VICI Properties Acquires Golden Entertainment Casino Real Estate in $1.16 Billion Deal

VICI will acquire 100% of the land, properties, and improvements of seven casino assets, known as the “Golden Portfolio.” These properties include The STRAT Hotel, Casino & Tower on the North Las Vegas Strip, along with five other properties in Nevada and two Arizona Charlie’s casinos targeting the Las Vegas Locals market. The acquisition includes approximately 362,000 square feet of casino space and over 6,000 hotel rooms.

Two Buyers, Single Transaction Structure

The transaction’s structure involves two simultaneous acquisitions. VICI is the property buyer, acquiring the real estate assets for $1.16 billion. As part of the deal, VICI will also assume and immediately repay about $426 million of Golden’s existing debt, simplifying the balance sheet. Golden shareholders will receive newly issued VICI shares at an exchange ratio of 0.902 shares of VICI for each Golden share.

Blake L. Sartini, Golden Entertainment’s current Chairman and CEO, will acquire the operating business. This new, private company will be called Golden OpCo and will be fully owned and controlled by Sartini.

Charles Protell, President and CFO of Golden Entertainment, acknowledged VICI’s role in the process. “We are grateful for VICI’s partnership and creativity in structuring a sale-leaseback transaction that helps us to achieve our shareholders’ objectives and unlock significant value in our real estate,” Protell stated.

Long-Term Triple-Net Master Lease

Following the property acquisition, Golden OpCo will sign a 30-year triple-net master lease with VICI, called the Golden Master Lease. This agreement requires the tenant, Golden OpCo, to cover all property expenses, including taxes, insurance, and maintenance.

The initial annual rent is set at $87.0 million, representing an initial acquisition cap rate of 7.5%. Rent payments will increase annually by 2.0%, starting in the third lease year. The lease also includes four options for the tenant to renew for five years each. Sartini’s holding company will guarantee Golden OpCo’s obligations under the lease.

Strategic Expansion into Local Market

VICI leadership has long sought exposure to the lucrative Las Vegas Locals gaming market. This portfolio acquisition achieves that strategic goal. John Payne, President and COO of VICI Properties, commented on the deal’s value. “The acquisition of Golden Entertainment’s casino real estate assets further strengthens our market-leading Nevada gaming portfolio,” Payne said. He noted VICI is “thrilled to acquire seven new assets across the state of Nevada with sticky, durable customer bases.”

Blake L. Sartini confirmed that the business mission will not change as the company transitions to private ownership. “Since founding Golden in 2001, I have focused on providing exceptional service to our guests on the Las Vegas Strip, in our Nevada regional resorts, local casinos and at our market-leading taverns,” Sartini stated.

The transaction is expected to close in mid-2026, pending regulatory and Golden stockholder approval. Golden will continue its regular quarterly cash dividend of 25 cents per share until the deal closes. The agreement includes a “go-shop” period until December 5, allowing Golden to look for better proposals. If no superior offer emerges, Golden’s stock will be delisted from Nasdaq upon closing.