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- A regional gaming operator recently reached an agreement to divest operating rights for two major western Canadian racing and entertainment venues.
- The strategic portfolio restructuring aims to optimize corporate debt levels and concentrate management resources on core U.S. markets.
Century Casinos said it will sell the operating rights to Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino in Calgary to Highfield Investment Group for $16.4 million.
The company said Monday the deal is part of its broader effort to simplify its portfolio and focus on its U.S. properties, streamlining operations away from traditional track assets while other regional operators continue evaluating structural shifts across retail and digital markets, including the evolving online casino landscape. Century also said the sale proceeds are expected to be used to reduce debt, making the transaction notable for investors watching balance-sheet moves in the regional casino sector.
Sale price values the venues at 6.1x 2025 EBITDA
Century said the $16.4 million purchase price represents 6.1x the venues’ 2025 EBITDA. The company owns 100% of Century Mile and controls a 75% stake in Century Downs.
In a joint statement, co-CEOs Erwin Haitzmann and Peter Hoetzinger said, “As part of our ongoing strategic review process, the sale of Century Mile and Century Downs racinos is an important step towards concentrating our resources on our U.S. properties, where we see the strongest opportunities for growth.”
They added, “This transaction improves our financial flexibility and operational efficiency as we focus on our core U.S. assets.”
Highfield is a privately held Calgary-based company with investments spanning real estate development, land management, commercial and industrial properties, hospitality, energy services, and thoroughbred operations.
Deal also removes $7.5 million in annual rent obligations
Century said the transaction will eliminate $7.5 million in annual rent obligations tied to the two properties and paid to VICI Properties.
VICI, the casino real estate investment trust that owns the underlying real estate, has already entered into a new lease with Highfield. Century said that lease runs for 20 years and includes four 5-year renewal options, on essentially the same terms as the prior Century master lease.
The sale is expected to close in the fourth quarter of 2026 or the first quarter of 2027.
The move could also signal further portfolio changes ahead. Century said it still has namesake venues in Edmonton and St. Albert that it could potentially sell later, and it has previously discussed divesting its two-thirds stake in Casinos Poland.
For now, the clearest takeaway is that Century is continuing to shrink its international footprint while redirecting capital and management attention toward its U.S. casino business.
Source: As reported by casino.org.
