Dania Entertainment Center, LLC entered into a definitive agreement to acquire assets of The Aragon Group, Inc. from Boyd Gaming Corp. (NYSE:BYD) and Summersport Enterprises, LLC for $65.5 million in cash on February 22, 2013. The purchase price is subject to certain adjustments based on the amount of cash held by Dania as of the closing. Upon execution of the purchase agreement, Dania Entertainment paid Boyd Gaming a non-refundable deposit of $4 million. As part of ... the agreement, Dania Entertainment has dismissed with prejudice its lawsuit filed in November 2011, following Boyd Gaming's termination of the initial sale agreement and the $7 million deposit previously paid by Dania Entertainment to Boyd Gaming will be applied to the purchase price. Dania Entertainment and Boyd Gaming have agreed to indemnify each other against losses incurred or sustained due to actions arising out of the agreement and the transactions contemplated thereby, subject to a capped amount. The deal is subject to customary closing condition. The deal is expected to complete on or before May 24, 2013. Boyd Gaming intends to use proceeds for general corporate purposes, including the repayment of debt.
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