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VICI Properties is close to completing its $1.16 billion acquisition of seven Golden Entertainment casino real estate assets in Nevada this week, after receiving all required gaming regulatory and shareholder approvals.
Good to Know
VICI Properties will add another group of Nevada gaming assets to its portfolio through a deal built around real estate ownership, long-term rent, and a separate casino operating company.
Under the agreement, VICI will buy 100% of the land, real property, and associated improvements at seven Golden Entertainment casinos. After closing, a new entity owned and controlled by Blake L. Sartini will acquire the operating business and continue running the venues.
The lease begins with $87 million in annual rent and runs for an initial 30 years. It also gives the tenant four five-year renewal options. Rent will rise by 2% each year starting in year three.
Golden Entertainment shareholders will receive around 24.3 million newly issued VICI shares. The exchange equals 0.902 VICI shares for each Golden share, plus a cash component from an affiliate of Golden OpCo. Shareholders approved the deal on March 31.
VICI will also assume and then immediately retire $426 million in Golden Entertainment debt. The company plans to use cash on hand and proceeds from forward sale agreements for that part of the transaction.
The STRAT brings the highest profile Las Vegas asset in the package. Golden Entertainment has owned the property since 2017 and completed a $140 million renovation after buying it. VICI already owns major Las Vegas Strip casino real estate, including Caesars Palace, The Venetian & Palazzo, and MGM Grand.
Golden Entertainment will keep Gold Town Casino in Pahrump and its 72 Nevada gaming taverns. Separately, Sartini is also working on a process to take the company private at $30 per share.
Sartini said:
“I believe this transaction maximizes value for our shareholders by providing a significant premium to our current share price. We are pleased to combine our high-quality Nevada casino real estate with one of the most attractive experiential real estate platforms in the country and partner together to unlock value in our company and explore future opportunities.”
Sartini also said his focus since founding the company in 2001 has been service across the Las Vegas Strip, Nevada regional resorts, local casinos, and taverns. He plans to keep that direction as he leads about 5,000 employees into the next privately held phase of the business.
The transaction is expected to close on or around April 30, 2026, subject to remaining customary conditions.
The deal is valued at $1.16 billion and covers seven casino real estate assets in Nevada.
The STRAT Hotel, Casino, and Tower on the North Las Vegas Strip is part of the transaction.
Golden Entertainment will retain Gold Town Casino in Pahrump and its network of 72 gaming taverns across Nevada.