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Boyd Forging New Territory In PA With Casino Acquisition

Valley Forge monument

Valley Forge Resort Casino is ready for Vegas.

Las Vegas-based Boyd Gaming announced earlier this month they are purchasing the King of Prussia property. The move will take the reins from the casino’s Philadelphia-led owners. It will also be the first Pennsylvania casino for Boyd.

Boyd CEO Keith Smith said in a Dec. 20 press 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.” 

The purchase price is, at the time of publishing, $280.5 million. The sale should be finalized in Q3 2018.

Boyd building portfolio with Valley Forge, Pinnacle

Boyd owns multiple Las Vegas casinos ranging from the chic Aliante Casino Hotel & Spa to old-timey favorites like California Hotel Casino and Fremont Hotel & Casino.

They also own casinos in the following states:

  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Louisiana
  • Mississippi

Two days before the Valley Forge announcement, the company publicized the purchase of four Pinnacle Entertainment properties. When added to Valley Forge, the deals will put Boyd in four more states by 2018.

Valley Forge presents Boyd with wild possibilities, not the least of which is adding 250 slot machines to their gaming floor. There is also the prospect of online gambling and the possible addition of sports betting.

Currently, Valley Forge has 600 slots and 50 table games.

The company says the Valley Forge and Pinnacle acquisitions will give them a significantly expanded national presence.

“We will expand our nationwide presence, operating 29 properties across 10 states,” Smith said in the Boyd press release. “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.”

Valley Forge posted strong November

The latest table games revenue numbers from the PGCB reveal that Valley Forge enjoyed incredible success year-on-year in November.

Their November 2017 revenue total of $3.29 million represented a 32.4-percent increase over 2016, a rise in revenue surpassed only by Lady Luck Nemacolin.

Valley Forge also saw a 12.4-percent increase in overall gaming revenue.

While the casino’s revenue numbers grew at an impressive rate in November, the casino is still among the bottom-three in terms of overall revenue.

Valley Forge’s $9.54 million in gaming revenue this past month was around $200,000 less than Presque Isle Downs and around $7 million ahead of Lady Luck.

J.R. Duren

About

J.R. Duren is a freelance writer and author, and has won the Florida Press Club Excellence in Journalism award three times. He contributes to numerous publications, including Snooth, the Villages Daily Sun, Bespoke Post, and Barcelona Metropolitan.