VICI Properties Executes 20-Year Triple-Net Lease for Century Mile and Century Downs Racetracks

VICI Properties has entered into a new 20-year triple-net lease with Highfield Investment Group for the real estate at the Century Mile and Century Downs racetracks in Alberta, Canada. The agreement follows Century Casinos’s sale of the racetrack operations to Highfield. VICI will reduce rent under its existing Century Master Lease by the same amount, leaving its total rent unchanged.

The lease starts at CAD$10.7 million (US$7.5 million) in annual base rent, with four five-year renewal options. Rent will increase by the greater of 1.25% or Canadian CPI, capped at 2.50%. VICI has also agreed to a minimum capital-expenditure requirement equal to 1% of annual net revenue at each property. The transactions are expected to close in the fourth quarter or the first quarter of 2027, subject to customary conditions and regulatory approvals, as reported by CDC Gaming.

Lease Financials and Structural Adjustments

The rent adjustment under the Century Master Lease directly offsets the new lease with Highfield Investment Group at CAD$10.7 million. This structure keeps VICI’s overall rental income flat while transferring the racetrack operations to the new tenant. The escalator formula ties increases to the greater of 1.25% or Canadian CPI, subject to the 2.50% cap. The 1% capital-expenditure floor applies separately to each property based on its annual net revenue.

These terms reflect a measured approach to reallocating operational control without disrupting the landlord’s core economics. The 20-year initial term plus renewal options provides Highfield Investment Group with long-term real estate certainty for its plans at both Alberta sites.

Stakeholder Outlook and Transaction Timeline

John Payne, VICI’s president and COO, said in a statement: “At VICI, we always aim to support our tenants as they evaluate strategies to achieve their company’s long-term goals and objectives and are proud to collaborate with the Century Casinos team on this transaction that helps deleverage the Century balance sheet.” Payne expressed confidence in Highfield’s business plan for the racetracks, saying their “regional focus will help deliver strong results at Century Mile and Century Downs.”

Adrian Munro, president of Calgary-based Highfield, said that he looked forward to “implementing a business plan to modernize the racetracks, while maintaining a positive culture for our team and our guests.”

The transactions are expected to close in the fourth quarter or the first quarter of 2027. Regulatory approvals will dictate the precise handover for these Canadian gaming assets. This sequence maintains continuity for the properties while reallocating operational responsibility.

Reporting: CDC Gaming

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