514-room Hotel and Casino, for $190 million
|LAS VEGAS, Jan. 20, 2004 - Harrah's Entertainment, Inc. (NYSE:
HET) and Boyd Gaming Corporation (NYSE: BYD) jointly announced today they
have signed a definitive agreement for Harrah's to sell its Shreveport
hotel-casino to Boyd Gaming for $190 million, subject to regulatory approval.
In its September 11, 2003, announcement of an agreement to acquire Horseshoe Gaming Holding Corp., Harrah's said it would sell Harrah's Shreveport to avoid overexposure in that market. Horseshoe Gaming operates a casino facility in Shreveport-Bossier City, and Harrah's owns the Louisiana Downs thoroughbred horseracing track in Bossier City.
Harrah's Shreveport includes a 514-room hotel and convention center and more than 23,000 square feet of casino space featuring 1,224 slot machines, 32 table games and four restaurants.
"We are extremely pleased that Boyd Gaming, which has a richly deserved reputation for superior treatment of its employees and guests, is taking over an operation that has been a part of the Harrah's family since 1994," said Gary Loveman, Harrah's Entertainment President and Chief Executive Officer. "In addition to being one of the industry's top operators, Boyd Gaming believes strongly in good corporate citizenship wherever it operates."
Bill Boyd, Chairman and Chief Executive Officer of Boyd Gaming, said, "We are very excited about adding the Shreveport operation to our family of properties, and what will be our third in Louisiana. We are very familiar with the area and look forward to getting to know the surrounding communities on a more personal level."
Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a leading diversified owner and operator of 13 gaming properties located in Nevada, New Jersey, Mississippi, Illinois, Indiana and Louisiana. Boyd Gaming recently opened Borgata Hotel, Casino, and Spa at Renaissance Pointe.
Founded 66 years ago, Harrah's Entertainment, Inc. owns or manages through various subsidiaries 25 casinos in the United States, primarily under the Harrah's brand name.
This release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.
Harrah's Entertainment, Inc.
|Also See:||Harrah's Integration of Horseshoe Gaming, the Largest Acquisition in Company's History, Involves Promotion of Three Senior Executives / November 2003|