Century Casinos has finalized a deal with VICI Properties for the sale and leaseback of four casinos
The total purchase price amounts to $164.4 million (approximately 13.6 billion rubles), with the majority of this sum—$142.6 million (around 11.8 billion rubles)—to be paid to Century Casinos' subsidiaries. The sold properties will collectively be known as the Century Canadian Portfolio. This new agreement will be integrated into the existing master lease agreement between Century Casinos and VICI Properties. The term of the primary contract will be extended to 15 years following the completion of the transaction, with Century Casinos guaranteeing the lease obligations. The agreement is expected to take effect in the second half of the year, pending regulatory approval.
Co-CEOs of Century Casinos, Erwin Haitzmann and Peter Hoetzinger, stated that the deal "will unlock the value of the operator's Canadian real estate portfolio." They also noted that it will enable the company to expand its local market presence while providing increased financial flexibility.
Regarding plans for the proceeds from the sale, the co-CEOs commented, "We intend to use the revenue from the sale to fund improvements at Nugget and for general corporate purposes. We are also considering using a portion of the proceeds to pay down debt under our credit agreement and/or return capital to shareholders through share buybacks and/or special dividends."
It is worth noting that the total revenue for New Jersey's gaming sector reached nearly $463 million in April.
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