VICI Real Estate Buys 4 Alberta Casinos

This week, VICI Properties, an experiential property investment trust, announced it would expand into Canada with a new agreement. Signed an agreement with pure Canadian gaming company to acquire four casino properties in Alberta, Canada. The four casinos are pure casino Edmonton, pure casino Yellowhead, pure casino Calgary, and pure casino Lesbridge.

VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns the world’s leading gaming, hospitality and entertainment facilities. These include Caesars Palace Las Vegas, MGM Grand and Venetian Resorts Las Vegas. The company also owns an impressive 49 gaming facilities across the United States and Canada.

Pure Portfolio was acquired from Pure Canadian Gaming Corporation for a total purchase price of about C$271.9 million, according to a press release from the Real Estate Trust. The trust also funded four Alberta casino transactions with a combination of cash held and withdrawal of funds under existing revolving credit facilities.

In addition to the property purchase, the company also signed a triple net master lease agreement with Pure Canadian Gaming Corporation for its entire Pure portfolio. Pure Master Lease has an initial total annual rent of C$21.8 million, representing an implied acquisition capital rate of 8% and an initial 25-year term, with four 5-year tenant renewal options.

John Payne, president and chief operating officer of VICI Properties, commented on the contract, sharing that the company has been able to build a significant market-leading property portfolio over the past five and a half years. According to him, the latest announcement marks another major push for companies entering Canada with pure brand purchases.

He went on to say that translation further strengthens the trust’s ability to finance, structure and fund cross-border transactions, expanding opportunities as the company resumes its growth trajectory. Finally, Mr Payne said the company was pleased to add Pure Brands as its 11th tenant and looked forward to a mutually beneficial collaboration.

Meanwhile, Alberta’s land casino industry continues to expand as the state began construction of Bear Hills casinos and travel resorts in October 2022. The new amenity will be located on the Queen Elizabeth II Highway between Highway 611 and Highway 613, and will begin in late 2023. It will provide gambling, meals, gas stations, and entertainment places.

Also last summer, Capital City Casino filed a request with the Alberta Game Liquor Cannabis Commission to relocate the Camrose Casino Resort to South Edmonton. But regulators rejected the request. The casino owner, unhappy with the news, will begin a formal appeal against the decision.

BY: 파워볼사이트 추천

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