Boyd Gaming Corporation is an American gaming and hospitality company based in Paradise, Nevada. The company continues to be run by founder Sam Boyd's family under the management of Sam's son, Bill Boyd (born 1931), who currently serves as the company's executive chairman after retiring as CEO in January 2008.
As of 2021, Boyd operates 28 properties with a total of 10,751 hotel rooms and 1,694,482 square feet (157,422.5m2) of casino space with 31,635 slot machines and 686 table games.[3]Gaming revenue is 80% of total gross revenue.[3]
History
Boyd Gaming's history dates to 1941, when founder Sam Boyd first arrived in Las Vegas with his family. After being hired as a dealer, Sam Boyd worked his way up through the ranks of the Las Vegas casino industry, first to pit boss, then shift boss. He eventually saved enough to buy a small interest in the Sahara Hotel and Casino; later, Sam Boyd left the Sahara to become general manager and partner of The Mint Las Vegas.
Sam Boyd first partnered with his son Bill in 1962, when the two teamed up to acquire the Eldorado Casino in Henderson, Nevada. Bill, who was then a practicing attorney, acquired his first stake in the Eldorado by doing its legal work. Sam would go on to manage the Eldorado full-time after the Mint was sold in 1968.
Although the Boyd family had been involved in the Las Vegas casino industry for decades, Boyd Gaming Corporation wasn't founded until January 1, 1975, when the company was formed to develop and operate the California Hotel and Casino in downtown Las Vegas. Then known as the Boyd Group, the company initially had 75 investors.
Boyd Gaming embarked on its first expansion in 1979, when it opened the first Sam's Town Hotel and Gambling Hall-branded property; Sam's Town Las Vegas on Boulder Highway at Nellis Boulevard. Considered one of the first "locals" properties in the Las Vegas Valley, Sam's Town helped inaugurate the later development of Las Vegas' "Boulder Strip."
During these first two decades in operation, Sam and Bill Boyd developed a reputation for running a squeaky-clean operation. As a result, Nevada regulators turned to the Boyds for help following an investigation of skimming operations at the Stardust and Fremont casinos in the mid-1980s. The properties were notorious at the time for their extensive skimming operations; according to the FBI, anywhere from $7 million to $15 million in funds from the Stardust were diverted to organized crime figures between 1974 and 1976 alone.[4]
In 1984, after leveling a $3 million fine against the Stardust for skimming, the Nevada Gaming Commission asked the Boyds to run the property's gaming operations. When the Stardust was taken over by the reputable Boyd family, they were surprised by its huge profits, now that every penny of income was being recorded. Ex-FBI agent William F. Roemer Jr., longtime senior agent of the FBI's organized-crime squad in Chicago and an expert in Las Vegas doings, said, "The amount of skim had been so heavy that the profit and loss statement did not present a true picture of the gold mine that the Stardust was."[5] After several years of successful operations, Boyd Gaming officially acquired the Stardust and Fremont in 1985.
Company founder Sam Boyd died on January 15, 1993, at the age of 82, and was succeeded as chief executive officer by Bill Boyd.[6] In July of the same year, Boyd Gaming held its initial public offering of stock, debuting on the New York Stock Exchange under ticker symbol "BYD."
Funds from the IPO supplied Boyd Gaming with a source of capital for expansion, and the company embarked on a period of aggressive growth. The company acquired the Eldorado and Jokers Wild (which had previously been owned directly by the Boyd family) in 1993; later that year, Boyd Gaming acquired the bankrupt Main Street Station Hotel and Casino and Brewery.[7]
The company's first expansion outside of Nevada came in 1994, when Boyd Gaming opened Sam's Town Tunica in Mississippi. Later expansions included:
Boyd Gaming's most ambitious expansion project came in 2003, when the company opened the $1.1 billion Borgata Hotel Casino in Atlantic City, N.J. A joint venture with MGM Resorts International, Borgata was the first new casino property to open in Atlantic City in 13 years, and quickly emerged as the market's leading property by gaming revenue. Borgata is by far Boyd Gaming's largest property, and currently supplies more than a third of the company's overall profits.
Less than a year after Borgata opened, Boyd Gaming announced plans to acquire Coast Casinos, Inc.,[8] one of the largest operators of locals casinos in the Las Vegas market. Completed on July 1, 2004, the $1.3 billion acquisition gave Boyd Gaming four additional Las Vegas properties—Suncoast; Gold Coast; the Orleans; and Barbary Coast.
The Coast acquisition also included the yet-to-be completed South Coast, located five miles (8km) south of the Strip on Las Vegas Boulevard. Boyd Gaming completed the project and opened its doors on December 22, 2005 Boyd Gaming operated the property for less than a year before selling it to former Coast CEO Michael Gaughan in 2006. (The property was rebranded to its current name, South Point, following the sale to Gaughan.)
In 2006, Boyd Gaming turned its focus to what would have been the largest project in its history: Echelon, a $4.8 billion resort complex at the site of the Stardust. In preparation for the project, Boyd Gaming swapped the Barbary Coast to Harrah's Entertainment in exchange for 24 acres near the Stardust, giving the company an 87-acre parcel on the north end of the Strip. The famed Stardust was closed on November 1, 2006, and imploded the night of March 13, 2007.
Construction on Echelon Place began on June 19, 2007, with plans to open in 2010, but was suspended a little over one year later, on August 1, 2008. At the time, Boyd Gaming officials cited "the difficult environment in today's capital markets, as well as weak economic conditions," and estimated construction would resume in three to four quarters.[9] As the global recession deepened, the suspension continued; in October 2009, the company said it would likely be three to five years before development resumed.[10] However, in March 2013, Boyd sold the Echelon site for $350 million to the Genting Group, a Malaysia-based gaming company to develop the site as Resorts World Las Vegas.
In 2007, Boyd purchased Dania Jai Alai, a fronton in Dania Beach, Florida. The company hoped to expand the facility with a casino, but efforts to allow new casinos in the Miami area made little headway. Boyd agreed in 2011 to sell the property to Dania Entertainment for $80 million, but the deal was not completed. The two companies reached a new sale agreement in February 2013 for $65.5 million.[11]
Boyd Gaming bought the IP Casino Resort & Spa in October 2011 for $278 million cash, plus a $10 million donation to the Engelstad Family Foundation.[12]
In November 2012, Boyd acquired Peninsula Gaming, an Iowa-based company with five casinos in the Midwest and South, for $1.45 billion.[13]
The company made two deals in 2016 to expand its footprint in the Vegas locals market, acquiring the Aliante Casino and Hotel for $380 million[14] and the two properties of Cannery Casino Resorts for $230 million.[15][16] Meanwhile, it sold its 50 percent stake in the Borgata to MGM for $900 million.[17][18][19]
In July 2018, Boyd announced a partnership with MGM Resorts International "to significantly increase each company's market access and customer base throughout the United States." The partnership is focused on positioning both companies to succeed in the emerging online gambling and sports betting markets in the United States.[20]
On July 13, 2020, Boyd Gaming announced it was laying off at least 25% of its workforce equating to thousands of job losses at its properties nationwide due to the COVID-19 pandemic in the United States.[26]
In March 2022, Boyd Gaming entered into a definitive agreement to acquire Pala Interactive LLC and its subsidiaries for total cash consideration of $170 million. In November 2022, it was announced the deal had been completed.[27] Pala Interactive LLC is an interactive online gaming company, majority owned by the Pala Band of Mission Indians. [28]
MGM Resorts International is an American global hospitality and entertainment company operating destination resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM.
Mirage Resorts was an American company that owned and operated hotel-casinos. It was acquired by MGM Grand, Inc. in 2000, forming MGM Mirage.
Harrah's Entertainment was an American casino and hotel company founded in Reno, Nevada, and based in Paradise, Nevada, that operated over 50 properties and seven golf courses under several brands. In 2013, it was the fourth-largest gambling company in the world, with annual revenues of $8.6 billion. It was acquired in 2020 by Eldorado Resorts, which then changed its own name to Caesars Entertainment.
Borgata Hotel Casino & Spa is a hotel, casino, and spa in Atlantic City, New Jersey. It is owned by Vici Properties and operated by MGM Resorts International. The casino hotel features 2,798 rooms and is the largest hotel in New Jersey. Borgata opened in July 2003 and is the top-grossing casino in Atlantic City.
Tropicana Atlantic City, often referred to as The Trop, is a resort, casino hotel located on the beach and Boardwalk in Atlantic City, New Jersey. It is owned by Gaming and Leisure Properties and operated by Caesars Entertainment, and is the third largest hotel in New Jersey, with just under 2,400 guest rooms and the 200,000-square-foot shopping and entertainment complex, The Quarter. It has over 30 restaurants, 30 shops, 20 bars and lounges, 4 pools, the Tropicana Showroom, multiple spas, and an IMAX Theatre. In 2016, Tropicana completed over $200 million in renovations and additions, including a Multimedia Light and Sound Show, the addition of AtlantiCare LifeCenter Fitness, Garces restaurants, renovations to over 900 hotel rooms, and casino floor but Tropicana will continue investing. The Tropicana is the largest resort and casino on the boardwalk, with 2,364 rooms, 3,000 slot machines, 30 restaurants, and 30 shops, along with two 2,500-space parking garages, totaling over 5,000 parking spaces. In 2021-2023 Tropicana is said to complete renovations through these years, the renovations will include renovations to all 604 West Tower rooms, modernized elevators and escalators, pool enhancements, gaming space enhancements, and more undisclosed renovation projects.
Pinnacle Entertainment, Inc. was an American gambling and hospitality company. It was acquired by Penn National Gaming in 2018. At the time of acquisition, it operated sixteen casino properties, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Pennsylvania, and Ohio, and a horse track in Texas.
Ameristar Casinos, Inc. was a casino operator based in Paradise, Nevada. It was acquired by Pinnacle Entertainment in 2013. The company had eight properties in seven markets.
Penn Entertainment, Inc., formerly Penn National Gaming, is an American entertainment company and operator of integrated entertainment, sports content, and casino gambling. It operates 43 properties in 20 states, under brands including Hollywood Casino, Ameristar, and Boomtown. It also offers sports betting in 15 jurisdictions and online casino gaming in 5, under brands such as ESPN BET and theScore.
Echelon was a proposed $4.8 billion mixed-use project that was to be built on the Las Vegas Strip in Winchester, Nevada. Boyd Gaming announced the project in January 2006, as a replacement for its Stardust Resort and Casino. Echelon Place, to be built on 63 acres (25 ha), was to include a 140,000 sq ft (13,000 m2) casino, 4 hotels providing 5,300 rooms, 25 restaurants and bars, and the 650,000 sq ft (60,000 m2) Las Vegas ExpoCenter. Echelon Place was also to include the $2.9 billion Echelon Resort, with 3,300 hotel rooms. Other hotels were also to include a Shangri-La Hotel and two hotels by Morgans Hotel Group: a Delano Hotel and a Mondrian Hotel. The project was also to include a $500 million shopping promenade, to be co-developed and managed by General Growth Properties.
Harrah's Resort Atlantic City is a casino hotel in the marina district of Atlantic City, New Jersey, owned by Vici Properties and operated by Caesars Entertainment. Harrah's is one of the largest hotels in New Jersey.
Belterra Casino Resort & Spa is a riverboat casino on the Ohio River in Switzerland County, Indiana near Florence, roughly halfway between Louisville, Kentucky and Cincinnati, Ohio. It is owned by Gaming and Leisure Properties and operated by Boyd Gaming.
Cannery Casino Resorts was a hotel and casino operator based in Spring Valley, Nevada. It was acquired by Boyd Gaming in 2016.
Eastside Cannery Casino and Hotel is a closed locals casino on the Boulder Strip in Sunrise Manor, Nevada, owned and operated by Boyd Gaming. The Eastside Cannery includes a 63,876 sq ft (5,934.3 m2) casino and 307 rooms in a 16-story tower. It was developed by Cannery Casino Resorts at a cost of $250 million. It is a sister property to the original Cannery Casino and Hotel, opened in North Las Vegas in 2003.
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 59 casino properties, all of which are leased to other companies.
Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corporation and changed its own name to Caesars Entertainment on July 20, 2020.
MGM Growth Properties, LLC (MGP) was a real estate investment trust based in Summerlin South, Nevada, that invested in large-scale casino properties. The company had whole or majority ownership of 15 properties, all of which were operated by MGM Resorts International. The company leased the properties to MGM Resorts via triple-net leases. The company was acquired by Vici Properties in April 2022 for $17.2 billion.
Ameristar Casino Resort Spa Black Hawk is a casino and hotel in Black Hawk, Colorado, owned by Gaming and Leisure Properties and operated by Penn Entertainment.
Vici Properties Inc. is a real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. It owns 54 casinos, hotels, and racetracks, 4 golf courses, and 38 bowling alleys around the United States and Canada.
Ameristar Casino Resort Spa St. Charles is a riverboat casino located on the Missouri River in St. Charles, Missouri, a northwestern suburb of St. Louis. It is one of several casinos in the greater St. Louis market. It is currently owned by Boyd Gaming. Ameristar attracts over 5.5 million visitors a year and is one of the most visited tourist attractions in Missouri.
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