Century Casinos, Inc. entered into a definitive Share Purchase Agreement on September 24, 2026, to sell its racing and gaming operations in Alberta, Canada. The company agreed to sell Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino in Calgary to Racing Entertainment Centre Holdings Inc., a subsidiary of Highfield Investment Group Inc.
The transaction is valued at approximately $16.4 million, subject to adjustment based on the properties' working capital at closing. The press release accompanying the filing notes this represents a 6.1x multiple of the company's fiscal year 2025 EBITDA. Century Casinos owns 100% of Century Mile and a 75% interest in Century Downs, with the remaining 25% held by noncontrolling partners.
The real estate underlying both properties is owned by VICI Properties Inc. and is leased to Century Casinos under a triple-net master lease. As part of the sale, the company and VICI will amend the Master Lease to remove the properties, and Highfield will become the new tenant. This change is expected to reduce Century Casinos' annual rent obligations by approximately $7.5 million.
The company intends to use the proceeds from the sale to reduce its indebtedness. The transaction is expected to close in the fourth quarter of 2026 or the first quarter of 2027, subject to customary regulatory approvals and closing conditions.
