VICI Properties Signs New 20-Year Lease With Highfield For Alberta Racetracks
VICI Properties Inc. (NYSE: VICI) has agreed to enter into a new 20-year triple-net lease with Highfield Investment Group covering Century Mile Racetrack and Century Downs Racetrack in Alberta, Canada, the real estate investment trust announced on September 28.
New Tenant, Unchanged Rent For VICI
The new lease follows Century Casinos, Inc.'s (Nasdaq: CNTY) agreement to sell the racing and gaming operations of the two venues - Century Mile in Edmonton and Century Downs in Calgary - to a Highfield subsidiary for approximately $16.4 million (CAD 23.2 million), a multiple of 6.1x FY2025 EBITDA.
VICI will continue to own the underlying real estate.
Under the arrangement, Highfield becomes the new tenant responsible for rent, while VICI simultaneously amends its existing master lease with Century Casinos to remove the two Alberta properties from that agreement.
Deal Terms
The new Century Mile & Downs lease carries an initial annual base rent of C$10.7 million, matching the reduction to Century's existing master lease payments — meaning VICI's aggregate rent collected from the properties stays the same even as the operating tenant changes.
VICI has also agreed to a minimum capital expenditure requirement equal to 1% of annual net revenue for each property.
"As a team focused on the long-standing economic vitality of Alberta businesses with a strong presence in Alberta's horse racing ecosystem, we are looking forward to adding Century Mile and Century Downs to our portfolio and implementing a business plan to modernize the racetracks while maintaining a positive culture for our team and our guests," said Adrian Munro, President of Highfield.
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Who Is Highfield?
Highfield is a privately held, Calgary-headquartered investment and development company with more than 20 years of experience in Western Canada's equine industry, including racing operations, alongside a broader portfolio spanning real estate, hospitality, agriculture and energy services.
Both the Century Mile & Downs lease and the underlying Century Casinos sale are expected to close in the fourth quarter of 2026 or the first quarter of 2027, subject to customary conditions and regulatory approvals, including sign-off from the Alberta Gaming, Liquor and Cannabis Commission.
