VICI Properties has amended its master lease agreement with PURE Canadian Gaming following the acquisition of PURE’s operating assets in Alberta by an affiliate of Indigenous Gaming Partners.

The lease amendment includes VICI’s consent to the assignment of the master lease to IGP, a newly formed partnership of five Nova Scotia-based First Nations.

The First Nations—Glooscap First Nation, Millbrook First Nation, Annapolis Valley First Nation, We’koqma’q L’nue’kati, and Paqtnkek Mi’kmaw Nation—joined forces with Sonco Gaming to acquire PURE from Toronto-based ONCAP for an undisclosed price. The acquisition includes PURE Casino Edmonton; PURE Casino Yellowhead, which is also located in the Alberta capital; PURE Casino Calgary, and PURE Casino Lethbridge.

“This transaction demonstrates VICI’s ability to collaboratively work with existing partners while building new relationships with highly experienced operators and First Nations in international jurisdictions,” said Danny Valoy, vice-president of business development and acquisitions at New York-based VICI. “We are pleased to welcome IGP as a new partner, and we look forward to expanding our relationship with IGP and Sonco as they pursue additional growth opportunities in the future.”

The master lease amendment preserves the current terms, including an annual base rent of $22 and a 25-year base term with four, five-year tenant renewal options. Rent escalation begins in the third year of the lease at 1.25% annually, increasing to a minimum of 1.5% or the Canadian Consumer Price Index (CPI), capped at 2.5%, starting in the fourth year. Additionally, VICI secured a five-year right of first offer (ROFO) on future sale-leaseback transactions related to the properties.

Based in Edmonton, PURE Canadian Gaming, employs 1,100 professionals and operates some of Alberta’s most prominent casinos, offering gaming, dining, and entertainment experiences.

For IGP, the acquisition marks a significant milestone, said the new company.

“This acquisition allows us to enter the gaming industry at scale, creating new opportunities for growth and meaningful benefits for our communities,” said Michael Peters, chairman of IGP and CEO of Glooscap Ventures. “We appreciate the trust of our partners and look forward to building on their expertise as we expand into this exciting sector.”

Sonco, IGP’s operating partner, sees this deal as a pivotal moment for Indigenous gaming in Canada.

“This transaction represents an important step toward economic reconciliation and demonstrates the potential for meaningful partnerships in Indigenous gaming,” said Anthony Novac, CEO of Sonco.

The acquisition of PURE was completed with support from VICI and after receiving regulatory approvals from Alberta Gaming, Liquor & Cannabis (AGLC) and the Canada Competition Bureau.

“This transaction highlights the potential for collaboration between institutional First Nations and established industry leaders,” Novac added. “We believe having a partner like VICI will give us a competitive advantage as we seek growth opportunities in the Canadian market.”

ONCAP, a Canadian leader in casino development and management, expressed its satisfaction with PURE’s progress made under its ownership.

“During our ownership, we worked closely with PURE management to grow the business, enhance its operating performance, and drive improved customer service,” said Edmund Kim, managing director at ONCAP. “We thank the team for their significant efforts and wish the team and IGP continued success going forward.”

Pictured: PURE Casino Edmonton

Photo: PURE Casino Gaming