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.
