Boyd Gaming finalizes acquisition of Pala Interactive

The American gaming and hospitality company, Boyd Gaming Corporation, announced Tuesday the completion of a major acquisition. The company revealed that it completed the previously announced takeover of the leading online real money and social gaming business-to-business company, Pala Interactive LLC.

Boyd Gaming first announced its plans to acquire Pala Interactive and its subsidiaries back in March this year. The price tag for the deal was set at $170 million. Now, the company unveiled that it closed the acquisition of Pala Interactive along with its subsidiaries matching the initially announced price tag.

In a statement released on November 1, 2022, Boyd Gaming's Chief Executive Officer, Keith Smith, said about the acquisition: "Online casino gaming is an attractive growth opportunity for our Company, and the acquisition of Pala Interactive provides us with the technology, products and expertise to create a profitable regional online casino business."

In conclusion, the company's CEO added: "We look forward to working with the Pala Interactive team in executing our online casino gaming strategy, which will complement our existing land-based operations and further expand our nationwide customer base."

The latest announcement comes after late last month, Boyd Gaming released its third quarter results. The company announced that for the three months ended September 30, 2022, its revenues increased to $877.3m. When compared to the third quarter in 2021, when revenue halted at $841.3m, this year, Boyd Gaming's revenue increased by 4%.

Besides its revenue, in Q3 2022, the company saw an increase in net income. For the third quarter last year, Boyd Gaming's net income halted at $138.2m or $1.21 per share, while in Q3 this year, it hit $157.0m or $1.46 per share.

At the time Boyd Gaming released its Q3 financial results, Smith said: "This quarter was another solid performance by our Company, as we achieved third-quarter EBITDAR that was second only to last year's record quarterly performance." He explained that the strong results come after the company focused on its core customers and implemented efficiencies. This, according to Smith showed that the company is resilient which is also encouraging for the future of the business.

Boyd Gaming is a company with nearly five decades of experience within the hospitality and entertainment industry. The company has 28 gaming properties within 10 different states. In addition, Boyd Gaming is a strategic partner of the leading sports betting operator FanDuel Group. As an unquestionable industry leader, the company is famous for its world-class hospitality, leading customer service and unrivaled entertainment experiences.

Image credit: Pixabay.com