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Century Casino & Hotel Edmonton, Century Casino St. Albert, Century Mile Racetrack and Casino, and Century Downs are all part of the operator's Canadian portfolio that the former Caesars affiliate will buy out.
Incorporating the casinos into the current Vici and Century master lease deal is a natural next step. An additional $17.3 million, or 7.8 percent of the transaction price, will be due to the operator each year following the deal's closing.
Vici purchases Century Alberta real estate.
The Canadian assets' real estate value will be unlocked through this deal, which will allow Century to continue its activities in Canada and give its co-chief executives, Erwin Haitzmann and Peter Hoetzinger, more financial flexibility to grow.
As well as "general corporate purposes," Century plans to utilise the proceeds from the sale to upgrade its Nugget Casino Resort in Nevada.
Casino St. Albert Century
Also, they mentioned that paying off debt could be a possibility with some of the money. They also intend to repurchase shares or pay out a special dividend to shareholders in order to return value to them.
"We are still considering how best to allocate our funds," they stated.
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