VICI Properties Acquires Seven Golden Entertainment Casinos in $1.16 Billion Deal
Real estate investment trust VICI Properties announced today a $1.16 billion sale-leaseback transaction with Golden Entertainment, gaining ownership of seven casinos across Southern Nevada and expanding its portfolio into the local gaming market.
The deal includes The STRAT Hotel, Casino & Tower in Las Vegas, the two Arizona Charlie’s casinos, the Aquarius and Edgewater in Laughlin, and the Pahrump Nugget and Lakeside RV Park & Casino in Pahrump. VICI will also pay off $426 million of Golden’s existing debt. This acquisition represents a significant shift in the Las Vegas gaming landscape, as REITs continue to play a larger role in casino ownership. “Las Vegas is a resilient market and with the diversification of the economy over the last several years, we see a tremendous opportunity,” said VICI Chief Financial Officer David Kieske.
Golden Entertainment will continue to operate the casinos under a 30-year lease agreement with VICI, paying $87 million in annual rent that will increase by 2 percent each year starting in year three. Chairman and CEO Blake Sartini is taking the company private, offering $30 per share – a 41 percent premium over the Nov. 5 closing price. VICI has been actively investing in Las Vegas, previously funding construction of the Fontainebleau Las Vegas and providing financing for renovations at The Venetian, Palazzo, and Venetian Expo, demonstrating a growing confidence in the region’s gaming and hospitality sectors. For more information on REITs and their impact on the gaming industry, see this report from the National Association of Real Estate Investment Trusts.
While some operators, like Red Rock Resorts, have expressed reluctance to partner with REITs, VICI remains optimistic about future opportunities in the Nevada market. “We would love to do more deals in Las Vegas over time,” Kieske stated. The transaction requires shareholder and Nevada regulatory approval and is expected to close in mid-2026.
