VICI signs 20-year lease with Highfield for Alberta's two Century racetracks

VICI Properties has agreed to lease the land and buildings at Alberta's Century Mile and Century Downs racetracks to Highfield Investment Group for 20 years, CDC Gaming Reports said. VICI, a real estate investment trust that owns gaming properties, already holds the real estate at both tracks.

The triple-net lease starts at an annual base rent of $10.7 million (about US$7.5 million). It includes four five-year renewal options. Rent will rise each year by the greater of 1.25 per cent or the change in the Canadian consumer price index, capped at 2.5 per cent.

The agreement covers the property side of a larger change in ownership. Century Casinos has sold its racetrack operations to Highfield, a Calgary-based company.

Rent shifts, total unchanged

Until now, the two properties have been part of VICI's Century Master Lease with Century Casinos. Under the new deal, VICI will cut the rent on that master lease by the same $10.7 million, so its total rent stays the same.

VICI also agreed to a minimum capital spending requirement at each racetrack equal to one per cent of annual net revenue.

John Payne, VICI's president and chief operating officer, said the company aims to support its tenants as they pursue long-term goals. He said VICI was proud to work with Century Casinos on a deal that helps reduce Century's debt load, and added that Highfield's "regional focus will help deliver strong results at Century Mile and Century Downs."

Adrian Munro, Highfield's president, said he looks forward to modernizing the racetracks while keeping a positive culture for staff and guests.

The transactions are expected to close in the fourth quarter of 2026 or the first quarter of 2027. Closing depends on customary conditions and regulatory approvals.

Century Mile is located near Edmonton and Century Downs near Calgary. Both combine live horse racing with casino gaming.