Colorado’s Century Casinos announced the acquisition of Rocky Gap Casino Resort operations in Maryland. According to the press release, the company purchased the resort from Golden Entertainment for approximately $56.1 million on Jul. 25, 2023.
Century Casinos purchased Rocky Gap in August last year, with the sale expected to be finalized this year.
Maryland’s online sports betting market is relatively young, with sportsbooks going live in November 2022. But Rocky Gap has expressed no interest in sports betting since then. With things now being more official, new operators could get a fresh perspective on the state’s sports betting scene.
Maryland’s Rocky Gap Casino purchase details
VICI Properties acquired a related interest in the land and building associated with Rocky Gap for nearly $203.9 million. Century amended its lease agreement with VICI to add the Rocky Gap property, which will also include Century’s rent increase of circa $15.5 million.
Goldman Sachs USA has financed Century’s deal by giving a $30 million loan as part of a revolving credit agreement between the pair.
Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, shared their enthusiasm in a PR Newswire press release:
“We are very excited to be expanding into Maryland. Rocky Gap is a great addition to our portfolio. We look forward to working with the staff and community to continue the current success at this property into the future.”
Rocky Gap attracts half a million visitors to Maryland annually
Located in Flintstone, in Rocky Gap State Park, the resort attracts over half a million visitors every year.
Rocky Gap’s full-service resort features:
- Approximately 270 acres
- An 18-hole golf course designed by Jack Nicklaus
- A 5,000-square-foot events center
- Several meeting spaces
- A spa
- Several outdoor activities
Moreover, its 25,000 square feet of gaming floor consists of:
- 630 slot machines
- 16 table games
- 198 hotel rooms
- 5 food and beverage venues
The Maryland casino has recently invested around $10.0 million in improvements to its hotel, slot machines, restaurants and sports lounge. Casino officials believe there is potential to expand the resort further and attract more customers from neighboring markets.
With this transaction, the company’s portfolio increased to 19 casinos worldwide, including 7,565 gaming machines, 268 table games, and over 4,100 full-time equivalent employees.
What remains to be seen is if Century will open the Rocky Gap online sportsbook.