Additionally, the legislation allows the property to offer online gaming within the state of Pennsylvania, as well as sports betting if permitted under federal law in the future. The property is located just two miles north of King of Prussia Mall, the largest mall in the United States.įollowing the passage of gaming expansion legislation in November, Valley Forge eliminated its customer admission fee, and plans to expand its gaming capacity with the addition of 250 slot machines in early 2018, both of which are expected to drive increased customer traffic. The property also has eight restaurants and bars, and more than 100,000 square feet of meeting, convention and exhibit space.

Valley Forge features a 40,000-square foot casino with 600 slot machines, 50 table games, and nearly 500 hotel rooms. 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.' 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. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: 'The acquisition of Valley Forge Casino Resort is another excellent opportunity to further grow and diversify our nationwide portfolio.

The Company expects the acquisition to be free cash flow positive and immediately accretive to earnings. The purchase price represents an implied multiple of 7 times EBITDA, including expected cost synergies and incremental growth from the property's impending slot floor expansion, and before any operational improvements. Located 20 miles west of downtown Philadelphia, Valley Forge will be Boyd Gaming's first asset in Pennsylvania, the second-largest commercial gaming state in the nation.

Valley forge casino earning growth