Century Casinos Sells Two Alberta Racinos to Highfield for $16.4m

Century Casinos has agreed to sell the racing and gaming operations of Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino near Calgary to Highfield Investment Group for approximately $16.4 million (C$23.2 million). The company disclosed the deal on 28–29 September 2026, saying the price represents a 6.1x multiple of FY 2025 EBITDA, implying combined 2025 EBITDA of about $2.7 million.

Why the Century Casinos sale Alberta racinos matters to its balance sheet

The cash headline — $16.4 million — is small against Century's wider liabilities, but the transaction immediately removes an annual rent obligation of about $7.5 million (C$10.7 million) that the operator currently pays under a master lease to VICI Properties. Century said it will use proceeds to reduce debt, which stood at $336.5 million at 30 June 2026, and framed the move as part of a strategy to "concentrate our resources on our U.S. properties," a statement attributed to co-chief executives Erwin Haitzmann and Peter Hoetzinger.

At 30 June Century reported $331.6 million of that debt as a Goldman Sachs term loan due in April 2029 at a weighted average rate of 9.83%, with $60.2 million in cash and a $708.0 million long-term financing obligation to VICI. The company also reported a net loss attributable to shareholders of $27.4 million for the first half of 2026. Century retains two other Alberta casinos (Edmonton and St. Albert) and its six casinos in Poland, which executives said remain under strategic review begun in August 2025.

Deal structure: how the VICI lease is amended and Highfield becomes tenant

VICI Properties owns the land and buildings under both racinos and leases them to Century under a triple-net master lease. At closing, Century and VICI will amend that master lease to remove Century Mile and Century Downs, reducing Century's annual rent by about $7.5 million (C$10.7 million).

VICI will execute a new separate triple-net lease with a Highfield subsidiary at an initial annual base rent of C$10.7 million, the same aggregate rent VICI previously collected from Century. The new lease term is 20 years with four five-year renewal options. Rent escalates at the greater of 1.25% and Canadian inflation, capped at 2.5%. The lease requires minimum capital spending equal to 1% of each property's annual net revenue and is guaranteed by Highfield Investment Group.

John Payne, president and chief operating officer of VICI Properties, said the arrangement "helps to deleverage the Century balance sheet." VICI described the move as neutral to its aggregate rent receipts while adding Highfield as its seventeenth tenant.

Who Highfield Investment Group is and what it will do

Highfield Investment Group is a privately held Calgary developer that also has a thoroughbred racing background. The company describes nearly 50 years in real estate, hospitality, agriculture, property management and energy services, and more than 20 years in Western Canadian thoroughbred racing as a breeder, owner and operator.

Adrian Munro, Highfield's president, said the company would implement "a business plan to modernize the racetracks." Highfield's operating team includes Paul Ryneveld, who the press coverage says has 38 years of North American racing experience. Highfield's parent guarantee was a key element in VICI's decision to re-let the properties.

Financial math: why the rent cut outweighs the sale proceeds

Century said the aggregate price equals a 6.1x multiple of FY 2025 EBITDA, implying combined 2025 EBITDA of about $2.7 million for the two properties; Century did not disclose how the price is split between Century Mile and Century Downs. Against that EBITDA, the company is surrendering a rent bill almost three times those earnings, although Century did not state whether the EBITDA measure is before or after rent.

The cash proceeds would retire only around 5% of the Goldman Sachs term loan. Century argues the material benefit is the permanent removal of the fixed annual rent obligation — including inflation escalators — which improves lease-adjusted net leverage more than the one-time cash inflow.

Regulatory timing, ownership details and advisers

Century owns 100% of Century Mile and 75% of Century Downs; the remaining 25% of Century Downs is held by unaffiliated shareholders, and the press release did not specify how proceeds will be distributed to minority partners. Macquarie Capital acted as Century's exclusive financial adviser and Field Law was its legal counsel.

The companies expect the transaction to close in the fourth quarter of 2026 or the first quarter of 2027, subject to unspecified regulatory approvals. Century's Alberta licences are issued by the Alberta Gaming, Liquor and Cannabis Commission and Horse Racing Alberta. The provincial market has seen recent policy moves: Alberta extended a temporary increase in the share of slot machine net sales retained by casinos from 15% to 17% until 31 March 2029, and the province opened a regulated iGaming market on 13 July. The competitive landscape also includes a proposed casino relocation from Camrose to south Edmonton that must be re-filed following a judicial review in May.

Strategic context: Century focuses on the U.S., Poland remains under review

Century launched a strategic review in August 2025 considering mergers, a sale of the company and divestments, explicitly naming its Poland casinos as in-scope for potential disposition. Selling the two racinos removes two rent-heavy Canadian assets and shifts the company's footprint toward the U.S. properties co-chief executives described as "core." With a near-10% term loan due in 2029 and large obligations to VICI, further asset sales look likely but will depend on landlords' willingness to re-let and buyers' appetite for the rent profile.

For readers tracking regulatory changes in Canada, Alberta's move on iGaming and the slot-retention extension are relevant to asset valuations and operator economics; see more on provincial policy in our regulation coverage.

"This transaction improves our financial flexibility and operational efficiency as we focus on our core U.S. assets," Century's co-chief executives said.

"There will be no change to the aggregate rent collected by VICI," the landlord said, noting Highfield becomes its seventeenth tenant.