Boyd Gaming Eyes Station's Casinos
Don't mistake this for a love note. On Feb. 23 the management of Boyd Gaming (BYD), a Las Vegas casino operator, sent a letter to cross-town rival Station Casinos Chairman and CEO Frank Fertitta III, offering to buy some of his company's prized assets for $950 million. The offer throws a monkey wrench into Fertitta's own plans for Station. He's asking bondholders to take as little as 10% on the dollar in a restructuring after an ill-timed leveraged buyout left the company $5.3 billion in debt.
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