On Friday, Landry's filed an 8K, explaining that they will also acquire the Laughlin Golden Nugget, as its buyout fell through. No increase in the purchase price--rather, they will assume more debt.Item 8.01. Other Events. On May 31, 2005, Barrick Gaming Corporation ("Barrick") failed to close its transaction with Poster Financial Group ("Poster Financial") for the purchase of the Golden Nugget Hotel and Casino in Laughlin, Nevada. As a result, the agreement between Poster Financial and Barrick has been terminated and Landry's Restaurants, Inc. ("Landry's") will now be acquiring the Golden Nugget Hotel and Casino in Laughlin, Nevada as well as the Golden Nugget Hotel and Casino in Las Vegas, Nevada in connection with Landry's acquisition of Poster Financial. No additional purchase price will be paid by Landry's to the shareholders of Poster Financial to acquire the Laughlin property, however, the approximate $31 million in proceeds originally expected from the Barrick purchase will not be available to repay existing Poster Financial debt to be assumed by Landry's in accordance with the purchase agreement. Landry's expects that its acquisition of both the Las Vegas and Laughlin properties will close before the end of this year.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Rat