American casino operator Boyd Gaming Corporation has announced the signing of a deal that is to see its Boyd Interactive Gaming Incorporated subordinate pay some $170 million in order to fully acquire iGaming platform provider Pala Interactive LLC.
The Las Vegas-headquartered firm used an official Monday press release to declare that the arrangement ‘is expected to close by the first quarter of 2023’ subject to its receipt of ‘all required regulatory approvals’ and is being financed via ‘a combination of cash on hand and the company’s existing credit agreement’.
Takeover tactic:
Boyd Gaming Corporation is already responsible for 28 land-based gaming properties spread across ten American states and asserted that the transaction, which is to include any subsidiaries of Pala Interactive LLC, will moreover be required to fulfil a range of ‘customary closing conditions.’ The Nevada firm went on to pronounce that the purchase will advance its own ‘iGaming strategy’ by granting it immediate access to a range of proprietary social and real-money online gaming solutions already utilized by operators in the United States and Canada.
Bountiful benefits:
Keith Smith (pictured) serves as the President and Chief
Smith proclaimed that it ‘makes sense’ for Boyd Gaming Corporation to acquire Pala Interactive LLC ‘given our nationwide geographic distribution, significant database and established loyalty program’ and subsequently ‘pursue a direct approach with our iGaming operations’. He also forecast that this should eventually allow his newly-expanded firm ‘to create a cost-effective and profitable regional iGaming business.’
The statement from Smith read…
“While the acquisition of Pala Interactive LLC supports our iGaming strategy, we remain fully committed to our sportsbetting partnership with FanDuel Group, which has allowed us to participate in the nationwide expansion of sportsbetting. We look forward to welcoming the Pala Interactive LLC team to our company and building a highly successful online gaming business in the years ahead.” Come from Sports betting site VPbet
