Boyd Gaming Corporation will soon plant its corporate flag in Pennsylvania having 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.
Valley Forge Casino Resort is situated 20 miles west of downtown Philadelphia and becomes Boyd Gaming's initial property in the nation’s second-largest commercial gaming state.
Keith Smith, President and Chief Executive Officer of Las Vegas-based Boyd Gaming, said in a media release, "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."