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Century Casinos sells Canadian properties for $162.4m

Century Casinos sells Canadian properties for $162.4m

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Century Casinos has sold its Alberta real estate assets in Edmonton and Calgary to VICI Properties subsidiaries in a cash deal worth CA$221.7m (US$162.4m).

As part of the deal, the Century Canadian Portfolio has been added to the existing lease agreement between VICI Properties Inc. and Century Casinos, Inc.

The result is an annual rent increase of CA$17.3m, with the master lease term extended to 15 years with the option for four five-year renewals.

Erwin Haitzmann and Peter Hoetzinger, Co-CEOs 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.”

Century Casinos recently released its Q2 2023 report, showing that the company generated a net operating revenue of $136.8m, an impressive 23% year-on-year increase.