Golden Entertainment boss is buying casino company

Golden Entertainment Inc. will go private under a deal announced Thursday that sees its chairman and chief executive, Blake Sartini, buying the business operations while real estate investment trust VICI Properties acquires its casino properties in a sale-leaseback transaction valued at roughly $1.16 billion.

VICI will acquire seven Golden Entertainment casino real estate assets, including The Strat at the north end of Las Vegas Boulevard, the Aquarius and Edgewater resorts in Laughlin, the Pahrump Nugget and the two Arizona Charlie’s casinos in Las Vegas, according to a news release.

Sartini will lease those properties from VICI under an initial rent payment totaling $87 million per year, based on the terms of a 30-year master lease. Rent will increase 2 percent annually beginning in the third year of the lease agreement.

“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,” Sartini said Thursday in a statement.

The deal is expected to close in mid-2026 pending shareholder and regulatory approvals.

The sale further expands VICI’s presence as a major landlord on the Strip. The New York-based real estate trust owns Caesars Palace, MGM Grand and The Venetian, in addition to more than 50 other casinos nationwide. The REIT also owns approximately 33 acres of undeveloped land adjacent to the Strip.

“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,” John Payne, VICI’s president and chief operating officer, said in Thursday’s release. “We look forward to benefiting from the long-term value of these properties as Nevada continues to grow as one of the nation’s most attractive leisure and entertainment destinations.”

As part of the deal structure, VICI will assume and repay approximately $426 million of Golden’s outstanding debt, helping to simplify the company’s balance sheet and reduce liabilities before Sartini completes his buyout of the operating business.

The agreement, which was announced shortly before financial markets opened for trading Thursday, values Golden at $30 per share. Golden’s stock price soared on the news and finished the trading day at $28.57 per share.

Golden will continue paying its regular quarterly cash dividend of 25 cents per share through the close of the transaction.

The transaction includes a “go-shop” period through Dec. 5, allowing Golden and its advisers to solicit alternative proposals. If no superior offer emerges, Golden shares will be delisted from Nasdaq once the deal closes.

The company canceled its previously scheduled earnings call for Thursday following the morning announcement. Released third-quarter financials showed revenue of $154.8 million, down from $161.2 million a year earlier. The company posted a net loss of $4.7 million compared with a profit of $5.2 million in the third quarter of 2024, according to documents filed with the U.S. Securities and Exchange Commission.

Contact David Danzis at ddanzis@reviewjournal.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.