Century Gaming has solidified its collaboration with Vici Properties through the divestiture of its Canadian holdings for a sum of $162.4 million. This transaction encompasses two gaming establishments situated in Alberta: Century Casino & Hotel Edmonton and Century Casino Calgary.
Rest assured, this does not signify Century Gaming’s withdrawal from the Canadian market! These properties are now integrated into a preexisting lease arrangement between Century Gaming and Vici Properties, a prevalent practice within the casino industry. In essence, Century Gaming will maintain operational control of the casinos while leasing the physical properties from Vici.
This divestiture is projected to inject approximately $154.5 million in cash into Century Gaming’s coffers after deducting expenses. The company intends to allocate these funds towards debt reduction and enhancing its financial agility – a prudent maneuver in the realm of business.
This agreement represents merely one facet of Century Gaming’s broader strategic plan. The corporation recently unveiled its financial performance for the second quarter of 2023, underscoring its commitment to both expansion and financial soundness.
The firms recent quarterly earnings demonstrated a robust surge in profitability, as net earnings reached $1.368 billion – a substantial 23% rise compared to the corresponding timeframe in the preceding year.
admin