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Boyd's Stardust Adds Acerage - Plans Expansion?

By Chuckmonster on Thursday, 25th November 2004 11:57am
  » filed under Las Vegas  comments: 0


LOS ANGELES (Reuters) - Boyd Gaming has acquired 13 acres adjacent to the southwest side of its Stardust Resort and Casino on the Las Vegas Strip, the casino operator said in a regulatory filing.

Boyd has said in the past that it is in "the very early stages of beginning to master-plan redevelopment of the Stardust site," company spokesman Rob Stillwell said on Wednesday.

The purchase -- for $43 million plus the acquisition of $16 million in debt -- increases the site's size to 63 acres owned and nine acres leased, according to a filing with the U.S. Securities and Exchange Commission made Tuesday.

"The land sits off the Strip and with the Stardust backed into it at two corners and having the Strip frontage, Boyd was the logical buyer for the parcel," Susquehanna Financial Group analyst Eric Hausler said in a report on Wednesday. He said the deal's price works out to "a very attractive $3.3 million an acre.

[ Prediction: Huge redevelopment in North Strip. Possibilities include Stardust to build megaresorts in three stages, New Frontier to be leveled and replaced (with Trump in the action) Circus Circus, Riviera and Sahara to be given facelift and Stupak to buy parcel somewhere and re-open Vegas World. - Ed ]



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