Boyd pulls trigger on Cannery deal, extends quarterly revenue growth streak

Casino operator Boyd Gaming has pulled the trigger on its rumored deal to acquire the Las Vegas assets of rival Cannery Casino Resorts.

Last week, rumors circulated that Boyd was close to a deal with Cannery, which operates the Cannery Casino Hotel in North Las Vegas and the Eastside Cannery Casino and Hotel in the Las Vegas Valley.

On Monday, Boyd confirmed that it had entered into a definitive agreement to acquire the two Vegas properties from Cannery for $230m. The acquisition will be funded entirely with cash on hand and Boyd expects the deal will be complete sometime in Q3 2016.

Boyd CEO Keith Smith called the deal “a great tuck-in acquisition that further expands our presence in the Las Vegas market at an attractive price.” The Cannery deal comes just one week after Boyd announced a $380m deal to buy the Aliante Casino in North Las Vegas.