Rocky Gap Casino Resort, located in Maryland, Florida, has been acquired by VICI Properties from Golden Entertainment for an aggregate purchase price of $203.9m in cash.
VICI Properties funded the transaction through both cash on hand and proceeds from the partial settlement of forward equity sale agreements.
Rocky Gap has been added to the triple-net master lease agreement already in place between VICI Properties and Century Casinos and annualised rent increased by $15.5m.
In addition, 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.
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