On Could 17, VICI Properties Inc., a New York-based actual property funding belief, disclosed that it has signed a definitive settlement to buy the actual property properties of Century On line casino & Lodge Edmonton, Century On line casino St. Albert and Century Mile Racetrack and On line casino, every in Edmonton, Alberta and Century Downs Racetrack and On line casino in Calgary, Alberta, aka referred to as collectively the Century Canadian Portfolio, from Colorado-based Century Casinos Inc. for a complete buy value of C$221.7 million (US$164.7 million) in money.
Including belongings to the Century Grasp Lease:
Concurrently with the closing of the transaction, the Century Canadian Portfolio will probably be added to the prevailing triple-net grasp lease deal between VICI Properties and Century, referred to as the Century Grasp Lease, and the yearly hire will rise by C$17.3 million (US$12.8 million), which represents the default acquisition capitalization charge of seven.8%. Moreover, the property-level hire protection ratio underneath the Century Grasp Lease, topic to the pending buy of Rocky Hole On line casino Resort and the Century Canadian Portfolio, is projected to be round 2.0x. As well as, the transaction is projected to be stay for VICI as quickly because it formally closes.
The interval of the Century Grasp Lease will probably be expanded so that after the transaction closes the lease could have a full 15-year preliminary base lease time period, with 4 5-year tenant renewal choices. Nevertheless, the lessees’ duties underneath the Century Grasp Lease will proceed to be assured by Century Casinos Inc. On this regard, John Payne, President and Chief Working Officer of VICI Properties, stated: “We’re thrilled to announce our third worldwide funding with the acquisition of Century’s 4 Canadian on line casino belongings, demonstrating our ongoing need to broaden internationally and confidence within the Canadian gaming market. We’re additionally happy to proceed rising our partnership with Century by supporting their asset monetization technique, unlocking worth that fuels their strategic progress initiatives.”
Nevertheless, the transaction requires customary regulatory approvals, satisfaction of closing situations and is projected to formally shut within the second half of 2023. For extra particulars on the transaction, VICI has revealed a Transaction Overview presentation, out there on its web site within the “Traders” part, at menu referred to as “Occasions & Shows.”
About:
Headquartered in New York, VICI Properties Inc. is an skilled actual property funding belief that owns one of many largest portfolios of market-leading gaming, hospitality and leisure locations, involving Caesars Palace Las Vegas, Harrah’s Las Vegas and the Venetian Resort Las Vegas, three of Las Vegas’ most iconic leisure properties.
