Market Overview

VICI Properties Inc. to Acquire Three Regional Gaming Properties and Enter into Master Lease Agreement with Century Casinos, Inc.

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– Acquiring Regional Gaming Portfolio at an Attractive 9.0%
Capitalization Rate –

– Further Diversifying Tenant Roster
through Long-Term Relationship with Century Casinos –


Acquisition Expected to be Immediately Accretive at Closing –

VICI Properties Inc. (NYSE:VICI) ("VICI Properties" or the "Company"),
an experiential real estate investment trust, today announced it has,
together with Century Casinos, Inc. (NASDAQ:CNTY) ("Century"), entered
into definitive agreements to acquire Isle Casino Cape Girardeau in Cape
Girardeau, Missouri, Lady Luck Casino Caruthersville in Caruthersville,
Missouri, and Mountaineer Casino, Racetrack & Resort in New Cumberland,
West Virginia, from Eldorado Resorts, Inc. (NASDAQ:ERI) ("Eldorado")
for an aggregate purchase price of approximately $385.0 million in cash.
Pursuant to the agreements, VICI Properties will acquire the land and
real estate assets of the properties for approximately $278.0 million,
and Century will acquire the operating assets of the properties for
approximately $107.0 million.

Simultaneous with the closing of this transaction, the Company will
enter into a triple-net master lease agreement with Century related to
the assets. The master lease will have an initial total annual rent of
$25.0 million, for an implied capitalization rate of 9.0%, and an
initial term of 15 years, with four 5-year tenant renewal options. The
rent coverage ratio in the first year after closing is expected to be
approximately 2.1x and the tenants' obligations under the master lease
will be guaranteed by Century.

John Payne, President and Chief Operating Officer of VICI Properties,
said, "This transaction demonstrates VICI's ability to execute accretive
acquisitions that bring value to our shareholders, while also
diversifying our tenant base and expanding our geographic footprint into
a new market, West Virginia. We are excited to partner with Century, as
they are expert operators of small to mid-sized regional assets and are
beginning their journey of expansion into the U.S. market. Cape
Girardeau, Caruthersville and Mountaineer are competitive local assets
in stable regional markets and are a great fit for Century's growing
portfolio. The nature of this transaction allows both Century and
Eldorado to realize strategic value for their respective shareholders,
while also furthering our strategic goals to diversify and grow our
portfolio in an accretive manner."

Isle Casino Cape Girardeau is located in Cape Girardeau, Missouri,
approximately 120 miles south of St. Louis, Missouri, overlooking the
Mississippi river. The property opened in 2012 and consists of a
dockside casino featuring 41,500 square feet of casino space, 863 gaming
machines, 20 table games, three dining venues, a pavilion and an
entertainment center. The property also includes a wide variety of
non-gaming amenities, including an events center.

Lady Luck Caruthersville is a riverboat casino located along the
Mississippi River in Caruthersville, Missouri. The property opened in
1995 and consists of a dockside casino featuring 21,000 square feet of
casino space, 507 gaming machines, nine table games, two dining venues
and a 40,000 square foot pavilion.

Mountaineer Casino, Racetrack and Resort is a hotel, casino,
entertainment and live thoroughbred horse racing facility located in New
Cumberland, West Virginia, one hour from downtown Pittsburgh,
Pennsylvania. The property originally opened in 1951 with the casino
opening in 1994 and features a 357-room hotel, approximately 1,486
gaming machines, 36 table games, a poker room, a racetrack and five
dining venues.

The transaction is subject to regulatory approvals and customary closing
conditions and is expected to close in early 2020. The acquisition is
expected to be accretive immediately upon closing and the Company
intends to fund the acquisition on a leverage neutral basis through a
combination of cash on hand and long-term debt financing.

In addition to this release, the Company has furnished a Transaction
Overview presentation, which is available on our website in the
"Investors" section, under the menu heading "Events & Presentations."

Kramer Levin Naftalis & Frankel LLP is acting as legal advisor to VICI
Properties in connection with the transaction.

About VICI Properties

VICI Properties is an experiential real estate investment trust that
owns one of the largest portfolios of market-leading gaming, hospitality
and entertainment destinations, including the world-renowned Caesars
Palace. VICI Properties' national, geographically diverse portfolio
consists of 23 gaming facilities comprising over 40 million square feet
and features approximately 15,200 hotel rooms and more than 150
restaurants, bars and nightclubs. Its properties are leased to industry
leading gaming and hospitality operators, including Caesars
Entertainment Corporation and Penn National Gaming, Inc. VICI Properties
also owns four championship golf courses and 34 acres of undeveloped
land adjacent to the Las Vegas Strip. VICI Properties' strategy is to
create the nation's highest quality and most productive experiential
real estate portfolio. For additional information, please visit www.viciproperties.com.

About Century Casinos, Inc.

Century Casinos, Inc. is an international casino entertainment company
that operates worldwide. Century owns and operates Century Casino &
Hotels in Cripple Creek and Central City, Colorado, and in Edmonton,
Alberta, Canada; the Century Casino in Calgary and St. Albert, Alberta,
Canada and in Bath, England; and the Century Mile Racetrack and Casino
("CMR") in Edmonton, Alberta, Canada. Through its Austrian subsidiary,
Century Resorts Management GmbH ("CRM"), the Company holds a 66.6%
ownership interest in Casinos Poland Ltd., the operator of seven casinos
throughout Poland; a 75% ownership interest in each of Century Downs
Racetrack and Casino in Calgary, Alberta, Canada and Century Bets! Inc.
("CBS"). CBS and CMR operate the pari-mutuel off-track horse betting
networks in southern and northern Alberta, respectively. Century
operates six ship-based casinos under agreements with two cruise ship
owners. Century, through CRM, also owns a 7.5% interest in, and provides
consulting services to, Mendoza Central Entretenimientos S.A., a company
that provides gaming-related services to Casino de Mendoza in Mendoza,
Argentina. Century continues to pursue other international projects in
various stages of development. Century Casinos' common stock trades on
The Nasdaq Capital Market® under the symbol CNTY. For more information
about Century Casinos, visit www.cnty.com.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the federal securities laws. You can identify these
statements by our use of the words "assumes," "believes," "estimates,"
"expects," "guidance," "intends," "plans," "projects," and similar
expressions that do not relate to historical matters. All statements
other than statements of historical fact are forward-looking statements.
You should exercise caution in interpreting and relying on
forward-looking statements because they involve known and unknown risks,
uncertainties, and other factors which are, in some cases, beyond the
Company's control and could materially affect actual results,
performance, or achievements. Important factors that may affect the
Company's business, results of operations and financial position are
detailed from time to time in the Company's filings with the Securities
and Exchange Commission. The Company does not undertake any obligation
to update or revise any forward-looking statement, whether as a result
of new information, future events, or otherwise, except as may be
required by applicable law.

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