Century Casinos has revealed its acquisition of the operations of the Rocky Gap Casino Resort from Golden Entertainment for a fee of $56.1m.
At the same time, Vici Properties also concluded a deal for the interest of ‘the land and building associated with Rocky Gap,’ for a fee of circa $203.9m – with Century amending its lease agreement with Vici, thereby adding the Rocky Gap to it. The addition has seen Century’s rent increase by around $15.5m.
Erwin Haitzmann and Peter Hoetzinger, Co-CEOs of Century Casinos, said: "We are very excited to be expanding into Maryland. 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."
Century’s deal was financed by a $30m loan from Goldman Sachs, part of a revolving credit agreement between the pair.
The Rocky Gap property is located in Maryland and has over 500,000 people visiting every year, with a golf course designed by Jack Nicklaus over 270 acres.
Furthermore, on its property, the casino resort has a 25,000-square-foot gaming floor, 630 slot machines and 198 hotel rooms.
Recently, the property has made a $10m investment in its hotel, slot machines, restaurants and sports lounge.
