VICI Properties Inc. (NYSE: VICI) announced that its $1.16 billion acquisition of seven casino properties from Golden Entertainment Inc. (NASDAQ: GDEN) is expected to close on or around April 30, 2026, according to a company statement.

The transaction has received all required gaming regulatory and shareholder approvals. VICI will acquire 100% of the land, real property and improvements of the seven casino properties, known as the Golden Portfolio.

Upon closing, Golden Entertainment shareholders will receive approximately 24.3 million newly issued VICI shares, representing an exchange ratio of 0.902 per share of Golden Entertainment common stock. The ratio was based on VICI's 10-day volume weighted average price as of November 5, 2025. Additional cash consideration will be paid by an affiliate of the operating company.

VICI will assume and immediately retire Golden Entertainment's $426 million of outstanding debt using cash on hand and proceeds from forward sale agreement settlements.

The properties will be operated under a triple-net master lease by a newly formed entity owned and controlled by Blake L. Sartini, current chairman and chief executive officer of Golden Entertainment. The lease includes an initial annual rent of $87.0 million with a 30-year initial term and four 5-year renewal options. Rent will increase annually by 2.0% beginning in the third lease year.

The lease obligations are guaranteed by a holding company owned and controlled by Sartini that owns all of Golden Entertainment's gaming and operating assets, with additional financial covenant protections.

VICI Properties operates a portfolio of 93 experiential assets including 54 gaming properties and 39 other experiential properties across the United States and Canada.