Vici Properties is buying seven Golden Entertainment casinos across Nevada for $1.16bn. The sale-leaseback deal transfers all land and property improvements to Vici.
Blake L. Sartini, Golden’s current CEO, is forming a new company that’ll acquire Golden Entertainment’s operations. This structure lets Golden go private at about $30 per share. The setup splits real estate ownership from casino operations, a common move in gaming industry deals.
Golden Entertainment runs casino properties and taverns throughout Nevada. The company has been refining its focus on core Nevada operations over recent years. Sartini chairs the board and has led the company through its recent strategic shifts.
Why Golden Chose to Exit Public Markets
Golden sees privatisation as the logical next step after years of operational streamlining. “We have continued to refine our business in recent years to focus on our core casino and tavern operations in Nevada,” Sartini said. The company believes going private makes sense for its current strategy.
Vici gains exposure to Las Vegas locals gaming, a market segment the company has targeted since launch. “We are thrilled to acquire seven new assets across the state of Nevada with sticky, durable customer bases,” said John Payne, Vici’s President and COO.
The deal unlocks value in Golden’s real estate while maintaining operational control under Sartini’s leadership. Charles Protell, Golden’s CFO and President, praised Vici’s “creativity in structuring a sale-leaseback transaction.”
What the Transaction Includes
The seven casinos contain over 4,000 slot machines and 78 table games. Total casino space spans 362,000 square feet across all properties.
Vici will lease the properties back to Golden for 30 years initially. The annual rent starts at $87m and increases by 2% beginning in year three. Golden can renew for four additional five-year periods.
Vici posted Q3 2025 revenue of $1bn, up 4.4% year-over-year. Golden reported Q2 revenue of $163.6m, down 2.2% from the prior year.
How This Deal Faces Scrutiny
New York law firm Halper Sadeh LLC opened an investigation into whether Golden shareholders are getting a fair price. The firm is asking shareholders to contact them about their rights.
Halper Sadeh questions whether Golden’s board secured the best possible terms. They’re examining if Vici and Sartini might be underpaying shareholders. The firm also wants to know if Golden withheld transaction details from investors.
The deal diversifies Vici’s holdings in Nevada, a key gaming state. But the investor investigation adds uncertainty to closing timelines.
