Golden Entertainment goes private, signs $1.16 billion sale-leaseback deal with VICI

Golden Entertainment announced that it has signed a definitive agreement to sell its operating assets to company Chairman and Chief Executive Officer Blake L. Sartini and affiliates, and to transfer ownership of seven casino real estate assets to VICI Properties in a sale-leaseback arrangement valued at approximately $1.16 billion.

Under the agreement, Golden shareholders will receive consideration valued at $30 per share, consisting of 0.902 shares of VICI common stock for the real estate component and a cash payout of $2.75 per share from Sartini. The total transaction represents a 41% premium to Golden’s closing price on November 5, 2025. The company said it will continue to issue quarterly dividends of $0.25 per share until the deal is finalized.

An Independent Committee of Golden’s Board of Directors was established to review and evaluate the proposed transaction. The committee unanimously approved the deal and recommended that shareholders vote in favor of it.

As part of the transaction, VICI will assume and repay up to $426 million of Golden’s outstanding debt under its Senior Secured Credit Facility. Blake Sartini has secured a debt financing commitment from Santander to fund the cash portion of the acquisition, along with related expenses.

“I believe this transaction maximizes value for our shareholders by providing a significant premium to our current share price. We are pleased to combine our high-quality Nevada casino real estate with one of the most attractive experiential real estate platforms in the country and partner together to unlock value in our company and explore future opportunities,” Sartini said.

“Since founding Golden in 2001, I have focused on providing exceptional service to our guests on the Las Vegas Strip, in our Nevada regional resorts, local casinos, and at our market-leading taverns. This mission will remain unchanged, and I am incredibly honored to lead Golden’s 5,000 employees into the next stage of our evolution as a private company.”

Golden President and Chief Financial Officer Charles Protell said the agreement follows years of strategic repositioning. “Over the past several years, Golden’s Board of Directors and management have focused on delivering superior shareholder value through strategic actions, including divesting non-core assets, repaying debt, and returning capital to shareholders in the form of dividends and share repurchases," he commented.

"The company is excited to have reached an agreement with Blake Sartini to acquire the company at a significant premium to Golden’s current share price, with VICI providing capital support through a sale-leaseback transaction in a tax-efficient structure."

Following the announcement, Golden’s shares surged more than 35% on Thursday, trading at nine times the average daily volume. The deal, expected to close by mid-2026, puts an end to months of speculation surrounding the company’s potential role in gaming industry consolidation.

The transaction will see VICI acquire the real estate of seven Nevada casinos owned by Golden, and they are The Strat, Arizona Charlie’s Decatur, and Arizona Charlie’s Boulder in Las Vegas; Aquarius Casino Resort and Edgewater Casino Resort in Laughlin; and Pahrump Nugget Hotel & Casino and Lakeside RV Park & Casino in Pahrump.

Golden will lease the properties back under a 30-year master lease agreement with an initial annual rent of $87 million, a 7.5% capitalization rate, and a 2% annual escalator beginning in the third year. The agreement also includes four renewal options of five years each.

“The acquisition of Golden Entertainment’s casino real estate assets further strengthens our market-leading Nevada gaming portfolio, and we could not be more enthusiastic to broaden our presence in the attractive and growing Nevada market,” said John Payne, President and Chief Operating Officer of VICI Properties. 

VICI said the deal would expand its exposure beyond the Las Vegas Strip and give it a foothold in the state’s second-largest gaming segment, the Las Vegas Locals market.

The timing of Golden’s privatization has drawn attention, coming shortly after Mario Gabelli’s GAMCO Investors acquired a stake in the company, prompting speculation of activist involvement. Additionally, on the same day the deal was announced, the company’s board received a letter from New York-based Everbay Capital urging Golden to sell its real estate, estimating shareholder value of $42 per share through such a move.