On May 17, VICI Properties Inc., a New York-based real estate investment trust, disclosed that it has signed a definitive agreement to purchase the real estate properties of Century Casino & Hotel Edmonton, Century Casino St. Albert and Century Mile Racetrack and Casino, each in Edmonton, Alberta and Century Downs Racetrack and Casino in Calgary, Alberta, aka called together the Century Canadian Portfolio, from Colorado-based Century Casinos Inc. for a total purchase price of C$221.7 million (US$164.7 million) in cash.
Adding assets to the Century Master Lease:
Concurrently with the closing of the transaction, the Century Canadian Portfolio will be added to the existing triple-net master lease deal between VICI Properties and Century, called the Century Master Lease, and the yearly rent will rise by C$17.3 million (US$12.8 million), which represents the default acquisition capitalization rate of 7.8%. Furthermore, the property-level rent coverage ratio under the Century Master Lease, subject to the pending purchase of Rocky Gap Casino Resort and the Century Canadian Portfolio, is projected to be around 2.0x. In addition, the transaction is projected to be live for VICI as soon as it officially closes.
The period of the Century Master Lease will be expanded so that once the transaction closes the lease will have a full 15-year initial base lease term, with four 5-year tenant renewal options. However, the lessees’ responsibilities under the Century Master Lease will continue to be guaranteed by Century Casinos Inc. In this regard, John Payne, President and Chief Operating Officer of VICI Properties, said: “We are thrilled to announce our third international investment with the acquisition of Century’s four Canadian casino assets, demonstrating our ongoing desire to expand internationally and confidence in the Canadian gaming market. We are also pleased to continue growing our partnership with Century by supporting their asset monetization strategy, unlocking value that fuels their strategic growth initiatives.”
However, the transaction requires customary regulatory approvals, satisfaction of closing conditions and is projected to formally close in the second half of 2023. For more details on the transaction, VICI has published a Transaction Overview presentation, available on its website in the “Investors” section, at menu called “Events & Presentations.”
About:
Headquartered in New York, VICI Properties Inc. is an experienced real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, involving Caesars Palace Las Vegas, Harrah’s Las Vegas and the Venetian Resort Las Vegas, three of Las Vegas’ most iconic entertainment properties.
The legal status of online casinos in India is complex and varies by state. While there is no federal law that explicitly addresses online gambling, the legality depends on state regulations and the type of gambling involved.
Key Points:
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No National Law: India does not have a specific national law regulating online casinos. However, the Public Gambling Act of 1867 prohibits operating physical casinos and gambling houses, but it doesn't cover online platforms, leaving a legal grey area for online gambling.
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State-Specific Laws: Some Indian states, like Goa, Sikkim, and Daman, have legalized land-based casinos, and others, such as Sikkim, have also licensed online gambling. Many states have banned gambling altogether, including online gambling.
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Online Sports Betting: Betting on sports, particularly cricket, is very popular in India. However, it's only explicitly legal in some states like Sikkim and Nagaland, which have laws permitting online gaming and betting.
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Legal Gray Area: Many international online casinos accept Indian players and operate legally under licenses from offshore jurisdictions (like Curacao or the UK Gambling Commission). As long as players are gambling on licensed platforms, the risk is minimal, but local authorities may still choose to regulate or restrict online gambling.
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Cryptocurrency: Some Indian players prefer using cryptocurrencies (like Bitcoin) for online gambling, as it provides a layer of anonymity and security.
While online casinos aren't explicitly legal across all of India, many international casinos accept Indian players, and online gambling continues to grow in popularity. Players should ensure they use licensed platforms and understand local laws before engaging in online gaming.
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