Century Casinos has successfully finalized the acquisition of Rocky Gap Casino Resort in Flintstone, Maryland, marking a strategic expansion for the company. This $56.1 million deal includes an additional investment of approximately $203.9 million by VICI Properties for the land and building associated with Rocky Gap. The acquisition aims to enhance Century Casinos’ portfolio and contribute to the continued success of the Rocky Gap property.
Acquisition Details
Century Casinos has completed the acquisition of Rocky Gap Casino Resort from Golden Entertainment for $56.1 million. Simultaneously, an affiliate of VICI Properties acquired a related interest in the property for $203.9 million. The amendment to the triple net master lease agreement with VICI includes an increase in the initial annualized rent by approximately $15.5 million.
Location and Overview
Rocky Gap is situated in Flintstone, Maryland, within the scenic Rocky Gap State Park. The resort spans approximately 270 acres and boasts an 18-hole golf course designed by Jack Nicklaus. Additionally, the property features a 5,000 square-foot events center, meeting spaces, a spa, and various outdoor activities. With over 25,000 square feet of gaming floor, Rocky Gap offers 630 slot machines, 16 table games, 198 hotel rooms, and five food and beverage venues.
Property Investments and Improvements
Noteworthy is Rocky Gap’s commitment to continuous improvement, having invested approximately $10 million in enhancements to its hotel, slot machines, restaurants, and sports lounge. This substantial investment underscores the dedication to providing an exceptional experience for guests and aligns with Century Casinos’ commitment to quality.
Strategic Expansion into Maryland
Erwin Haitzmann and Peter Hoetzinger, Co-CEOs of Century Casinos, expressed their enthusiasm about expanding into Maryland. They see Rocky Gap as a valuable addition to their portfolio and emphasize their eagerness to collaborate with the existing staff and local community to build on the current success of the property.
Outlook for the Future
The successful acquisition of Rocky Gap positions Century Casinos for a promising future in the Maryland gaming market. The company’s leadership looks forward to leveraging their expertise and resources to ensure the continued growth and success of Rocky Gap Casino Resort.
Century Casinos’ acquisition of Rocky Gap Casino Resort represents a significant milestone in the company’s strategic expansion. With a focus on quality improvements, collaborative efforts with the local community, and a commitment to providing an exceptional guest experience, Rocky Gap is poised for continued success under the Century Casinos brand.