By Will Feuer
Golden Entertainment Inc. said it has agreed to sell Rocky Gap Casino Resort in Flintstone, Md., for $260 million in cash to operator Century Casinos Inc. and real-estate investment trust VICI Properties Inc.
Through the deal, expected to close in mid-2023, Century Casinos will pay $56.1 million for the operations of Rocky Gap while VICI will pay $203.9 million for an interest in the land and buildings associated with the casino resort.
VICI said that once the deal closes, Rocky Gap will be added to the existing triple-net master lease agreement between VICI and Century Casinos and annual rent will increase by $15.5 million.
The Rocky Gap Casino Resort had net operating revenue of $78 million in 2021. It sits on about 270 acres and includes an 18-hole golf course, a 5,000-square-foot events center, a spa, 25,000 square feet of gaming floor, 630 slot machines, 16 table games, 198 hotel rooms and five food and beverage venues, the companies said.
“The addition of Rocky Gap is another important milestone in our pursuit to acquire prime US assets,” Century Casinos Co-Chief Executives Erwin Haitzmann and Peter Hoetzinger said.
Write to Will Feuer at Will.Feuer@wsj.com
