Boyd Gaming recently completed its acquisition of Valley Forge Casino Resort, nearly nine months after it officially begun the process. With the newly acquired property, Boyd which was founded in 1975 now boasts of 25 casino properties across eight states: Pennsylvania, Nevada, Louisiana, Indiana, Illinois, Iowa, Mississippi, and Kansas.
Valley Forge Casino Resorts, an operation that is located 20 miles downtown of Philadelphia, is the first Boyd Gaming property in the Keystone State and its acquisition reportedly cost Boyd a whopping $280 million.
“Valley Forge represents a key expansion of our nationwide portfolio, giving us the opportunity to serve the vibrant Northeast region,” said Keith Smith, President and Chief Executive Officer of Boyd Gaming, in a statement. “This is a moment of significant opportunity for Pennsylvania’s gaming industry, and we look forward to exploring future growth initiatives at this property. We will move forward quickly with the addition of 250 slot machines to the property’s casino floor and closely examine the opportunity to offer both online gaming and sports wagering through our partnership with FanDuel Group. We see attractive growth potential at Valley Forge, and are pleased to welcome the entire Valley Forge team to Boyd Gaming.”
Since the acquisition was set in motion in December last year, Boyd Gaming has been very busy inking other deals, something that the company is hoping will allow it to “further grow and diversify” their portfolio in the United States.
“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,” Smith said during the announcement of the Valley Forge Casino acquisition deal.
Is a Sports Betting Offering in the Works?
As it stands, Valley Forge Casino Resort is yet to apply for the Pennsylvania Gaming Control Board’s sports betting licenses. However, it is possible that the casino may offer some form of sports betting thanks to the recent partnership between Boyd Gaming and the FanDuel Group – this essentially opens up the doors for a possible FanDuel Sportsbook in Pennsylvania.
Pennsylvania Casino Revenue Up 2.8 Percent in August
Still, on Pennsylvania, the gaming control board reports that while gross revenue from table game gambling in the state’s casinos took a bit of a hit last month, the total game revenue was up 2.8 percent when compared to the same period last year.
Table games revenue stood at $73,281,370 this year, a decrease of 1.3 percent over the August 2017 when it stood at $74,269,815. The total table game tax revenue in August stood at about $11,774,000 with an average of 1,275 operating in the state daily. More info on the revenue figures can be found on the PGCB website.