VICI acquires four properties in Alberta

VICI Properties has acquired Century Casino and Hotel Edmonton, Century Casino St Albert and Century Mile Racetrack and Casino in Edmonton, Alberta, and Century Downs Racetrack and Casino in Calgary, Alberta, for US$162.4m.

The transaction was funded through a combination of proceeds from the partial settlement of forward equity sale agreements and from drawing down funds under the company’s existing revolving credit facility in Canadian dollars.

Simultaneous with the closing of the transaction, the Century Canadian portfolio was added to the existing triple-net master lease agreement between VICI Properties and Century and annualised rent increased by US$12.7m. 

Additionally, the term of the Century master lease was extended such that the lease has a full 15-year initial base lease term, with four five-year tenant renewal options, and Century has irrevocably agreed to exercise its initial renewal option.