Century Casinos sells Alberta racinos to Highfield Investment Group
The deal for Century Mile in Edmonton and Century Downs near Calgary is expected to close in late 2026 or early 2027.
Century Casinos Inc. has agreed to sell the racing and gaming operations of its Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino near Calgary to Highfield Investment Group for $16.4 million. The transaction does not include Century Casinos' other casino properties in Alberta. The company said it intends to use the proceeds to reduce its indebtedness, and the deal will also cut its annual rent obligations by approximately $7.5 million. The sale is expected to close in the fourth quarter of 2026 or the first quarter of 2027, subject to regulatory approvals and other closing conditions. Century Casinos owns 100 percent of Century Mile and a 75 percent interest in Century Downs, with noncontrolling partners owning the remaining 25 percent.
"As part of our ongoing strategic review process, the sale of Century Mile and Century Downs racinos is an important step towards concentrating our resources on our U.S. properties, where we see the strongest opportunities for growth," said Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos. They said the transaction improves the company's financial flexibility and operational efficiency as it focuses on its core U.S. assets. The real estate underlying the two properties is owned by subsidiaries of VICI Properties and is leased to the operating companies. Upon closing, subsidiaries of Century Casinos and VICI will amend their master lease to remove the two properties, and Highfield will become the new tenant responsible for the rent. "We look forward to adding Highfield to our tenant roster upon closing this transaction and believe their business plan and regional focus will help deliver strong results at Century Mile and Century Downs," said VICI president John Payne.
Highfield Investment Group is a diversified Alberta-based investment and development company with experience in real estate, hospitality and horse racing. "We see strong long-term potential in these operations and believe they are an excellent strategic fit with our experience in hospitality, operations and horse racing," said Adrian Munro, president of Highfield Investment Group. "We are making a significant investment in Alberta because we believe in the continued growth of this business and in the long-term value it can create." Munro, who also serves as president of the Canadian Thoroughbred Horse Society, leads the company's strategic direction. He is joined by Paul Ryneveld, vice president of racing entertainment centres, a veteran racing and gaming executive with 38 years of experience. Highfield's portfolio includes Highfield Stock Farm, a 1,000-acre Thoroughbred breeding farm near Okotoks, Alberta. Both Century Mile and Century Downs operate Thoroughbred, Quarter Horse and Standardbred race meets. Century Downs offers live racing over 60 days in the spring, summer and fall, along with slots, video lottery terminals and an off-track betting lounge. Century Mile offers live harness racing and a range of electronic gaming machines.