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All required gaming regulatory and shareholder approvals have been secured for VICI Properties to proceed with its previously announced $1.16 billion acquisition of casino real estate assets from Golden Entertainment, with the transaction expected to close on or around April 30, 2026, subject to remaining customary conditions.
The agreement involves the purchase of 100% of the land, real property, and associated improvements of seven casino properties in Nevada. Once completed, the real estate investment trust will enter into a triple-net master lease with a newly formed entity owned and controlled by Blake L. Sartini, who currently serves as Chairman and Chief Executive Officer of Golden Entertainment. That entity will acquire Golden’s operating business and continue to run the venues.
Shareholders of Golden Entertainment will receive approximately 24.3 million shares of newly issued VICI stock in exchange for their holdings. The exchange ratio equates to 0.902 shares of VICI stock for each Golden share, alongside an unspecified cash component to be paid by an affiliate of Golden OpCo. Shareholders had already approved the deal at a meeting held on March 31.
The transaction also includes a balance sheet adjustment. VICI will assume and immediately retire Golden Entertainment’s outstanding $426 million debt, using a mix of cash on hand and proceeds generated from the settlement of forward sale agreements.
The lease structure tied to the acquisition establishes an initial annual rent of $87 million, with a starting term of 30 years. The agreement includes four additional five-year renewal options for the tenant, while rent is set to increase by two percent annually beginning in the third year.
Lease obligations will be guaranteed by a holding company controlled by Sartini that owns Golden’s gaming and operational assets, supported further by financial covenants embedded in the agreement.
The seven properties included in the deal are all located 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 $140 million renovation following its acquisition. VICI already owns several other major casino properties on the Las Vegas Strip, including Caesars Palace, The Venetian & Palazzo, and the MGM Grand.
Following completion, Golden Entertainment will retain ownership of a smaller portion of its real estate portfolio, including Gold Town Casino in Pahrump and its network of 72 gaming taverns across Nevada. The transaction is one step of a restructuring effort, with Sartini also pursuing a separate process to take the company private at a price of $30 per share.
Commenting on the transaction, 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.”
He said that since establishing the company in 2001, his priority has been delivering high-quality service to customers across the Las Vegas Strip, regional resorts in Nevada, local casinos, and its tavern network, adding that this focus will continue as he leads the company’s 5,000 employees into its next phase as a privately held business.