Highfield Investment Group, a company owned by the Munro family, is acquiring Century Mile Racetrack and Casino near Edmonton and Century Downs Racetrack and Casino near Calgary from Century Casinos, putting Alberta’s two major thoroughbred racing venues under the control of a company with deep ties to the racing and breeding industry.
Adrian Munro, president of Highfield, also serves as president of the Canadian Thoroughbred Horse Society’s Alberta division and is a past president of the organization’s national division. Highfield has more than four decades of experience operating businesses in real estate development, land management, hospitality, energy services and agriculture, and typically takes an active management role in its holdings rather than acting as a passive investor.
The Munro family also operates Highfield Stock Farm near Okotoks, described as one of Western Canada’s leading thoroughbred breeding operations, which owns and races horses in both Canada and the United States.
A Two-Decade Path to Ownership
Highfield’s involvement in Alberta racing dates back more than 20 years. The company was part of United Horsemen of Alberta, which won the original 2004 request for proposals to develop a new racetrack in Calgary. When that project encountered financial trouble, Highfield acquired its debt and helped preserve the gaming licence while land was sold and a new operator secured. That process eventually led Century Casinos to enter the Alberta market, opening Century Downs in 2015 and Century Mile in 2019.
Century Casinos began evaluating the sale of assets, including the two Alberta properties, as it worked to reduce debt following an expansion in the United States. Adrian Munro said Highfield wanted to ensure the tracks did not simply pass to another gaming company without regard for racing’s future. Highfield was granted exclusivity in the sales process in February and has since worked through due diligence and negotiations with Century Casinos and VICI Properties, which owns the underlying real estate.
Munro’s dual role as CTHS Alberta president and head of the company now set to operate the province’s racetracks was disclosed early to both the Alberta and national CTHS leadership, and he offered to step down from his association role. After a review of the bylaws with legal counsel, both boards unanimously asked him to remain in his position.
Rebalancing Racing and Gaming
Munro credited Century Casinos for its investment in Alberta racing infrastructure, including the construction of Century Downs and Century Mile. Paul Ryneveld, who will oversee Highfield’s Racing Entertainment Centre operations and previously ran Century Downs for nearly a decade, estimated Century invested a little over $100 million in the two facilities.
Munro said Century’s core focus as a casino operator meant racing sometimes received less attention. Highfield’s approach, he said, is to treat the casino operations as a financial engine that can be used to increase investment in racing rather than treating racing as a secondary consideration.
Among the early priorities identified by Highfield are physical improvements at Century Mile, including longstanding drainage issues in the backstretch that can leave horses and workers dealing with mud after rain or snow. Munro said the company intends to address the drainage problems once weather conditions allow.
Ryneveld said Highfield also plans to change how the tracks engage with horsemen’s associations, treating them as partners in decision-making rather than as outside groups managed from a distance. He pointed to more direct communication, such as speaking with trainers by phone about stall allocations, as an example of the cultural shift being planned. Highfield has also outlined plans for a broader marketing effort intended to rebuild racing’s audience through event days and increased promotion of horses and participants.
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