In Alberta, Red Deer opens a brand-new land-based casino.
In Alberta, Red Deer opens a brand-new land-based casino.
Today, September 8, marks the opening of Red Deer Resort & Casino, a brand-new land-based casino in the Canadian province of Alberta.
Victoria penalises underage gambling
The new Jackpot Casino, which is an addition to the old hotel, will give patrons access to a variety of gaming alternatives. The 38,000 square feet of gaming facility on site features slot machines, table games, and a poker room.
The renovated space also features a convention centre, dining areas, a bar and more than 240 hotel rooms.
Employment is expected to rise by up to 20% as a result of the casino's expansion and hotel improvements.
George Yammine, CEO of the O'Chiese Business and Investment Centre, the venue's owner, stated, "The casino's completion is a significant milestone for us and the City of Red Deer."
"The casino will be a major factor in the region's tourism and economic expansion. It turns into a centre for entertainment in the area and beyond.
"We look forward to welcoming guests to The Red Deer Resort & Casino and providing them with a world-class entertainment experience," said Adrian Strawberry, hotel operations manager at O'Chiese Hospitality. We have put in countless hours to make this project a reality, and we are eager for you to see it for yourself.
Vici completes the acquisition of a quadruple-century casino in Alberta.
The opening of the new casino coincides with Vici Properties' completion of the purchase of four casinos in Alberta from Century Casinos. The properties are being bought by the real estate investment trust for CA$221.7 million.
The sale-leaseback deal, which Vici announced in May, includes all of Century's land-based casinos in Canada.
Along with Century Downs, Vici assumes control of Century Casino & Hotel Edmonton, Century Casino St. Albert, and Century Mile Racetrack and Casino.
The casinos are being added to Vici and Century's current master lease arrangement. Rent will rise by $17.3 million a year, or 7.8% of the acquisition's cost.
Additionally, this arrangement is being extended to give the lease a full initial base lease period of 15 years. With Century agreeing to execute its first renewal option, there are four choices for five-year tenant renewals.
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