Pure Casino
The whole casino – VICI Properties expands its real estate presence north in Canada with the acquisition of four land properties in Alberta.
Clean Lethbridge. VICI Properties, the real estate investment trust of Caesars Entertainment, has acquired the land assets of Pure Canadian Gaming Corporation for approximately $201 million. (Image:
Pure Casino
VICI, the real estate investment trust controlled by Caesars Entertainment, announced an agreement with Pure Canadian Gaming Corporation on Monday. The deal transfers ownership of the four Ss to VICI in a deal valued at C$271.9 million (US$200.8 million).
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VICI acquired the Pure Edmonton, Pure Yellowhead, Pure Calgary and Pure Lethbridge properties. VICI financed the transaction with cash on hand and an existing line of credit.
VICI and Pure Canadian Gaming Corp. at the same time entered into a master lease agreement for the triple network, which allows Pure to maintain the management and operation of the four s. Pure will pay VICI an initial annual rent of C$21.8 million (US$16.1 million).
The 25-year lease will increase by 1.25% in the second and third year. For four years and beyond, rent will increase based on the Canadian Consumer Price Index or 1.5%, whichever is greater. The annual rent increase is limited to 2.5%.
“Today’s announcement marks another important first for VICI as we expand our international footprint in Canada with the acquisition of the Pure portfolio,” said John Payne, President and Chief Operating Officer of VICI.
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Pure Canadian Gaming is VICI’s 11th tenant. Other operators with VICI leases include the Eastern Band of Cherokee Indians, Hard Rock International, Jack Entertainment, MGM Resorts and Penn Entertainment.
VICI’s first play outside the US brings the real estate trust north. Four Pure Canadians make up the company’s entire portfolio.
Pure are small compared to VICI’s assets on the Las Vegas Strip. Pure Lethbridge is only 43,450 square feet and has 450 slot machines and two dozen table games.
Pure Calgary has 57,000 square feet, 850 slots and 40 tables. Pure Yellowhead’s 75,000 square foot arcade features 800 slots and 40 tables. Pure Edmonton is 72,000 square meters, but has the most gaming areas of the group, with approximately 875 slots and 45 table games.
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Alberta is Canada’s third largest market after Ontario and Quebec. Alberta is unique because the industry is based on a charitable gaming model.
The Alberta Gambling and Liquor Commission (AGLC) owns all slot machines in the province. AGLC retains 70% of gross gaming revenue from devices. The remaining 30% is shared between the operator and the charity organizations.
S have also shared their board game business with charity, but the AGLC is not involved. Food and beverage, entertainment and all other revenue is retained exclusively by .
It was a busy Monday for VICI Properties, as the investment arm also announced the sale of its remaining 49.9% stake in MGM Grand Las Vegas and Mandalay Bay. Announced early last month, the seller was Blackstone Real Estate Income Trust.
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VICI paid Blackstone $1.27 billion in cash and took on $3 billion in debt to fully acquire the iconic Strip property. At the end of the transaction, VICI is the sole owner of both s.
MGM will continue to manage the property through an annual lease. MGM’s rent obligation for 2023 is $310 million. Pull the lever or press the spin button and watch the reels line up for a big win. With bets starting at pennies, everyone can join in the fun. And with progressive slots like Alberta Gold, which offer top prizes starting at $20,000, you can be on your way. So come in and try your luck at the slots! Who knows, you could be our next big winner.
Once you’ve chosen your car, it’s time to get started. Press the spin button or pull the lever to spin the reels. Watch out for winning combinations on selected paylines. You can also use bonus features like Wild and Scatter to increase your chances of winning big! And don’t forget to transfer your winnings or save them on your player card for future use. Get ready for exciting moments as the reels spin and reveal your destiny! Good luck !
At PURE Casino Calgary, we are proud to offer over 850 slot machines. You can play either our Penny slots or our higher limit games which include a range of traditional themes or the latest modern slots. The 72,000 square foot Pure Casino Edmonton is one of Pure’s sold and lease back portfolios.| Pure Canadian Gaming Corp.
Entire casino portfolio in Alberta valued at $271.9 million
Pure Canadian Gaming Corp. has sold its four Pure Alberta casinos to New York-based real estate investment trust Vici Properties for US$271.9 million (S$200.8 million) in a long-term sale-leaseback deal.
The deal includes the real estate assets of Pure Casino Edmonton in Edmonton, Pure Casino Yellowhead. Edmonton, Pure Casino Calgary, Calgary and Pure Casino Lethbridge in Lethbridge, Alberta.
Concurrent with the acquisition, VICI entered into a triple network master lease agreement with Pure Canadian Gaming covering the Pure portfolio. The Pure Master Lease has an initial gross annual rent of approximately C$21.8 million, representing an assumed acquisition capitalization rate of 8.0 percent, and an initial term of 25 years with four renewal options of tenants of five years.
“Today’s announcement marks another important first for VICI as we expand our international footprint in Canada with the acquisition of the Pure portfolio,” said John Payne, president and CEO of VICI Properties, in a statement.
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Pure is Alberta’s largest gaming operator, which VICI describes as a “highly regulated market with minimal competitive threats and no significant change in business model over the past 30 years.”
VICI Properties Inc. is an S&P 500 investment trust that owns one of the largest gaming, hospitality and entertainment portfolios in North America. Properties include Caesars Palace Las Vegas, MGM Grand and Venetian Resort Las Vegas, all on the Las Vegas Strip.
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