Century Gaming Divests Canadian Assets in $162.4 Million Deal with Vici Properties
Century Gaming concluded the divestiture of its Canadian assets for $162.4 million. This agreement sees Century Gaming divesting its property interests in Edmonton and Calgary to a Vici Properties affiliate. The aggregate cash influx reached CA$221.7 million, equivalent to US$162.4 million. After deducting diverse costs and levies, Century Gaming realized roughly CA$154.5 million. This sum encompasses a portion designated for minority stakeholders in Century Downs.
This arrangement bolsters Century Gaming’s existing collaboration with Vici Properties. The Canadian holdings will now be governed by their overarching lease accord, yielding an annual rental escalation of CA$17.3 million. This pact incorporates a ceiling on yearly rental hikes at 2.5% and prolongs the initial lease duration to 15 years, accompanied by four supplementary five-year renewal possibilities.
Erwin Haitzmann and Peter Hoetzinger, Co-CEOs of Century Gaming, conveyed their contentment with the transaction, emphasizing its contribution to fortifying their alliance with VICI and affording enhanced financial adaptability as they pursue their expansion strategy.
Century Gaming also recently unveiled its financial performance for the second quarter of 2023.
The firms Q2 earnings were undeniably remarkable. Their income reached a substantial $1.37 billion, marking a significant 23% surge in contrast to the corresponding quarter in the preceding year.
