Genting Bhd. (GENT), Southeast Asia’s biggest casino operator, would purchase and finish Boyd Gaming Corp. (NYSE:BYD)’s incomplete Echelon resort in Las Vegas, an indication of renewed sureness in the city’s economy.
Genting would give $350 million in cash for the 87-acre site, once home to the Stardust, Las Vegas-located Boyd (BYD) reported on Monday in a note.
Boyd took an impairment cost of almost $994 million in the last quarter 2012, hiking its revised loss above ninefold from a year ago same quarter.
The project would be rebranded Resorts World Las Vegas, with the launching of phase one slated for 2015, Kuala Lumpur-located Genting reported separately.
Boyd Gaming Corporation (NYSE:BYD) shares are up +7.43% to $6.94 while the stock is traded within the range of $6.42 – $7.18 in the current trading session. In the last 12 months the shares have traded between $4.75 and $8.52. The current session’s volume of 448,414.00 shares is lower than their average daily trading volume of 2.49 million shares.
Transocean Ltd (NYSE:RIG), the world’s biggest offshore drilling contractor, reported that its board recommended restarting dividend payments, over a month following activist investor Carl Icahn forced for a payout.
The board has authorized that shareholders accept $2.24 per share dividend at the annual general event on May 17. The overall payout would be almost $800 million, the firm added. It proposes to pay the dividend on a quarterly basis beginning from June.
Following paying a dividend in 2011, its first in nine years, Transocean (RIG) previous year stopped payouts that totaled $3.16 per share yearly, to reserve a robust balance sheet and investment-grade rating on its debt.
The firm has faced headwinds with swelling costs over the previous few years as it required getting its ageing fleet into shape under harsher regulations that pursued BP’s 2010 Macondo oil spill, which ruined a Transocean rig and killed 11 people.
At the current trading session, Transocean LTD (NYSE:RIG) shares gained +2.76% to $53.64 while The Stock traded within the range of $53.50 – $54.36. In the past year, the stock has traded within a range of $39.32 – $59.50. The current session’s volume of 891,529.00 shares is down from the average daily trading volume of 3.44 million shares.
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