Operator News
US – Boyd buys four Pinnacle properties
By Phil - 16 October 2018
Boyd Gaming has completed its acquisition of the operations of four properties from Pinnacle Entertainment, Ameristar St. Charles (Missouri); Ameristar Kansas City (Missouri); Belterra Casino Resort in Florence, Indiana; and Belterra Park Gaming & Entertainment Center in Cincinnati, Ohio.
As part of the transaction, Boyd Gaming has entered into a master lease agreement with Gaming and Leisure Properties, Inc., which owns the real estate of Ameristar St. Charles, Ameristar Kansas City and Belterra Casino Resort. Boyd Gaming acquired both the operations and real estate of Belterra Park, utilizing financing from GLPI for the purchase of the Belterra Park real estate assets.
The acquisition follows the Company’s recent purchase of Valley Forge Casino Resort in King of Prussia, Pennsylvania, on 17 September. Boyd Gaming now operates 29 casino properties in 10 states – Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania.
“By adding these four high-quality properties, we have significantly expanded our portfolio and enhanced our free cash flow profile at a compelling multiple,” said Keith Smith, President and Chief Executive Officer of Boyd Gaming. “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.”
