VICI Properties has announced a strategic acquisition valued at $144.4 million, involving the real estate assets of Deerfoot Inn & Casino, Great Northern Casino, and two adjacent hotels in Alberta, Canada. This acquisition is linked to Pure Casino Entertainment Limited Partnership’s planned private buyout of Gamehost. Once the deal is finalized, these properties will become part of VICI’s existing triple-net master lease agreement with PURE, leading to an $11.6 million annual rent increase, reflecting an 8.0% acquisition capitalization rate.
Post-acquisition, rent for the properties will rise by 1.0% starting from the first February 1 following a full 12-month period after closing. Subsequent rent escalations will be in line with the PURE Master Lease, increasing by either 1.5% or aligned with changes in the Canadian CPI, whichever is higher.
