Nevada-based Golden Entertainment last week sold its only non-Nevada property when it made a deal to sell Maryland’s Rocky Gape Casino to Century Casinos and gaming REIT VICI. Century will pay $56.1 million for the gaming operations, while VICE will send $203.9 million to Golden.
Rocky Gap has 626 slot machines and 16 table games, across a 25,000-square-foot gaming floor and a 198-room hotel, as well as five restaurants. It’s located near Cumberland, on 270 acres along Lake Habeeb.
Golden acquired Rocky Gap seven years ago when it bought the gaming properties of Lyle Berman, the founder of Grand Casinos and a member of the Gaming Hall of Fame. Since that time, they’ve been a good neighbor, according to Allegany Commission President Jake Shade.
“Golden has been great to work with, and I’m sure this new company will be as well,” he said. “Rocky Gap Casino continues to generate record revenue – not just as an economic driver, but by putting a tremendous amount of money right back in the community … I’m sure that relationship will continue to expand, and we’re excited to have them here. Hopefully, they will continue to grow, and we look forward to meeting the new folks.”
Blake Sartini, the chairman and CEO of Golden, thanked the team members for “consistently deliver a premier gaming and entertainment experience to our guests.”
“Since Golden began operating Rocky Gap seven years ago, we have invested our resources to enhance the property’s amenities and our contributions to the State of Maryland,” he continued. “We are confident that Century Casinos will be a terrific operator of Rocky Gap and strong partner to the community going forward.”
Golden Entertainment owns nine casinos in Nevada. The sale allows the company to focus on their core assets as well as one of Nevada’s largest slot routes.
VICI Properties was a spinoff of Caesars Entertainment and earlier this year bought MGM Growth Properties. It and owns 43 gaming destinations, most notably Caesars Palace in Las Vegas, Nevada. Century Casinos owns casinos in Colorado, West Virginia, Missouri and Alberta, Canada.
John Payne, president and chief operating officer of VICI Properties, said, “We are very excited to expand our existing partnership with Century, given their strong track record of integrating and operating similar high-quality regional resort assets, while also working with Blake Sartini, Charles Protell and the team at Golden Entertainment to help them achieve their strategic objectives. This transaction allows each of our companies to efficiently create value for our respective shareholders.”
The deal is expected to close in mid-2023.
