'Since Golden began operating Rocky Gap seven years ago, we have invested our resources to enhance the property’s amenities and our contributions to the State of Maryland. “Rocky Gap is a truly unique destination resort and I want to thank all of our team members who work hard to consistently deliver a premier gaming and entertainment experience to our guests,' Golden Entertainment Chairman and CEO Blake Sartini said in a statement.
The transaction is expected to close in mid-2023, subject to customary regulatory approvals and closing conditions. The aggregate cash consideration represents a multiple of approximately 10x adjusted property earnings before interest, taxes, depreciation or amortization for the trailing twelve-month period ended June 30. Pursuant to the terms of the agreements, Century Casinos will acquire the operations of Rocky Gap for $56.1 million, subject to customary working capital adjustments, and VICI Properties will acquire an interest in the land and buildings associated with Rocky Gap for $203.9 million. Golden Entertainment is selling the Rocky Gap Casino Resort in Flintstone, Md., for aggregate cash consideration of $260 million.
