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VICI Properties Inc. Enters Into Agreements Relating to Century Mile and Century Downs in Alberta, Canada

VICICNTY
  • VICI Properties agreed to a new triple-net lease with a Highfield Investment Group subsidiary for the real property of Century Mile Racetrack & Downs in Alberta, Canada.
  • Century Casinos is selling its operations at the venue to Highfield to help deleverage its balance sheet.
  • The new lease carries an initial annual base rent of C$10.7 million (US$7.5 million) with a 20-year term & four 5-year renewal options.
  • Rent escalations under the new lease will equal the greater of 1.25% or the change in Canadian CPI, capped at 2.50%.
  • VICI amended its existing Master Lease with Century Casinos to reduce annual base rent by C$10.7 million, resulting in no change to aggregate rent collected.
  • The Highfield Investment Group is a Calgary-based firm with over 40 years of real estate experience & over 20 years in the Western Canadian equine industry.
  • VICI President John Payne noted the transaction supports Century's long-term goals while adding Highfield to VICI's tenant roster.
  • Highfield President Adrian Munro stated the company plans to modernize the racetracks while maintaining a positive culture for staff & guests.
  • The transaction is expected to close in the fourth quarter of 2026 or the first quarter of 2027, subject to regulatory approvals.
  • VICI Properties remains an S&P 500 REIT owning 103 experiential assets across the US & Canada under long-term triple-net leases.