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Boyd expands into Pennsylvania

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Staff member
Jan 14, 2008

US regional casino operator Boyd Gaming has made its second major deal this week by acquiring the Valley Forge Casino Resort in Pennsylvania.

On Thursday, Boyd announced that it had reached a deal with Valley Forge Convention Center Partners L.P. to acquire the casino in King of Prussia, Pennsylvania for $280.5m in cash.

The purchase price represents an implied multiple of 7x EBITDA, and Boyd expects the deal to be immediately accretive to its earnings.
Boyd will use incremental debt financing to fund the deal, which the company expects will close in Q3 2018.

Valley Forge currently offers 600 slot machines, 50 table games and nearly 500 hotel rooms, but the property plans to add around 250 more slots early in the new year,
thanks to the new wiggle room afforded Category 3 license holders like Valley Forge in the wide-ranging gambling expansion bill the state approved last month.

That legislation also allowed Category 3 ‘resort’ casinos to drop their much-loathed customer admission fees, which Boyd expects,
along with the added slots, will help drive increased customer traffic to the property.