VICI Properties Signs C$10.7M Triple-Net Lease With Highfield Investment Group for Two Alberta Racetracks

NEW YORK / CALGARY — VICI Properties Inc. (NYSE: VICI) announced Sept. 28, 2026, that it has agreed to enter into a new triple-net lease with a subsidiary of Highfield Investment Group, Inc. covering the real property of Century Mile Racetrack and Century Downs Racetrack, both located in Alberta, Canada. The lease carries an initial annual base rent of C$10.7 million, equivalent to approximately US$7.5 million at the exchange rate in effect the day before the announcement.

The transaction is connected to Century Casinos, Inc.'s (NASDAQ: CNTY) agreement to sell the racing and gaming operations at both properties to a subsidiary of Highfield. VICI, which owns the underlying real estate, will simultaneously amend its existing master lease with Century Casinos to reduce that lease's annual base rent by the same C$10.7 million, resulting in no change to the aggregate rent VICI collects.

Lease Terms and Structure

The new Century Mile & Downs Lease will begin a 20-year initial term upon closing, with four five-year renewal options. Rent escalations are set at the greater of 1.25% annually or the change in Canadian CPI, capped at 2.50%. Highfield will also be subject to a minimum capital expenditure requirement equal to 1.0% of annual net revenue at each property. The lease will be guaranteed by Highfield Investment Group, Inc. at the corporate level.

If the transaction closes after Jan. 1, 2027, the base rent will escalate as provided under the existing Century Master Lease before the new lease commences. The transactions are expected to close in the fourth quarter of 2026 or the first quarter of 2027, subject to customary closing conditions and regulatory approvals.

The Properties

Century Mile Racetrack and Casino, located at 4711 Airport Perimeter Road in Edmonton, is an 89,700-square-foot entertainment center that opened in 2019. The facility includes approximately 19,400 square feet of casino space, 570 slot machines, 14 video lottery terminals, a one-mile racetrack, two dining venues and sits on approximately 100 acres.

Century Downs Racetrack and Casino, located at 260 Century Downs Drive in Rocky View, occupies approximately 57.3 acres and features 17,459 square feet of gaming space, 663 slot machines, 10 video lottery terminals and a 5.5-furlong racetrack.

Highfield Investment Group as Incoming Tenant

Highfield Investment Group, Inc. is a privately held investment and development company headquartered in Calgary, Alberta. The company has nearly 50 years of experience across real estate, hospitality, agriculture, property management and energy services, and is one of Calgary's largest privately held developers. Highfield manages more than 4,500 acres of land and has completed more than 8 million square feet of industrial development. The firm also brings more than 20 years of experience in Western Canadian thoroughbred racing as a breeder, owner and operator.

Adrian Munro, President of Highfield, said: "As a team focused on the long-standing economic vitality of Alberta businesses with a strong presence in Alberta's horseracing ecosystem, we are looking forward to adding Century Mile and Century Downs to our portfolio and implementing a business plan to modernize the racetracks while maintaining a positive culture for our team and our guests. We appreciate VICI's long-term approach to partnership throughout this process."

VICI's Strategic Position

For VICI Properties, the transaction represents a tenant substitution rather than an expansion of its real estate portfolio. The REIT retains ownership of the land and buildings while replacing Century Casinos with Highfield as the operating counterparty at the two Alberta properties. The arrangement brings Highfield onto VICI's tenant roster as its 17th tenant.

John Payne, President and Chief Operating Officer of VICI Properties, said: "At VICI, we always aim to support our tenants as they evaluate strategies to achieve their company's long-term goals and objectives and are proud to collaborate with the Century Casinos team on this transaction that helps to deleverage the Century balance sheet. We look forward to adding Highfield to our tenant roster upon closing this transaction and believe their business plan and regional focus will help deliver strong results at Century Mile and Century Downs."

VICI Properties is an S&P 500 experiential real estate investment trust with a portfolio of 103 experiential assets, comprising 63 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio totals approximately 130 million square feet and includes approximately 66,000 hotel rooms and more than 700 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied under long-term, triple-net lease agreements by gaming, leisure and hospitality operators. VICI also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip.

Market and Sector Context

The transaction illustrates a structure common in net-lease real estate: an incumbent operator divests its business while the landlord retains the real estate and transitions the lease to the incoming operator, preserving contractual income without requiring a property-level sale. For Century Casinos, the divestiture reduces operating exposure at the two Alberta properties and generates proceeds to support balance-sheet deleveraging. For VICI, the 20-year lease term, inflation-linked escalator, capital expenditure covenant and corporate guarantee from Highfield Investment Group are designed to provide long-duration income from the two gaming and racing assets.

The Alberta properties fit within VICI's broader strategy of owning experiential real estate whose value is tied to specialized uses, gaming infrastructure, racing facilities and regional customer bases.

Sources

• VICI Properties press release, Sept. 28, 2026
• VICI Properties press release PDF, Sept. 28, 2026