VICI Properties enters into master lease agreement with Pure Canadian Gaming
In connection with entering into the amendment, VICI Properties received a five-year ROFO on future sale-leaseback transactions.
Key Points
- The agreement is in connection to the acquisition of the operating assets of Pure Canadian Gaming by an affiliate of IGP
- IGP has partnered with Sonco Gaming, which will assist in the sourcing and execution of casino gaming investments
VICI Properties has announced that the company entered into an amendment and consented to the assignment of the master lease agreement with Pure Canadian Group to an affiliate of Indigenous Gaming Partners (IGP).
The agreement is in connection with the acquisition of Pure Canadian Gaming’s operating assets by an affiliate of IGP.
“This transaction demonstrates VICI’s ability to collaboratively work with existing partners while building new relationships with highly experienced operators and First Nations in international jurisdictions,” VICI Properties VP of Business Development and Acquisitions Danny Valoy said.
“We are pleased to welcome IGP as a new partner, and we look forward to expanding our relationship with IGP and Sonco as they pursue additional growth opportunities in the future.”
IGP is a partnership of five institutional First Nations established to acquire gaming assets in North America. IGP has partnered with Sonco Gaming, which will assist in the sourcing and execution of casino gaming investments, as well as management oversight of IGP’s portfolio.
Good to know: VICI Properties acquired a group of real estate assets in Canada from Pure Canadian Gaming for $200.8m in January 2023
“We are excited to work with VICI, an established partner in providing financial solutions to the gaming industry,” Sonco CEO Anthony Novac said.
“We believe having a partner like VICI will give us a competitive advantage as we seek growth opportunities in the Canadian market.”
In connection with entering into the amendment to Pure Canadian Gaming’s master lease, VICI received a five-year right of first offer (ROFO) on future sale-leaseback transactions. Any additional properties acquired will be added to the master lease pursuant to the ROFO.
The annual base rent of CA$22m (US$15.5m) and other economic terms of the Pure Canadian Gaming master lease will remain unchanged, including a base term of 25-years with four five-year tenant renewal options.
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