NEW YORK — VICI Properties Inc. (NYSE: VICI), a REIT specializing in owning and operating gaming, hospitality and entertainment developments, has completed a $1.2 billion sale-leaseback of seven casino properties from Golden Entertainment Inc. (Nasdaq: GDEN).
Under the terms of the deal, which was previously announced in November, Golden will be taken private by chairman and CEO Blake Sartini. In addition, 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. VICI will also assume and repay up to $426 million of Golden Entertainment’s outstanding debt using a combination of cash and net proceeds from the transaction.
iGaming Business, a business-to-business trade publication and news website for the online gambling and betting industry, reported that VICI acquired the following properties:
- The STRAT Hotel, Casino & Tower (Las Vegas Strip)
- Arizona Charlie’s Decatur
- Arizona Charlie’s Boulder
- Aquarius Casino Resort (Laughlin, Nev.)
- Edgewater Casino Resort (Laughlin, Nev.)
- Pahrump Nugget Hotel & Casino (Pahrump, Nev.)
- Lakeside RV Park & Casino (Pahrump, Nev.)
In total, the properties include 6,000 hotel rooms, 4,306 slot machines and 78 gaming tables, according to iGaming Business.
“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,” says 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. served as VICI’s financial advisor, while Hogan Lovells US LLP and Herbert Smith Freehills Kramer LLP served as legal advisors to VICI.
VICI Properties owns 100 experiential assets comprising 61 gaming properties and 39 other experiential properties across the United States and Canada, including Las Vegas venues like Caesars Palace, MGM Grand Hotel & Casino and the Venetian Resort.
Golden Gaming, founded in 2001 by Blake Sartini, merged with Lakes Entertainment to form Golden Entertainment, an American gambling company based in Enterprise, Nev., that operates casinos and taverns. It is the largest tavern operator in Nevada.
— Abby Cox