The prominent gaming corporation, Boyd Gaming, has strengthened its position in the internet gambling sector by completing a $170 million purchase of Pala Interactive. This calculated maneuver, initially revealed earlier this year, provides Boyd Gaming with the technical framework and proficiency required to become a formidable contender in the profitable digital casino arena.
Chief Executive Keith Smith conveyed his excitement, noting that this acquisition will enable Boyd to establish a lucrative online casino enterprise that complements their existing brick-and-mortar casinos and expands their clientele. He stressed the significance of internet gaming as a primary catalyst for the company’s expansion.
This development follows a robust third quarter for Boyd Gaming, marked by a 4% revenue surge compared to the corresponding period last year. Their revenue reached $877 million, up from $843 million, showcasing their sustained achievements in the gaming sector. Profits also experienced a healthy increase, reaching $157 million compared to $138 million the prior year.
Boyd Gaming is undoubtedly undertaking strategic initiatives to secure its continued prosperity, with the Pala Interactive acquisition serving as a prime illustration. Their recent collaboration with FanDuel for their Fremont Hotel Casino further underscores their dedication to innovation and expansion within the dynamic gaming landscape.
Boyd Gaming, holding a small stake in FanDuel, currently participates in the sports wagering market through Boyd Sports, its retail and mobile betting division operating within its ten Las Vegas casino properties.
This recent agreement will establish FanDuel as the leading provider in a majority of the nine states where Boyd Gaming possesses operational licenses. They will manage both physical and online sports betting, with a projected launch in early 2024.
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