I looked at their website, and other than saying you'll get a timing chip, it doesn't say a thing about this being a race, sanctioned or otherwise. I'm sure there will be many riders, maybe even most of them, who will treat it as one, but I'd say a century with official sag, food and potty stops isn't really a race.
Of course, if you want to treat it as one, it doesn't make any difference, other than being aware that there will likely be some riders out there who are strictly recreational, throwing one more type of potential obstacle/hazard in your way.
Oh, and ride within yourself. It's easy to go too hard and blow up.