VICI Properties Inc. announced the closing of the previously announced $1.16 billion acquisition of 100% of the land, real property and improvements of seven casino properties from Golden Entertainment Inc. VICI has entered into a triple-net master lease with a newly formed entity that is owned and controlled by Blake L. Sartini, former chairman and chief executive officer of Golden Entertainment, which has acquired the operating business of Golden Entertainment (Golden OpCo).
“The Las Vegas Locals gaming market has been a strategic priority for VICI since our founding,” said John Payne, president and COO of VICI Properties. “Adding seven properties across Nevada, each with deeply rooted, loyal customer bases, represents a meaningful expansion of our portfolio. We have tremendous respect for what Blake and the Golden Entertainment team have built, and we are excited to officially begin this new partnership.”
Golden Entertainment shareholders have received approximately 24.3 million shares of newly issued VICI stock in exchange for the outstanding shares of Golden Entertainment stock.
“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,” said Blake L. Sartini, chairman and CEO of Golden Entertainment. “We’ve long respected VICI’s approach, and this partnership has positioned us well to pursue new avenues for growth together.”
Deutsche Bank Securities Inc. acted as VICI’s financial advisor, and Hogan Lovells US LLP and Herbert Smith Freehills Kramer LLP served as legal advisors to VICI.
