Century Casinos agrees to sell two racinos in Alberta

• Highfield Investment Group is purchasing the racing and gaming operations of Century Mile and Century Downs Racetracks in Alberta, Canada, from Century Casinos
• The acquisition has a $16.4m price tag and is expected to close in Q4 2026 or Q1 2027
• Century Casinos will use the proceeds from the transaction to reduce indebtedness and concentrate resources on U.S. properties

The leading casino entertainment company, Century Casinos, Inc., announced its plans to sell two of its racinos in Alberta, Canada, as a part of an ongoing strategic review.

On Monday, the company said that it has entered into a definitive agreement to sell the racing and gaming operations of Century Mile Racetrack and Casino in Edmonton, Alberta, and Century Downs Racetrack and Casino in Calgary, Alberta.

Highfield Investment Group to acquire the two properties

Subsidiaries of VICI Properties Inc. own the underlying real estate of both Century Mile and Century Downs.

The two properties are leased to the operating companies under a Master Lease, or a triple-net master lease agreement.

In light of the planned sale of Century Mile and Century Downs racing and gaming operations, Century Casinos and its subsidiaries will be removed from the Master Lease agreement.

In a press release, Century Casinos confirmed that the buyer of the two racinos in Alberta is Highfield Investment Group.

The former company confirmed that the aggregate purchase price is approximately $16.4m, a figure that represents a 6.1x multiple of FY 2025 EBITDA.

Upon closing the acquisition, Highfield Investment Group would replace Century Casinos and its subsidiaries in the Master Lease agreement, effectively becoming the new tenant of those properties.

This also means that the buyer of the two racinos is going to be responsible for rent obligations and the racing and gaming operations at the two properties.

Century Casinos maintains focus on U.S. properties

Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, addressed the milestone acquisition.

"As part of our ongoing strategic review process, the sale of Century Mile and Century Downs racinos is an important step towards concentrating our resources on our U.S. properties, where we see the strongest opportunities for growth," the executives wrote.

Moreover, Haitzmann and Hoetzinger pointed out: "This transaction improves our financial flexibility and operational efficiency as we focus on our core U.S. assets."

Century Casinos confirmed that proceeds from the divestment are expected to reduce indebtedness.

"The transaction is expected to reduce the Company's lease-adjusted net leverage on a pro forma basis," the company further wrote.

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