Boyd Gaming
Encyclopedia
Boyd Gaming Corporation is a Paradise
, Nevada
based business engaged in the development, ownership and operation of hotel
s and casino
s throughout the United States
. The company continues to be run by founder Sam Boyd's
family under the management of Sam's son, Bill Boyd (born 1931), who currently serves as the company's executive chairman after retiring as CEO in January 2008.
As of 31 December 2009, the 15 wholly owned properties had 7,550 hotel rooms, 812500 square feet (75,483.7 m²) of casino space with 21,400 slot machines and 425 table games. Gaming revenue is 75% of total gross revenue.
In addition the corporation has a 50% share in the Borgata
, Atlantic City's newest and top-grossing casino resort.
.
Sam Boyd first partnered with his son Bill in 1962, when the two teamed up to acquire the Eldorado Casino
in Henderson, Nevada. Bill, who was then a practicing attorney, acquired his first stake in the Eldorado by doing its legal work. Sam would go on to manage the Eldorado full-time after the Mint was sold in 1968.
Although the Boyd family had been involved in the Las Vegas casino industry for decades, Boyd Gaming Corporation wasn't founded until January 1, 1975, when the company was formed to develop and operate the California Hotel and Casino
in downton Las Vegas. Then known as the Boyd Group, the company initially had 75 investors.
Boyd Gaming embarked on its first expansion in 1979, when it opened Sam's Town Hotel and Gambling Hall
on Boulder Highway at Nellis Boulevard. Considered one of the first "locals" properties in Las Vegas, Sam's Town helped inaugurate the later development of Las Vegas' "Boulder Strip."
During these first two decades in operation, Sam and Bill Boyd developed a reputation for running a squeaky-clean operation. As a result, Nevada regulators turned to the Boyds for help following an investigation of skimming operations at the Stardust and Fremont casinos in the mid-1980s. The properties were notorious at the time for their extensive skimming operations; according to the FBI, anywhere from $7 million to $15 million in funds from the Stardust were diverted to organized crime figures between 1974 and 1976 alone.
In 1984, after leveling a $3 million fine against the Stardust for skimming
, the Nevada Gaming Commission asked to Boyds to run the property's gaming operations. When the Stardust was taken over by the reputable Boyd family, they were surprised by its huge profits, now that every penny of income was being recorded. Ex-FBI agent William F. Roemer Jr., longtime senior agent of the FBI's organized-crime squad in Chicago and an expert in Las Vegas doings, said, "The amount of skim had been so heavy that the profit and loss statement did not present a true picture of the gold mine that the Stardust was." After several years of successful operations, Boyd Gaming officially acquired the Stardust and Fremont in 1985.
Company founder Sam Boyd died on January 15, 1993, at the age of 82, and was succeeded as Chief Executive Officer by Bill Boyd. In July of the same year, Boyd Gaming held its initial public offering of stock, debuting on the New York Stock Exchange
under ticker symbol "BYD."
Funds from the IPO supplied Boyd Gaming with a source of capital for expansion, and the company embarked on a period of aggressive growth. The company acquired the Eldorado and Jokers Wild (which had previously been owned directly by the Boyd family) in 1993; later that year, Boyd Gaming acquired Main Street Station Hotel and Casino and Brewery
.
The company's first expansion outside of Nevada came in 1994, when Boyd Gaming opened Sam's Town in Tunica, Miss. Later expansions included:
Boyd Gaming's most ambitious expansion project came in 2003, when the company opened the $1.1 billion Borgata Hotel Casino in Atlantic City, N.J. A joint venture with MGM Resorts International, Borgata was the first new casino property to open in Atlantic City in 13 years, and quickly emerged as the market's leading property by gaming revenue. Borgata is by far Boyd Gaming's largest property, and currently supplies more than a third of the company's overall profits.
Less than a year after Borgata opened, Boyd Gaming announced plans to acquire Coast Casinos, Inc., one of the largest operators of locals casinos in the Las Vegas market. Completed on July 1, 2004, the $1.3 billion acquisition gave Boyd Gaming four additional Las Vegas properties—Suncoast, Gold Coast, the Orleans and Barbary Coast.
The Coast acquisition also included the yet-to-be completed South Coast, located five miles (8 km) south of the Strip on Las Vegas Boulevard. Boyd Gaming completed the project and opened its doors on December 22, 2005. Boyd Gaming operated the property for less than a year before selling it to former Coast CEO Michael Gaughan in 2006. (The property was rebranded to its current name, South Point, following the sale to Gaughan.)
In 2006, Boyd Gaming turned its focus to what would have been the largest project in its history: Echelon, a $4.8 billion resort complex at the site of the Stardust. In preparation for the project, Boyd Gaming swapped the Barbary Coast to Harrah's Entertainment in exchange for 24 acres near the Stardust, giving the company an 87-acre parcel on the north end of the Strip. The famed Stardust was closed on November 1, 2006, and imploded the night of March 13, 2007.
Construction on Echelon began on June 19, 2007, but was suspended a little over one year later, on August 1, 2008. At the time, Boyd Gaming officials cited "the difficult environment in today's capital markets, as well as weak economic conditions," and estimated construction would resume in three to four quarters. As the global recession deepened, the suspension continued; in October 2009, the company said it would likely be three to five years before development resumed.
Downtown Las Vegas
Paradise, Nevada
Paradise is an unincorporated town in the Las Vegas metropolitan area in Clark County, Nevada, United States. The population was 223,167 at the 2010 census...
, Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
based business engaged in the development, ownership and operation of hotel
Hotel
A hotel is an establishment that provides paid lodging on a short-term basis. The provision of basic accommodation, in times past, consisting only of a room with a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with modern facilities, including en-suite bathrooms...
s and casino
Casino
In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...
s throughout the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. The company continues to be run by founder Sam Boyd's
Sam Boyd
Samuel A. "Sam" Boyd , was a businessman.Born in Enid, Oklahoma, he arrived in Las Vegas, Nevada in 1941 with only $80 in his pocket. He was able to work his way up through the gaming industry by first working as a dealer, then as a pit boss, and as a shift supervisor.Eventually he saved enough...
family under the management of Sam's son, Bill Boyd (born 1931), who currently serves as the company's executive chairman after retiring as CEO in January 2008.
As of 31 December 2009, the 15 wholly owned properties had 7,550 hotel rooms, 812500 square feet (75,483.7 m²) of casino space with 21,400 slot machines and 425 table games. Gaming revenue is 75% of total gross revenue.
In addition the corporation has a 50% share in the Borgata
Borgata
The Borgata Hotel Casino and Spa is a luxury hotel, casino, and spa in Atlantic City, New Jersey, United States. It is owned by Marina District Development, a joint venture between Boyd Gaming and a divesture trust established by MGM Resorts International...
, Atlantic City's newest and top-grossing casino resort.
History
Boyd Gaming's history dates to 1941, when founder Sam Boyd first arrived in Las Vegas with his family. After being hired as a dealer, Sam Boyd worked his way up through the ranks of the Las Vegas casino industry, first to pit boss, then shift boss. He eventually saved enough to buy a small interest in the Sahara Hotel and Casino; later, Sam Boyd left the Sahara to become general manager and partner of The Mint Las VegasThe Mint Las Vegas
The Mint Las Vegas was a hotel and casino in downtown Las Vegas, Nevada. Opened in 1957, a 26-story hotel tower was added in 1965. In 1988, The Mint was sold and became part of Binion's Horseshoe....
.
Sam Boyd first partnered with his son Bill in 1962, when the two teamed up to acquire the Eldorado Casino
Eldorado Casino
The Eldorado Casino is a casino located in Henderson, Nevada. It is owned by Boyd Gaming Corporation.- History :Purchased by Sam Boyd and Bill Boyd in 1962, it was the base for what later became the Boyd Group and then the Boyd Gaming Corporation....
in Henderson, Nevada. Bill, who was then a practicing attorney, acquired his first stake in the Eldorado by doing its legal work. Sam would go on to manage the Eldorado full-time after the Mint was sold in 1968.
Although the Boyd family had been involved in the Las Vegas casino industry for decades, Boyd Gaming Corporation wasn't founded until January 1, 1975, when the company was formed to develop and operate the California Hotel and Casino
California Hotel and Casino
The California Hotel and Casino, also known as The Cal opened in 1975 at a cost of $10 million with a hotel and casino located in Downtown Las Vegas, Nevada near the Fremont Street Experience. When it opened it had 325 rooms which has since been expanded to 781.The California has been owned by...
in downton Las Vegas. Then known as the Boyd Group, the company initially had 75 investors.
Boyd Gaming embarked on its first expansion in 1979, when it opened Sam's Town Hotel and Gambling Hall
Sam's Town Hotel and Gambling Hall, Las Vegas
Sam's Town Hotel and Gambling Hall is a hotel and casino located in Sunrise Manor, Nevada on the Boulder Strip. It is one of the casinos owned and operated by Boyd Gaming Corporation...
on Boulder Highway at Nellis Boulevard. Considered one of the first "locals" properties in Las Vegas, Sam's Town helped inaugurate the later development of Las Vegas' "Boulder Strip."
During these first two decades in operation, Sam and Bill Boyd developed a reputation for running a squeaky-clean operation. As a result, Nevada regulators turned to the Boyds for help following an investigation of skimming operations at the Stardust and Fremont casinos in the mid-1980s. The properties were notorious at the time for their extensive skimming operations; according to the FBI, anywhere from $7 million to $15 million in funds from the Stardust were diverted to organized crime figures between 1974 and 1976 alone.
In 1984, after leveling a $3 million fine against the Stardust for skimming
Tax avoidance and tax evasion
Tax noncompliance describes a range of activities that are unfavorable to a state's tax system. These include tax avoidance, which refers to reducing taxes by legal means, and tax evasion which refers to the criminal non-payment of tax liabilities....
, the Nevada Gaming Commission asked to Boyds to run the property's gaming operations. When the Stardust was taken over by the reputable Boyd family, they were surprised by its huge profits, now that every penny of income was being recorded. Ex-FBI agent William F. Roemer Jr., longtime senior agent of the FBI's organized-crime squad in Chicago and an expert in Las Vegas doings, said, "The amount of skim had been so heavy that the profit and loss statement did not present a true picture of the gold mine that the Stardust was." After several years of successful operations, Boyd Gaming officially acquired the Stardust and Fremont in 1985.
Company founder Sam Boyd died on January 15, 1993, at the age of 82, and was succeeded as Chief Executive Officer by Bill Boyd. In July of the same year, Boyd Gaming held its initial public offering of stock, debuting on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
under ticker symbol "BYD."
Funds from the IPO supplied Boyd Gaming with a source of capital for expansion, and the company embarked on a period of aggressive growth. The company acquired the Eldorado and Jokers Wild (which had previously been owned directly by the Boyd family) in 1993; later that year, Boyd Gaming acquired Main Street Station Hotel and Casino and Brewery
Main Street Station Hotel and Casino and Brewery
The Main Street Station Hotel and Casino and Brewery is a hotel and casino located in Downtown Las Vegas, Nevada. It is owned by Boyd Gaming Corporation...
.
The company's first expansion outside of Nevada came in 1994, when Boyd Gaming opened Sam's Town in Tunica, Miss. Later expansions included:
- Silver Star Hotel and Casino, owned by the Mississippi Band of Choctaw Indians (opened in 1994; management contract expired in 2000);
- Treasure Chest Casino in Kenner, Louisiana (Boyd owned 15% of the property at its 1994 opening, before acquiring Treasure Chest outright in 1997);
- Sam's Town Kansas City (opened 1995, closed 1998);
- Par-A-Dice Hotel and CasinoPar-A-Dice Hotel and CasinoPar-A-Dice Hotel and Casino is a casino located on the Illinois River off Illinois Route 116/U.S. Route 150 in East Peoria, Illinois, United States.The Par-A-Dice opened in 1991 in Peoria, Illinois, and moved across the river to East Peoria in 1993...
in East Peoria, Ill. (acquired in 1996); - Blue Chip Casino, Hotel and SpaBlue Chip Casino, Hotel and SpaBlue Chip Casino, Hotel and Spa is a casino, hotel and spa located in Michigan City, Indiana.The riverboat casino received a $163m renovation in 2005....
in Michigan City, Ind. (acquired in 1999); - Delta Downs Racetrack Casino & HotelDelta DownsDelta Downs Racetrack, Casino and Hotel is an American thoroughbred and quarter horse racetrack in Calcasieu Parish, near Vinton, Louisiana in the southwest portion of the state. The facility is owned by Boyd Gaming.-History:...
, Vinton, LouisianaVinton, LouisianaVinton is a town in Calcasieu Parish, Louisiana, United States. The population was 3,338 at the 2000 census. It is part of the Lake Charles Metropolitan Statistical Area.-History of Vinton:...
(acquired in 2001); - Sam's Town Shreveport (formerly Harrah's Shreveport; acquired from Harrah's EntertainmentHarrah's EntertainmentCaesars Entertainment Corporation is a private gaming corporation that owns and operates over 50 casinos, hotels, and seven golf courses under several brands. The company, based in Paradise, Nevada, is the largest gaming company in the world, with yearly revenues $8.9 billion...
in 2004).
Boyd Gaming's most ambitious expansion project came in 2003, when the company opened the $1.1 billion Borgata Hotel Casino in Atlantic City, N.J. A joint venture with MGM Resorts International, Borgata was the first new casino property to open in Atlantic City in 13 years, and quickly emerged as the market's leading property by gaming revenue. Borgata is by far Boyd Gaming's largest property, and currently supplies more than a third of the company's overall profits.
Less than a year after Borgata opened, Boyd Gaming announced plans to acquire Coast Casinos, Inc., one of the largest operators of locals casinos in the Las Vegas market. Completed on July 1, 2004, the $1.3 billion acquisition gave Boyd Gaming four additional Las Vegas properties—Suncoast, Gold Coast, the Orleans and Barbary Coast.
The Coast acquisition also included the yet-to-be completed South Coast, located five miles (8 km) south of the Strip on Las Vegas Boulevard. Boyd Gaming completed the project and opened its doors on December 22, 2005. Boyd Gaming operated the property for less than a year before selling it to former Coast CEO Michael Gaughan in 2006. (The property was rebranded to its current name, South Point, following the sale to Gaughan.)
In 2006, Boyd Gaming turned its focus to what would have been the largest project in its history: Echelon, a $4.8 billion resort complex at the site of the Stardust. In preparation for the project, Boyd Gaming swapped the Barbary Coast to Harrah's Entertainment in exchange for 24 acres near the Stardust, giving the company an 87-acre parcel on the north end of the Strip. The famed Stardust was closed on November 1, 2006, and imploded the night of March 13, 2007.
Construction on Echelon began on June 19, 2007, but was suspended a little over one year later, on August 1, 2008. At the time, Boyd Gaming officials cited "the difficult environment in today's capital markets, as well as weak economic conditions," and estimated construction would resume in three to four quarters. As the global recession deepened, the suspension continued; in October 2009, the company said it would likely be three to five years before development resumed.
Downtown Las VegasDowntown Las VegasDowntown Las Vegas is the central business district of Las Vegas, Nevada. It is the original gambling district of Las Vegas, prior to the Strip, and the area still incorporates downtown gaming.-Tourism:...
casinos
- California Hotel and CasinoCalifornia Hotel and CasinoThe California Hotel and Casino, also known as The Cal opened in 1975 at a cost of $10 million with a hotel and casino located in Downtown Las Vegas, Nevada near the Fremont Street Experience. When it opened it had 325 rooms which has since been expanded to 781.The California has been owned by...
- Fremont Hotel and CasinoFremont Hotel and CasinoThe Fremont Hotel & Casino is located in downtown Las Vegas, Nevada, on the Fremont Street Experience. The casino is operated by the Boyd Gaming Corporation.-History:...
- Main Street StationMain Street Station Hotel and Casino and BreweryThe Main Street Station Hotel and Casino and Brewery is a hotel and casino located in Downtown Las Vegas, Nevada. It is owned by Boyd Gaming Corporation...
Other Las Vegas area casinos
- Echelon PlaceEchelon PlaceEchelon Place is a partially built hotel, casino, shopping, and convention complex on the Las Vegas Strip, owned by Boyd Gaming Corporation. Construction of the project has been suspended since August 1, 2008....
(construction on hold) - Eldorado CasinoEldorado CasinoThe Eldorado Casino is a casino located in Henderson, Nevada. It is owned by Boyd Gaming Corporation.- History :Purchased by Sam Boyd and Bill Boyd in 1962, it was the base for what later became the Boyd Group and then the Boyd Gaming Corporation....
- Gold CoastGold Coast Hotel and CasinoThe Gold Coast Hotel & Casino is a hotel and casino located in Las Vegas, Nevada. This locals' casino is owned and operated by Boyd Gaming Corporation. The Gold Coast is located one mile west of the Las Vegas Strip on West Flamingo Road. It is located across the street from the Palms Casino...
- Jokers Wild CasinoJokers Wild CasinoThe Jokers Wild Casino is a locals casino located in Henderson, Nevada. It is one of the casinos owned by Boyd Gaming Corporation.It originally opened in 1990 as the Cattle Baron Casino, and closed in 1993. It was reopened on April 1st, 1993 as the Jokers Wild Casino.-External links:*...
- Orleans Hotel and CasinoOrleans Hotel and CasinoThe Orleans Hotel and Casino is a hotel with 1,885 rooms and a casino in Las Vegas, Nevada. Owned by Boyd Gaming Corporation, it includes the large multipurpose Orleans Arena that can be converted into an ice rink...
and Orleans ArenaOrleans ArenaThe Orleans Arena is a 9,500 seat multi-purpose arena in Las Vegas, Nevada. It is home to the Las Vegas Wranglers ice hockey team, Las Vegas Sin lingerie football team and was the home of the Las Vegas Gladiators arena football team in 2007, and is also an occasional home for the UNLV Rebels... - Sam's Town Hotel and Gambling Hall, Las VegasSam's Town Hotel and Gambling Hall, Las VegasSam's Town Hotel and Gambling Hall is a hotel and casino located in Sunrise Manor, Nevada on the Boulder Strip. It is one of the casinos owned and operated by Boyd Gaming Corporation...
- Suncoast Hotel and CasinoSuncoast Hotel and CasinoThe Suncoast Hotel and Casino is a locals casino and hotel in Las Vegas, Nevada, owned by Boyd Gaming Corporation. The hotel, located on a site, contains 432 rooms and has an casino as well as a Century group movie theatre, bowling alley, and conference room/meeting space.The Suncoast is...
Casinos in other states
- BorgataBorgataThe Borgata Hotel Casino and Spa is a luxury hotel, casino, and spa in Atlantic City, New Jersey, United States. It is owned by Marina District Development, a joint venture between Boyd Gaming and a divesture trust established by MGM Resorts International...
, Atlantic City New Jersey (50% ownership through Marina District DevelopmentMarina District DevelopmentThe Marina District Development Company, LLC is a joint venture of Boyd Gaming Corporation and a divestiture trust for MGM Resorts International that was established to develop and operate The Borgata Hotel, Casino & Spa in Atlantic City, New Jersey...
) - Blue Chip Casino, Hotel and SpaBlue Chip Casino, Hotel and SpaBlue Chip Casino, Hotel and Spa is a casino, hotel and spa located in Michigan City, Indiana.The riverboat casino received a $163m renovation in 2005....
, Michigan City, IndianaMichigan City, IndianaMichigan City's origins date to 1830, when the land for the city was first purchased by Isaac C. Elston. Elston Middle School, formerly Elston High School, located at 317 Detroit St., is named after the founder.... - Delta Downs Racetrack Casino & HotelDelta DownsDelta Downs Racetrack, Casino and Hotel is an American thoroughbred and quarter horse racetrack in Calcasieu Parish, near Vinton, Louisiana in the southwest portion of the state. The facility is owned by Boyd Gaming.-History:...
, Vinton, LouisianaVinton, LouisianaVinton is a town in Calcasieu Parish, Louisiana, United States. The population was 3,338 at the 2000 census. It is part of the Lake Charles Metropolitan Statistical Area.-History of Vinton:... - IP Casino Resort & Spa, Biloxi, MississippiBiloxi, MississippiBiloxi is a city in Harrison County, Mississippi, in the United States. The 2010 census recorded the population as 44,054. Along with Gulfport, Biloxi is a county seat of Harrison County....
- Par-A-Dice Hotel and Casino, East Peoria, IllinoisEast Peoria, IllinoisEast Peoria is a city in Tazewell County, Illinois, United States. The population was 23,402 at the 2010 census. East Peoria is part of the Peoria, Illinois Metropolitan Statistical Area, located across the Illinois River from downtown Peoria. It is home to many Caterpillar Inc. facilities...
- Sam's Town Hotel and Gambling HallSam's Town Hotel and Gambling Hall, ShreveportSam's Town Hotel and Gambling Hall, Shreveport is a casino and 23 story hotel located in Shreveport, Louisiana. It is owned and operated by Boyd Gaming Corporation.-History:...
, Shreveport, LouisianaShreveport, LouisianaShreveport is the third largest city in Louisiana. It is the principal city of the fourth largest metropolitan area in the state of Louisiana and is the 109th-largest city in the United States.... - Sam's Town Hotel and Gambling HallSam's Town Hotel and Gambling Hall, TunicaThe Tunica location of Sam's Town Hotel and Gambling Hall is located in Tunica Resorts, Mississippi. Officially known as a riverboat casino because the gaming area is situated on a building built on barges that float in a pool of water linked to the nearby Mississippi River as required by state...
, Tunica Resorts, MississippiTunica Resorts, MississippiTunica Resorts is an unincorporated community located in northern Tunica County, Mississippi, United States, north of the county seat of Tunica. The community was originally named Robinsonville, but the name was changed in 2003. Locals still refer to the town by this name. The community is situated... - Treasure Chest Casino, Kenner, LouisianaKenner, LouisianaKenner is a city in Jefferson Parish, Louisiana, United States, and a suburb of New Orleans. The population was 66,702 at the 2010 census....
Non-casino properties
- Dania Jai-Alai, Dania Beach, FloridaDania Beach, FloridaDania Beach is a city in Broward County, Florida, United States. As of the 2010 census, the city's population was 29,639. It is part of the South Florida metropolitan area, which was home to 5,564,635 people at the 2010 census. Dania Beach is the location of one of the largest jai alai frontons in...
(sale pending) - Vacations-Hawaii, Honolulu, HawaiiHonolulu, HawaiiHonolulu is the capital and the most populous city of the U.S. state of Hawaii. Honolulu is the southernmost major U.S. city. Although the name "Honolulu" refers to the urban area on the southeastern shore of the island of Oahu, the city and county government are consolidated as the City and...