VICI Properties has agreed a new long-term lease with Highfield Investment Group covering Century Mile Racetrack and Casino and Century Downs Racetrack and Casino in Alberta, following Century Casinos’ decision to sell the two venues’ racing and gaming operations.
Highfield is acquiring the operating businesses for approximately C$23.2 million, equivalent to about US$16.4 million at the exchange rate used by Century Casinos. The price represents roughly 6.1 times the properties’ 2025 EBITDA. Century owns all of Century Mile and a 75% interest in Century Downs, with minority partners holding the remaining 25%.
VICI will retain ownership of the underlying real estate and enter into a separate triple-net lease with a Highfield subsidiary once the transaction closes. The new agreement will begin with annual base rent of C$10.7 million, around US$7.5 million, and will run for an initial 20 years with four additional five-year renewal options.
Annual rent increases will be calculated at the greater of 1.25% or the change in Canada’s Consumer Price Index, subject to a 2.5% cap. Highfield will also be required to invest at least 1% of annual net revenue at each property in capital expenditure. Highfield Investment Group will guarantee the lease.
At the same time, VICI will amend its existing master lease with Century Casinos and reduce Century’s annual rent by the same C$10.7 million. The change means VICI’s total rent will remain unchanged, with responsibility for the two Alberta properties transferring from Century to Highfield.
Century Casinos said the sale forms part of its strategy to concentrate resources on its US portfolio. The company plans to use the transaction proceeds to reduce debt and expects the disposal to lower its lease-adjusted net leverage.
Highfield, a privately held Calgary-based investment and development group with more than two decades of experience in Western Canada’s equine industry, plans to modernize Century Mile and Century Downs while continuing their racing and gaming operations. VICI said Highfield will become its 17th tenant after closing.
Completion is expected in the fourth quarter of 2026 or the first quarter of 2027, subject to regulatory approvals and customary closing conditions.