Las Vegas’s Boyd Gaming has announced that they are set to acquire the Valley Forge Casino Resort for a price tag of $280 million.
Upon completion of the deal, the property will become Boyd Gaming’s first property in Pennsylvania. The deal is expected to be completed sometime between the middle to later part 2018.
Boyd Gaming’s acquisition of Valley Forge comes less than two months after Pennsylvania passed a wide ranging expansion of gambling that includes online gambling, additional brick and mortar operations as well as daily fantasy sports.
The company has already planted their feet in the regulated online gambling market, which operates the Borgata online casino and poker room in New Jersey. Pennsylvania is expected to become the 4th state to go live with online gambling by the middle of 2018.
Boyd Gaming chief executive Keith Smith said that Boyd has high hopes for the company’s entry into the country’s second largest casino market
“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.”
Valley Forge Casino shows large growth during 2017
The Valley Forge Casino Resort is located in the Upper Merion Township near King of Prussia. Currently owned by an ownership group that includes investor Ira Lubert, the casino features over 600 slot machines and 50 table games with a table game lineup that includes blackjack, craps, roulette and other games. An additional 250 slot machines are planned for 2018.
The casino opened in March of 2012 and offers guests nearly 500 hotel rooms. They were ranked 11th on the list of top PA casinos during the month of November with over $9.5 million in total gaming revenue with $3.3 million coming from table games, representing an increase of nearly 34%.