New York-based VICI Properties, one of the world’s largest experiential REITs, has agreed with Pure Casino and Entertainment LP to acquire a portfolio of gaming and hospitality assets in the Canadian province of Alberta. The deal is valued at $200.6 million and is structured as a sale-leaseback—that is, a “sale with leaseback.” VICI buys the real estate and immediately leases it back to the operator, with the operator retaining management of the properties. The company’s President and CEO, Ed Pitoniak, said VICI is interested in finding new investment opportunities in Canada’s gaming sector, as well as in other Canadian “experiential assets” tied to the experience economy.
What’s in the Alberta portfolio
The agreement covers the real estate on which three operating properties are located: Deerfoot Inn & Casino in Calgary, Great Northern Casino in the city of Grande Prairie (Alberta), and two adjacent limited-service hotels. It is important to emphasize that this is a purchase of the land and buildings under operating businesses—not the operating business itself.
Experts point out that the company continues to work with the gaming market. This is especially notable amid the rapid growth of iGaming, which is putting significant pressure on land-based casinos not only in Europe and New Zealand, but also in North America, where the company’s interests are concentrated.
In our own research, we read more information about free spins in online casinos. These promotional bonuses are one of the main player-acquisition tools for online casinos. Along with 24/7 availability and the ability to play from anywhere, they are among the main competitive advantages of gaming platforms. But land-based casinos also remain a sought-after sector. This is also evidenced by interest from an investor such as VICI Properties.
Alberta, British Columbia, Ontario—and beyond
At the moment, all of VICI’s Canadian assets are concentrated exclusively in Alberta. However, the company is already eyeing deals in British Columbia and Ontario. Its ambitions extend beyond casinos: any properties that generate “in-person” consumer experiences fall within its area of interest.
Betting on the region’s resilience amid oil-market turbulence
Pitoniak noted that the current deal allows VICI to increase its presence in the Alberta market at an inflection point, when geopolitics and market conditions are weighing on the province’s oil-and-gas-driven economy. Nevertheless, the decision is not a short-term play. “This is, above all, a long-term belief in Alberta’s economic resilience, positive population-growth trends, and the opportunity to partner with a very strong operator in Pure,” the company’s head explained.
Not just operating casinos, but new projects as well
VICI’s strategy in Canada is not limited to acquiring already operating venues. The company participates in development projects, acting either as a lender or as the long-term owner of the real estate. According to Pitoniak, development sale-leasebacks are by no means being ruled out as a tool for further expansion both in Canada and in the U.S.
Opportunities set the pace
There is no fixed timetable for new Canadian deals at VICI. The company is acting opportunistically: as soon as the right project emerges, the team is ready to move quickly. Pitoniak acknowledged that such opportunities arise infrequently, but promised that VICI will “do everything it can” to avoid missing them.
An Edmonton-based operator with a track record of working together
Pure Casino and Entertainment is based in Edmonton and is already familiar to VICI: the companies have previously entered into similar deals involving other gaming properties in Alberta. Pure is a subsidiary of Indigenous Gaming Partners—a partnership of five First Nations communities in Nova Scotia:
- Glooscap First Nation,
- Millbrook First Nation,
- Annapolis Valley First Nation,
- We'koqma'q L'nue'kati,
- Paqtnkek Mi'kmaw Nation.
VICI intends to expand cooperation with First Nations in Canada, drawing in part on its experience with similar partnerships with Indigenous organizations in the U.S.
The CEO’s Canadian roots
VICI’s interest in Canada is no coincidence. Ed Pitoniak worked in the country for many years: he held senior roles at Intrawest and CHIP REIT, based in Whistler and Vancouver, served on the leadership team at the auction company Ritchie Brothers, BC Investment Corporation Hospitality Group, the hospitality trust InnVest REIT, and became a co-founder of Regal Lifestyle Communities. This background gave him a deep understanding of the markets of Alberta, British Columbia, and Ontario.
VICI Properties by the numbers
VICI positions itself as an experiential REIT investing in gaming, hospitality, wellness, entertainment, and leisure. The company’s portfolio includes about 40,000 hotel rooms and 5 million square feet of event space on the Las Vegas Strip alone. The properties are located in Canada, the U.S., and several other countries.
