Real estate investment trust VICI Properties announced plans to use its Partner Property Growth Fund to finance Century Casinos’ new land-based Century Casino Caruthersville in Missouri, including the casino and a 38-room hotel tower.
VICI Properties President and Chief Operating Officer John Payne said, “Since VICI Properties and Century Casinos jointly acquired three regional assets in 2019, the Century team has significantly enhanced performance at the properties by fine-tuning operations and focusing intently on customer satisfaction.”
Payne said the transaction will enhance the Caruthersville property’s long-term value, offering Century financial flexibility and giving VICI Properties an opportunity to “grow its Adjusted Funds From Operations without the need for external funding.”
VICI Properties will provide $51.9 million and will own the real estate improvements associated with the projects, while annual rent under the master lease with Century will increase by $4.2 million once the project is complete. VICI and Century will sign an amendment to the existing master lease before commencing the projects, Payne said.
The Missouri Gaming Commission gave Century Casino Caruthersville preliminary approval in December 2021. Additional state and local approvals still are required, including final approval from the gaming commission when construction is completed.
Century Casino Caruthersville will replace the last remaining riverboat casino on open water in Missouri. The venue will include a casino with 650 slot machines with the possibility of adding 140 more, plus table games, deli and bar. The 38-room hotel tower will offer expansive views of the Mississippi River and Caruthersville.
