VICI Properties has agreed a CA$200.6 million deal to acquire the real estate assets of two casinos in Alberta, Canada.
The agreement will see VICI acquire the real estate assets of Deerfoot Inn & Casino and Great Northern Casino in Alberta, as well as two limited-service hotels that are adjacent to the Great Northern Casino.
Simultaneous with the closing of the real estate transaction, the properties will be added to the existing triple-net master lease agreement between VICI Properties and Pure Casino Entertainment, and annual rent will increase by CAD$16.1 million, representing an acquisition capitalization rate of 8.0 per cent.
The terms of the master lease agreement will also be extended to give PURE a full 25-year initial base lease term as well as four 5-year renewal options, with tenants’ obligations under the master lease continuing to be guaranteed by Indigenous Gaming Partners (IGP).
“We are very excited to deepen and expand our presence in the Canadian gaming market, a very steady and stable gaming jurisdiction, alongside an existing partner,” said VICI Properties president and chief operating officer John Payne.
“Having worked alongside IGP and Pure, we have seen firsthand their ability to operate and grow a best-in-class gaming platform, and we are proud to continue supporting that growth as their real estate partner and capital provider. This is exactly the kind of transaction that reflects VICI’s value proposition, helping best-in-class operators execute on their growth strategies, and we hope to continue growing our relationship with IGP and Pure for years to come.”
The transaction will be funded with a combination of cash on hand and drawing down on VICI’s existing multi-currency revolving credit facility, and is expected to close in mid-2026, subject to customary regulatory approvals and closing conditions.
Indigenous Gaming Partners (IGP) is the gaming partnership of five Nova Scotia-based First Nations – Glooscap First Nation, Millbrook First Nation, Annapolis Valley First Nation, We’koqma’q L’nue’kati, and Paqtnkek Mi’kmaw Nation- and Sonco Gaming.
IGP subsidiary Pure Casino Entertainment entered into a definitive agreement on Monday (March 30) to acquire Toronto-listed Gamehost and its portfolio of casinos, including Deerfoot Inn & Casino in Calgary and Great Northern Casino in Grande Prairie.
Pure Casino Entertainment expects to receive proceeds of approximately CA$200.6 million from the real estate transaction with VICI.