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Rocky Gap Casino Resort in Flintstone, Maryland
Golden Entertainment, Inc. (NASDAQ: GDEN) announced today that it completed the previously disclosed sale of Rocky Gap Casino Resort for aggregate cash consideration of approximately $260 million, subject to customary working capital adjustments.
Pursuant to the terms of the agreements, Century Casinos, Inc. (NASDAQ: CNTY) acquired the operations of Rocky Gap for approximately $56.1 million, subject to customary working capital adjustments, and VICI Properties Inc. (NYSE: VICI) acquired an interest in the land and buildings associated with Rocky Gap for approximately $203.9 million. $175 million of the sale proceeds will be used to repay term loans outstanding.
Macquarie Capital acted as exclusive financial advisor, and Latham & Watkins and Duane Morris acted as legal counsels to Golden in connection with the transactions.