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Red Deer opens new land-based casino in Alberta

| By Robert Fletcher
Red Deer Resort & Casino, a new land-based casino facility, will today (8 September) open its doors in the Canadian province of Alberta.
Red Rock Q3

An extension of the original hotel, the new Jackpot Casino will allow customers to access a range of gambling options. On-site services include slot machines, table games and a poker room, stretched across 38,000sq ft of gaming space.

The new-look venue also has over 240 hotel rooms, meeting rooms, conference centre, dining rooms and a bar. 

The expansion of the casino and upgrades to the hotel are set to increase employment by up to 20%. 

“The completion of the casino is a major milestone for us and the City of Red Deer,” said George Yammine, CEO of O’Chiese Business and Investment Center, owner of the venue.

“The casino will be a key driver of tourism and economic growth in the region. It becomes a hub for entertainment for the region and beyond.”

Adrian Strawberry, hotel operations manager at O’Chiese Hospitality, added: “We look forward to welcoming guests to The Red Deer Resort & Casino and providing them with a world class entertainment experience. We have worked tirelessly to bring this project to fruition and we cannot wait for you to experience it.”

Vici completes quadruple Century casino purchase in Alberta

The new casino opens in the same week that Vici Properties completed its acquisition of four casinos in Alberta from Century Casinos. The real estate investment trust is paying CA$221.7m to purchase the properties.

Announced by Vici in May, the sale-leaseback transaction covers the entire Century portfolio of land-based casinos in Canada.

Vici takes ownership of Century Casino & Hotel Edmonton, Century Casino St Albert, Century Mile Racetrack and Casino along with Century Downs.

The casinos are being added to the existing master lease agreement between Vici and Century. Annual rent will increase by $17.3m or 7.8% of the cost of the acquisition.

This agreement is also being extended so that the lease has a full 15-year initial base lease term. This includes four five-year tenant renewal options, with Century agreeing to exercise its initial renewal option.

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