Boyd Gaming Adds Veteran Investment Banker to Board

Boyd Gaming, an American gaming and hospitality company, has designated Michael Hartmeier as a member of its board. A former Barclays investment banker, the appointee will now become a part of the operator’s audit committee.

By adding Hartmeier to the board, Boyd has essentially expanded its board size from eight to nine members, six of whom are independent, as per the NYSE’s rules.

Hartmeier officially joined Boyd on June 4, bringing in some 25 years of experience in investment banking and gaming. During his time with Barclays, he served as group head of lodging, gaming and leisure, providing him with an understanding of the gaming sector.

Prior to that, Hartmeier worked for Lehman Brothers and Credit Suisse First Boston. He has also served as a member of the board of Full House Resorts, a regional casino operator.

In addition to his position as a Boyd Gaming board member, Hartmeier will continue to serve as a board member of REIT DiamondRock Hospitality Company, a self-advised real estate investment trust with a portfolio of premium hotels and resorts nationwide.

According to Boyd’s official announcement, Hartmeier has completed more than $125 billion in financing and advisory assignments, including work for numerous gaming companies. His experience and expertise made him a perfect fit for Boyd’s board.

Boyd Might Be Interested in Penn Entertainment

The appointment of Hartmeier comes ahead of a potential M&A deal with Penn Entertainment. Experts believe that Boyd might be interested in acquiring the aforementioned company in order to scale up its business and land-based portfolio.

These rumors come amid disgruntlement among Penn’s investors which accused the company of failed investments and “destruction of shareholder value.” As a result, the majority of shareholders struck down CEO Snowden’s recently proposed compensation package.

In more positive news, Boyd Gaming announced that it had handed $33 million in jackpots across the Las Vegas Valley in May alone. The biggest jackpot for the month stood at $114,000 and was won by a guest from Hawaii who was playing the Bonus Spin Blackjack Progressive at Fremont Hotel & Casino.

On May 11 another guest from Hawaii won $59,000 playing Dragon Cash at The Orleans.