Boyd Gaming, situated in the USA came out with an announcement stating that they have started preliminary negotiations for purchasing Valley Forge Casino Resort in King of Prussia, in Pennsylvania. The price they got is $280.5 million.
For the already mentioned price, they will have Valley Forge Casino Resort’s 500 hotel rooms, along with 8 restaurants and bars, 40.000 square feet casino with 600 slot machines and 50 table games at their disposal. Moreover, there are more than 100.00 square feet of meeting rooms, exhibit space added to the package not more than 20 miles away from Philadelphia.
Last month’s pass of gaming expansion legislation had Valley Forge terminating the admission fee and announcing another 250 slot machines added at the beginning of 2018.
Since the negotiations have just started, the whole deal is expected to be concluded by the end of next year.
This is to be considered as Boyd’s first purchase in Pennsylvania, along with the acquiring of the Ameristar Kansas City and Ameristar St. Charles in Missouri; Belterra Casino Resort in Indiana; and Belterra Park in Ohio from Pinnacle Entertainment for a total price of $575 million. This purchase has been announced previously this week.
Keith Smith, both President and CEO of Boyd Gaming, came out with an announcement on the purchase stating: "The acquisition of Valley Forge Casino Resort is another excellent opportunity to further grow and diversify our nationwide portfolio. With this acquisition, we will expand into the second-largest gaming state in the country, establishing a presence in a densely populated, high-traffic area just west of Philadelphia. And thanks to Pennsylvania's recent passage of gaming expansion legislation, there are new opportunities to drive incremental growth at Valley Forge through the expansion of the property's slot capacity and the introduction of new forms of gaming.
"With the successful completion of our acquisitions of Valley Forge and the Pinnacle assets, Boyd Gaming will gain direct access to four of the nation's largest gaming markets – Philadelphia, St. Louis, Kansas City, and Cincinnati – with a combined population of nearly 10 million adults.
“We will expand our nationwide presence, operating 29 properties across 10 states. We believe this expansion will help drive additional growth throughout our nationwide portfolio, as we market our destination properties to these new customers in the Midwest and Northeast."
Furthermore, Eric Pearson, the CEO of Valley Forge Casino Resort made a statement in an earlier interview on the matter where he stated that “the ability to allow guests "in the same way as all of the other Pennsylvania casinos is a major service improvement." And also that “the legislation means Valley Forge Casino can add more slot machines and table games and will consider the addition of a poker room.”