VICI Properties Leases Two Canadian Racetracks to Highfield Investment Group

VICI Properties, an owner and acquirer of experiential real estate assets across leading gaming, hospitality, entertainment and leisure destinations, has signed a new Canada-facing deal covering two racetracks. According to a company spokesperson, this arrangement aligns with VICI’s commitment to supporting its tenants’ long-term goals. VICI Penned a Deal with Highfield After Century Casinos Sold Two Racetracks The announcement confirmed that VICI Properties has entered into an agreement with Highfield Investment Group. This new 20-year triple-net lease will see VICI lease two racetracks to the latter group. The racetracks in question are the Century Mile Racetrack and the Century Downs Racetrack in Alberta, Canada. This comes not long after Century Casinos sold the two tracks’ operating businesses to a subsidiary of Highfield Investment Group. Under the deal, VICI will remain the owner of the real estate in question and will lease it to Highfield Investment Group. Per the terms of the agreement, the lease’s initial annual base rent will be set at CAD 10.7 million ($7.5 million). The rent will increase every year by either 1.25% or the Canadian Consumer Price Index (CPI), capped at 2.50% (whichever is higher). Additional terms of the agreement outline minimum annual capital expenditures equal to 1% of net revenues at each property. In the meantime, VICI will reduce the rent outlined in Century Casinos’ Master Lease by CAD 10.7 million to reflect the transfer. VICI Trusts Highfield to Be a Worthy Successor The transaction is expected to close in Q4 2026 or Q1 2027 and is subject to closing conditions and regulatory approvals. Once closed, the deal will cement Highfield Investment Group as the seventeenth tenant of VICI. VICI’s president and chief operating officer, John Payne, commented on the matter, saying that the latest agreement reflects VICI’s commitment to supporting tenants’ long-term goals and objectives. Because of that, he was pleased to collaborate with Century Casinos team on a transaction that deleverages its balance sheet. At the same time, Payne said that he was optimistic about Highfield succeeding Century Casinos as the custodian of the Century Mile and Century Downs racetracks. Adrian Munro, Highfield’s president, expressed excitement about the agreement and teased that its team is planning to modernize the racetrack, while maintaining a positive culture for the company’s team and guests.