Boyd Gaming Corporation (NYSE: BYD) announced on Monday that its acquisition of Valley Forge Casino Resort in King of Prussia, Pennsylvania has been finalized, according?to the company’s official press release.
The?gaming and hospitality company’s first property in the Keystone State, Valley Forge is located some 20 miles northwest of central Philadelphia. The Las Vegas-based firm now owns and operates 25 gaming properties in eight states including Illinois, Nevada, Mississippi, Iowa, Louisiana, Indiana, Kansas and Pennsylvania.??
President and Chief Executive Officer for Boyd Gaming, Keith Smith said…
“Valley Forge represents a key expansion of our nationwide portfolio, giving us the opportunity to serve the vibrant Northeast region.?This is a moment of significant opportunity for Pennsylvania‘s gaming industry, and we look forward to exploring future growth initiatives at this property.? We will move forward quickly with the addition of 250 slot machines to the property’s casino floor, and closely examine the opportunity to offer both online gaming and sports wagering through our partnership with FanDuel Group.? We see attractive growth potential at Valley Forge, and are pleased to welcome the entire Valley Forge team to Boyd Gaming.”
Purchase announcement and approval:
The comapny’s plan to purchase the?Valley Forge Casino Resort?from former owner,?Valley Forge Convention Center Partners LP, which had operated the venue since March 2011,? was given the green light by the?Pennsylvania Gaming Control Board in April this year. The $280.5 million buy was?first announced in?December 2017.??The spring approval also included a $1.35 million change of control fee.
Smith added,?“We will move forward quickly with the addition of 250 slot machines to the property’s casino floor, and closely examine the opportunity to offer both online gaming and sports wagering through our partnership with FanDuel Group.?We see attractive growth potential at?Valley Forge, and are pleased to welcome the entire?Valley Forge?team to Boyd Gaming.”
Prior renovations:? ?
Prior to the December 2017 announcement,? Boyd Gaming’s newest property underwent millions of dollars in renovations including improving on existing amenities, changes to its restaurant offerings and diversifying its night-life scene.
The Pennsylvania-based facility is made up of 485 guest rooms and suites, a 24-hour fitness center and spa,?20,000 square foot area of pool, complete with sand, tiki bar and food and drink service, several restaurants and bars and 100,000 sq ft of meeting, convention and exhibition space. Its 40,000 sq ft casino offers 600 slots and 50 gaming tables?including Blackjack, Craps, Roulette, Pai Gow Poker and Baccarat.