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Boyd Gaming to expand into Pennsylvania with $281M casino resort deal

Boyd Gaming Corp. agreed to pay $280.5 million in cash to acquire Valley Forge Casino Resort in King of Prussia, Pa., from Valley Forge Convention Center Partners LP.

The property features a 40,000-square-foot casino with 600 slot machines, 50 table games and close to 500 hotel rooms. It also offers more than 100,000 square feet of meeting, convention and exhibit space, and eight restaurants and bars.

The casino resort will be Boyd's first property in the second-largest commercial gaming state in the U.S. and will expand the company's nationwide presence to 29 operating properties across 10 states, according to a release.

The purchase price, which will be funded with incremental debt financing, reflects an implied multiple of 7x EBITDA before any operational improvements. Boyd expects the transaction to be free cash flow positive and immediately accretive to earnings.

The acquisition is slated to close during the third quarter of 2018.

Morrison & Foerster LLP was Boyd's legal adviser on the transaction, with Moelis & Co. LLC serving as its exclusive financial adviser. Cozen O'Connor was the legal adviser to Valley Forge Convention Center Partners.