VICI Properties Inc. announced an amendment and consent to the assignment of its master lease agreement with PURE Canadian Gaming Corp. to an affiliate of Indigenous Gaming Partners Inc. (IGP). IGP is a partnership of five institutional First Nations, partnering with Sonco Gaming for casino development and management. This transaction introduces a new strategic partner for VICI in the Canadian market.
The annual base rent of C$22.0 million (US$15.5 million based on the CAD:USD exchange rate as of December 9, 2024) and other economic terms of the PURE Canadian master lease remain unchanged. The lease has a base term of 25 years with four 5-year tenant renewal options, and includes annual escalations. VICI also secured a 5-year right of first offer (ROFO) on future sale-leaseback transactions, allowing for potential expansion of the master lease.
This agreement covers four assets in Alberta, Canada: PURE Casino Edmonton, PURE Casino Yellowhead, PURE Casino Calgary, and PURE Casino Lethbridge. The new partnership and ROFO provide VICI with avenues for continued growth and diversification within the experiential real estate sector, demonstrating its ability to work with diverse operators in international jurisdictions.
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