Expands Partnership with Century Casinos, Inc. by Adding Four Additional Assets to Existing Master Lease
NEW YORK — VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) an experiential real estate investment trust, today announced it has completed the previously announced transaction to acquire the real estate assets of Century Casino & Hotel Edmonton, Century Casino St. Albert and Century Mile Racetrack and Casino, each in Edmonton, Alberta and Century Downs Racetrack and Casino in Calgary, Alberta, (collectively the “Century Canadian Portfolio”) from Century Casinos, Inc. (NASDAQ: CNTY) (“Century”) for an aggregate purchase price of C$221.7 million (US$162.4 million). The transaction was funded through a combination of proceeds from the partial settlement of forward equity sale agreements and from drawing down funds under the Company’s existing revolving credit facility in Canadian dollars.
Simultaneous with the closing of the transaction, the Century Canadian Portfolio was added to the existing triple-net master lease agreement between VICI Properties and Century (the “Century Master Lease”) and annualized rent increased by C$17.3 million (US$12.7 million).
Additionally, the term of the Century Master Lease was extended such that the lease has a full 15-year initial base lease term, with four 5-year tenant renewal options, and Century has irrevocably agreed to exercise its initial renewal option.
The obligations of the tenants under the Century Master Lease continue to be guaranteed by Century Casinos, Inc.
