The West Virginia Lottery Commission granted Century Casinos the approval to acquire the Mountaineer Casino, Racetrack and Resort from Eldorado Resorts.
US.- Century Casinos has revealed that it received this week approval from the West Virginia Lottery Commission to acquire the Mountaineer Casino, Racetrack and Resort from Eldorado Resorts.
Back in June, Century entered into an agreement with Eldorado to acquire the operations of Mountaineer, Isle Casino Cape Girardeau, and Lady Luck Caruthersville for US$107 million. While the West Virginia regulator has already approved the deal in that state the other two are likely to close in early 2020, subject to the approval of the Missouri Gaming Commission.
Mountaineer is a hotel, casino, entertainment and lives thoroughbred horse racing facility located in New Cumberland, West Virginia, one hour from downtown Pittsburgh, Pennsylvania. Mountaineer features a 357-room hotel and a casino floor with 1486 slot machines, 36 gaming tables, a poker room, a racetrack and five dining venues.
“We are very excited to be expanding into West Virginia,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked. “Mountaineer is a great addition to our portfolio and will be our third racetrack and casino property. We look forward to working with the staff and community to continue the current success at Mountaineer into the future,” Haitzmann and Hoetzinger concluded.
The transaction is financed with a new credit facility issued by Macquarie Capital. After closing the transaction, VICI Properties will acquire the real estate assets of the three properties for approximately US$278 million and the company will enter into a triple-net lease agreement with VICI for the three casino properties. The lease will have an initial annual rent of approximately US$25 million and an initial term of 15 years, with four five-year renewal options.