VICI acquires four Canadian casinos from PURE Canadian Gaming

Casino Guru
VICI acquires four Canadian casinos from PURE Canadian Gaming
Wild Casino

The leading experiential real estate investment trust that has a growing portfolio of gaming, hospitality and entertainment venues, VICI Properties, announced a new acquisition. The company said Monday it has agreed to acquire four gaming properties in Canada from PURE Canadian Gaming Corp.

The acquisition with a price tag of CA$271.9m ($200.8 million) sees VICI Properties add multiple properties in Alberta to its real-estate portfolio. As a result, PURE Casino Yellowhead in Edmonton, Alberta and PURE Casino Edmonton in Edmonton, Alberta become a part of VICI Properties' real estate assets. Additionally, the deal includes the acquisition of PURE Casino Calgary in Calgary, Alberta as well as PURE Casino Lethbridge in Lethbridge, Alberta.

According to a statement released by VICI Properties on January 9, 2023, the acquisition was financed by the company "with a combination of cash on hand and from drawing down funds under its existing revolving credit facility in Canadian dollars." The acquisition represents an important milestone for VICI as it marks the company's first international investment. At the same time, VICI benefits from diversifying its tenant roster.

John Payne, VICI Properties' president and chief operating officer, commented on the topic saying: "Over the last five and a half years, VICI has built a portfolio of market-leading experiential real estate."

He pointed out that the collaboration marks a milestone moment for VICI Properties which expands its international presence to Canada and acquires four PURE Casino properties. "This transaction highlights our ability to source, structure, and fund cross-border transactions, widening our opportunity set as we continue along our growth trajectory," added Payne.

Finally, the company's president and chief operating officer noted: "We are pleased to add PURE as our eleventh tenant and look forward to a mutually beneficial partnership."

Coinciding with the announcement about the acquisition, VICI Properties unveiled it signed a triple-net master lease agreement with PURE regarding the PURE Portfolio. The agreement also referred to as the PURE Master Lease, features approximately CA$21.8m ($16.1m) in annual rent. According to VICI Properties, the rent is represents "an implied acquisition capitalization rate of 8.0%, and an initial term of 25 years, with four 5-year tenant renewal options."

As a leading real estate investment trust, currently, VICI Properties owns one of the largest portfolios of venues within the hospitality, gaming and entertainment vertical, including a number of high-profile locations on the Las Vegas Strip. The company's diverse portfolio of properties includes 49 gaming venues around the US and Canada.

Quickie Boost Quickie Boost 3 days

Exclusive Casino - Exclusive $40 Free No Deposit Bonus January 2023

Quickie Boost Quickie Boost 3 days

Golden Lion Casino - Exclusive $50 No Deposit Bonus January 2023

CasinoBeats CasinoBeats 3 days

In our latest ICE preview, David Mann of @Swintt_ elaborates on the need to stay true to the supplier’s unique transportation options, relives a Vinnie Jones inspired showing at the 2022 edition and noted the need to quickly move on to event prep.