Boyd Gaming Corp. of Las Vegas today said its deal announced in May to sell its Dania Jai-Alai operation in Florida for $80 million has been called off.
Boyd said it received notice from the prospective buyer, Dania Entertainment LLC, a group of private investors, that the buyer was unable to close the sale within the deadline specified in the sales contract.
The buyer previously exercised its option to extend the closing of the purchase of the Dania Beach, Fla., property south of Fort Lauderdale to a date on or before today.
"Since the closing did not occur within that timeframe, Boyd Gaming is exercising its right pursuant to the terms of the agreement to terminate the transaction," Boyd said in a statement.
Boyd said it will continue to operate the property.
Dania is a pari-mutuel wagering jai-alai facility with some 47 acres of related land. It has live jai-alai, a poker room and simulcast wagering on Miami jai-alai events and thoroughbred, harness and dog racing.