Century Casinos Cuts Alberta Footprint with C$23.2 Million Racino Sale

CALGARY, Alberta – Century Casinos has agreed to sell Century Mile and Century Downs to Highfield Investment Group for C$23.2 million. The deal will reduce Century’s Alberta footprint while providing proceeds to cut debt and support a greater focus on its U.S. properties.

The transaction covers the racing and gaming operations of Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino near Calgary. Highfield is a privately held investment and development company headquartered in Calgary and focused on Alberta businesses.

The approximately US$16.4 million purchase price represents a 6.1x multiple of the properties’ 2025 EBITDA. Century owns all of Century Mile and a 75% interest in Century Downs, with non-controlling partners holding the remaining 25%.

Sale to Cut Century Casinos’ Debt and Rent

The real estate underlying both racinos is owned by subsidiaries of VICI Properties and currently leased to the operating companies under Century’s triple-net master lease. When the sale closes, the properties will be removed from that agreement and Highfield will assume responsibility for the associated rent obligations under a separate lease with VICI.

Century expects the change to reduce its annual rent by approximately US$7.5 million, or C$10.7 million. The company plans to use the sale proceeds to reduce debt and said the transaction should lower its lease-adjusted net leverage on a pro forma basis.

“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.”

Erwin Haitzmann and Peter Hoetzinger
Co-Chief Executive Officers, Century Casinos

The co-CEOs added: “This transaction improves our financial flexibility and operational efficiency as we focus on our core U.S. assets.”

Century Will Retain Two Alberta Casinos for Now

The agreement does not include Century Casino & Hotel Edmonton or Century Casino St. Albert. Those properties will remain part of Century’s portfolio after the racino transaction, although the company has been reviewing its wider Alberta operations as part of its effort to concentrate resources in the U.S.

Hoetzinger separately told Canadian Gaming Business that other parties have shown interest in acquiring the two remaining Alberta casinos. Century had previously considered selling all four provincial properties together or separating the racinos and commercial casinos into different transactions.

The strategic review comes as Alberta’s gaming market changes more broadly. The province opened its commercial iGaming market in July, although Century has said it does not plan to launch an online gambling platform in the province.

Highfield Plans to Modernize Alberta Racetracks

Highfield President Adrian Munro said the Calgary-based company plans to modernize Century Mile and Century Downs while maintaining their existing role within Alberta’s horse racing sector. VICI will enter into a new triple-net lease with a Highfield subsidiary following completion of the transaction.

The sale remains subject to customary regulatory approvals and closing conditions. Century expects the transaction to close during the fourth quarter of 2026 or the first quarter of 2027, after which Highfield would take control of the racing and gaming operations at both properties.

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