Boyd selling Dania Jai-Alai for $65.5 million

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Associated Press

Posted on February 28, 2013 at 1:01 PM

LAS VEGAS (AP) — Casino operator Boyd Gaming is selling Dania Jai-Alai to Dania Entertainment Center LLC for $65.5 million in cash.

Jai alai is an athletic game played on a court. The players use a long hook-shaped basket strapped to their wrist to throw a ball against a wall.

Boyd had initially planned to sell the Dania Beach, Fla., property to Dania Entertainment in 2011, but ended the transaction that November because it was unable to close on the transaction within the time period required by the agreement. In turn, Dania Entertainment filed a lawsuit. As part of the new deal between the companies, Dania Entertainment has agreed to dismiss the lawsuit. The $7 million deposit that Dania Entertainment previously paid will be applied to the purchase price.

Dania Entertainment also paid Boyd a $4 million deposit when the new purchase agreement was executed. That deposit will also be applied to the purchase price once the transaction closes.

Boyd Gaming Corp. said Thursday that it plans to use the proceeds from the sale for general corporate purposes, including repaying debt.

The deal is expected to close by May 24.

Boyd, based in Las Vegas, owns and runs 22 gaming entertainment properties located in Nevada, New Jersey, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi. Its stock added 5 cents to $6.77 in midday trading.

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