VICI Properties has agreed to a $200.6-million sale-leaseback transaction involving a portfolio of Alberta casino and hotel assets tied to Indigenous-led Pure Casino Entertainment’s proposed acquisition of Gamehost.

The deal covers the real estate underlying Deerfoot Inn & Casino in Calgary, Great Northern Casino in Grande Prairie, Alta., and its two adjacent limited-service hotels. Under a sale-leaseback agreement, a business owner-operator sells one or more properties and leases them back from the buyer under a long-term agreement.

The transaction is being completed alongside Pure Casino Entertainment Limited Partnership’s pending take-private acquisition of Gamehost. Pure and Red Deer, Alta.-based Gamehost announced Monday that the LP has agreed to acquire Gamehost for $13.65 per share in an all-cash deal.

Gamehost also owns the Rivers Casino and Entertainment Centre in Fort McMurray, Alta., but that property was not listed as part of the sale-leaseback agreement.

Edmonton-based Pure is a subsidiary of Indigenous Gaming Partners, a partnership of five Nova Scotia-based First Nations.

Upon closing of the sale-leaseback deal, the properties will be folded into VICI’s existing triple-net master lease with Pure, increasing annual rent by $16.1 million, reflecting an 8% capitalization rate. The lease will be extended to an initial 25-year term with four optional five-year renewals, and will include annual rent escalations tied to fixed increases and the Canadian consumer price index, said VICI.

“We are very excited to deepen and expand our presence in the Canadian gaming market, a very steady and stable gaming jurisdiction, alongside an existing partner,” said John Payne, VICI’s president and chief operating officer. “Having worked alongside IGP and Pure, we have seen firsthand their ability to operate and grow a best-in-class gaming platform, and we are proud to continue supporting that growth as their real estate partner and capital provider. This is exactly the kind of transaction that reflects VICI’s value proposition, helping best-in-class operators execute on their growth strategies, and we hope to continue growing our relationship with IGP and Pure for years to come.”

The transaction remains subject to regulatory approvals and customary closing conditions, with completion expected in mid-2026. VICI said it will fund the acquisition using cash on hand and its revolving credit facility, and expects the deal to be immediately accretive upon closing.

The sale-leaseback comes after VICI amended a its master-lease agreement with Pure following the acquisition of Pure’s operating assets in Alberta by a then unidentified affiliate of IGP in 2024. Pure’s LP has now been revealed as that affiliate.

The lease amendment included VICI’s consent to the assignment of the master lease to IGP, a partnership of five Nova Scotia-based First Nations: Glooscap First Nation, Millbrook First Nation, Annapolis Valley First Nation, We’koqma’q L’nue’kati, and Paqtnkek Mi’kmaw Nation.

The acquisition included two casinos in Edmonton, Pure Casino Calgary, and Pure Casino Lethbridge.

IGP formed in 2024 and, the same year, joined forces with Sonco Gaming to acquire Pure from Toronto-based ONCAP for an undisclosed price.

New York City-based VICI is an experiential REIT that owns one of the world’s largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations. Its properties are located in Canada, the U.S., and other countries.

Pictured: Deerfoot Inn and Casino in Calgary.

Photo: Pure Casino Entertainment