Valley Forge Casino Sold For $280 Million

VALLEY FORGE, PA — Valley Forge Casino has been purchased by rival corporation Boyd Gaming Corp. for $280 million, the two sides announced in December.

Boyd, based in Las Vegas, Nevada, is one of the largest casino operators in the country. Prior to the purchase of Valley Forge, it owned 24 properties across seven states.

"The acquisition of Valley Forge Casino Resort is another excellent opportunity to further grow and diversify our nationwide portfolio," said Keith Smith, president and CEO of Boyd, in a statement. "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. 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."

Valley Forge marks Boyd's first investment in Pennsylvania.

According to a statement regarding the purchase released by Boyd, Valley Forge has eliminated its customer admission fee and plans to add up to 250 new slot machines in 2018.

The transaction is expected to close in third quarter of 2018, according to Boyd.

AP Photo/Matt Rourke