VICI Properties is acquiring four Century Casinos properties in Canada for $165m. [Image: Shutterstock.com]
VICI Properties has reached an agreement to acquire four Century Casinos properties in Canada for $165m. VICI already owns the real estate of many major casinos across North America, including Caesars Palace, MGM Grand Las Vegas, and the Venetian Las Vegas.
The Real Estate Investment Trust announced its newest agreement in a press release on Wednesday. The properties in question include the Century Casino & Hotel Edmonton, Century Casino St. Albert, the Century Mile Racetrack and Casino, and the Century Downs Racetrack and Casino in Calgary.
the third international investment for VICI Properties
VICI Properties will lease the venues back to Century Casinos for an initial lease term of 15 years. The annual rent, which is not confirmed in the shared details, will rise by $12.8m per year. Both parties expect the deal to close in the second half of this year, pending relevant regulatory approvals. It will mark the third international investment for VICI Properties.
Commenting on the agreement, VICI Chief Operating Officer and President John Payne said the company is “pleased to continue growing our partnership with Century by supporting their asset monetization strategy.”