Century Casino reports that VICI Properties has now entered into a final agreement to acquire real estate assets at four properties in Alberta. Century Casino & Hotel Edmonton, Century Casino St Albert, Century Mile Racecourse and Casino, Century Downs Racecourse and Casino have a total cash purchase of C$221.7 million.
Century Casino is a gambling entertainment company that owns and operates numerous gaming properties throughout Alberta as well as some states in the United States. It currently has a 75% stake in Century Downs Racecourse and Casino in Calgary, Alberta, and has signed a contract to acquire a 100% stake in Rocky Gap Casino Resort in Maryland.
Under the terms of the agreement, VICI Properties will acquire four casino locations on May 16, 2023 for an average C$221.7 million based on exchange rates. The agreement will pay C$192.3 million to Century Casino’s subsidiaries and approximately C$29.4 million to acquire Century Downs’ fee simple real estate interest.
In addition to closing the deal, Canada’s Century portfolio will be added to the Triple Net Master Lease Agreement between its VICI and Century subsidiaries, with annual rent increasing by C$17.3 million. This represents a potential acquisition capital ratio of 7.8%. The rate of rent guarantees at the property level under the master lease is expected to be approximately 2.0 times higher.
It will also extend the Masterless period to have a full initial base lease of 15 years after the transaction is confirmed, with four five-year renewal options, while the Company’s obligations under Masterless will continue to be guaranteed at Century Casino.
It should also explain that the contract is still subject to customary regulatory approval and termination conditions and is expected to be completed in the second half of 2023. Stifel also served as the company’s exclusive financial advisor, while Pegredrinker Beadle and Lease LLP and Field LLP served as legal advisors to operators to support the contract.
In early 2023, VICI Properties signed another purchase agreement to expand its operations in Alberta. In January, the company announced that it had purchased four properties of Pure Canadian Gaming Corporation. These four casinos were pure casino edmonton, pure casino yellowhead, pure casino Calgary and pure casino resbridge.
Recently, Alberta announced that it will increase its VLT capacity as a way to help airport authorities find themselves in financial difficulties. The current acceptance limit has been raised from 6,000 to 6,098. The change was introduced late last year and requested by Edmonton International Airport.
BY: 파워볼사이트