{"id":259318,"date":"2023-02-11T18:07:31","date_gmt":"2023-02-12T00:07:31","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=259318"},"modified":"2023-02-13T13:12:30","modified_gmt":"2023-02-13T19:12:30","slug":"boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/","title":{"rendered":"Boyd Gaming Unlikely to Monetize Las Vegas Real Estate Holdings"},"content":{"rendered":"

As the dominant name in downtown Las Vegas and one the largest operators of locals casinos across the valley, Boyd Gaming (NYSE: BYD) owns a treasure trove of Sin City real estate, but it\u2019s unlikely to sell those properties to raise cash.<\/p>\n

\"Boyd
Boyd Gaming’s Aliante Casino-Hotel in North Las Vegas. The company isn’t interested in selling any of its Las Vegas real estate. (Image: Vegas Means Business<\/em>)<\/figcaption><\/figure>\n

Boyd CEO Keith Smith recently said as much in an interview with Howard Stutz of the Nevada Independent.<\/em> The Las Vegas-based company runs 10 gaming venues<\/a> in its home market, including Aliante, California, Cannery, Fremont, Gold Coast, Jokers Wild, Main Street Station, Sam\u2019s Town, Suncoast, and The Orleans.<\/p>\n

With the strength of our balance sheet, the strength of our cash flows and our ability to access other forms of financing, we just don’t have a need (to sell real estate),\u201d<\/strong> said Smith in an interview with the Independent <\/em>\u00a0following the company\u2019s fourth-quarter earnings report.<\/p><\/blockquote>\n

Indeed, Boyd\u2019s cash flow position is strong, enabling the operator to pay a dividend and buy back its own shares — a rare \u201ctwofer\u201d in the gaming industry these days.<\/p>\n

At the end of 2022, the firm had $283.5 million in cash on hand and $3.05 billion in debt<\/strong>.<\/p>\n

Boyd Not Eyeing Sale-Leaseback Deals<\/h2>\n

In recent years, transactions known as sale-leasebacks<\/a> have become increasingly common in the gaming industry. In those deals, a casino operator sells the property assets of a venue or multiple venues to a real estate investment trust (REIT) or a private equity economy firm for an upfront cash payment.<\/p>\n

\n

It\u2019s an effective avenue for raising cash and is largely preferred to issuing new shares or bonds. However, the gaming company is still responsible for ongoing maintenance of the sold properties and takes on long-term rental obligations to the buyer in exchange for cash.<\/p>\n<\/div>\n

Boyd currently has a relationship with Gaming and Leisure Properties (NASDAQ: GLPI) because that gaming REIT owns the property assets of four Boyd casino hotels in Indiana, Missouri and Ohio. However, as Smith told the Independent<\/em>, that arrangement was in place with a prior tenant when Boyd acquired the operating rights to those venues in 2018.<\/p>\n

The Boyd chief executive officer also acknowledged that the company has had talks with VICI Properties<\/a> (NYSE: VICI) — the largest casino landlord. Still, a deal is \u201cjust not an option for us.\u201d<\/p>\n

Red Rock Not Looking to Sell Real Estate, Either<\/h2>\n

In Las Vegas, Red Rock Resorts (NASDAQ: RRR)<\/a> is Boyd\u2019s most direct competitor in the local demographic and also boasts a substantial portfolio of occupied and used real estate.<\/p>\n

However, like Boyd, the Green Valley Ranch operator owns the real estate of all of its Sin City venues and isn\u2019t looking to change that.<\/strong><\/p>\n

\u201cI think we like owning the real estate. Again, it doesn’t mean we’re beholden to holding it forever. We’re going to what’s right to the — what’s in the best interest of our shareholders over the long term, Cassandra, but keep looking back, owning the real estate provides max — provide us maximum flexibility, including the ability to keep our employees through COVID,\u201d said CFO Stephen Cootey in response to a question from Jefferies analyst Cassandra Lee on Red Rock\u2019s recent fourth-quarter earnings conference call.<\/p>\n","protected":false},"excerpt":{"rendered":"

As the dominant name in downtown Las Vegas and one the largest operators of locals casinos across the valley, Boyd Gaming (NYSE: BYD) owns a treasure trove of Sin City real estate, but it\u2019s unlikely to sell those properties to raise cash. Boyd CEO Keith Smith recently said as much in an interview with Howard […]<\/p>\n","protected":false},"author":46,"featured_media":259319,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,81886],"tags":[81897,81903,23],"acf":[],"yoast_head":"\nBoyd Gaming Prefers To Hold Onto Its Las Vegas Real Estate<\/title>\n<meta name=\"description\" content=\"Boyd Gaming wants to retain Las Vegas real estate, not sell it.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boyd Gaming Prefers To Hold Onto Its Las Vegas Real Estate\" \/>\n<meta property=\"og:description\" content=\"Boyd Gaming wants to retain Las Vegas real estate, not sell it.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-12T00:07:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-13T19:12:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/aliante.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/\",\"url\":\"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/\",\"name\":\"Boyd Gaming Prefers To Hold Onto Its Las Vegas Real Estate\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/aliante.jpg\",\"datePublished\":\"2023-02-12T00:07:31+00:00\",\"dateModified\":\"2023-02-13T19:12:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Boyd Gaming wants to retain Las Vegas real estate, not sell it.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/aliante.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/aliante.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Boyd Gaming's Aliante Casino-Hotel in North Las Vegas. The company isn't interested in selling any of its Las Vegas real estate. (Image: Vegas Means Business)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Boyd Gaming Unlikely to Monetize Las Vegas Real Estate Holdings\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Boyd Gaming Prefers To Hold Onto Its Las Vegas Real Estate","description":"Boyd Gaming wants to retain Las Vegas real estate, not sell it.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/","og_locale":"en_US","og_type":"article","og_title":"Boyd Gaming Prefers To Hold Onto Its Las Vegas Real Estate","og_description":"Boyd Gaming wants to retain Las Vegas real estate, not sell it.","og_url":"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2023-02-12T00:07:31+00:00","article_modified_time":"2023-02-13T19:12:30+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/aliante.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/","url":"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/","name":"Boyd Gaming Prefers To Hold Onto Its Las Vegas Real Estate","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/aliante.jpg","datePublished":"2023-02-12T00:07:31+00:00","dateModified":"2023-02-13T19:12:30+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Boyd Gaming wants to retain Las Vegas real estate, not sell it.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/aliante.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/aliante.jpg","width":1200,"height":675,"caption":"Boyd Gaming's Aliante Casino-Hotel in North Las Vegas. The company isn't interested in selling any of its Las Vegas real estate. (Image: Vegas Means Business)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/boyd-gaming-prefers-to-hold-onto-its-las-vegas-real-estate\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Boyd Gaming Unlikely to Monetize Las Vegas Real Estate Holdings"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/259318"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=259318"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/259318\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/259319"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=259318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=259318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=259318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}