Golden Entertainment’s shareholders have given the green light to a proposal that will transform the casino operator into a private entity, marking a significant deal involving CEO Blake L. Sartini and VICI Properties.
The agreement received approval during a special assembly, where it garnered 20.4 million votes in favor, while 208,131 votes opposed it and 20,158 voters abstained. Additional items, including compensation for executives related to the transaction, were also approved despite receiving 2.3 million dissenting votes.
This transaction was initially announced earlier and is slated to conclude in the second quarter of 2026, pending regulatory approvals and customary closing protocols. Once finalized, Golden Entertainment will exit the public trading arena, with its shares removed from Nasdaq and deregistered pursuant to the Securities Exchange Act of 1934.
Valued at $30 per share, this deal provides a 40% premium over its closing price as of November 5. For every share owned, shareholders will receive approximately 0.9 shares of VICI Properties stock and about $2.75 in cash.
As part of this transaction, Golden Entertainment will divest seven casino real estate properties to VICI Properties in a sale-leaseback arrangement. These properties include The STRAT Hotel on the Las Vegas Strip, alongside two Arizona Charlie’s locations in Las Vegas, as well as properties situated in Laughlin and Pahrump, Nevada.
“I firmly believe this deal maximizes value for our shareholders by offering a substantial premium compared to our current share price,” Sartini stated.
“We are excited to merge our high-quality casino real estate in Nevada with one of the nation’s most attractive experiential real estate platforms and collaborate to boost value within our company while exploring future opportunities,” he continued.
Golden Entertainment operates eight casinos and 73 gaming taverns in Nevada, hosting around 5,500 slot machines, 80 table games, and approximately 6,000 hotel rooms.
“Since establishing Golden in 2001, my focus has been on delivering exceptional experiences to our guests across the Las Vegas Strip, in our regional resorts in Nevada, at local casinos, and within our leading taverns,” Sartini noted.
“This mission will remain steadfast, and I’m deeply honored to guide Golden’s 5,000 employees into this new chapter as a privately held company.”
VICI Properties, an S&P 500 real estate investment trust, manages 93 experiential assets, including 54 gaming properties, covering approximately 127 million square feet and housing about 60,300 hotel rooms.
Recently, Golden Entertainment reported an adjusted earnings per share of -$0.33 for the fourth quarter, falling short of analyst projections of $0.17, while its revenue of $155.6 million also did not meet expectations. Analysts predict the company will achieve profitability within the current year.
The company will provide the final voting outcomes from the special meeting in a Form 8-K submission to the U.S. Securities and Exchange Commission.