• Century Casinos, a prominent casino operator in the US gaming space, has entered into a definitive agreement with Lakes Maryland Development to acquire the operations of Rocky Gap Casino Resort in Maryland, the Colorado-based company announced late August. 
• In exchange for approximately $56 million, the company will assume functions. The transaction is anticipated to close by the middle of 2023, pending regulatory and governmental approvals and customary closing conditions.

Vici to Acquire Real Estate 

According to the company, the transaction will be funded with cash from Century Casinos’ balance sheet. Century Casinos will amend its triple net lease agreement with VICI to include Rocky Gap concurrently with the transaction’s closing.

A press release explains that the amendment to the lease will include an initial annual rent for the Rocky Gap casino of approximately $15.5 million. 

In addition, Century Casinos noted that the purchase price for the casino’s operations in Maryland represents an implied EBITDA multiple of 4.9x for 2021. The acquisition is anticipated to contribute immediately to earnings.

Rocky Gap was located in Rocky Gap State Park in Flintstone, Maryland, which attracts over 500,000 visitors annually. The 270-acre full-service resort features an 18-hole golf course designed by Jack Nicklaus, a 5,000-square-foot events center, multiple meeting rooms, a spa, and numerous outdoor activities.

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Rocky Gap Another Milestone in Pursuit to Acquire US Assets

 The property has more than 25,000 square feet of gaming space, 630 slot machines, 16 table games, 198 hotel rooms, and five food and beverage establishments. 

Century Casinos reported that Rocky Gap Casino Resort had net operating revenues of $78 million and Adjusted EBITDA of $27 million for the year ending December 31, 2021.

Recently, the property invested $10 million in renovations to its hotel, slot machines, restaurants, and sports lounge. Century sees an opportunity to expand the casino and hotel and attract more customers from adjacent markets. 

Additionally, the company views a partnership with a sports betting operator in Maryland as a potential opportunity “to bring sports betting to Rocky Gap.” 

It would be a late addition to the list of recent sports betting partnerships in the state, which are occurring in advance of the forthcoming launch of the online sports betting market.

Century’s North American portfolio will increase to 11 casinos, with 7,140 gaming machines and 158 table games, upon the closing of the Rocky Gap acquisition and the pending acquisition of Nugget Sparks, which operates the Nugget Casino Resort in Sparks, Nevada, according to the company. 

After giving effect to the two investments, the company anticipates that its North American casinos will generate 94% of its pro forma Adjusted EBITDA.