VICI Properties has successfully obtained all necessary regulatory and shareholder approvals to move forward with its previously announced acquisition of casino real estate assets from Golden Entertainment, valued at $1.16 billion. The deal is anticipated to finalize around April 30, 2026, pending the fulfillment of standard conditions.
This agreement encompasses the acquisition of complete ownership of the land, real estate, and improvements associated with seven casino properties located in Nevada. Upon completion, VICI will enter into a triple-net master lease with a newly established entity controlled by Blake L. Sartini, the current Chairman and CEO of Golden Entertainment. This entity will take over Golden's operating business and manage the venues.
In exchange for their shares, Golden Entertainment shareholders will receive approximately 24.3 million newly issued shares of VICI stock. The exchange ratio is set at 0.902 shares of VICI for each share of Golden, along with an undisclosed cash component from an affiliate of Golden OpCo. Shareholders had already approved the transaction during a meeting on March 31.
The deal also involves a balance sheet adjustment, with VICI taking on and immediately retiring Golden Entertainment's $426 million debt, funded through a combination of available cash and proceeds from forward sale agreements.
The lease arrangement linked to this acquisition stipulates an initial annual rent of $87 million, with a lease term of 30 years. The agreement offers four additional five-year renewal options for the tenant, with rent increasing by two percent annually starting in the third year.
Lease obligations will be secured by a holding company controlled by Sartini, which owns Golden's gaming and operational assets, further supported by financial covenants outlined in the agreement.
The seven properties involved in this transaction are all situated in Nevada, including the STRAT Hotel, Casino, and Tower on the North Las Vegas Strip. The STRAT has been part of Golden Entertainment's portfolio since 2017 and underwent a significant $140 million renovation following its acquisition. VICI already owns several prominent casino properties on the Las Vegas Strip, such as Caesars Palace, The Venetian & Palazzo, and MGM Grand.
After the transaction is finalized, Golden Entertainment will maintain ownership of a smaller segment of its real estate portfolio, which includes Gold Town Casino in Pahrump and a network of 72 gaming taverns throughout Nevada. This transaction is part of a broader restructuring effort, with Sartini also pursuing a separate initiative to take the company private at a share price of $30.
Commenting on the deal, Sartini stated, “I believe this transaction maximizes value for our shareholders by providing a significant premium to our current share price. We are excited to combine our high-quality Nevada casino real estate with one of the most attractive experiential real estate platforms in the country, partnering to unlock value in our company and explore future opportunities.”
He emphasized that since founding the company in 2001, his main focus has been on delivering exceptional service to customers across the Las Vegas Strip, regional resorts in Nevada, local casinos, and the tavern network, a commitment that will continue as he leads the company's 5,000 employees into its next chapter as a privately held entity.