Boyd Gaming’s tribal gaming partner Wilton Rancheria Tribe has bought a 35.9-acre land parcel in Elk Grove, California.
Boyd Gaming currently has an agreement, subject to approval by the National Indian Gaming Commission, to develop and manage a casino resort on the Tribe’s behalf.
The tribe’s land is located adjacent to Howard Hughes Corporation’s planned mall development on Highway 99, approximately 15 miles southeast of Sacramento. The Tribe will be required to enter into a compact with the State of California before proceeding with a gaming project at the site.
“The Tribe is excited to partner with Boyd Gaming to help develop our proposed resort and casino in Elk Grove, California,” said Raymond Hitchcock, Chairman of Wilton Rancheria. “They have been a leader in the gaming industry for over 40 years and their core family values and customer-friendly entertainment reflect our own vision of success.”
“We congratulate the Wilton Rancheria Tribe on reaching this major milestone toward self-sufficiency,” said Keith Smith, President and Chief Executive Officer of Boyd Gaming. “Boyd Gaming is honored to be their partner, and we look forward to working closely with Chairman Hitchcock and the Wilton Tribe in developing an exciting and compelling entertainment resort that the entire community can take pride in.”
Boyd Gaming has just reported fourth-quarter 2016 net revenues of $554.8m, an increase of 2.2 per cent from $542.7m in the year-ago quarter.
The Las Vegas Locals segment, fourth-quarter 2016 net revenues were $185.7m, up from $158.8m in the year-ago quarter whilst Downtown Las Vegas saw net revenues were $62m in the fourth quarter of 2016, compared to $62.5m in the year-ago period.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “The fourth quarter was the culmination of an eventful and successful year, as we further positioned our Company for long-term growth. Our Las Vegas Locals segment grew at a healthy pace in the fourth quarter, with same-store Adjusted EBITDA reaching its highest levels in nearly a decade. We were also encouraged to see meaningful sequential improvement in our regional operations, which performed in-line with prior-year results after considering the impact of severe winter weather. And in December, we completed the acquisition of the Cannery and Eastside Cannery, further expanding our footprint in the attractive Las Vegas market.”