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Century Casinos Announce Sale of Four Canadian Casinos

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灰度头条

2023-09-08

Century Casinos Announce Sale of Four Canadian Casinos

Century Casinos Announce Sale of Four Canadian Casinos

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Century Casinos has announced that it completed the sale of the real estate assets of Century Casino & Hotel Edmonton, Century Casino St. Albert and Century Mile Racetrack and Casino in Edmonton, Alberta and Century Downs Racetrack and Casino (“Century Downs”) in Calgary, Alberta (collectively, the “Century Canadian Portfolio”) to subsidiaries of VICI Properties Inc. for an aggregate purchase price of CAD 221.7 million (USD $162.4 million*) in cash. The Company retained approximately CAD 154.5 million (USD $113.2 million*) 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.

Simultaneous with the closing of the transaction, the Century Canadian Portfolio was added to the existing triple-net master lease agreement between subsidiaries of VICI and subsidiaries of the Company and annual rent will increase by CAD 17.3 million (USD $12.7 million*). The annual rent escalator related to the Century Canadian Portfolio is capped at 2.5%. Additionally, the term of the Master Lease will be extended such that, upon closing of the transaction, the lease will have a full 15-year initial base lease term, with four 5-year renewal options.

“We are pleased to extend our good partnership with VICI to our Canada portfolio,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked. “This transaction provides us with the ability to pay down our debt and with greater financial flexibility as we continue to grow,” Haitzmann and Hoetzinger concluded.




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