Century receives approval in Mountaineer Casino deal
Canadian gaming organisation Century Casinos has moved a step closer to bolstering its land-based footprint across the United States, after receiving approval from the West Virginia Lottery Commission for acquisition of Mountaineer Casino, Racetrack and Resort.
This follows the firm entering a definitive agreement with Eldorado Resorts earlier this to acquire the operations of a trio of properties, which also includes Isle Casino Cape Girardeau, and Lady Luck Caruthersville, both located in Missouri, for approximately $107m.
Mountaineer is a hotel, casino, entertainment and live thoroughbred horse racing facility located in New Cumberland, West Virginia, one hour from downtown Pittsburgh, Pennsylvania.
The property originally opened in 1951, adding the casino entity in 1994, and features a 357-room hotel, approximately 1,486 slot machines, 36 table games, a poker room, a racetrack and five dining venues.
The transaction, which is expected to close in early 2020, is subject to approval of the Missouri Gaming Commission as well as other customary closing conditions.
“We are very excited to be expanding into West Virginia,” noted Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos.
“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.”
Entering the initial deal in June of this year, Century partnered with real estate investment Vici Properties to secure a combined $385m deal to purchase the three properties from casino entertainment firm Eldorado.
The deal is to see Vici acquire the land and real estate assets of the properties for approximately $278m, with Century duly acquiring the operating assets for approximately $107m.
Simultaneous with the closing of the transaction, Vici is to enter into a triple-net master lease agreement with Century related to the assets with an initial annual rent of $25m for 15 years, and containing four 5-year renewal options.