Century Casinos, Inc. has signed a definitive agreement with Rocky Gap Casino Resort to acquire the operations from Lakes Maryland Development, LLC for close to $56m. The deal is subject to certain adjustments.
Rocky Gap casino sits on 270 acres in Rocky Gap State Park near Flintstone, Maryland. To date, nearly $10m in upgrades have been invested in the Maryland hotel property, which includes updates to its slot machines, sports lounge and restaurants.
Under the terms of the agreement, Century Casinos will be able to offer sports betting at Rocky Gap through a partnership with a Maryland operator.
The company will also amend its lease with VICI Properties to add the Rocky Gap property. The lease amendment will include close to $15.5m in initial annual rent for the Rocky Gap casino.
Century Casinos Co-Chief Executive Offers Erwin Haitzmann and Peter Hoetzinger said in a joint statement: "The addition of Rocky Gap is another important milestone in our pursuit to acquire prime US assets. With this acquisition and our pending acquisition of the Nugget Casino Resort in Nevada, we will oversee a US portfolio that reaches from east to west.
"We are looking forward to working with the Maryland Lottery and Gaming Control Agency to obtain gaming approvals and with the casino leadership and team members to effect a smooth transition and great future for Rocky Gap.”
The Rocky Gap property is home to 25,000 square feet of gaming floor, 630 slot machines, 16 table games and 198 hotel rooms. Rocky Gap has five food and beverage venues, an 18-hole golf course and a 5,000 square-foot events center.
