On May 17, VICI Properties Inc., a New York-based real estate investment trust, disclosed that it has signed a definitive agreement to purchase the real estate properties of Century Casino & Hotel Edmonton, Century Casino St. Albert and Century Mile Racetrack and Casino, each in Edmonton, Alberta and Century Downs Racetrack and Casino in Calgary, Alberta, aka called together the Century Canadian Portfolio, from Colorado-based Century Casinos Inc. for a total purchase price of C$221.7 million (US$164.7 million) in cash.

Adding assets to the Century Master Lease:

Concurrently with the closing of the transaction, the Century Canadian Portfolio will be added to the existing triple-net master lease deal between VICI Properties and Century, called the Century Master Lease, and the yearly rent will rise by C$17.3 million (US$12.8 million), which represents the default acquisition capitalization rate of 7.8%. Furthermore, the property-level rent coverage ratio under the Century Master Lease, subject to the pending purchase of Rocky Gap Casino Resort and the Century Canadian Portfolio, is projected to be around 2.0x. In addition, the transaction is projected to be live for VICI as soon as it officially closes.

The period of the Century Master Lease will be expanded so that once the transaction closes the lease will have a full 15-year initial base lease term, with four 5-year tenant renewal options. However, the lessees’ responsibilities under the Century Master Lease will continue to be guaranteed by Century Casinos Inc. In this regard, John Payne, President and Chief Operating Officer of VICI Properties, said: “We are thrilled to announce our third international investment with the acquisition of Century’s four Canadian casino assets, demonstrating our ongoing desire to expand internationally and confidence in the Canadian gaming market. 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.”

However, the transaction requires customary regulatory approvals, satisfaction of closing conditions and is projected to formally close in the second half of 2023. For more details on the transaction, VICI has published a Transaction Overview presentation, available on its website in the “Investors” section, at menu called “Events & Presentations.”


Headquartered in New York, VICI Properties Inc. is an experienced real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, involving Caesars Palace Las Vegas, Harrah’s Las Vegas and the Venetian Resort Las Vegas, three of Las Vegas’ most iconic entertainment properties.