Nothing but negotiation

The Gap Partnership

Boyd Gaming completes business negotiations with IP

The casino firm is spending $278 million on purchasing IP Casino.

16 June 2011

Negotiation training may have come in useful for Boyd Gaming Corporation after it completed the takeover of IP Casino Resort Spa in Biloxi, Mississippi.

The agreement is believed to be worth $278 million (£170.5 million), while the former company is going to invest a further $44 million in capital improvement projects.

An additional $10 million will be given to the Engelstad Family Foundation, which will then distribute the funding among local and regional charities in Biloxi over the next five years.

Keith Smith, president and chief executive officer of Boyd Gaming, said: "This acquisition is an excellent fit to our existing business and provides further geographic diversification by giving us a presence in a leading regional destination market."

He added the acquisition represents an "important step" in trying to strengthen the organisation - which is one of the premier casino entertainment companies in the US - and negotiation consultancy may have been vital in completing the deal.

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