Hehe, Boyd is ON THE PROWL for Station!

Please excuse me while I LMAO some more at the Fertitta empire as it comes closer to being gobbled up by someone else.

Boyd Gaming Corp. of Las Vegas today made another offer to buy Station Casinos Inc. -- this one for $2.45 billion for the company with 18 casinos and hotel-casinos in Southern Nevada.

With Station carrying $6.8 billion in debt and other liabilities and operating in Chapter 11 bankruptcy, acceptance of the $2.45 billion offer likely would cause creditors and investors to take billions of dollars in losses. [...]

Boyd, one of just a few gaming companies considered to be in sound financial shape and capable of buying Station without over-leveraging itself, has been persistent in pursuit of Station.

Boyd is on the prowl and ready for the kill!

"Combining Station with our current portfolio is consistent with our strategy of growing our presence in the Las Vegas locals market. The transaction contemplated by this proposal will allow us to leverage our 35 years of operating experience in the Las Vegas market to maximize the full potential of Station’s assets. Given this compelling strategic fit, and Boyd Gaming’s position as a licensed operator with strong financial capabilities, we continue to believe that the acquisition of the Station assets by Boyd Gaming is the optimal way forward for Station and will create the most value for Station’s creditors," Boyd said in a letter to Station.

"Importantly, Boyd Gaming is in the best position to execute a smooth transition of ownership and operate the Station properties efficiently from day one. We believe our proposal is in the best interests of Station’s employees, vendors, customers, and the Las Vegas community as it will help to strengthen the local economy and preserve thousands of jobs," the Boyd letter said. "We believe our offer price represents fair value to Station’s stakeholders and takes into account current market conditions, our deep knowledge of the gaming industry and Station’s publicly disclosed financial performance."

"Our proposal to acquire both the 'OpCo Assets’ and the 'PropCo Assets’ reflects the belief that there is more value in keeping these assets together rather than separating them. We believe that combining Station’s assets with Boyd Gaming will result in the greatest number of benefits for stakeholders," the letter [from Boyd Gaming] said.

Well, what else can I say? As I've said before, Station Casinos had it coming. So not only are the creditors furious, and not only is Culinary 226 ready for all out warfare against Station execs, but Boyd is now back in the game and ready to snatch them at a fire sale price in bankruptcy court.

Still, I must admit I'm conflicted about this possible Boyd acquisition of Station. On one hand, Station has been piling up reckless amounts of debt for years while continuing to treat their workers like crap. But on the other hand, I don't know if Boyd's really a better employer... And this deal will create a near-monopoly of Off-Strip casinos for Boyd. And as we've all seen with just two companies controlling so much of The Strip, it's dangerous to have so many casinos concentrated in so few hands.

So I guess we'll have to wait and see what happens next for Station. And if Boyd and/or some other "vultures" capture Station in bankruptcy court, the Fertittas only have themselves to blame for it.

Health Care: Reid Delivers on Antitrust Reforms

See, I told you so.

In a rare appearance as a witness at a Senate hearing, the majority leader, Harry Reid of Nevada, told the Judiciary Committee on Wednesday that it should repeal a 1945 law that granted the insurance industry limited exemption to national antitrust laws by allowing states to regulate insurers.

The law, the McCarran-Ferguson Act, is often cited by Mr. Reid and other critics of the health insurance industry as a reason why coverage can be so expensive for many people. They say the law allows insurers to monopolize markets and fix prices in ways that are usually illegal.

“Since 1945, the insurance industry has enjoyed exemption from federal antitrust laws because of the McCarran-Ferguson Act,” Mr. Reid said. “Pat McCarran, who was the senior senator from Nevada at the time, lent his name to this piece of legislation. Although we’re both Nevadans, I’m not sure what Pat McCarran had in mind when he pushed this bill. And if Pat were around today, he couldn’t be happy with the state of the insurance industry.”

“Providing an exemption for insurance companies to antitrust laws has been anticompetitive and damaging to the American economy,” Mr. Reid continued. “Health insurance premiums have continued to rise at a rapid rate, forcing businesses to cut back on health insurance coverage and forcing many families to choose between health insurance and basic necessities.”

He added: “Insurance companies have become so large they dominate entire regions of the country. They have become so powerful they block start-up businesses from entering the market, and they put smaller companies out of business. They have become so dominant that they dictate business practices. They are so influential that they exert tremendous influence over public policy.”

Harry Reid now looks ready to really go at the heart of the problem by taking out all the antitrust protections in McCarran-Ferguson that the HMOs use today as justification to price gouge consumers and trap us in overly expensive plans that do nothing. If he delivers, he'll deserve our kudos. And if he heeds Sen. Jay Rockefeller's advice in sticking with a good public option, Reid will be my hero. ;-)