KING OF PRUSSIA, Pa.

Boyd Gaming Corporation announced it intends to buy Valley Forge Casino Resort for $280.5 million.

The King of Prussia casino will be Las Vegas-based Boyd’s first property in Pennsylvania, which is the second-largest commercial gaming state in the U.S., according to the company.

Located 20 miles west of downtown Philadelphia and two miles north of King of Prussia Mall, the 500-room Valley Forge Casino Resort offers a 40,000-square-foot casino with 600 slot machines and 50 table games, as well as 100,000 square feet of meeting, convention and exhibit space.

The casino earlier announced plans to expand its gaming capacity with the addition of 250 slot machines in early 2018, following the passage of Pennsylvania’s gaming expansion legislation.

"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 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. 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."

The transaction, which Boyd expects to close in the third quarter of 2018, will increase the company’s portfolio to include 29 properties in 10 states.

"With the successful completion of our acquisitions of Valley Forge and the Pinnacle assets, Boyd Gaming will gain direct access to four of the nation's largest gaming markets—Philadelphia, St. Louis, Kansas City and Cincinnati—with a combined population of nearly 10 million adults,” Smith said.

“We believe this expansion will help drive additional growth throughout our nationwide portfolio, as we market our destination properties to these new customers in the Midwest and Northeast."