Century Casinos to acquire Rocky Gap operations for $56.1M; VICI buys real estate for $204M

CENTURY CASINOS INC /CO/

Entered definitive agreement to acquire Rocky Gap Casino Resort operations from Lakes Maryland Development for $56.1M cash.
VICI Properties to acquire real estate for ~$204M; Century to amend triple net lease with initial annual rent of ~$15.5M.
Rocky Gap had 2021 net revenue $78M, Adjusted EBITDA $27M; purchase price multiple 4.9x EBITDA.
Acquisition expected to close mid-2023, immediately accretive to earnings; subject to regulatory approvals.
Combined with pending Nugget acquisition, North American portfolio to reach 11 casinos generating ~94% of Adjusted EBITDA.

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