European Investor
28 Sep 2026, 18:53
VICI Properties Adds Highfield as 17th Tenant Through Alberta Racetrack Lease Deal
VICI Properties announced agreements tied to Century Casinos’ planned sale of the operations of Century Mile Racetrack and Century Downs Racetrack in Alberta, Canada, to Highfield Investment Group.
As part of the transaction, VICI will enter into a new triple-net lease with a Highfield subsidiary covering the two properties. The lease will carry initial annual base rent of C$10.7 million, or about US$7.5 million, and will begin with a new 20-year term plus four five-year renewal options.
The lease also includes annual rent escalation equal to the greater of 1.25% or Canadian CPI, capped at 2.5%, along with a minimum capital expenditure requirement equal to 1% of annual net revenue at each property.
At the same time, VICI will amend its existing master lease with Century Casinos to remove the same C$10.7 million of annual rent associated with the properties. As a result, VICI said there will be no change to the aggregate rent it collects.
The deal will also add Highfield as VICI’s 17th tenant. The transaction is expected to close in the fourth quarter of 2026 or the first quarter of 2027, subject to regulatory approvals and customary closing conditions.
VICI Properties announced agreements tied to Century Casinos’ planned sale of the operations of Century Mile Racetrack and Century Downs Racetrack in Alberta, Canada, to Highfield Investment Group.
As part of the transaction, VICI will enter into a new triple-net lease with a Highfield subsidiary covering the two properties. The lease will carry initial annual base rent of C$10.7 million, or about US$7.5 million, and will begin with a new 20-year term plus four five-year renewal options.
The lease also includes annual rent escalation equal to the greater of 1.25% or Canadian CPI, capped at 2.5%, along with a minimum capital expenditure requirement equal to 1% of annual net revenue at each property.
At the same time, VICI will amend its existing master lease with Century Casinos to remove the same C$10.7 million of annual rent associated with the properties. As a result, VICI said there will be no change to the aggregate rent it collects.
The deal will also add Highfield as VICI’s 17th tenant. The transaction is expected to close in the fourth quarter of 2026 or the first quarter of 2027, subject to regulatory approvals and customary closing conditions.
