Rocky Gap Casino Resort had net operating revenue of $78 million and Adjusted EBITDA of $27 million for the year ended December 31, 2021, Century Casinos said.

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 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. Rocky Gap is located in Flintstone, Maryland in Rocky Gap State Park, which attracts over half a million visitors annually. This transaction allows each of our companies to efficiently create value for our respective shareholders.” John Payne, President and COO of VICI, added: “ We are very excited to expand our existing partnership with Century, given their strong track record of integrating and operating similar high-quality regional resort assets. ' We are looking forward to working with the Maryland Lottery and Gaming Control Agency to obtain gaming approvals and with the casino leadership and team members to effect a smooth transition and great future for Rocky Gap,' they concluded. With this acquisition and our pending acquisition of the Nugget Casino Resort in Nevada, we will oversee a US portfolio that reaches from east to west,' Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. ' The addition of Rocky Gap is another important milestone in our pursuit to acquire prime US assets. The acquisition is expected to be immediately accretive to earnings.

Additionally, Century Casinos commented that the purchase price for the operations of the Maryland casino represents an implied 2021 EBITDA multiple of 4.9x. The amendment to the lease will include an initial annual rent for the Rocky Gap casino of approximately $15.5 million, a press release explains. Simultaneous with the closing of the transaction, an affiliate of real estate investment trust VICI Properties will acquire the real estate assets for approximately $204 million and Century Casinos will amend its triple net lease agreement with VICI to add Rocky Gap. The deal will be funded using cash from Century Casinos’ balance sheet, the company explained. The transaction is expected to close mid-2023, subject to regulatory and governmental approvals and customary closing conditions. The business will be taking over the operations for approximately $56 million. Century Casinos has entered into a definitive agreement to acquire the operations of Rocky Gap Casino Resort in Maryland from Lakes Maryland Development, the Colorado-based company announced Thursday.

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