Century Casinos to sell two Alberta properties for $16.4M
Century Casinos Inc., a U.S. company listed on NASDAQ, has agreed to sell its Alberta-based gaming operations to Highfield Investment Group. The deal involves the two casinos in Edmonton and Calgary and is expected to be completed for roughly $16.4 million, or CAD 23.2 million based on current exchange rates. This purchase price works out to a multiple of 6.1 times the company's fiscal year 2025 EBITDA.
Century Casinos holds a 100% stake in the Edmonton property and a 75% interest in the Calgary casino, with the remaining 25% owned by other parties. The sale of the properties, which are leased under a master lease agreement managed by Century Casinos, will reduce the company's annual rent by approximately $7.5 million. Following the transaction, Century Casinos plans to utilize the funds to pay down its debt, potentially lowering its lease-adjusted net leverage.
The sale is anticipated to take place in the latter part of 2026 or early 2027, pending regulatory approvals and other closing conditions.
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