VICI $VICI (-0,32 %) concludes agreement with Indigenous gaming partners through PURE Canadian Gaming

VICI Properties Inc. announced today that in connection with the acquisition of the operating assets of PURE Canadian Gaming Corp. by an affiliate of IGP, it has entered into an amendment to the master lease agreement with PURE and agreed to the assignment to an affiliate of Indigenous Gaming Partners Inc. ("IGP").

IGP is a partnership of five institutional First Nations formed to acquire gaming assets in North America. IGP has partnered with Sonco Gaming, one of Canada's most experienced casino developers and managers, who will assist in the sourcing and execution of casino gaming investments as well as management oversight of the IGP portfolio.

Danny Valoy, Vice President of Business Development and Acquisitions, said, "This transaction demonstrates VICI's ability to work with existing partners while building new relationships with highly experienced operators and First Nations in international jurisdictions. We are pleased to welcome IGP as a new partner and we look forward to expanding our relationship with IGP and Sonco as they pursue additional growth opportunities in the future."

Anthony Novac, CEO of Sonco, said: "We look forward to working with VICI, an established partner in providing financial solutions to the gaming industry. We believe that having a partner like VICI gives us a competitive advantage as we look for growth opportunities in the Canadian market."

In connection with the closing of the amendment to PURE's Canadian master lease, VICI received a five-year right of first offer ("ROFO") for future sale and leaseback transactions. Any additional properties acquired pursuant to the ROFO will be included in the master lease.