Boyd Gaming Corp. (BYD) announced it has entered into a definitive agreement to sell the assets of Dania Jai-Alai in Dania Beach, Fla., to Dania Entertainment Center, LLC, for $65.5 million in cash.
As part of the agreement, Dania Entertainment has dismissed with prejudice its lawsuit filed in November 2011, following Boyd Gaming's termination of the initial sale agreement. The $7 million deposit previously paid by Dania Entertainment will be applied to the purchase price. Upon execution of the purchase agreement, Dania Entertainment paid Boyd Gaming a non-refundable deposit of $4 million. The full amount of the deposit will be applied to the purchase price upon closing of the transaction.
Boyd Gaming intends to use proceeds for general corporate purposes, including the repayment of debt.
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