The acquisition is expected to be immediately accretive to the Company’s earnings. The multiple excludes any potential cost synergies and operational improvements and deducts annual rent from the VICI lease from EBITDA. The purchase price for the casino operations represents an implied 2021 earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiple of 4.9x. The amendment to the lease will include initial annual rent for the Rocky Gap casino of approximately $15.5 million.
(NYSE: VICI) (“VICI”) will acquire the real estate assets for approximately $204 million and the Company will amend its triple net lease agreement with VICI to add the Rocky Gap property. Simultaneous with the closing of the transaction, an affiliate of VICI Properties Inc. The Company will fund the acquisition using cash from its balance sheet.
(Nasdaq Capital Market®: CNTY) (“Century Casinos” or the “Company”), announced that it entered into a definitive agreement to acquire the operations of Rocky Gap Casino Resort (“Rocky Gap”), from Lakes Maryland Development, LLC for approximately $56 million, subject to certain adjustments. Colorado Springs, CO – Aug– Century Casinos, Inc.
