- Legal States
Melanie Porter August 25, 2022 2 min read
Century Casinos to Acquire Rocky Gap Casino Resort
Nasdaq Capital Market-listed casino entertainment company Century Casinos has announced it has entered a “definitive agreement” for the acquisition of Rocky Gap Casino Resort’s operations. The casino operations will be acquired from Lakes Maryland Development for a purchase price of approximately $56 million with adjustments. The company that manages numerous racetracks, award-winning casinos, hotels, horse betting parlors, showrooms, and golf courses among others has announced that the funding will be completed with cash from its balance sheet.
The Rocky Gap Acquisition, “Another Important Milestone” for Century Casinos
Century Casino’s co-chief executive officers Erwin Haitzmann and Peter Hoetzinger called the new acquisition “an important milestone” in their “pursuit to acquire prime US assets.” Together with the pending Nugget Casino Resort acquisition in Nevada, the company expects to soon oversee a rich US portfolio that will spread from east to west. The two also expressed their excitement to be collaborating with Maryland’s Gaming Control Agency and Lottery for getting all the necessary approvals for gaming operations. The duo mentioned they were looking forward to working with the casino leadership and all team members to promote a “smooth transition and great future for Rocky Gap.”
Rocky Gap Reported $78 Million in Net Operating Revenue in 2021
Rocky Gap reported $78 million in net operating revenue on December 31, 2021. Its adjusted EBITDA also reached $27 million for the same period. Century Casinos reported net operating revenue of $111.1 million, signaling a 21% year-on-year growth for the second quarter.
Based in Flintstone, Maryland and expanding across 270 acres in total, Rocky Gap hosts a 25,000-square-foot gaming room with 630 slot machines, close to 200 hotel rooms, 16 table games, and an 18-hole golf course that was designed by retired pro golfer and golf course designer Jack Nicklaus.
The resort also hosts five restaurants, an events center that spreads across 5,000 square feet, a spa, several meeting spaces, and a few areas dedicated to additional outdoor activities.
The same property also completed a $10 million investment in improvement work for its slot machines, restaurants, sports lounge, and hotel. Century Casinos will have the opportunity to further expand the space dedicated to the hotel and the casino and attract a larger number of customers from adjacent markets. The company will also be given the chance to sign a partnership with a sports betting operator in the state to bring sports betting to the resort.
In February, Century Casinos hired BetMakers technology to distribute its racing content.