VICI Properties Expands Canadian Gaming Portfolio with $144M Sale-Leaseback Deal

The acquisition of Deerfoot Inn & Casino and Great Northern Casino will expand VICI's partnership with Pure Casino Entertainment.

Mar. 30, 2026 at 12:20pm

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VICI Properties Inc., a leading real estate investment trust, has announced the pending $144.4 million acquisition of the real estate assets of Deerfoot Inn & Casino, Great Northern Casino, and two adjacent hotels in Alberta, Canada. The transaction will be completed in connection with Pure Casino Entertainment's take-private acquisition of Gamehost Inc. and will expand VICI's existing triple-net master lease agreement with Pure Casino.

Why it matters

The deal strengthens VICI's presence in the stable Canadian gaming market and deepens its partnership with Pure Casino, a best-in-class operator. It reflects VICI's strategy of supporting the growth of leading experiential real estate operators through real estate transactions and long-term lease agreements.

The details

Under the terms of the deal, the acquired properties will be added to VICI's existing master lease with Pure Casino, increasing the annual rent by $11.6 million. The lease will have a 25-year initial term with four 5-year renewal options. The tenants' obligations will continue to be guaranteed by Indigenous Gaming Partners, Inc.

  • The transaction is expected to close in mid-2026.
  • The lease will have a 25-year initial term with four 5-year renewal options.

The players

VICI Properties Inc.

An S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations.

Pure Casino Entertainment Limited Partnership

The operating entity of Indigenous Gaming Partners Inc., a gaming company focused on developing a portfolio of high-quality, market-leading casinos through strategic acquisitions and operational excellence.

Gamehost Inc.

A corporation incorporated under the laws of the Province of Alberta that owns and operates several casino and hotel properties in Alberta, Canada.

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What they’re saying

“We are very excited to deepen and expand our presence in the Canadian gaming market, a very steady and stable gaming jurisdiction, alongside an existing partner. Having worked alongside IGP and PURE, we have seen firsthand their ability to operate and grow a best-in-class gaming platform, and we are proud to continue supporting that growth as their real estate partner and capital provider.”

— John Payne, President and COO of VICI Properties

What’s next

The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in mid-2026.

The takeaway

This deal demonstrates VICI's strategy of partnering with leading experiential real estate operators to support their growth through real estate transactions and long-term lease agreements. The expansion of VICI's presence in the stable Canadian gaming market alongside Pure Casino Entertainment further solidifies VICI's position as a premier provider of gaming and hospitality real estate.