VICI Properties has amended its master lease agreement with Pure Canadian Gaming Corp. following Indigenous Gaming Partners' (IGP) acquisition of Pure's operating assets.

The agreement covers Pure Casino Edmonton, Pure Casino Yellowhead, Pure Casino Calgary, and Pure Casino Lethbridge, which VICI acquired in January 2023 for an annual rent of $16.1 million.

Key terms of the master lease remain unchanged:

• 25-year base term
• Four 5-year tenant renewal options
• 1.25% annual escalation in year 3
• Escalation of 1.5% or Canadian CPI (capped at 2.5%) starting year 4
• Minimum capital expenditure requirement of 1% of annual net revenue

Indigenous Gaming Partners, formed by five tribal nations (Glooscap First Nation, Millbrook First Nation, Annapolis Valley First Nation, We'koqma'q L'nue'kati, and Paqtnkek Mi'kmaw Nation), will partner with Sonco Gaming to operate the properties. Sonco currently manages four Canadian gaming properties and London's Maxim Casino.

The amended agreement grants VICI a 5-year right of first offer (

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