Century Casinos Sells Actual Property Belongings in Alberta

Top-profile NA playing corporate Century Casinos has finished the sale of its Edmonton and Calgary actual property belongings to Vici Homes subsidiaries in a CAD 221.7 million ($162.31 million) guarantee. The do business in has allowed Century Casinos to book vital proceeds and regulate its hire guarantee with VICI.

Streamlining Efforts Will have to Pay Lengthy-Time period Dividends

Century Casinos first inked the sale-leaseback do business in in Would possibly, hoping the transaction would “unlock the real estate value” of the operator’s Canadian portfolio. The guarantee with VICI noticed the operator promote 4 of its belongings in Edmonton and Calgary, including them to the present triple-net grasp hire guarantee between the 2 firms.

Because of the sale, annual hire greater by way of CAD 17.3 million ($12.67 million). The guarantee additionally prolonged the grasp hire promise to 5 years with the choice for 4 5-year renewals and capped the once a year hire build up to 2.5%. Century Casinos co-CEO Peter Hoetzinger used to be constructive that the remaining capital would backup the corporate’s long-term plans and enlargement ambitions.

“This transaction provides us with the ability to pay down our debt and with greater financial flexibility as we continue to grow.”

Peter Hoetzinger, co-CEO at Century Casinos

Accounting for diverse bills and taxes related to the sale leaves Century Casinos with roughly CAD 154.5 million ($113.08 million). A few of these price range can be allotted as bills to Century Downs minority homeowners however must nonetheless be adequate to noticeably fortify the operator’s monetary status and unmistakable untouched alternatives. 

The Operator Remainder Extremely Aggressive

Century Casinos’ restructuring efforts completely align with its emerging revenues to reinforce its competitiveness. Directing sources towards increasing and optimizing its core gaming operations must lead to vital returns and maximize shareholder price. The strategic realignment additionally strengthens Century Casinos’ bond with Vici Homes, leveraging their mutually advisable hire guarantee to foster sustained enlargement.

Total, the Edmonton and Calgary actual property asset sale marks a vital milestone for Century Casinos, serving to it accumulation its regional management place. This strategic proceed underscores the operator’s resolution to stay at the leading edge of the gaming sector week exploring untouched avenues for innovation and construction.

As Century Casinos continues to adapt and adapt to the converting dynamics of the gaming trade, the corporate rest dedicated to offering extraordinary gaming reports and using sure results for its shareholders and stakeholders. The operator will proceed turning in remarkable gaming and leisure choices to its consumers, positioning itself for a dazzling hour of enlargement and growth.