Boyd Gaming Corp., owner of Atlantic City’s Borgata, announced that it has entered into a definitive agreement to acquire Peninsula Gaming in a $1.45 billion deal that gives the company more casinos in the heartland and Louisiana.
The acquisition will add five properties: Kansas Star Casino near Wichita, Kansas; Diamond Jo Casino in Dubuque, Iowa; Diamond Jo Worth in Northwood, Iowa; Evangeline Downs Racetrack & Casino in Opelousas, La.; and Amelia Belle Casino in Amelia, La.
“Acquiring Peninsula Gaming is a transformative transaction that fits perfectly into our growth strategy by expanding our company’s scale, diversifying our platform, strengthening our financial profile, and generating meaningful value for our shareholders,” said Keith Smith, CEO of Boyd Gaming. “The Peninsula properties are a strong fit for us, as they are well-managed and operate in resilient markets in the Midwest and South. We anticipate this transaction will be immediately accretive to earnings and significantly increase our free cash flow.” Boyd typically operates casinos in smaller markets and outside the Las Vegas strip.
The Borgata is the company’s one upscale casino-resort.
