FLINSTONE, Md. – Rocky Gap Casino Resort in Flintstone, Md., has been sold to the tune of $260 million.
Golden Entertainment has reached an agreement to sell the resort to Century Casinos and real estate investor VICI Properties for $260 million. Century Casinos will pay $56 million for the operations of the casino, while VICI is paying $204 million for the land and buildings.
The casino resort, sitting on 270 acres along Lake Habeeb in western Maryland, includes a 198-room hotel as well as a 5,000-square-foot events center. Other amenities include the 25,000-square-foot gaming floor, five restaurants, and a Jack Nicklaus-designed 18-hole golf course.
According to an article from The Associated Press, in 2021, Rocky Gap had $78 million of net operating revenue and attracted more than a half million visitors.
The sale is expected to close in mid-2023, subject to regulatory approvals.
Blake Sartini, chairman and CEO of Golden Entertainment, commented, “Rocky Gap is a truly unique destination resort and I want to thank all of our team members who work hard to 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. We are confident that Century Casinos will be a terrific operator of Rocky Gap and a strong partner to the community going forward.
Strategically, this transaction will enable Golden to focus on the continued success of our operations in core markets. The sale price represents an attractive, premium multiple relative to our current valuation and will provide additional financial flexibility for us to create shareholder value,” he continued.