VICI Properties is set to purchase a collection of casino and hotel real estate assets in Alberta, Canada, for CAD$200.6 million (approximately $144.4 million). This acquisition is part of a sale-leaseback arrangement associated with Pure Casino Entertainment’s initiative to take Gamehost private.
The U.S.-based real estate investment trust will acquire properties including Deerfoot Inn & Casino, Great Northern Casino, and two nearby limited-service hotels. Upon completion of the deal, these assets will be integrated into VICI’s existing triple-net master lease with Pure.
The annual rent from this lease will rise by CAD$16.1 million ($11.6 million), which suggests an 8.0% capitalization rate. The lease will initially span 25 years and offer four renewal options of five years each. Rent will increase by 1.0% after the first full year and subsequently by the greater of 1.5% or the change in Canadian Consumer Price Index, capped at 2.5%.
This transaction is expected to finalize by mid-2026, pending regulatory approvals, and will be financed through a combination of available cash and borrowings from VICI’s existing multicurrency revolving credit facility. The deal is anticipated to be immediately accretive.
The acquisition is linked to Pure Casino Entertainment’s agreement to buy Gamehost Inc. for $13.65 per share in cash, representing a 16% premium over the company’s closing price on March 27, 2026.
Pure Casino Entertainment operates several casino venues in Alberta and is supported by Indigenous Gaming Partners, a coalition of various First Nations, along with Sonco Gaming.
Gamehost manages multiple properties in Alberta, including Great Northern Casino in Grande Prairie, Rivers Casino and Entertainment Centre in Fort McMurray, and Deerfoot Inn & Casino in Calgary, alongside several hotel assets.
A spokesperson from VICI clarified, “Rivers Casino is already under lease as the real estate is owned by a third party. VICI did not acquire the real estate of that asset in this transaction, but Pure did acquire the operations.”
John Payne, President and COO of VICI Properties, expressed enthusiasm about expanding their footprint in the Canadian gaming sector, describing it as a stable and reliable market. He stated, “Having collaborated with IGP and PURE, we have witnessed their capability to operate and enhance a top-tier gaming platform, and we are proud to continue supporting that growth as their real estate partner and capital provider.”
Gamehost’s CEO, Darcy Will, remarked that this transaction signifies a significant evolution 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 noted.
He added, “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 deliver a high-quality guest experience and an exceptional environment for our employees.”