Alberta, the Canadian province, has been actively moving forward to ensure that it slashes the amount of red tape companies have to jump through in order to start offering legitimate iGaming products in the province.

Alberta Seeks to Expand Online Gambling to Private Companies

Yet, for the time being, the only legitimate online casino games you can get are offered by Play Alberta, run by the Alberta Gaming, Liquor and Cannabis (AGLC). Many other brands claim to technically be offering grey area products, similar to what the case was in Ontario prior to the changes in the law in 2022, Play Alberta alleges they are illegal.

So, what if, argues Minister of Service Alberta and Red Tape Reduction Dalley Nally, this could change? According to Nally, Alberta can transform itself into an iGaming hub, in a manner similar to Ontario.

“We have low corporate taxes, streamlined regulations, and high disposable incomes. These conditions will allow us to establish ourselves as a premier destination for the igaming industry,” Nally explained.

The provincial government is said to be actively involved with negotiations throughout June and July in order to establish a gambling regulatory framework, that will focus on the overall online gambling strategy, will also foresee safeguards for responsible gambling, and also address any lingering fear about Indigenous revenue generation.

In a statement for the government, a spokesperson said that the expansion of iGaming in Alberta is an important step forward for the province and in the best interest of Albertans.

“As part of our policy development process, and as we look at moving to a more open regulated online gaming market, we will continue to examine best practices from other jurisdictions, including Ontario,” the statement added.

Regulated Gambling Market to Get a Boost in Alberta

This should give a significant boost to the regulated market in the province. Presently, Play Alberta accounts for an estimated 45% of the total market, with the rest going to offshore websites which are not obligated to pay tax locally and are therefore not bound by the same rules, giving them more leeway to offer better games, jackpots, promotions, and more.

Since it established Play Alberta, the AGLC had to address a legal challenge as to whether the website was actually legal. Courts decided that it was in 2023, and Ontario has just closed the book on a similar challenge to the online gambling operators involving casino games of chance.

As to the AGLC’s view of expanding the regulated market, the regulator is very much aligned with what Nally thinks. However, lawmakers should also acknowledge that delays in introducing a regulated iGaming market leave it in a state of limbo.

“But until such time as that happens, the remainder of the market is really the illegal market that’s capturing the remainder of that share,” AGLC VP of Gaming Dan Keene said.

The post Alberta Wants iGaming to Widen in Canadian Province appeared first on Keno Wizard.

High-profile NA gambling company Century Casinos has completed the sale of its Edmonton and Calgary real estate assets to Vici Properties subsidiaries in a CAD 221.7 million ($162.31 million) agreement. The deal has allowed Century Casinos to secure significant proceeds and adjust its lease agreement with VICI.

Streamlining Efforts Should Pay Long-Term Dividends

Century Casinos first inked the sale-leaseback deal in May, hoping the transaction would “unlock the real estate value” of the operator’s Canadian portfolio. The agreement with VICI saw the operator sell four of its assets in Edmonton and Calgary, adding them to the existing triple-net master lease agreement between the two companies.

As a result of the sale, annual rent increased by CAD 17.3 million ($12.67 million). The agreement also extended the master lease term to 5 years with the option for four 5-year renewals and capped the annual rent increase to 2.5%. Century Casinos co-CEO Peter Hoetzinger was optimistic that the extra capital would aid the company’s long-term plans and growth ambitions.

“This transaction provides us with the ability to pay down our debt and with greater financial flexibility as we continue to grow.”

Peter Hoetzinger, co-CEO at Century Casinos

Accounting for various expenses and taxes associated with the sale leaves Century Casinos with approximately CAD 154.5 million ($113.08 million). Some of these funds will be allocated as payments to Century Downs minority owners but should still be sufficient to significantly improve the operator’s financial standing and open new opportunities. 

The Operator Remains Highly Competitive

Century Casinos’ restructuring efforts perfectly align with its rising revenues to bolster its competitiveness. Directing resources toward expanding and optimizing its core gaming operations should result in significant returns and maximize shareholder value. The strategic realignment also strengthens Century Casinos’ bond with Vici Properties, leveraging their mutually beneficial lease agreement to foster sustained growth.

Overall, the Edmonton and Calgary real estate asset sale marks a significant milestone for Century Casinos, helping it retain its regional leadership position. This strategic move underscores the operator’s determination to remain at the forefront of the gaming sector while exploring new avenues for innovation and development.

As Century Casinos continues to evolve and adapt to the changing dynamics of the gaming industry, the company remains committed to providing unparalleled gaming experiences and driving positive outcomes for its shareholders and stakeholders. The operator will continue delivering outstanding gaming and entertainment offerings to its patrons, positioning itself for a bright future of growth and expansion.

The post Century Casinos Sells Real Estate Assets in Alberta appeared first on Keno Wizard.