South Coast Casino to be Sold - Monday 31st of July 2006
LAS VEGAS – Boyd Gaming Corporation (NYSE: BYD) today announced that it has reached an agreement to sell the South Coast Hotel and Casino to Michael Gaughan for a purchase price equal to the net proceeds from the sale of approximately 15.8 million shares of Boyd Gaming stock owned by Mr. Gaughan. A minimum of 75% of the purchase price will be paid to the Company in cash, as a result of a secondary stock offering by Mr. Gaughan during the next 60 days.
The transaction, which is expected to be completed by the end of the year, is subject to a minimum purchase price, the deposit by Mr. Gaughan of the cash portion of the purchase price in escrow within 60 days of today's date, customary licensing and regulatory approvals, and other closing conditions.
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