VICI Properties To Buy Rocky Gap Casino Resort For $260 Mln Cash

(RTTNews) - VICI Properties Inc. ( VICI), a real estate investment trust focused on casino properties, and Century Casinos, Inc. (CNTY), have inked a deal to buy Rocky Gap Casino Resort, from Golden Entertainment, Inc. (GDEN), for $260 million in cash. The property is located at Flintstone, Maryland.

Pursuant to the transaction agreements, VICI will acquire an interest in the land and buildings associated with Rocky Gap for around $203.9 million, representing a 7.60 percent capitalization rate.

Century will also buy the operating assets of the property for approximately $56.1 million.

Upon the closing of the transaction, Rocky Gap will be added to the existing triple-net master lease deal between VICI and Century with annual rent increase by $15.5 million.

The transaction, which is expected to be accretive immediately upon the closing, is anticipated to be closed in mid-2023.