Boyd Gaming to acquire Valley Forge Casino Resort
The Valley Forge Casino Resort will be acquired by a gaming behemoth eager to expand into Pennsylvania, the second-largest gaming state in the country.
Las Vegas-based Boyd Gaming announced Wednesday afternoon that it has an agreement to purchase the King of Prussia property from Valley Forge Convention Center Partners, L.P. for $280.5 million, writes phillyvoice.com.
“The acquisition of Valley Forge Casino Resort is another excellent opportunity to further grow and diversify our nationwide portfolio…” said Keith Smith, Boyd’s president and CEO, in a statement. “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.”
The Valley Forge resort has nearly 500 hotel rooms, eight restaurants and bars and a 40,000-square-foot casino with 600 slot machines and 50 table games. It has more than 100,000 square feet of meeting, convention and exhibit space.
The transaction is expected to close in the third quarter of 2018.
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Valley Forge Casino Resort just completed $6 million in renovations to 154 rooms in the Casino Tower. The tower has to Super Suites, 36 suites and 116 standard rooms, MONTCO.Today reported in a Nov. 17 story. To make the tower even more event friendly, the lobby areas have also been refurbished, and what were once storage areas have now been converted into small rooms available for catering space, wedding parties, green rooms for entertainers, or whatever your need may be.
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