Vici Properties has officially closed on its $1.1bn acquisition of the land, real property and improvements of seven Nevada casino properties from Golden Entertainment, and also assumed and immediately retired the operator’s outstanding $426m debt.
“The Las Vegas Locals gaming market has been a strategic priority for Vici since our founding. Adding seven properties across Nevada, each with deeply rooted, loyal customer bases, represents a meaningful expansion of our portfolio,” Vici President & COO John Payne said.
“We have tremendous respect for what Blake and the Golden Entertainment team have built, and we are excited to officially begin this new partnership.”
As part of the transaction, Vici entered into a triple-net master lease agreement with a newly formed entity owned and controlled by Golden Entertainment Chairman & CEO Blake Sartini.
Sartini also commented on the finalized transaction, having said, “This transaction reflects the strategic direction Golden Entertainment has been building toward - a sharper focus on our core Nevada casino and tavern operations and becoming a private company.
“We've long respected Vici's approach, and this partnership has positioned us well to pursue new avenues for growth together.”
Golden Entertainment shareholders received approximately 24.3 million shares of newly issued Vici common stock following the transaction’s closing, valued upon Vici’s 10-day average price as of November 5, 2025.
“Vici brought both creativity and deep expertise to structuring a sale-leaseback that delivers meaningful value to our shareholders,” Golden Entertainment President & CFO Charles Protell said.
“This partnership allows us to unlock the potential of our real estate while advancing our strategic goals. We appreciate the dedication from the Vici team throughout the entire transaction process.”
Vici reported its Q1 2026 financial results on April 29, having increased revenue by 3.5% to just over $1bn, while adjusted funds from operations totaled $650.9m and grew 5.7%.
The investment trust’s net income increased 60.5% during the period for a total of $872.4m, primarily due to a $305.7m aggregate change in CECL allowance as compared to Q1 2025. Vici also managed to increase adjusted EBITDA by 4.5% to $838.2m.
Golden Entertainment reported its financial results for Q4 2025 and FY on February 27, as the operator witnessed an $8.5m net loss for the quarterly period, as well as a FY2025 net loss of just over $6m
