VICI Properties Inc. has finalized a sale‑leaseback of its Alberta casino and hotel portfolio, which includes Deerfoot Inn & Casino, Great Northern Casino, and two adjacent limited‑service hotels. The assets were sold to Pure Casino Entertainment for CAD$200.6 million (USD$144.4 million) and immediately leased back under the existing triple‑net master lease. The lease will increase VICI’s annual rent by CAD$16.1 million (USD$11.6 million) and is structured for a 25‑year initial term with four five‑year renewal options, yielding an acquisition capitalization rate of roughly 8%.
The transaction aligns with VICI’s core strategy of acquiring high‑quality experiential properties and leasing them to experienced operators. By deepening its partnership with Pure Casino Entertainment, VICI expands its Canadian footprint and secures a new, long‑term revenue stream that is immediately accretive to the company’s cash‑flow profile. The 8% cap rate and long lease term reinforce the deal’s attractiveness from a valuation perspective.
VICI’s portfolio now includes 54 gaming and 39 other experiential properties across the United States and Canada, covering about 127 million square feet. The Alberta deal follows earlier Canadian acquisitions in 2023, when VICI purchased four PURE Casino properties for CAD$271.9 million and later acquired four Century Casinos properties for CAD$221.7 million. The transaction is also linked to Pure Casino Entertainment’s pending take‑private acquisition of Gamehost Inc. for $13.65 per share, further consolidating the operator’s presence in the region.
"We are very excited to deepen and expand our presence in the Canadian gaming market, a very steady and stable gaming jurisdiction, alongside an existing partner. Having worked alongside IGP and PURE, we have seen firsthand their ability to operate and grow a best‑in‑class gaming platform, and we are proud to continue growing our relationship with IGP and PURE for years to come," said John Payne, President and COO of VICI Properties.
The sale‑leaseback is expected to close in mid‑2026 and will be reflected in VICI’s next quarterly reporting, providing investors with a clearer view of the company’s expanded Canadian exposure and enhanced rental income.
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