VICI Properties Inc. Announces Sale-leaseback of Canadian Portfolio in Connection With Pure Casino Entertainment’s Acquisition of Gamehost

Key Terms

sale-leaseback financial

A sale-leaseback is a deal where an owner sells an asset—commonly real estate or equipment—to another party and immediately rents it back so they can keep using it. For investors, it matters because the seller converts a fixed asset into cash without disrupting operations, which can boost liquidity or pay down debt but also creates ongoing lease payments and long-term obligations that affect cash flow and the balance sheet.

triple-net master lease financial

A triple-net master lease is a long-term rental agreement that covers a group of properties (or an entire property portfolio) under a single contract where the tenant pays base rent plus property taxes, insurance, and most maintenance costs. For investors, it matters because it provides steadier, more predictable cash flow and shifts many operating risks to the tenant, which can raise or stabilize a property’s value but reduce the landlord’s upside from cost savings.

revolving credit facility financial

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

take-private acquisition financial

A take-private acquisition is when one party buys all the outstanding shares of a publicly traded company so it becomes privately owned and its stock is removed from public exchanges. For investors, it usually means shareholders receive cash or a buyout price (often at a premium) and lose ongoing ability to trade the shares; for remaining stakeholders it can change transparency, reporting and control—like a neighborhood business being bought and run behind closed doors.

canadian cpi financial

Canadian CPI is the main gauge of how prices for a typical set of goods and services bought by households in Canada change over time — think of it as tracking the cost of a standard shopping basket. Investors watch it because rising or falling CPI signals changes in inflation, which can influence interest rates, consumer spending, corporate profits and bond yields; those shifts affect stock and currency values and investment returns.

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NEW YORK--(BUSINESS WIRE)-- VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Company”), an experiential real estate investment trust, today announced the CAD$200.6 million / USD$144.4 million pending acquisition (the “Real Estate Transaction”) of the real estate assets of Deerfoot Inn & Casino, Great Northern Casino and two limited-service hotels that are adjacent to the Great Northern Casino (collectively, the “Portfolio”) located in Alberta, Canada, in connection with Pure Casino Entertainment Limited Partnership’s (“PURE”) pending take-private acquisition of Gamehost Inc. (GH.TO) (“Gamehost”).

Simultaneous with the closing of the Real Estate Transaction, the Portfolio will be added to the existing triple-net master lease agreement between VICI Properties and PURE (the “PURE Master Lease”) and annual rent will increase by CAD$16.1 million (USD$11.6 million) representing an acquisition capitalization rate of 8.0%. The Portfolio rent will escalate at 1.0% on the first February 1 following a full 12 months post-closing (in line with the timing of the PURE Master Lease escalation), and escalation will conform to the PURE Master Lease thereafter at the greater of 1.5% or the change in Canadian CPI (capped at 2.5%). Additionally, the term of the PURE Master Lease will be extended such that, upon closing of the Real Estate Transaction, the PURE Master Lease will have a full 25-year initial base lease term, with four 5-year tenant renewal options. The tenants’ obligations under the PURE Master Lease will continue to be guaranteed by Indigenous Gaming Partners, Inc. (“IGP”).

John Payne, President and COO of VICI Properties, said, “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 supporting that growth as their real estate partner and capital provider. This is exactly the kind of transaction that reflects VICI’s value proposition, helping best-in-class operators execute on their growth strategies, and we hope to continue growing our relationship with IGP and PURE for years to come.”

The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in mid-2026. VICI plans to fund the Real Estate Transaction with a combination of cash on hand and drawing down funds on its existing multicurrency revolving credit facility. The Real Estate Transaction is expected to be immediately accretive to VICI upon closing.

In addition to this release, VICI has furnished a Transaction Overview presentation, which is available on its website in the "Investors" section, under the menu heading "Events & Presentations" or please visit https://investors.viciproperties.com/news-events/presentations.

About VICI Properties

VICI Properties Inc. is an S&P 500^® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com.

About IGP and PURE

Indigenous Gaming Partners Inc. is a gaming company established in 2024 that is focused on developing a portfolio of high-quality, market-leading casinos through strategic acquisitions and operational excellence. The partnership is comprised of five institutional First Nations - Glooscap First Nation, Millbrook First Nation, Annapolis Valley First Nation, We’koqma’q L’nue’kati, and Paqtnkek Mi’kmaw Nation - along with Sonco Gaming Inc., an experienced Canadian casino management and development company. Through its operating entity, Pure Casino Entertainment Limited Partnership, IGP owns and operates Pure Casino Edmonton, Pure Casino Yellowhead, Pure Casino Calgary and Pure Casino Lethbridge, which collectively employ more than 1,200 people and welcome millions of guests each year. IGP represents a shared vision to build meaningful Indigenous ownership in Canada’s entertainment industry while delivering high-quality gaming and hospitality experiences. IGP is dedicated to setting new standards in the gaming industry while fostering prosperity for its Indigenous communities, charitable partners, and provincial stakeholders. For more information, visit www.indigenousgamingpartners.ca.

About Gamehost

Gamehost is a corporation incorporated under the laws of the Province of Alberta, with its head office located in Red Deer, Alberta. Through its subsidiary, Gamehost Limited Partnership, Gamehost owns and operates: (i) the Great Northern Casino facility located in Grand Prairie, Alberta, (ii) the Rivers Casino and Entertainment Centre located in Fort McMurray, Alberta, (iii) the Deerfoot Inn & Casino facility located in Calgary, Alberta, (iv) the Service Plus Inns & Suites hotel located in Grande Prairie, Alberta, and (v) the Encore Suites by Service Plus extended stay hotel facility located in Grand Prairie, Alberta. It also owns an investment property located in Grand Prairie, Alberta adjacent to the Service Plus Inn. For more information, visit https://gamehost.ca/index.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, including the risk that the pending Real Estate Transaction or the corresponding acquisition of Gamehost by PURE may not be consummated on the terms described in this press release or at all, which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements. Other important risk factors that may affect the Company’s business, results of operations and financial position (including risks relating to the Company’s pending transactions) are detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

Press Release Category: Transactions

View source version on businesswire.com: https://www.businesswire.com/news/home/20260329311499/en/

Investors:
Investors@viciproperties.com
(646) 949-4631
Or
David Kieske
EVP, Chief Financial Officer
DKieske@viciproperties.com

Moira McCloskey
SVP, Capital Markets
MMcCloskey@viciproperties.com

LinkedIn:
www.linkedin.com/company/vici-properties-inc

Source: VICI Properties Inc.