LAS VEGAS, Feb. 28, 2013 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today announced that it has entered into a definitive agreement to sell the assets of Dania Jai-Alai in Dania Beach, Fla., to Dania Entertainment Center, LLC, for $65.5 million in cash.
As part of the agreement, Dania Entertainment has dismissed with prejudice its lawsuit filed in November 2011, following Boyd Gaming's termination of the initial sale agreement. As part of the agreement, the $7 million deposit previously paid by Dania Entertainment to Boyd Gaming will be applied to the purchase price.
Subject to terms of the definitive agreement and satisfaction of closing conditions, the transaction is expected to close on or before May 24, 2013. The Company intends to use proceeds for general corporate purposes, including the repayment of debt.Upon execution of the purchase agreement, Dania Entertainment paid Boyd Gaming a non-refundable deposit of $4 million. The full amount of the deposit will be applied to the purchase price upon closing of the transaction. "Our Company's primary focus is on strengthening our balance sheet, and the sale of this non-strategic asset is another significant step toward that goal," said Keith Smith, President and Chief Executive Officer of Boyd Gaming. About Boyd Gaming Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a leading diversified owner and operator of 22 gaming entertainment properties located in Nevada, New Jersey, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi. Boyd Gaming press releases are available at www.prnewswire.com . Additional news and information on Boyd Gaming can be found at www.boydgaming.com.