VICI Properties Inc. announced that it has completed the previously announced transaction to acquire an interest in the land and buildings associated with Rocky Gap Casino Resort, located in Flintstone, Maryland from Golden Entertainment Inc. for an aggregate purchase price of approximately $203.9 million in cash. The transaction was funded through a combination of cash on hand and proceeds from the partial settlement of forward equity sale agreements.
Simultaneous with the closing of the transaction, Rocky Gap was added to the existing triple-net master lease agreement between VICI Properties and Century Casinos Inc. (Century Master Lease) and annualized rent increased by $15.5 million.
Additionally, the term of the Century Master Lease was extended such that the lease has a full 15-year initial base lease term, with four 5-year tenant renewal options. The tenant’s obligations under the Century Master Lease continue to be guaranteed by Century Casinos Inc.
