Real estate company Vici Properties announced this week that it has reached a deal to purchase four Alberta-based casinos from Century Casinos for $221.7 million CAD.
The deal will be a cash sale with a leaseback transaction, and includes the likes of Century Casino & Hotel Edmonton, Century Casino St. Albert, Century Mile Racetrack and Casino and Century Downs. The two companies already have a working relationship, and the casinos will be added to the existing lease agreement that's in place. Century's rent will jump 7.8% to $17.3 million when the deal closes.
Century said that they'll use the money from the sale to improve the Nugget Casino Resort in Nevada as well as for other corporate uses.
Regarding the deal, Century Casinos Co-CEOs Erwin Haitzmann and Peter Hoetzinger said, "This transaction unlocks the real estate value of our Canadian properties while continuing our Canadian operations and provides us with greater financial flexibility as we continue to grow.
"We continue to evaluate the optimal use of our capital."