The post VICI Pays $1.16bn for Golden’s Casino Assets to Enter Vegas Locals Market appeared first on Vegas Slots Online News.
Real Estate Investment Trust (REIT) giant VICI Properties has made a major strategic move in acquiring land and real estate belonging to seven Nevada casino properties from Golden Entertainment Inc. for $1.16bn.
The deal is headlined by the most recognizable property in the Nevada-based Golden’s portfolio, The STRAT Hotel, Casino & Tower on the north end of the Las Vegas Strip.
At a fundamental strategic level, the transaction also anchors VICI’s long-sought entry into the lucrative Las Vegas Locals Market (LM), the second-largest US gaming market in 2024, and one VICI wanted in on “since our inception.”
sticky, durable customer bases”
VICI President & COO John Payne added in the Golden news release that his REIT was “thrilled to acquire seven new assets across the state of Nevada with sticky, durable customer bases.”
Besides the Strat, the six other properties include two Arizona Charlie’s in Decatur and Boulder, part of the Vegas LM, and Aquarius Casino Resort, Edgewater Casino Resort, Pahrump Nugget Hotel & Casino, and Lakeside RV Park & Casino covering the Nevada LM.
The deal, which is set to close in the middle of next year, hands VICI ownership of over 6,000 hotel rooms and 4,300 slot machines across Nevada and entrenches its position as the US’s largest gaming sector landlord.
The transaction, structured as a 30-year sale-leaseback, immediately presents VICI with a stable, long-term revenue stream, with an initial annual rent of $87m.
VICI is taking responsibility for and paying off Golden’s $426m debt, which will bankroll the Nevada firm’s planned transition into a private entity focused exclusively on casino operations. Golden’s CEO Blake L. Sartini called the sale-leaseback deal “the right next step” for his firm.
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