Business
Golden Entertainment Enters Into Definitive Agreements to Sell Rocky Gap Casino Resort for $260 Million
LAS VEGAS--(BUSINESS WIRE)-- Golden Entertainment, Inc. (NASDAQ: GDEN) (“Golden” or the “Company”) announced today that it entered into definitive agreements
About this update from Century Casinos, Inc.
[{"type":"text","content":" LAS VEGAS--(BUSINESS WIRE)--\nGolden Entertainment, Inc. (NASDAQ: GDEN) (“Golden” or the “Company”) announced today that it entered into definitive agreements to sell Rocky Gap Casino Resort (“Rocky Gap”) for aggregate cash consideration of $260 million. Pursuant to the terms of the agreements, Century Casinos, Inc. (NASDAQ: CNTY) will acquire the operations of Rocky Gap for $56.1 million, subject to customary working capital adjustments, and VICI Properties Inc. (NYSE: VICI) will acquire an interest in the land and buildings associated with Rocky Gap for $203.9 million.\n\nThe aggregate cash consideration represents a multiple of approximately 10x Adjusted Property EBITDA for the trailing twelve-month period ended June 30, 2022. The transaction is expected to close in mid-2023, subject to customary regulatory approvals and closing conditions.\n\nBlake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented, “Rocky Gap is a truly unique destination resort and I want to thank all of our team members who work hard to consistently deliver a premier gaming and entertainment experience to our guests. Since Golden began operating Rocky Gap seven years ago, we have invested our resources to enhance the property’s amenities and our contributions to the State of Maryland. We are confident that Century Casinos will be a terrific operator of Rocky Gap and strong partner to the community going forward. Strategically, this transaction will enable Golden to focus on the continued success of our operations in core markets. The sale price represents an attractive, premium multiple relative to our current valuation and will provide additional financial flexibility for us to create shareholder value.”\n\nMacquarie Capital is acting as exclusive financial advisor and Latham & Watkins is acting as legal counsel to Golden in connection with the transaction.\n\nAbout Golden\n\nGolden Entertainment owns and operates a diversified entertainment platform, consisting of a portfolio of gaming and hospitality assets that focus on casino and distributed gaming operations (including gaming in the Company’s branded taverns). Golden Entertainment operates over 17,000 slots, 100 table games, and 6,200 hotel rooms. Golden Entertainment owns ten casinos – nine in Southern Nevada and one in Maryland. Through its distributed gaming busines...