VICI Properties Inc. is adding to its Alberta casino holdings through a $221.7-million sale-leaseback deal with Century Casinos Inc. for four properties in Edmonton and Calgary. This follows VICI’s $272-million acquisition of four gambling facilities in Edmonton, Calgary and Lethbridge earlier this year, which was the U.S. based real estate investment trust’s first cross-border foray.
John Payne, VICI Properties’ president and chief operating officer, says the latest transaction demonstrates “ongoing desire to expand internationally and confidence in the Canadian gaming market”. Century will continue as operator through a triple-net master lease.
“We are also pleased to continue growing our partnership with Century by supporting their asset monetization strategy, unlocking value that fuels their strategic growth initiatives,” Payne adds.
The properties include Century Edmonton, Century St. Albert and Century Mile in Edmonton, and Century Downs in Calgary. Collectively, they encompass two horse racetracks and nearly 80,000 square feet of gaming area featuring a total of 2,443 slots, 78 video lottery terminals and 43 gaming tables.
The deal is expected to close in the second half of this year. Century Casinos will join PURE Canadian Gaming Corp. as an Alberta-based triple-net tenant, representing a modest portion of VICI’s 49-facility portfolio. It also includes three major casinos on the Las Vegas strip, and, in total, 124 million square feet of gambling space, 60,100 hotel rooms and 450 restaurants, bars and nightclubs.
