Colorado-based Century Casinos, which closed its $190 million purchase of the 1,382-room Nugget Casino Resort in Sparks in April, is now the third-largest tenant of real estate investment trust VICI Properties.
After closing the sale-leaseback of its four casinos in Alberta, Canada, to VICI last week, eight of Century’s 11 gaming properties are owned by the gaming REIT. The Nugget and Century’s two legacy Colorado casinos are still owned and operated by the company.
Caesars Entertainment is VICI’s largest tenant with 18 properties, followed by MGM Resorts International with 13 properties.
Century sold the four Canadian casinos to VICI for $162.4 million. Company executives said the transaction “provides us with the ability to pay down our debt.”
Century pays VICI $55.8 million in annual rent, which pales in comparison to the $1.15 billion paid by Caesars and $1.05 billion paid by MGM Resorts.
According to its most recent investor presentation, VICI collects more than $2.9 billion in annual rent from 11 tenants covering 54 gaming properties.