Ahead of massive changes to Pennsylvania’s gambling market – including the introduction of online gambling – Boyd Gaming announced last week that it would be purchasing Pennsylvania’s Valley Forge Casino Resort in King of Prussia. The Las Vegas based Boyd Gaming will pay $280.5 million for the property and will be its first entry into Pennsylvania.
In a press release, Boyd president and chief executive Keith Smith 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.”
About the Valley Forge Resort:
- Currently run by an ownership group which is led by the investor Ira Lubert.
- Located two miles from the King of Prussia mall.
- Comprises a 40,000-square foot casino.
- Casino floor includes 600 slot machines and 50 table games.
- The hotel on the resort includes 500 rooms.
- Eight restaurants and bars on site.
- 100,000 square feet of meeting, convention and exhibit space.
Since the introduction of the new gambling expansion laws in Pennsylvania, the casino plans to make major changes in 2018, including the addition of 250 new slot machines. There are also talks of building a poker room on site.
Boyd Gaming’s Greater Expansion Plan
The planned purchase of Valley Forge Resort is part of a wider expansion plan announced by Boyd. The group, which was founded in 1941, acquired three casinos and a racino from rival Penn National Gaming, paying $575 million for these properties. Penn recently merged with Pinnacle Entertainment in a $2.8 billion merger deal, and was selling off four of its properties which were snapped up by Boyd Gaming. Boyd will soon be operating 29 properties in 10 different states.
Speaking about the merger between Pinnacle and Penn National Gaming, the latter’s CEO Timothy Wilmott said: “The combined company will benefit from enhanced scale, additional growth opportunities and best-in-class operations, creating a more efficient integrated gaming company.”
In the meantime, Boyd President Kevin Smith said that with the successful completion of its acquisitions, the company would gain direct access to four of the country’s biggest gaming markets, namely Philadelphia, St. Louis, Kansas City and Cincinnati, numbering nearly 10 million adults.