Boyd Gaming to sell Dania Jai-Alai
As part of the agreement, the us$ 7 million deposit previously paid by Dania Entertainment to Boyd Gaming will be applied to the purchase price.
Subject to terms of the definitive agreement and satisfaction of closing conditions, the transaction is expected to close on or before May 24, 2013. The company intends to use proceeds for general corporate purposes, including the repayment of debt.
Upon execution of the purchase agreement, Dania Entertainment paid Boyd Gaming a non-refundable deposit of us$ 4 million. The full amount of the deposit will be applied to the purchase price upon closing of the transaction.
"Our company's primary focus is on strengthening our balance sheet, and the sale of this non-strategic asset is another significant step toward that goal," said Keith Smith, President and CEO of Boyd Gaming.
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