Boyd Gaming Acquires Valley Forge

Boyd Gaming Corporation today announced a final agreement with L.P. Valley Forge Convention Center Partners to acquire Valley Forge Casino Resort in King of Prussia, Pennsylvania, for a total 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 game state in the U.S.

The purchase price represents an implied multiple of seven times EBITDA, including expected cost synergies and gradual growth prior to the property's impending slot floor expansion and operational improvement. The company expects the acquisition to deliver positive and immediate revenue growth for free cash flow.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said, "The acquisition of the Valley Forge Casino Resort represents another great opportunity to further grow and diversify our nationwide portfolio. With this acquisition, we will expand into the second largest gaming state in the United States, building our presence in densely populated and heavily transported areas just west of Philadelphia. And thanks to the recent passage of Pennsylvania's Gaming Expansion Act, we have new opportunities to drive progressive growth in 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 features eight restaurants and bars, more than 100,000 square feet of conference, convention, and exhibition space. The property is located two miles north of the King of Prussia Mall, the largest shopping mall in the United States.

Valley Forge plans to eliminate customer admission fees and expand gaming capacity by adding 250 slot machines in early 2018 after the game expansion bill was passed in November. The bill also allows online gaming within Pennsylvania, as well as sports betting, if allowed under future federal law.

Smith added, "With the successful acquisition of Valley Posey and Pinnacle Assets, Boyd Gaming has direct access to four of the largest gaming markets in the United States, with nearly 10 million adult populations, including Philadelphia, St. Louis, Kansas City, and Cincinnati. We will be expanding our presence nationwide, operating 29 properties across 10 states. We believe this expansion will help drive further growth across our national portfolio, as we market destination properties to these new clients in the Midwest and Northeast." 안전한 파워볼사이트