VICI Properties, Inc., a New York-based actual property funding belief, introduced on Could 17 that it has entered right into a definitive settlement to buy the properties of Century On line casino & Resort Edmonton, Century On line casino St. Albert and Century Mile Racecourse. introduced that it had signed The Edmonton, Alberta on line casino and the Century Downs racetrack and on line casino in Calgary, Alberta, often known as the Century Canadian Portfolio, have been acquired from Colorado-based Century Casinos, Inc. in mixture money of C$221.7 million (C$164.7 million). US {dollars}). .
Including Belongings to Century Grasp Lease:
Upon closing of the transaction, the Century Canadian Portfolio might be added to an present triple-net grasp lease settlement between VICI Properties and Century, known as the Century Grasp Lease, with an annual hire of C$17.3 million ( US$12.8 million). ), which represents a default takeover capital ratio of seven.8%. As well as, property-level hire protection beneath the Century Grasp Lease, contingent on pending purchases of the Rocky Hole On line casino Resort and Century Canadian Portfolio, is projected to be roughly 2.0x. Moreover, the transaction is anticipated to grow to be efficient for VICI upon formal completion.
The time period of the Century Grasp Lease might be prolonged, and upon completion of the transaction, the preliminary base lease time period might be 15 years with 4 five-year tenant renewal choices. Nonetheless, the lessee’s legal responsibility beneath the Century Grasp Lease will proceed to be assured by Century Casinos. On this regard, John Payne, President and Chief Working Officer of VICI Properties, mentioned: βWe’re thrilled to announce our third worldwide funding to accumulate 4 of Centuryβs Canadian on line casino property. It demonstrates our confidence within the gaming market, and we’re happy to proceed to increase our partnership with Century by supporting their asset monetization technique and unlocking worth that drives their strategic development initiatives.β
Nonetheless, the transaction is topic to customary regulatory approvals and satisfaction of closing circumstances and is anticipated to be formally closed within the second half of 2023. For extra data on the transaction, VICI has printed a transaction overview presentation, which will be discovered on the corporate’s web site beneath “For Buyers.” It’s situated within the part of the menu referred to as “Occasions and Displays”.
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VICI Properties, Inc., headquartered in New York, is a seasoned actual property funding belief that owns the biggest portfolio of market-leading gaming, hospitality and leisure properties, together with Caesars Palace Las Vegas, Harrah’s Las Vegas and The Venetian Resort Las Vegas. He’s certainly one of Las Vegas’ most iconic leisure venues.
