Why Century is selling
Century owns 100% of Century Mile and 75% of Century Downs, with the remaining 25% of Century Downs owned by noncontrolling partners. The agreed purchase price represents 6.1 times the properties' fiscal 2025 EBITDA. Century says it will use the proceeds to reduce its indebtedness.
There is another important piece of the transaction that is easy to miss. Century does not own the real estate underneath either racetrack. VICI Properties owns the properties and leases them to the operator. Once the sale closes, Highfield will take over the leases, while Century's annual rent obligation will fall by approximately US 7.5 million (CAD 10.7 million). VICI has agreed to a new 20-year triple-net lease with Highfield, keeping the underlying real estate investment intact. In other words, Century gets both cash from the sale and lower ongoing rental obligations.
Century's 2025 annual report showed approximately US$328.9 million in long-term debt at year-end, while its board had already launched a comprehensive strategic review in August 2025 covering the company's operations, capital structure and future growth options. Century's co-CEOs Erwin Haitzmann and Peter Hoetzinger said the transaction will allow the company to concentrate resources on its U.S. properties, where management sees its strongest growth opportunities.
Century's Alberta story
Century's relationship with Alberta stretches back well before the new iGaming market. The company began operating casinos in Alberta in 2006, making the province an important part of its North American portfolio. It subsequently expanded into horse racing, developing two Racing Entertainment Centres. Century Downs opened in 2015, eventually adding Thoroughbred racing in 2017. Century Mile followed in 2019, bringing a one-mile track, casino, restaurant, sports bar and off-track betting operation to south Edmonton.
Century's investment helped create two of Alberta's most prominent modern racing facilities. Industry reporting indicates the company invested more than C$100 million across the two properties. That makes the sale a notable change in ownership, but not necessarily a step backward for Alberta racing.
Highfield Investment Group is deeply connected to the industry. Its principals have longstanding interests in horse breeding and racing through Highfield Stock Farm near Okotoks, while Adrian Munro is president of both Highfield and the Canadian Thoroughbred Horse Society's Alberta division. Highfield was also involved in the earlier development efforts that eventually led to Century Downs.
That could make the ownership transition particularly significant for the tracks themselves. Highfield has indicated that racing will remain central to the properties rather than being treated simply as an attachment to the casino business. It plans to rebrand both facilities, while existing staff are expected to remain in place.
What this means for Alberta's gaming industry
The sale shouldn’t fundamentally alter legal betting in Canada. Century Mile and Century Downs are primarily physical racing and gaming properties, while Alberta's iGaming expansion is focused on licensed online operators and suppliers. Century also intends to remain in Alberta through Century Casino & Hotel Edmonton and Century Casino St. Albert.
What will be worth monitoring, however, is what happens to the racing properties as Alberta's online market becomes increasingly crowded. The province is now competing for gambling dollars across more channels than ever. Online casinos, sportsbooks, horse racing, retail casinos and racetrack gaming are increasingly part of the same ecosystem. That could put pressure on traditional racing venues, but it also gives Highfield an opportunity to connect Alberta racing with a much larger digital wagering audience.
