Fresh off of receiving their online poker license in the state of Nevada last month, Boyd Gaming is once again back in the headlines for another business transaction. No, they didn’t do anything to cause their name to be thrown into the mud. This piece of news comes with cheers all around after the Las Vegas-based casino operator officially announced their acquisition of Peninsula Gaming.
News of the acquisition first came into the picture back in May when Boyd made the announcement that it would pay $1.45 billion to buy Peninsula Gaming LLC. As part of the deal, Boyd would be adding five casino properties in Iowa, Kansas and Louisiana under its name. At that time, Boyd CEO Keith Smith expected the completion of the purchase to happen before the end of the year.
For the most part, the man nailed it with a little more than a month to spare after the Kansas Racing and Gaming Commission officially approved the acquisition with the official transaction expected to close tomorrow, November 20.
It goes without saying that Boyd Gaming is thrilled to finally get approval on the purchase. Smith said as much in a press release when he remarked: “This is a significant milestone, and we look forward to welcoming the Peninsula team to Boyd Gaming.”
“The acquisition of Peninsula Gaming will strengthen our Company financially by diversifying our operations, nearly doubling our free cash flow and delivering substantial value for our shareholders,” he added.
Whatever specific plans Boyd has now that they have Peninsula Gaming under its fold remains to be seen. But with this acquisition already being finalized, coupled with their recently received online poker license in Nevada, there are a whole lot more doors of opportunity for Boyd Gaming. Here’s to hoping they take advantage of these transactions to grow their business.