Boyd Gaming Corp. has agreed to acquire the Valley Forge Casino Resort in King of Prussia for $280.5 million, the Las Vegas-based gaming company said in a release on Wednesday.

The Valley Forge resort, now held by an ownership group led by Philadelphia investor Ira Lubert, will be Boyd's first Pennsylvania property upon the deal's completion, expected in late summer or early fall 2018.

"The acquisition of Valley Forge Casino Resort is another excellent opportunity to further grow and diversify our nationwide portfolio," Boyd president and chief executive Keith Smith said in the Wednesday release. "With this acquisition, we will expand into the second-largest gaming state in the country, establishing a presence in a densely populated, high-traffic area just west of Philadelphia."

Earlier this week, Boyd announced that it would acquire four properties from Wyomissing-based Penn National Gaming Inc. in Missouri, Indiana and Ohio.

The Valley Forge resort, located two miles north of the King of Prussia Mall, encompasses a 40,000-square foot casino with 600 slot machines, 50 table games, and nearly 500 hotel rooms. The property also has eight restaurants and bars, and more than 100,000 square feet of meeting, convention and exhibit space.

Following the passage of gaming expansion legislation in November, Valley Forge plans to expand its gaming capacity in 2018 with the addition of 250 slot machines, Boyd said. Plans also call for SEPTA's proposed Norristown High Speed Line extension to end at the resort.