Rocky Gap Casino in Maryland sells for $260 million
Golden Entertainment Inc. has reached an agreement to sell the Rocky Gap Casino Resort in Flintstone, Maryland, to Century Casinos and real estate investor VICI Properties for $260 million in cash.
According to the deal, Century Casinos will pay $56.1 million for the operations of the Rocky Gap casino, while VICI will pay $203.9 million for its interest in the land and buildings.
Rocky Gap sits on 270 acres along Lake Habeeb in Western Maryland and includes an 18-hole, Jack Nicklaus-designed golf course, as well as a 5,000-square-foot events center and several outdoor activity sites.
The casino itself includes a 25,000-square-foot gaming floor, a 198-room hotel, as well as five restaurants. Golden Entertainment had recently invested around $10 million for casino improvements.
In 2021, Rocky Gap had $78 million of net operating revenue and attracted more than a half million visitors.
VICI Properties owns 43 gaming destinations, most notably Caesars Palace in Las Vegas, Nevada. Century Casinos owns casinos in Colorado, West Virginia, Missouri and Alberta, Canada. Golden Entertainment owns nine casinos in Nevada.
The sale is expected to close in mid-2023, subject to regulatory approvals.