Century Gaming has divested its Canadian holdings for a substantial $162.4 million, bolstering its alliance with Vici Properties. The transaction grants Vici ownership of Century’s premium Edmonton and Calgary properties, incorporating these sites into a pre-existing lease arrangement between the entities.
This calculated maneuver yields Century a significant gain and affords them enhanced fiscal agility. The supplementary lease revenue from the Canadian assets, capped at a 2.5% yearly increase, reinforces Century’s financial projections. The lease prolongation to a possible 35 years showcases enduring dedication and belief in the Canadian sector.
Both Century Gaming co-CEOs, Erwin Haitzmann and Peter Hoetzinger, conveyed contentment with the agreement, highlighting its contribution to their wider strategic objectives. This action corresponds with Century’s latest Q2 2023 earnings statement, signaling a proactive and potentially fruitful trajectory for the enterprise.
The firms Q2 experienced a robust earnings surge, generating $1.368 billion – a substantial 23% climb versus the corresponding timeframe in the prior year.
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