Highfield Investment Group has agreed to buy the operating businesses behind two Alberta racetracks for $23.2 million, in a transaction that will see real estate investment trust VICI Properties retain ownership of the underlying land and buildings while installing the Calgary-based developer as its new long-term tenant.
The deal covers Century Mile Racetrack and Casino, located near Edmonton International Airport, and Century Downs Racetrack and Casino in Rocky View County. Under the agreement, Highfield will take over day-to-day operations at both venues once the transaction closes.
Terms of the New Lease
As part of closing, Highfield will sign a new 20-year triple-net lease with VICI Properties carrying an initial annual base rent of $10.7 million. The lease includes four five-year renewal options. Annual rent increases are set at whichever is greater between 1.25% or the rate of Canadian inflation, with a cap of 2.5% per year. Highfield will also be required to spend at least 1% of each property’s annual net revenue on capital improvements.
Highfield president Adrian Munro said the company intends to modernize the racetracks while maintaining what he described as a positive culture for staff and guests.
A Deeper Alberta Footprint
The acquisition extends Highfield’s presence in Alberta real estate and hospitality. The company manages more than 4,500 acres of land and has completed more than 8 million square feet of industrial development in the province. Highfield also brings more than 20 years of experience in Western Canadian thoroughbred racing to the operations it is taking on.
VICI Properties has owned the real estate underlying both racetracks since 2023, when it acquired them as part of a four-property Alberta portfolio purchased from Century Casinos for $221.7 million. At the time, VICI leased the real estate back to Century Casinos as operator. The new arrangement transfers the $10.7 million rent obligation from Century Casinos to Highfield, though VICI’s total rent collected across its holdings is not changing as a result of the switch.
Key Figures in the Alberta Racetrack Deal
Closing on the operating-business sale to Highfield is expected in late 2026 or early 2027, pending regulatory approvals.
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