Sale Leaseback of Four Canadian Casino Properties with Century Casinos Inc.
AU
TRANSACTION OVERVIEW
On May 16, 2023, VICI entered into definitive documentation to acquire the real estate assets of four casinos
in Alberta, Canada from Century Casinos, Inc. (“Century") and lease back such assets to Century in an
amended existing master lease; the four assets are Century Casino & Hotel Edmonton, Century Casino St.
Albert, Century Downs Racetrack and Casino, and Century Mile Racetrack and Casino (collectively, the
"Century Canadian Portfolio")
$107.77
C$221.7MM /
US$164.7MM
Purchase Price (1)
VICI
7.8%
Acquisition Cap Rate
C$17.3 MM /
US $12.8MM
Initial Annual Cash Rent (1)
Century Triple Net Master Lease - Summary Amended Terms
Tenant
Initial Annual Cash Rent (¹)
Term
Rent Escalation
Guarantor
Wholly owned subsidiaries of Century Casinos, Inc.
C$17.3 million / US$12.8 million
Existing Century Master Lease extended such that initial
lease term is 15 years from closing, with four 5-year tenant
renewal options (2)
CAD denominated rent under the master lease escalates
annually at the greater of 1.25% and Canadian CPI (not to
exceed 2.50% for any given lease year)
First escalation of CAD denominated rent occurs on
January 1, 2025
Century Casinos, Inc.
(NASDAQ: CNTY)
This transaction is subject to customary regulatory approvals and closing conditions and is
expected to close in the second half of 2023
Note: All currency values $ Canadian unless otherwise noted.
(1) Assumes exchange rate of C$1.00 CAD:US$0.74 USD as of May 16, 2023. (2) Century exercised its first renewal option, so the Century Master Lease will have three remaining tenant renewal options.
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