VICI Properties this week announced the completion of a previously announced transaction to acquire the real estate assets of Deerfoot Inn & Casino, Great Northern Casino and two limited-service hotels adjacent to the Great Northern Casino in Alberta, Canada, (collectively, the Portfolio) for $144.4 million (CAD$200.6 million). The transaction is in connection with the closing of Pure Casino Entertainment Limited partnership’s take-private acquisition of Gamehost.
VICI funded the real estate transaction through a Canadian dollar-denominated draw on its multicurrency revolving credit facility.
Simultaneously with the closing of the real estate transaction, the Portfolio was added to the existing triple-net master lease agreement between VICI Properties and PURE (the PURE Master Lease) and annual rent increased by $11.6 million (CAD$16.1 million). The Portfolio rent will escalate at 1% on February 1, 2028, and escalation will conform to the PURE Master Lease thereafter at the greater of 1.5% or the change in Canadian CPI – capped at 2.5%.
The term of the PURE Master Lease was extended such that it has a full 25-year initial base lease term, with four five-year tenant renewal options.
The tenants’ obligations under the PURE Master Lease continue to be guaranteed by Indigenous Gaming Partners.
