PURE Casino sale and leaseback of four Canadian gaming properties

On January 9, 2023, VICI Properties Inc. (“VICI”), announced that it acquired a portfolio of real estate assets from PURE Canadian Gaming Corp. (“PURE”) for an aggregate purchase price of approximately C$271.9 million (US$200.8 million).

The portfolio includes the real estate assets of

• PURE Casino Edmonton in Edmonton, Alberta
• PURE Casino Yellowhead in Edmonton, Alberta
• PURE Casino Calgary in Calgary, Alberta
• PURE Casino Lethbridge in Lethbridge, Alberta

VICI financed the transaction with a combination of cash on hand and from drawing down funds under its existing revolving credit facility in Canadian dollars.

Simultaneous with the acquisition, VICI entered into a triple-net master lease agreement with PURE covering the portfolio. The master lease has an initial total annual rent of approximately C$21.8 million (US$16.1 million) and an initial term of 25 years, with four 5-year tenant renewal options.

Further information on the announcement can be found Business Wire’s website.

VICI Properties is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip.

Pure Canadian Gaming is the operator of four casinos in Alberta: two in Edmonton, one in Calgary and one in Lethbridge.