Highfield Investment Group is buying the operating businesses behind two Alberta racetracks for $23.2M, while VICI Properties keeps the underlying real estate and installs the Calgary developer as its new long-term tenant.

The deal covers Century Mile Racetrack and Casino at 4711 Airport Perimeter Rd. near Edmonton International Airport and Century Downs Racetrack and Casino at 260 Century Downs Dr. in Rocky View County.

At closing, Highfield will sign a new 20-year triple-net lease with VICI carrying $10.7M in initial annual base rent, with four five-year renewal options. Rent will rise annually by the greater of 1.25% or Canadian CPI, capped at 2.5%. Highfield must also spend at least 1% of annual net revenue on capital improvements at each property.

Highfield president Adrian Munro said the company plans to “modernize the racetracks while maintaining a positive culture for our team and our guests.”

The transaction puts a major Alberta real estate player behind the operations. Highfield manages more than 4,500 acres and has completed more than 8M SF of industrial development, alongside more than 20 years of experience in Western Canadian thoroughbred racing.

VICI has owned the properties since 2023, when it acquired them as part of a $221.7M four-property Alberta portfolio from Century Casinos and leased the real estate back to Century. The new arrangement shifts the $10.7M rent obligation to Highfield without changing VICI’s aggregate rent.

Closing is expected in late 2026 or early 2027, subject to regulatory approvals.