US hospitality and entertainment real estate investment trust VICI Properties is acquiring Golden Entertainment’s casino real estate assets in a $1.16bn (€1bn) sale and leaseback deal.
VICI said it has agreed to acquire the Golden Portfolio comprising land and real property of seven casino properties, and has also entered into a triple-net master lease with a new entity controlled by Blake L Sartini, Golden’s current CEO, who will acquire the casinos’ operating business.
The deal diversifies VICI’s real estate holdings in Nevada and provides exposure to the Las Vegas Locals market, which was the second-largest gaming market in the US by gross gaming revenue in 2024.
John Payne, president and COO of VICI Properties, said: “VICI has sought exposure to the attractive Las Vegas Locals gaming market since our inception, and we are thrilled to acquire seven new assets across the state of Nevada with sticky, durable customer bases.
“We look forward to initiating a partnership with Golden, having long admired the ability of Blake and the Golden team to operate within the various dynamics of the Nevada gaming market.”
Sartini said: “At Golden, we have continued to refine our business in recent years to focus on our core casino and tavern operations in Nevada, and we believe this transaction is the right next step in our evolution to a private company.
“After many years of watching VICI’s success, we are excited to partner with VICI on this important strategic transaction and to explore potential opportunities to grow our company.”
Charles Protell, president and CFO of Golden, said: “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.
“We appreciate the significant efforts and expertise that the VICI management team brought to the table to execute this transaction.”
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