Shares of Boyd Gaming (BYD) Trade up 12.3% on Cancellation of Dania Jai Alai Acquisition by Aragon
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Shares of Boyd Gaming (NYSE: BYD) are trading up 12.3 percent on the day following an announcement from Lakes Entertainment (NASDAQ: LACO) that on November 28, 2011, Aragon Group and Summer Sport Enterprises, a subsidiary of Boyd Gaming, issued a letter to Dania Entertainment Center, LLC formally terminating the asset purchase agreement between Aragon and Dania for the purchase of the Dania Jai Alai in Dania Beach, Florida, for failing to close the transaction by November 28, 2011.
As previously announced, Lakes entered into a joint venture with Dania for the management and redevelopment of the Dania Jai Alai property if Dania closed the asset purchase transaction with Aragon.
“We understand that Dania has filed a lawsuit pertaining to the termination of the asset purchase agreement. Although Lakes is not involved in the lawsuit, we continue to closely monitor the status of this project,” stated Lyle Berman, Chairman and Chief Executive Officer of Lakes.
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As previously announced, Lakes entered into a joint venture with Dania for the management and redevelopment of the Dania Jai Alai property if Dania closed the asset purchase transaction with Aragon.
“We understand that Dania has filed a lawsuit pertaining to the termination of the asset purchase agreement. Although Lakes is not involved in the lawsuit, we continue to closely monitor the status of this project,” stated Lyle Berman, Chairman and Chief Executive Officer of Lakes.
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