Century Casinos completes acquisition of Rocky Gap Casino in Maryland26th July 2023 12:19 pm GMT
New York-listed casino operator Century Casinos has completed the acquisition of Rocky Gap Casino Resort in Maryland from Golden Entertainment for $56.1 million.
Simultaneous with the closing of the transaction, which was initially agreed nearly a year ago, an affiliate of VICI Properties has acquired a related interest in the land and building associated with Rocky Gap for $203.9 million.
Century Casinos financed the acquisition with $30.0 million borrowed from the revolving facility of its existing credit agreement with Goldman Sachs, and cash from its balance sheet.
The operator has also amended its triple net master lease agreement with VICI to add the Rocky Gap property, which includes an increase in initial annualized rent of $15.5 million.
“We are very excited to be expanding into Maryland,” said Century Casinos co-CEOs Erwin Haitzmann and Peter Hoetzinger. “Rocky Gap is a great addition to our portfolio. We look forward to working with the staff and community to continue the current success at this property into the future.”
Rocky Gap is located in Flintstone, and has over 25,000 square feet of gaming floor, including 630 slot machines and 16 table games. It recently invested $10.0 million in improvements to its hotel, slot machines, restaurants and sports lounge, with potential to further expand the casino and hotel to capture more customers from adjacent markets.
Following closing, Century Casinos portfolio now comprises 19 casinos worldwide that include 7,565 gaming machines, 268 table games and over 4,100 full-time equivalent employees.
Shares in Century Casinos Inc (NASDAQ:CNTY) closed 0.80 per cent lower at $7.44 per share in New York Tuesday.