On January 9, 2023, VICI Properties Inc. (NYSE: VICI), an experiential real estate investment trust, acquired the real estate assets of four casinos in Alberta from PURE Canadian Gaming Corp. for approximately C$271.9 million (US$200.8 million). The assets included PURE Casino Edmonton, PURE Casino Yellowhead in Edmonton, PURE Casino Calgary, and PURE Casino Lethbridge.

The transaction was financed through a combination of cash on hand and funds drawn from VICI's existing revolving credit facility in Canadian dollars. Concurrently, VICI entered into a triple-net master lease agreement with PURE, termed the PURE Master Lease, which has an initial total annual rent of approximately C$21.8 million (US$16.1 million). This lease has an initial term of 25 years with four 5-year renewal options, guaranteed by PURE’s parent entity.

John Payne, President and COO of VICI Properties, emphasized that this acquisition marks VICI's first international expansion into Canada, demonstrating its capability to manage cross-border transactions. This deal adds PURE as VICI's eleventh tenant, enhancing VICI's portfolio of market-leading experiential real estate.