Boyd Gaming Corporation (NYSE: BYD) announced on Monday that its acquisition of the operations of four Pinnacle Entertainment, Inc. properties including Ameristar Kansas City (Missouri); Ameristar St. Charles (Missouri); Belterra Park in Cincinnati, Ohio; and Belterra Casino Resort in Florence, Indiana, has been completed.
According to the official press release…
A master lease agreement, which is part of the transaction, has been entered into by the Las Vegas-headquartered company with real estate investment trust, Gaming and Leisure Properties, Inc. (NASDAQ: GLPI). The latter is the owner of the real estate of Ameristar Kansas City, Ameristar St. Charles and Belterra Casino Resort.
Both the real estate and the operations of Belterra Park were acquired by Boyd Gaming, having utilized financing from Gaming and Leisure Properties, Inc. for purchasing real estate assets.
The current purchase is on the heels of Boyd Gaming’s September 17, 2018 acquisition of Valley Forge Casino Resort in King of Prussia, Pennsylvania. The company is now the operator of 29 gaming and entertainment properties in 10 states including Kansas, Indiana, Illinois, Nevada, Iowa, Mississippi, Ohio, Pennsylvania, Louisiana and Missouri.
President and Chief Executive Officer for Boyd Gaming, Keith Smith said…
“By adding these four high-quality properties, we have significantly expanded our portfolio and enhanced our free cash flow profile at a compelling multiple.
“We have gained a strong presence in three of the Midwest’s largest gaming markets, with access to millions of potential new customers. We are pleased to welcome the Ameristar and Belterra team members to Boyd Gaming, and look forward to great success together.”
Founded in 1975, Boyd Gaming Corporation currently operates 1.76 million square feet of casino space, approximately 900 table games, 38,000 gaming machines, 320 food and beverage outlets and more than 11,000 hotel rooms.