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Boyd withdraws bid for Station Casino assets
Friday, July 30, 2010 at 9:10:17 PM
Casino operator Boyd Gaming Corp has given up on efforts to acquire assets held by bankrupt Station Casinos Inc, citing bidding procedures that favor Station insiders.
The move clears the way for a $772 million bid led by Station's founding Fertitta family to acquire most of the assets.
"Unfortunately, given bidding procedures that favor Station insiders, and our current view of the limited potential value of the operating and development assets, we have concluded this opportunity no longer makes sense for our company," Boyd Chief Executive Officer Keith Smith said in a statement.
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