For a total of US$162.4 million in cash, Century Casinos sold its real estate holdings in Edmonton and Calgary, Alberta, to Vici Properties companies. After deducting taxes and other costs, Century Casinos had about $51 million left over. This includes money that will be given to Century Downs' minority owners. The existing lease between VICI Properties Inc. and Century Casinos, Inc. has been expanded as part of the agreement to include the Century Canadian Portfolio.
A $12 million increase in rent will ensue as a result. The master lease period has been extended to a full 15 years with the option for four 5-year renewals, and the annual rent rise is restricted to a maximum of 2.5%.
A $12 million increase in rent will ensue as a result. The master lease period has been extended to a full 15 years with the option for four 5-year renewals, and the annual rent rise is restricted to a maximum of 2.5%.