Boyd Gaming to Move North Las Vegas Casino Development Plans to
Master-Planned Park Highlands Location
LAS VEGAS, April 11 /PRNewswire-FirstCall/ -- Boyd Gaming Corporation
and Olympia Gaming, an affiliate of the Olympia Group, announced today that
they have formed a joint venture to develop a proposed casino, resort and
spa within the masterplanned community of Park Highlands, subject to
receipt of all required approvals.
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The proposed casino project is located on the northwest corner of the
intersection of I-215 and Losee Road in North Las Vegas, and is adjacent to
a proposed retail center to the north and a large water retention basin to
the west. An application was filed earlier today with the City of North Las
Vegas to develop a 66-acre mixed-use, regional entertainment center. Boyd
Gaming will construct and manage the casino, resort and spa on behalf of
the joint venture; further terms of the agreement were not disclosed.
"Forming a joint venture with one of the prominent land developers in
the Las Vegas Valley adds another dimension to our long-term growth
pipeline, giving us the opportunity to expand our locals franchise as part
of a larger commercial project located in one of the fastest-growing areas
in the Las Vegas Valley," said Keith Smith, Boyd Gaming President and Chief
Executive Officer. "We envision this property will become the hub of Park
Highlands, providing residents with a wealth of entertainment options in a
complex designed to have minimal impact on nearby residential areas."
Boyd Gaming currently owns a casino-entitled 40-acre parcel on the
southwest corner of Centennial Parkway and Lamb Boulevard in North Las
Vegas. If the proposed casino with Olympia Gaming is approved, Boyd Gaming
plans to develop the Park Highlands casino site instead of its parcel at
Centennial and Lamb.
"We are delighted to join forces with one of the major players in the
gaming business today," said Garry Goett, Chairman and Chief Executive
Officer of Olympia Gaming. "Boyd Gaming provides Park Highlands with a
casino entertainment component that completes our vision for a
community-centric master-planned development. We are developing this
community, not only for the residents who will live here, but for the
125,000 neighbors who live in the surrounding area."
The Park Highlands development is expected to feature six school sites
and 430 acres of dedicated parks and trails (including 300 acres of
preservation area). The master-planned community will also feature a
regional police station, a fire station, a U.S. Post Office and a City of
North Las Vegas Public Library. Costs for infrastructure and improvements
are estimated to be in excess of $1 billion. Olympia, American West,
Astoria, Standard Pacific and D.R. Horton are the developers/builders.
The preliminary proposal for the Park Highlands casino site spans
approximately 66 acres and consists of 1,200 hotel rooms to be built over
three phases. The first phase would include 400 hotel rooms, a casino, race
and sports book, restaurants, meeting rooms and a host of other
entertainment amenities. Following receipt of approvals, construction of
the casino is not expected to begin for three to five years, allowing
additional time for the surrounding area to be built out.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Such
statements contain words such as "will," "expect," "believe," or the
negative thereof or comparable terminology, and may include (without
limitation) information regarding Boyd Gaming's expectations, goals or
intentions regarding the future, including but not limited to statements
regarding the formation of the new joint venture, the proposed development
of a casino, resort and spa and the masterplanned community.
Forward-looking statements also include statements regarding Boyd Gaming's
expectations for its existing development site at Centennial and Lamb, the
expected amenities and features of the new Park Highlands development and
the casino, the anticipated cost of the development and timing of
construction, the expansion of Boyd Gaming's locals franchise and long-term
growth pipeline, that the area of the development is one of the
fastest-growing areas in the Las Vegas Valley, and the expectations for the
development, including that it will become a hub of Park Highlands, that it
will provide a wealth of entertainment options and will have minimal impact
on nearby residential areas. Forward-looking statements involve certain
risks and uncertainties, and actual results may differ materially from
those discussed in any such statement. In particular, Boyd Gaming can
provide no assurances that the approvals for the masterplanned development,
the proposed casino, and resort and spa will be obtained, that the costs of
the development or timing for construction will not change, or that if the
approvals are obtained and the developments are built, the new master
planned development and the casino, resort and spa will include all of the
anticipated amenities or features or achieve market acceptance. Risks that
could affect forward- looking statements also include the risk of actual or
potential litigation, competition, increased costs (including marketing
costs), changes in laws and regulations, weather, economic, credit and
capital market conditions and the effects of war, terrorist or similar
activity. Additional factors that could cause actual results to differ are
discussed under the heading "Risk Factors" and in other sections of Boyd
Gaming's Form 10-K for the fiscal year ended December 31, 2007 on file with
the Securities and Exchange Commission, and in its other current and
periodic reports filed from time to time with the Commission. All
forward-looking statements in this document are made as of the date hereof,
based on information available to Boyd Gaming as of the date hereof, and
Boyd Gaming assumes no obligation to update any forward-looking statement.
About Boyd Gaming
Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a
leading diversified owner and operator of 16 gaming entertainment
properties located in Nevada, New Jersey, Mississippi, Illinois, Indiana
and Louisiana. The Company is also developing Echelon, a world-class
destination resort on the Las Vegas Strip, expected to open in the third
quarter 2010. Boyd Gaming press releases are available at
http://www.prnewswire.com. Additional news and information on Boyd Gaming
can be found at http://www.boydgaming.com .
About Olympia Gaming
Olympia Gaming is the gaming development division of the Olympia Group
of companies, a multifaceted organization whose subsidiaries and related
entities include the successful 2,750-acre Southern Highlands
master-planned community in Las Vegas, as well as some of the most
desirable and high-profile real estate and mixed-use projects throughout
the state of Nevada. The formation of a gaming arm reflects the natural
evolution of the company that opened the successful Casino Fandango in
Carson City, Nevada in 2003. Olympia Gaming is in the planning stages of
several large-scale developments including Legends Bay Casino-Resort-Spa, a
mixed-use destination resort in Sparks, Nevada and Southern Highlands
Casino, a mixed use casino and destination retail lifestyle center located
on 100 acres in Las Vegas' emerging South Strip entertainment corridor. In
addition, it holds several other fully entitled gaming sites in the Las
Vegas Valley. Olympia Gaming's extensive development expertise positions
the Olympia Group as one of the few multi-faceted development corporations
capable of overseeing all aspects of a mixed-use real estate and
master-planned gaming project. For more information on Olympia Gaming visit
http://www.olympiagaming.com. For more information about Park Highlands
visit http://www.parkhighlands.com .
SOURCE Boyd Gaming Corporation
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Related links:
http://www.boydgaming.com
http://www.olympiagaming.com http://www.parkhighlands.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20030219/BOYDLOGO
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CONTACT:
Rob Stillwell, Vice President, Corporate
Communications of Boyd Gaming Corporation, +1-702-792-7353,
robstillwell@boydgaming.com; or Kurt Ouchida of The Olympia Group
and Olympia Gaming, +1-702-300-5756, kurt@braintrustlv.com
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