VICI Properties provides capital for Century Casinos’ expansion

VICI Properties (VICI) announced that it will utilize its Partner Property Growth Fund to provide capital for an exciting expansion project for Century Casinos (CNTY). The project consists of a new land-based casino with an adjacent 38-room hotel tower at Century Casino Caruthersville, located in Caruthersville, Missouri. Pursuant to an amendment to the existing master lease between the parties, VICI will own the real estate improvements associated with these projects, which are expected to cost approximately $51.9M, and annual rent under the master lease with Century will increase by approximately $4.2M following completion of the projects. John Payne, President and Chief Operating Officer of VICI Properties, said, "We are very excited to continue to grow our partnership with Century by funding this expansion project through our Partner Property Growth Fund. Since we jointly acquired three regional assets in 2019, the Century team has significantly enhanced performance at the properties by fine-tuning operations and focusing intently on customer satisfaction. Our team, led by Danny Valoy and Elena Keil, has collaborated with Century to structure a transaction that greatly enhances the long-term value of the property in Caruthersville, provides Century with balance sheet flexibility and allows VICI to invest free cash flow, growing our AFFO without the need for external funding."