Century Casinos and Vici Properties have finalised the joint purchase of Maryland’s Rocky Gap Casino Resort for a combined price of $260m.
This has seen the former acquire the operations of the gaming property for approximately $56.1m, while the real estate investment trust has gained the land and buildings associated with the venue for $203.9m.
Simultaneous with the closing of the transaction, Vici has amended its existing triple-net master lease agreement with Century, with a $15.5m increase subsequently added.
Additionally, the terms have also been altered so that the lease now comprises a full 15-year initial base lease term, with four 5-year tenant renewal options.
Rocky Gap Casino Resort, located in Flintstone, comprises over 25,000 square feet of gaming floor that includes 630 slot machines and 16 table games, a Jack Nicklaus designed 18-hole golf course, 5,000 square-foot events centre, meeting spaces, spa, and several outdoor activities.
The property has recently invested approximately $10m in improvements to its hotel, slot machines, restaurants, and sports lounge, with a potential expansion of the casino and hotel also possible.
As a result of this latest transaction, Century Casinos’ network has increased to 19 casinos that include 7,565 gaming machines, 268 table games and over 4,100 full-time equivalent employees.
“We are very excited to be expanding into Maryland,” said Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos.
“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.”
Earlier in the year, Vici Properties disclosed a third international investment after entering into definitive agreements to purchase the real estate assets of a quartet of gaming establishments in a sale and leaseback arrangement.
This saw the company acquire Alberta’s Century Casino & Hotel Edmonton, Century Casino St. Albert, Century Mile Racetrack and Casino, and Century Downs Racetrack and Casino from Century Casinos for C$221.7m (US$164.7m) in cash.
