Boyd Gaming to acquire Valley Forge Casino Resort

20 December 2017

(PRESS RELEASE) -- Boyd Gaming Corporation today announced that it has entered into a definitive agreement with Valley Forge Convention Center Partners, L.P., to acquire Valley Forge Casino Resort in King of Prussia, Pennsylvania, for total cash consideration of $280.5 million.

Located 20 miles west of downtown Philadelphia, Valley Forge will be Boyd Gaming's first asset in Pennsylvania, the second-largest commercial gaming state in the nation.

The purchase price represents an implied multiple of seven times EBITDA, including expected cost synergies and incremental growth from the property's impending slot floor expansion and before any operational improvements. The Company expects the acquisition to be free cash flow positive and immediately accretive to earnings.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said, "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."

Valley Forge features a 40,000-square-foot casino with 600 slot machines, 50 table games and nearly 500 hotel rooms. The property also has eight restaurants and bars, and more than 100,000 square feet of meeting, convention and exhibit space. The property is located just two miles north of King of Prussia Mall, the largest mall in the U.S.

Following the passage of gaming expansion legislation in November, Valley Forge eliminated its customer admission fee and plans to expand its gaming capacity with the addition of 250 slot machines in early 2018, both of which are expected to drive increased customer traffic. Additionally, the legislation allows the property to offer online gaming within the state of Pennsylvania, as well as sports betting if permitted under federal law in the future.

Smith added, "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."

The Valley Forge transaction is expected to close in the third quarter of 2018, subject to customary closing conditions and the receipt of all required regulatory approvals. The transaction will be financed with incremental debt financing.

Related Links
Boyd Gaming Gaming Vendor Information
Valley Forge Casino Resort Details

Featured Vendors
Imagine This
Players Pal
Imagine This
Imagine This #1 Source for Player Gifts. Over $50 million in stock ready to ship! Let us serve you!
Players Pal
Revolutionize the way you connect with your casino players with the Players Pal mobile app
Dable Advisory & Consulting Services
Talisman Group Creators of EZ Baccarat
Dable Advisory & Consulting Services
Advisory & consulting services services for Indigenous entrepreneurs, businesses & organizations
Talisman Group Creators of EZ Baccarat
With over 800 tables in 150+ casinos, EZ Baccarat is the number one brand in baccarat.
TribalHub
Texas Slots & Gaming
TribalHub
25th Annual TribalNet Conference Sept 16-19, 2024 Westgate Las Vegas
Texas Slots & Gaming
Wholesale gaming reimagined. Texas Slots & Gaming is your sustainable gaming partner.
Regulatory Management Counselors, PC
Global Gaming Expo (G2E)
Regulatory Management Counselors, PC
Over 45 years of experience serving the legal and regulatory needs of casino industry clients
Global Gaming Expo (G2E)
The largest gathering of global, commercial and tribal gaming professionals in North America.
Rymax Marketing Services, Inc.
Casino Schedule Ease
Rymax Marketing Services, Inc.
Leader in creating award winning player & employee loyalty programs & events proven to increase ROI
Casino Schedule Ease
Full Featured & customizable for the complex scheduling needs of table games & other casino depts
Top One Tech Limited
Indian Gaming Association's Mid-Year Conference & Expo
Top One Tech Limited
Global Touch solution partner of choice, 10+ years OEM manufacturing, 100,000+ units application
Indian Gaming Association's Mid-Year Conference & Expo
The perfect combination of learning, networking & sharing ideas on today's hottest topics in gaming
AmericanChecked
Oklahoma Indian Gaming Association (OIGA) Conference
AmericanChecked
Background checks for the gaming industry with key & non-key packages & fingerprinting solutions
Oklahoma Indian Gaming Association (OIGA) Conference
The biggest little show in Indian gaming! Save the date: August 12-14, 2024 Oklahoma City
Slot Machines Unlimited
Casino City Press
Slot Machines Unlimited
Exporter of IGT, Williams, AVP, Trimline, Aristocrat, Konami, Bally, & parts over 20 yrs experience
Casino City Press
A leading publisher and distributor of casino and gaming business data and market research reports.
Betson Imperial Parts & Service
Sunkist Graphics, Inc.
Betson Imperial Parts & Service
Your one stop shop for all your gaming and OEM needs!
Sunkist Graphics, Inc.
Specializing in the creation of best-of-breed gaming graphics - slot glass, sign faces, and more
Shenzhen ZhengYuanTai Technology Co., Ltd.
Shenzhen ZhengYuanTai Technology Co., Ltd.
14 years experienced gaming display manufacturer: open frame, curved, and halo monitors


Your Guide to 14,960 Gaming Industry Suppliers