VICI Properties to acquire casino real estate in Alberta for $144.4 million in sale-leaseback deal

VICI Properties will acquire a portfolio of casino and hotel real estate assets in Alberta, Canada, for CAD$200.6 million ($144.4 million) in connection with a sale-leaseback transaction linked to Pure Casino Entertainment’s planned take-private acquisition of Gamehost.

The U.S.-based real estate investment trust will acquire Deerfoot Inn & Casino, Great Northern Casino, and two adjacent limited-service hotels. The properties will be folded into VICI’s existing triple-net master lease with Pure upon closing.

Annual rent under the lease will increase by CAD$16.1 million ($11.6 million), implying an 8.0% capitalization rate. The lease will have a 25-year initial term with four five-year renewal options, while rent will escalate by 1.0% after the first full year and thereafter at the greater of 1.5% or the change in Canadian CPI, capped at 2.5%.

The transaction, expected to close in mid-2026, subject to regulatory approvals, will be funded through a mix of cash on hand and borrowings under VICI’s existing multicurrency revolving credit facility. The deal is expected to be immediately accretive.

The real estate acquisition is tied to Pure Casino Entertainment’s agreement to acquire Gamehost Inc. in a cash deal valued at $13.65 per share, representing a 16% premium to the company’s closing price on March 27, 2026.

Pure Casino Entertainment operates multiple casino properties in Alberta and is backed by Indigenous Gaming Partners, a group comprising several First Nations, along with Sonco Gaming.

Gamehost owns and operates several Alberta properties, including Great Northern Casino in Grande Prairie, Rivers Casino and Entertainment Centre in Fort McMurray, and Deerfoot Inn & Casino in Calgary, along with multiple hotel assets.

“Rivers Casino is already a leased property as the real estate is currently owned by a third party,” a VICI spokesperson told Casino.org. “VICI did not acquire the real estate of that asset as part of this transaction, but Pure did acquire the operations.”

“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,” said John Payne, President and Chief Operating Officer of VICI Properties.

“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,” Payne added.

Gamehost CEO Darcy Will said the transaction marks a major transition for the company. “For over two decades, I have had the pleasure of working with dedicated team members to create an entertainment and hospitality company that provides extraordinary experiences for our guests, employees and community,” Will said.

“I am excited to pass on this legacy to Pure, a proven leader in the Alberta gaming industry. I am confident that they will continue to provide a high-quality guest experience and exceptional environment for our employees,” he added.