Boyd Gaming Committed to Station Buyout

LAS VEGAS (AP) -- Boyd Gaming Corp. said Monday that it remains committed to pursuing a deal to acquire some or all of the assets of Station Casinos Inc., even after the rival regional casino operator turned down its buyout proposal.

In February, Boyd said it was willing to pay $950 million for most of Station's assets, except for those secured by certain loans.

But last week, Station said it was not interested in the buyout plan and instead extended its deadline to work through a plan to restructure its debt. Station plans to swap high-cost debt for low-cost debt and a $244 million capital infusion through a prepackaged bankruptcy filing.

In a statement on Monday, Boyd said Station has not held any discussions with the company or provided it with the necessary information to create a binding offer.

"Despite Station's letter, Boyd Gaming remains committed to pursuing a transaction to acquire some or all of the assets of Station, and is prepared to work with Station in a timely fashion to prepare a formal proposal," Boyd said.