VICI Properties Adds Seven Casino Resorts in $1.6B Sale-Leaseback Deal
VICI Properties acquired the real estate assets of seven Golden Entertainment casino resorts in a $1.6 billion sale-leaseback transaction completed April 30. The deal includes a triple-net master lease with an entity controlled by Blake Sartini and awarded Golden shareholders a $2.75 per-share cash dividend plus 0.902 VICI shares for each Golden share.
1. Acquisition of Seven Casino Resorts
On April 30, VICI Properties closed a $1.6 billion sale-leaseback transaction acquiring the real estate assets of seven Golden Entertainment properties. The portfolio includes The STRAT Hotel, Casino & Tower; Arizona Charlie’s Decatur; Arizona Charlie’s Boulder; Aquarius Casino Resort; Edgewater Casino Resort; Pahrump Nugget Hotel & Casino; and Lakeside RV Park & Casino.
2. Triple-Net Master Lease Agreement
VICI entered into a triple-net master lease with a newly formed entity controlled by Blake Sartini, Golden’s former chairman and CEO. Under the lease, Sartini’s operating company will manage all property operations while VICI receives net rental payments, strengthening its cash flow predictability and tenant diversification.
3. Shareholder Distribution and Ownership Transition
As part of the transaction, Golden Entertainment shareholders received a $2.75 per-share cash dividend and 0.902 VICI Properties shares for each Golden share. Concurrently, Blake Sartini acquired the operating assets, returning Golden Entertainment to private, family ownership and allowing VICI to focus solely on real estate ownership and leasing.