Sale Leaseback of Four Canadian Casino Properties with Century Casinos Inc.
STRATEGIC RATIONALE
Continued International Growth in a Highly
Regulated, Stable Gaming Market
Second sale-leaseback transaction in Canada demonstrates
continued growth in highly attractive Canadian gaming
market with over C$17 billion / US$13 billion GGR in 2019
across 114 casinos (1)
Deepens Existing Partnership with Tenant
Fourth transaction with Century Casinos further develops
relationship with strong, growth-oriented operator allowing
Century to efficiently monetize owned real-estate while
increasing total annual rent to VICI under the master lease
to an aggregate US$55.7 million (2)
Favorable Lease Terms with Master Lease &
Parent Guarantee Protection
Assets will be added to the existing master lease supported
by healthy rent coverage and a corporate guarantee from a
publicly traded company with additional wholly owned assets
Immediately Accretive
Expected to be immediately accretive to AFFO per share and
at a spread to VICI's cost of capital
Demonstrates Ability to Generate
Consistent Growth at Attractive Cap Rates
Opportunity to acquire C$17.3 million / US$12.8 million of
inflation-protected rent at a 7.8% acquisition cap rate
CENTURY
DOWNS
RACING
Century Downs Racetrack and Casino
CASINO
CASINO
Century Mile Racetrack and Casino
Note: All currency values $ Canadian unless otherwise noted.
(1) Per Canadian Gaming Association; assumes exchange rate of C$1.00 CAD:US$0.74 USD as of May 16, 2023. 2019 represents most recent full year prior to COVID-19 pandemic. (2) Includes the impact of
VICI's pending acquisition of the leasehold interest in the land and building associated with Rocky Gap Casino Resort ("Rocky Gap") and excludes incremental ~$4.2 million of annual rent related to the Century
Casino Caruthersville Partner Property Growth Fund Investment.
VICI
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