US real estate investment trust VICI Properties is investing $203.9m (€197.5m) to buy a casino resort in Western Maryland from Golden Entertainment.
The NYSE-listed company said it has, together with Century Casinos, entered into agreements to acquire Rocky Gap Casino Resort in Flintstone for $260m.
VICI Properties is buying an interest in the land and buildings associated with Rocky Gap for $203.9m and Century will acquire the operating assets of the property for $56.1m.
As part of the deal, Rocky Gap will be added to the existing triple-net master lease agreement between VICI Properties and Century and annual rent will increase by $15.5m.
Rocky Gap is a full-service casino resort which offers a casino, hotel, conference centre, Bonkerz Comedy Club, five dining options, indoor and outdoor event spaces.
John Payne, president and COO of VICI Properties, said: “We are very excited to expand our existing partnership with Century, given their strong track record of integrating and operating similar high-quality regional resort assets, while also working with Blake Sartini, Charles Protell and the team at Golden Entertainment to help them achieve their strategic objectives.
“This transaction allows each of our companies to efficiently create value for our respective shareholders.”
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