Century Casinos Sells Alberta Venues to Highfield for $16.4 Million

Century Casinos announced the sale of operating rights to Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino in Calgary to privately held Highfield Investment Group for $16.4 million, marking a significant step in the company's ongoing portfolio restructuring efforts.

The transaction, valued at 6.1x the venues' 2025 EBITDA, is expected to close in the fourth quarter of 2026 or first quarter of 2027. Century owns 100% of Century Mile and maintains a 75% stake in Century Downs. Proceeds from the sale will be directed toward debt reduction, addressing investor pressure to strengthen the company's financial position.

The divestiture aligns with Century's stated strategic review process, which began last year. Co-CEOs Erwin Haitzmann and Peter Hoetzinger emphasized that concentrating resources on U.S. properties offers stronger growth opportunities. The announcement comes as Century Casinos faces significant headwinds, with its stock down 58% over the past year and a market capitalization just under $31 million at the time of the announcement.

Beyond the sale proceeds, the transaction provides Century with operational relief. The company was obligated to pay approximately $7.5 million annually in rent to real estate investment trust VICI Properties under the master lease arrangement for these properties. Highfield has assumed these lease obligations under substantially identical terms, with VICI securing a 20-year lease featuring four 5-year renewal options. For VICI, the transition diversifies its tenant base further, which already includes at least six casino operators.

Century still operates two additional casinos in Canada (in Edmonton and St. Albert) that could potentially be divested to fully exit the Canadian market and generate further capital. Investors are also closely watching the company's two-thirds stake in Casinos Poland, a divestment that has been under discussion for several years without materializing. Management has consistently indicated openness to selling this international asset.

The Canadian sale reflects a broader industry trend of operators streamlining geographic portfolios to focus on core markets where operational leverage and market familiarity support stronger returns. For a company of Century's scale, international property management can dilute focus and strain balance sheets, particularly in competitive regional markets.

Highfield Investment Group, based in Calgary, has diversified holdings spanning real estate development, land management, commercial and industrial properties, hospitality, energy services, and thoroughbred operations. The acquisition signals confidence in the Alberta gaming market's fundamentals and aligns with Highfield's existing expertise in gaming and hospitality operations.