Boyd Gaming will now have a presence in Pennsylvania after acquiring Valley Forge Casino Resort.
It was announced earlier this week that Boyd Gaming has acquired a casino in the state of Pennsylvania. Already having a strong presence in several states within the US, Boyd Gaming will now become the new owner of the Valley Forge Casino Resort, a property located in King of Prussia. The company paid $280.5 million to acquire the gaming facility.
Now in PA
With the new deal involving the Valley Forge Convention Center Partners L.P., Boyd Gaming will now have a presence in Pennsylvania. The property has 600 slot games and 50 table games, with players to soon have access to even more slot gaming thanks to an addition of 250 more set for next year. The recent gambling expansion bill will allow facilities with Category 3 licensing to add more games, of which Valley Forge plans on doing.
Along with the changes to Category 3 resorts in the state, such venues have also been able to drop a customer admission fee. The gaming venues affected by this charge were not happy to have to see their consumers pay this fee and are glad to be able to no longer have to make this charge to anyone entering the property. According to Boyd Gaming, the new slot games plus no more entrance fee will help to provide an increase in consumer traffic to the property.
Valley Forge is on the lower end when it comes to gaming venue in Pennsylvania, having earned just over $80 million in slot gaming revenues during the most recent fiscal year. This put the casino in 11th place out of 12 casinos in the state when it came to slot gaming revenues. For table games, the casino fared better, having placed 9th with just over $34 million in earnings.
Now that Boyd has a presence in Pennsylvania, will they be getting in on the online gaming action once licensing becomes available? What about satellite casinos? The state is set to expand in several areas of gaming in the coming year, as the recent gaming package was approved in October and will start to be implemented in 2018.
As far as online gaming is concerned, land-based operators have first pick when it comes to online gaming licensing. With the recent acquisition, this should place Boyd Gaming in the mix. Keith Smith is the CEO of Boyd Gaming who recently hinted at being interested in taking part in the launch of iGaming in the state. There may also be a possibility for sports betting in the near future, which could equal to even more gaming options for the Boyd brand. The Supreme Court of the United States is currently reviewing the Christie Vs. NCAA case which could lead to the potential for every state to become involved, with Pennsylvania sure to get on board.
With so many opportunities for gaming operations in Pennsylvania, Boyd Gaming is certainly in a position to succeed. Another option in the works is satellite casinos. Beginning in January, operators of land based gaming venues will be able to bid for licensing to launch mini casinos in areas of the state that are interested in playing host. For now, most municipalities have said no to being home to a mini casino, but there are areas like Reading that want to be involved. The townships of the state have until December 31st to decide if they will be open to hosting one of these venues or not.
For now, it’s exciting to see a new company enter the state and we will have to wait and see what they do with their new property.