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Defining Matters
Sept. 07, 2023

VICI Completes Acquisition of Four Properties in Alberta, Canada in Sale-Leaseback Transaction with Century Casinos, Inc.

On Sept. 6, 2023, Kramer Levin Client VICI Properties Inc. (VICI) announced that subsidiaries of VICI have completed the acquisition of the real estate assets of four casino properties in Alberta, Canada from subsidiaries of Century Casinos, Inc. (Century) for a total purchase price of C$221.7 million (US $162.4 million).

Simultaneous with the closing of the transaction, which was originally announced in May 2023, the real estate assets were added to the existing triple-net master lease between subsidiaries of VICI and Century, and annualized rent increased by C$17.3 million (US $12.7 million). Additionally, the term of the master lease was extended such that the lease has a full 15-year initial base lease term, with four 5-year tenant renewal options, and Century has irrevocably agreed to exercise its initial renewal option. The obligations of the tenants under the master lease continue to be guaranteed by Century Casinos, Inc.

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