Vici Properties Inc. Completes Acquisition of Rocky Gap Casino Resort from Golden Entertainment for $260m
Expands Partnership With Century Casinos, Inc. by Adding Fourth Asset to Existing Master Lease
VICI Properties Inc. (NYSE: VICI) ("VICI Properties" or the "Company") an experiential real estate investment trust, announced it has completed the previously announced transaction to acquire an interest in the land and buildings associated with Rocky Gap Casino Resort ("Rocky Gap"), located in Flintstone, Maryland from Golden Entertainment, Inc. (NASDAQ: GDEN) 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. (the "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.
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