Century Casinos Sells Two Alberta Racinos, Expands US Focus

Century Casinos Inc. is changing tack in Alberta with the proposed sale of two of its racinos.

The gaming company is selling the racing and gaming operations of two racinos: Century Downs in Calgary and Century Mile in Edmonton. Highfield Investment Group is the new owner of the Alberta racinos in a $23.2 million sale, the company reported.

Century Casinos Co-Chief Executive Officers, Erwin Haitzmann and Peter Hoetzinger, explained the sale would help them focus on the company’s U.S. properties with the “strongest opportunities for growth.”

The deal is expected to close by the end of 2026 or the start of 2027.

‘Strong Presence in Alberta’s Horseracing Ecosystem’

Highfield Investment Group is a Calgary-based firm that will take the tenancy vacated by Century Casinos. VICI Properties subsidiaries own the real estate behind Century Mile and Century Downs.

“We look forward to adding Highfield to our tenant roster upon closing this transaction and believe their business plan and regional focus will help deliver strong results at Century Mile and Century Downs,” VICI president John Payne said.

Highfield’s Adrian Munro added that his team was “focused on the long-standing vitality of Alberta businesses with a strong presence in Alberta’s horseracing ecosystem.”

Highfield’s growing portfolio of properties in Canada already includes a one-thousand-acre breeding farm in the Alberta foothills.

About Alberta’s Century Casinos

Century Downs Racetrack and Casino is advertised as “Southern Alberta’s premier destination” for gambling and live horse racing. Races take place over 60 days during the spring, summer, and fall.

In addition to VLTs (Video Lottery Terminals) and slots, Century Downs offers an off-track betting lounge.

The Century Mile Racetrack and Casino offers live harness racing and a comparable range of slots, electronic roulette, and baccarat machines.

Additionally, the company operates Century Casino & Hotel in Edmonton and the Century Casino in St. Albert.

However, ongoing struggles at Century Casinos’ Alberta properties have led it to shed two of its racinos.

Century Casinos Posts Small Increase in Revenue

Colorado-based Century Casinos posted its Q2 net operating revenues in July. Net operating revenue was $152 million (CA$216 million), up 1% year over year.

However, net loss attributable to Century Casinos Inc. shareholders was $10.9 million, up 11%.

Century Casinos is best known south of the border for its flagship Maryland and Colorado properties. It operates the Rocky Gap resort in Maryland, casino-hotels in Cripple Creek and Central City, and Reno’s Nugget Casino Resort.

Century Casinos Alberta Pullout Includes Online

The fledgling Alberta iGaming space opened in July. However, Century Casinos decided not to join the influx of new online gambling operators.

The company could have opened an online gaming site, as it already ran brick-and-mortar casinos in Alberta. However, the struggle of Century Casinos' racinos, which has led to the selloff, scared the company off.

The Alberta racinos do offer OTB (Offtrack Betting) but not fully-fledged retail sports betting. It’s unclear whether the new owner of Century Downs and Century Mile will use its acquisitions to launch retail sportsbooks.

The buyers may want to cut ballooning costs before venturing into Alberta’s new online gambling industry.