Century Casinos is significantly expanding its footprint in the American gaming industry! The company has reached an agreement to acquire the Rocky Gap Casino Resort in Maryland for a substantial $56 million. This strategic move enhances their expanding collection of properties, which will soon encompass the Gold Nugget in Nevada.
Rocky Gap, a sought-after destination featuring a golf course, hotel, and a bustling casino, generated an impressive $78 million in revenue in the previous year. Century Casinos views this as a golden opportunity and intends to utilize its internal financial resources to fund the acquisition.
The company eagerly anticipates collaborating with Maryland regulators to secure the required approvals and guarantee a seamless transition for the Rocky Gap staff. This purchase, in conjunction with the Gold Nugget transaction, underscores Century Casinos’ dedication to bolstering its presence in prominent gaming hubs throughout the United States.
Century Gaming aims to incorporate its Rocky Gap Casino property into the overarching lease agreement with Vici Properties. This action is projected to augment the yearly lease payment by approximately $15.5 million. This development follows a robust fiscal second quarter for Century, marked by substantial growth in both earnings and overall revenue. Year-over-year, net operating income surged by 21%, reaching $111.1 million for the quarter.