Century Casinos completes sale of four Canadian properties to Vici
The four casinos are located in the Canadian province of Alberta
Canada.- Century Casinos has announced that it has completed the sale of the real estate assets of four casinos in the Canadian province of Alberta to subsidiaries of VICI Properties for CAD 221.7m in cash. The four properties sold are Century Casino Edmonton, Century Casino St. Albert and Century Mile Racetrack and Casino in Edmonton, and Century Downs Racetrack and Casino in Calgary.
Century Casinos announced that it had entered into a definitive agreement with VICI Properties in May. The company retained approximately CAD 154.5m of the purchase price after giving effect to the purchase of the Century Downs land, selling expenses, Canadian and US taxes and proceeds to be paid to the minority owners of Century Downs.
The Century Canadian Portfolio has been added to the triple-net master lease agreement between subsidiaries of VICI and subsidiaries of the company and annual rent will increase by CAD 17.3m. The annual rent escalator related to the Century Canadian Portfolio is 2.5 per cent.
Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos, said: “We are pleased to extend our good partnership with VICI to our Canada portfolio. This transaction provides us with the ability to pay down our debt and with greater financial flexibility as we continue to grow.”
In July, Century Casinos completed its acquisition of the operations of Rocky Gap Casino Resort from Golden Entertainment for approximately $56.1m. Rocky Gap is located in Flintstone, Maryland, in Rocky Gap State Park.
