NEW ROYAL HOLDCO I INC. (GDEN): M&A transaction — Golden Entertainment completes sale of Rocky Gap Casino Resort for $260M; uses $175M to repay debt

NEW ROYAL HOLDCO I INC.

Century Casinos paid ~$56.1M for operations; VICI paid ~$203.9M for land and buildings.
$175M of proceeds used to fully repay term loan B facility; $400M term loan B-1 and $240M revolver remain.
Pro forma shows FY2022 revenue reduction of ~$78M and annual interest expense savings of ~$8.6M.
Macquarie Capital acted as exclusive financial advisor; Latham & Watkins and Duane Morris acted as legal counsel.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

NEW ROYAL HOLDCO I INC. completed a disposition involving Century Casinos, Inc. and VICI Properties, L.P. for $260 million (closed 2023-07-25).

Action: disposition
Counterparty: Century Casinos, Inc. and VICI Properties, L.P.
Consideration: $260 million
Closing: 2023-07-25

Exact text from the filing

On July 25, 2023, Golden Entertainment, Inc. (the “Company”) completed the sale of the Rocky Gap Casino Resort (“Rocky Gap”) to Century Casinos, Inc. (“Century”) and VICI Properties, L.P. (“VICI”), an affiliate of VICI Properties Inc., for aggregate cash consideration of $260 million, subject to adjustments, pursuant to the previously announced Equity Purchase Agreement with Century and VICI, and Real Estate Purchase Agreement with VICI (collectively, the “Purchase Agreements”).

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Source: SEC EDGAR

accession 0001071255-23-000076

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