Century Casinos to Sell Alberta Racetracks for $16.4 Million
Century Casinos has entered into a definitive agreement to sell its Century Mile and Century Downs racetrack operations in Edmonton and Calgary, Alberta, respectively, to Highfield Investment Group for approximately $16.4 million (CAD 23.2 million). The sale represents a multiple of 6.1 times the FY 2025 EBITDA. Century Casinos owns both properties outright or partially through subsidiaries; the underlying real estate is leased from VICI Properties Inc., and will be transferred to Highfield upon closing. The transaction is expected to reduce Century's annual rent by about $7.5 million, as part of an amended lease agreement with VICI. Proceeds from the sale will be used to pay down debt, improving financial flexibility and reducing pro forma net leverage. The company emphasized that this move aligns with its strategy to focus on U.S.-based properties for growth. The deal is subject to regulatory approvals and expected to close in Q4 2026 or early Q1 2027.
Tickers: $VICI
Topics: asset sale debt reduction real estate lease transfer