Boyd Gaming selling Dania Jai-Alai for US$ 80 million

Boyd Gaming expects to complete the all-cash sale to Dania Entertainment Center by September 26. Dania Entertainment is controlled by private investors, Boyd said.

Boyd Gaming bought the entertainment and gambling venue in Dania Beach in South Florida from an investor group in 2007's first quarter for US$ 152.5 million and had planned to expand it. But it recorded an US$ 84 million charge on its books to reflect the property's decline in value a little over a year later as the company faced new competition in the region from a Native American casino and other venues.

Keith Smith, the president and CEO of Las Vegas-based Boyd Gaming, said it determined Dania Jai-Alai "no longer fits our current growth strategy."

The game of Jai-alai, which originated in Europe in the 18th century, is played with a fast-moving hard rubber ball in a court with a front wall made of granite. Its popularity peaked in the 1960s and 1970s, especially in Florida, as a betting game played by professional players and a wagering alternative to horse and dog racing. Competition from Indian casinos has hurt jai-alai in recent years.

Danai Jai-Alai was the first foray into Florida for Boyd Gaming, which renovated the facility and turned it into a multipurpose gambling venue with a gaming floor, poker room, restaurants and entertainment lounges.