On Thursday, Paradise, Nevada-based Boyd Gaming Corp. announced it had reached an agreement to purchase the Aliante Casino & Hotel located in North Las Vegas for $380 million.

Acquisition of the nearly 8-year-old casino will increase Boyd’s presence in the Las Vegas locals market, as well as extend its footprint into the north valley where according to company officials there are attractive opportunities. Executives at Boyd are betting that the strategic placement of the casino, which is located off the 215 Beltway roughly between Interstate 15 and U.S. 95, will benefit from future growth, according to Vegas Inc. During the first year, Boyd expects the Aliante purchase to create $8 million in cost savings, as well as generating, before EBITDA, earnings of more than $40 million within three to five years.

Three casinos in downtown Las Vegas are already operated by Boyd, including the California, Main Street Station, and Fremont. In other parts of the valley, Boyd owns The Orleans, Sam’s Town, Suncoast, and Gold Coast. And in Henderson, Nevada, Boyd owns the Jokers Wild and Eldorado casinos. The Boyd Gaming Corporation also owns casinos in New Jersey, Illinois, Kansas, Indiana, Iowa, Mississippi, and Louisiana.

In addition to an 82,000-square-foot casino floor, the Aliante features a 202-room hotel, 170-seat race and sports book, 650-seat showroom, 16-screen movie theater, pool, and 14,000 square feet of event space. The resort was opened under the name Aliante Station in November 2008 and was originally a joint venture between the Greenspun family and Station Casinos. However, in 2011, a group of private equity companies and banks became the new owners due to Station’s bankruptcy restructuring.

While Las Vegas’ economy was far from optimal at the time of its debut, according to a regulatory filing Aliante’s financial performance has improved in recent years. Last year a $6.1 million profit on $84.2 million in total revenue was reported, according to the Securities and Exchange Commission filing.

The announcement by the company regarding Aliante followed a Reuters report on Wednesday that Boyd was close to acquiring Cannery Casino Resorts. However, that report was neither confirmed nor denied by Boyd Chief Financial Officer Josh Hirsberg.

Boyd said it would be funding the purchase of Aliante with cash on hand and that the deal should be completed in the third quarter of this year. The transaction has to be approved by Nevada gaming regulators.