30, 2022, and a net income of $8.8 million. In a brief financial report, VICI says the casinos reported EBITDAR of $38.5 million in the 12 months ended Sept. The latter increases are capped at 2.5 per cent annually. In an investor presentation on its website VICI says the contractual annual rent escalations are 1.25 per cent in the first three years, and the greater of Canada’s consumer price index, or 1.5 per cent, in years four-plus. VICI reported it has financed the transaction with a combination of cash on hand and by drawing down funds under its existing revolving credit facility. It has two food and beverage outlets.Įach of the facilities also includes a mix of social and show rooms, executive lounges, meeting spaces and a stage at PURE Casino Edmonton. Contains 11 table games, 13 poker tables, 427 slots and 28 VLTs.

Lethbridge: 43,450 square feet, opened in 1988.

Contains 27 table games, 12 poker tables, 832 slots and 22 VLTs.

Calgary: 57,000 square feet, opened in 1997.

Contains 24 table games, 15 poker tables, 753 slots, 26 VLTs.

Yellowhead: 75,000 square feet, opened in 2000.

Contains 27 table games, 16 poker tables, 852 slots and 28 VLTs.

Edmonton: 72,000 square feet, opened in 1986.

“We are pleased to add PURE as our 11th tenant and look forward to a mutually beneficial partnership.” The casinos and their features “This transaction highlights our ability to source, structure and fund cross-border transactions, widening our opportunity set as we continue along our growth trajectory. Today’s announcement marks another momentous first for VICI as we expand our footprint internationally into Canada with the acquisition of the PURE portfolio,” said John Payne, president and chief operating officer of VICI Properties, in the announcement. “Over the last five-and-a-half years, VICI has built a portfolio of market-leading experiential real estate. This represents an implied acquisition capitalization rate of eight per cent, and has an initial term of 25 years, with four five-year tenant renewal options. The PURE master lease has an initial total annual rent of approximately $21.8 million.

VICI has entered into a triple-net master lease agreement with PURE for the future operation of the facilities.

The facilities are the PURE Casino Edmonton, PURE Casino Yellowhead in Edmonton, PURE Casino Calgary, and PURE Casino Lethbridge. U.S.-based VICI Properties has acquired the real estate assets of four casinos and gaming facilities in Alberta from PURE Canadian Gaming for $271.9 million, the firm announced Monday morning.

Pure casino yellowhead