VICI to acquire Century’s Canada properties

Home » VICI to acquire Century’s Canada properties

VICI Properties has entered into agreements to acquire four Canadian properties from Century Casinos for C$221.7m (US$164.7m).

The properties are Century Casino and 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.

Simultaneous with the closing of the transaction, the Century Canadian portfolio will be added to the existing triple-net master lease agreement between VICI Properties and Century and annual rent will increase by US$12.8m, representing an implied acquisition capitalisation rate of 7.8 per cent.

The property-level rent coverage ratio under the Century master lease, adjusted for the pending acquisition of Rocky Gap Casino Resort and the Century Canadian portfolio, is expected to be approximately 2x. The transaction is expected to be accretive to VICI immediately upon closing.

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Additionally, the term of the Century master lease will be extended such that, upon closing of the transaction, the lease will have a full 15-year initial base lease term, with four five-year tenant renewal options. The tenants’ obligations under the Century master lease will continue to be guaranteed by Century Casinos.

John Payne, president and COO 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 monetisation strategy, unlocking value that fuels their strategic growth initiatives.”

The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in the second half of 2023.

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