Valley Forge Casino Resort: Buddy Fitzpatrick
Friday, February 23
There are other robots and you're shooting your blaster beam at these robots. Based on how many robots you tag, that determines your payout. We're not high luxury, and it's not a goal of ours, either.
You have properties like the Bellagio in Las Vegas that are all about the epitome of luxury. Then you have properties where luxury is not the focus, but they provide a great experience and a quality product, and that's more of what our set is. The property is an interesting complex. We have a healthy balance of where our revenues come from. If there's a new slot machine that's out, I'll usually try that out. If I'm out with my friends, usually we'll play blackjack or roulette or craps.
For a five-year-old casino, we have an incredibly professional experienced table game staff; they've been dealing cards for a very long time. A good amount of our table staff lives in the Atlantic City area and commutes in. That's because the country's biggest mall is literally a stone's throw from our property. There's a tremendous amount of restaurants and all of this infrastructure coming in, a lot of service-based stores.
So, we compete with all of those businesses with that labor market. One of the biggest advantages we have here, and I think my career is a good depiction of this, is the integrated casino resort business.
Almost anything you could be interested in doing, we have the position in that field. We have trades people that do welding, electrical, and plumbing. We have people that work in the hotel side. So, we have people that do rigging, and sound design, and book entertainment.
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We will expand our nationwide presence, operating 29 properties across 10 states. The Valley Forge transaction is expected to close in the third quarter of , subject to customary closing conditions and the receipt of all required regulatory approvals. The transaction will be financed with incremental debt financing.
As a result of the Company's substantial free cash flow, Boyd Gaming expects to continue its program of returning capital to shareholders through quarterly dividend payments and share repurchases. The Company is providing a presentation further detailing the transaction at: Boyd Gaming press releases are available at www.
Additional news and information on Boyd Gaming can be found at www. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and include without limitation statements regarding the transactions contemplated by the definitive agreement, Boyd Gaming's expectations regarding the amount of the purchase price, timing of closing, the potential benefits to be achieved from the acquisition, including the effects on Boyd Gaming's size, scale, customer base, and free cash flow, expectations regarding timing for the transaction to be free cash flow positive and accretive to Boyd Gaming's earnings, the expected cost synergies, Valley Forge's plans to expand its gaming capacity, the potential for driving incremental growth at Valley Forge , the effects of recent legislation, including the ability to conduct online gaming, and any statements or assumptions underlying any of the foregoing.
These forward-looking statements are based upon the current beliefs and expectations of management and involve certain risks and uncertainties, including without limitation the possibility that the transactions contemplated by the definitive agreement will not close on the expected terms or at all , or that Boyd Gaming is unable to successfully integrate the acquired assets or realize the expected synergies or that Valley Forge will be cash flow positive or accretive to Boyd Gaming's earnings as anticipated; litigation, antitrust matters or the satisfaction or waiver of any of the closing conditions that could delay or prevent the closing of the transactions contemplated by the definitive agreement; and changes to the financial conditions of the parties, or the credit markets, or the economic conditions in the areas in which they operate.
Additional factors are discussed in "Risk Factors" in Boyd Gaming's annual, periodic and current reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this press release are made as of the date hereof, based on information available to Boyd Gaming as of the date hereof, and Boyd Gaming assumes no obligation to update any forward-looking statement.
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