portfolio, which now numbers 12 properties.
“The Cannery transaction, along with our recent acquisition of Aliante, further expands Boyd Gaming’s presence in the high-performing Las Vegas Locals market,” said Keith Smith, president and CEO.
The $230 million acquisition was approved by Nevada regulators earlier this month.
In April, Boyd announced it was buying both the Cannery Casino Hotel in North Las Vegas and the Eastside Cannery on Boulder Highway adjacent to its Sam’s Town casino shortly after it announced it would buy Aliante Station from a group of banks and private equity companies. The Aliante purchase was completed in September.
Smith said Boyd expects the Cannery properties to add $30 million to corporate EBITDA in the first year.
“With a diversified and robust portfolio in the Las Vegas Valley, we are in better position than ever to deliver on the substantial growth potential that still lies ahead in southern Nevada,” Smith said.
Initially, Smith said, all Cannery employees and executives would keep their jobs, but has since said that Boyd will be reviewing how each property functions and that he “can’t speak to what will happen three to six months down the road.”
Boyd owns and operates 24 casinos nationwide.
