VICI Properties has reached an agreement to acquire a group of gaming and hospitality assets in Alberta, Canada, as part of a broader transaction linked to the privatization of Gamehost. The deal, valued at approximately CAD$200.6 million (USD$144.4 million), includes the real estate of Deerfoot Inn & Casino, Great Northern Casino, and two hotels located near the Grande Prairie property.

The acquisition will integrate these assets into VICI’s existing lease arrangement with Pure Casino Entertainment Limited Partnership, further strengthening the company’s footprint in the Canadian gaming sector.

Portfolio Addition Tied to Gamehost Transaction

The real estate purchase is connected to Pure Casino Entertainment’s planned take-private acquisition of Gamehost, a Toronto-listed operator with a portfolio of casino properties in Alberta. Once the deal closes, the acquired properties will become part of the existing triple-net master lease between VICI and PURE.

Under the updated lease structure, annual rent will increase by CAD$16.1 million (USD$11.6 million), reflecting an acquisition capitalization rate of 8.0%. The agreement outlines a structured escalation schedule, beginning with a 1.0% rent increase after the first full year following closing. Subsequent adjustments will follow the existing lease terms, increasing by the greater of 1.5% or changes in the Canadian Consumer Price Index, capped at 2.5%.

The revised lease will also extend the agreement to a 25-year initial base term, supported by four additional five-year renewal options. Tenant obligations under the lease will continue to be guaranteed by Indigenous Gaming Partners.

Strategic Expansion in Canadian Market

The transaction marks a continuation of VICI’s strategy to expand within stable gaming jurisdictions. Company leadership pointed to its ongoing relationship with PURE and Indigenous Gaming Partners as a factor in moving forward with the deal.

John Payne, President and Chief Operating Officer of VICI Properties, said in the company’s press release, “We are very excited to deepen and expand our presence in the Canadian gaming market, a very steady and stable gaming jurisdiction, alongside an existing partner.”

He continued, “Having worked alongside IGP and PURE, we have seen firsthand their ability to operate and grow a best-in-class gaming platform, and we are proud to continue supporting that growth as their real estate partner and capital provider. This is exactly the kind of transaction that reflects VICI’s value proposition, helping best-in-class operators execute on their growth strategies, and we hope to continue growing our relationship with IGP and PURE for years to come.”

Indigenous Gaming Partners, which guarantees the lease obligations, is a partnership involving several Nova Scotia-based First Nations alongside Sonco Gaming. Through its subsidiary PURE, the group operates gaming properties across Alberta and is currently advancing its acquisition of Gamehost’s assets.

VICI plans to fund the acquisition using a combination of available cash and borrowings from its existing multi-currency revolving credit facility. The company expects the transaction to close in mid-2026, subject to standard regulatory approvals and other closing conditions.

Upon completion, the acquisition is expected to contribute positively to VICI’s financial performance. The addition of new rental income and long-term lease stability aligns with the company’s business model, which focuses on owning experiential real estate assets leased to gaming and entertainment operators.

VICI Properties currently manages a broad portfolio that includes dozens of gaming venues and hospitality assets across North America. Its holdings feature major destinations such as Caesars Palace Las Vegas, MGM Grand, and The Venetian Resort Las Vegas, alongside other experiential properties.