The Impact of Boyd Gaming Acquiring Land from a Shuttered Vegas Casino on the Casino Industry

Boyd Gaming has acquired the land beneath its Eastside Cannery casino hotel in a deal valued at $45 million. The transaction closed last week, marking a significant shift for the Las Vegas casino landscape. This article explores the details of the acquisition, the history of the Eastside Cannery, and what this move could signify for the future of gambling in the region.

Image: Las Vegas Strip

A $45 Million Land Acquisition: Details of the Deal

According to reports from the Las Vegas Review-Journal, Boyd Gaming purchased approximately 30 acres of land from Cannery Casino Resorts for $45 million. This acquisition comes after years of paying millions annually for a land lease. The Eastside Cannery, located on Las Vegas’ Boulder Strip, has remained closed since the onset of the COVID-19 pandemic in 2020.

The history between Boyd Gaming and Cannery Casino Resorts dates back to December 2016 when Boyd Gaming acquired the operating rights to the Eastside Cannery and the Cannery Casino and Hotel in North Las Vegas for a substantial $230 million. However, the land ownership remained with Cannery Casino Resorts.

The Eastside Cannery: A Look Back

The Eastside Cannery first opened its doors in June 2008 on the Boulder Strip. This area is characterized as a less popular tourist destination, primarily frequented by locals. The casino hotel boasted a considerable gaming floor spanning 65,000 square feet, featuring over 2,000 slot machines and 29 table games. Additionally, it offered a poker room, keno, and a race and sports book, catering to a diverse range of gambling preferences.

Beyond gaming, the Eastside Cannery provided extensive amenities including an 18-story hotel tower with 307 rooms, over 20,000 square feet of meeting and ballroom space, a private club on the 16th floor, three restaurants, and a lounge. The hotel’s offerings aimed to create a comprehensive entertainment destination.

Pandemic Closure and Future Plans

Following Nevada Governor Steve Sisolak’s decision to allow casinos to reopen in June 2020 after the initial COVID-19 shutdown, Boyd Gaming reopened the Cannery. However, they opted not to reopen the Eastside Cannery. In a letter to Clark County officials last year, Boyd Gaming cited unfavorable market conditions as the reason for this decision. They highlighted the existing excess capacity at their neighboring Sam’s Town casino hotel and the significant re-hiring costs associated with reopening.

What Does This Acquisition Mean?

The acquisition of the land by Boyd Gaming raises several questions about the future of the Eastside Cannery site. While there are no official announcements regarding new developments, potential options include:

• Expansion of Sam’s Town: Boyd Gaming could integrate the land into their existing Sam’s Town property to increase gaming space, hotel rooms, and amenities.
• Residential Development: Given its location on the Boulder Strip, the land could be repurposed for residential housing, addressing the growing demand for housing in Las Vegas.
• Mixed-Use Development: A combination of residential, commercial, and entertainment spaces is also a possibility, creating a vibrant new neighborhood.

The strategic purchase by Boyd Gaming indicates a long-term vision for the land, suggesting that a significant development project is likely in the works.

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Conclusion

The acquisition of the Eastside Cannery land by Boyd Gaming represents a pivotal moment in Las Vegas’s casino industry. While the shuttered casino hotel won’t be reopening, the strategic purchase suggests significant future development is on the horizon. Whether it’s expansion of an existing property, residential housing, or a mixed-use project, this acquisition has far-reaching implications for the Boulder Strip and the broader Las Vegas metropolitan area. Keep an eye on 10BET for more updates on the evolving landscape of online and land-based gambling.