VICI Properties announces $1.16 billion sale-leaseback deal with Golden

VICI Properties Inc. (NYSE: VICI) announced it has entered into an agreement to acquire seven casino properties from Golden Entertainment, Inc. (NASDAQ: GDEN) for $1.16 billion in a sale-leaseback transaction.

The deal includes The STRAT Hotel, Casino & Tower on the North Las Vegas Strip, Arizona Charlie's Decatur and Arizona Charlie's Boulder in the Las Vegas market, Aquarius Casino Resort and Edgewater Casino Resort in Laughlin, Nevada, and Pahrump Nugget Hotel & Casino and Lakeside RV Park & Casino in Pahrump, Nevada.

The properties feature approximately 362,000 square feet of casino space, over 6,000 hotel rooms, 4,306 slot machines and 78 table games. VICI will enter into a triple-net master lease with a newly formed entity owned and controlled by Blake L. Sartini, Golden's current chairman and chief executive officer.

The master lease will have an initial annual rent of $87.0 million, representing an acquisition cap rate of 7.5%, with an initial term of 30 years and four 5-year tenant renewal options. Rent will escalate annually at 2.0% beginning in the third lease year.

Under the agreement, Golden shareholders will receive approximately 24.3 million shares of newly issued VICI stock, representing an exchange ratio of 0.902 per share of Golden's common stock, plus cash consideration. VICI will assume and retire Golden's outstanding $426 million of debt using cash on hand, net proceeds from forward sale agreements and funds from its revolving credit facility.

The transaction is expected to close in mid-2026, subject to approval by a majority of Golden stockholders, customary closing conditions and regulatory approvals. VICI stated it does not expect to require additional financing to complete the transaction.

Upon closing, the Golden entity will become VICI's fifth largest tenant by annualized cash rent and 15th tenant overall.

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