Century Casinos acquires operations of Rocky Gap Casino Resort in western MD
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Century Casinos Inc. Wednesday announced it completed the acquisition of the operations of Flintstone-based Rocky Gap Casino Resort from Golden Entertainment Inc. for approximately $56.1 million.
Simultaneous with the closing of the July 25 transaction, an affiliate of VICI Properties Inc. acquired a related interest in the land and building associated with Rocky Gap for approximately $203.9 million and the company amended its triple net master lease agreement with VICI to add the Rocky Gap property. The amendment to the master lease agreement includes an increase in initial annualized rent of approximately $15.5 million.
The Colorado Springs, Colorado, company financed the acquisition with $30 million borrowed from the revolving facility of its existing credit agreement with Goldman Sachs USA and cash from the balance sheet.
Rocky Gap Casino Resort is located in Rocky Gap State Park, which attracts more than 500,000 visitors annually. The full-service resort sits on approximately 270 acres and includes an 18-hole golf course designed by Jack Nicklaus, a 5,000 square-foot events center, several meeting spaces, a spa, and several outdoor activities. The property consists of over 25,000 square feet of gaming floor, 630 slot machines, 16 table games, 198 hotel rooms and five food and beverage venues.
The property has recently invested approximately $10.0 million in improvements to its hotel, slot machines, restaurants, and sports lounge. There is potential to further expand the casino and hotel and capture more customers from adjacent markets.
With this transaction, Century Casinos’ portfolio increased to 19 casinos world-wide that include 7,565 gaming machines, 268 table games and more than 4,100 full-time equivalent employees.
