Century Casinos has agreed to sell the racing and gaming operations at two Alberta properties to Highfield Investment Group. The deal covers Century Mile Racetrack and Casino, as well as Century Downs Racetrack and Casino. The sale is valued at approximately $16.4m.
Non-controlling partners own the remaining 25% of Century Downs. The purchase price represents a 6.1x multiple of the properties' FY2025 EBITDA.
The divestment follows a strategic review launched by Century Casinos' board in August 2025. The review covers its operations and capital structure, with potential options including asset divestments, strategic partnerships and other transactions intended to reduce leverage and reshape the portfolio.
The operator had $336.5m in outstanding debt at the end of June 2026, alongside a $708m long-term financing obligation connected to its master lease with subsidiaries of VICI Properties. Cash and cash equivalents stood at $60.2m.
VICI subsidiaries own the real estate underlying Century Mile and Century Downs. Following completion of the sale, the properties will be removed from Century Casinos' existing master lease and Highfield will assume the associated rent obligations. This is expected to reduce Century Casinos' annual rent by approximately $7.5m.
The sale comes despite improved Canadian performance during 2026. The segment generated $20.4m in Q2 net operating revenue, with increased gaming revenue at Century Mile while Century Downs remained broadly stable.
Century Casinos Co-CEOs Erwin Haitzmann and Peter Hoetzinger said: "The sale of Century Mile and Century Downs racinos is an important step towards concentrating our resources on our US properties, where we see the strongest opportunities for growth."
The transaction is expected to close during Q4 2026 or Q1 2027, subject to regulatory approvals and customary closing conditions. Century Casinos will continue operating Century Casino & Hotel Edmonton and Century Casino St. Albert following the transaction.
In August, Century Casinos reported record Q2 net operating revenue of $152m and adjusted EBITDAR of $31.7m, although it recorded a net loss attributable to shareholders of $10.9m.
Century Casinos' strategic review was launched in August 2025 and includes potential asset sales and other transactions designed to address its portfolio and capital structure
