Century Casinos to acquire Nugget Casino Resort for $195M, financed by Goldman Sachs

CENTURY CASINOS INC /CO/

Acquires 50% of PropCo (land/building) for $95M and 100% of OpCo for $100M; total enterprise value $195M.
Five-year option to buy remaining 50% of PropCo for $105M plus 2% annual interest.
Goldman Sachs committed $350M term loan and $30M revolver; pro forma net leverage ~3.0x.
Nugget 2021 preliminary: revenue $100.4M, Adj. EBITDA $32.8M; acquisition multiple 5.6x EBITDA.
PropCo & financing close early Q2 2022; OpCo close within 1 year subject to Nevada Gaming approval. Deal immediately accretive.

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