VICI Properties has successfully secured all necessary gaming regulatory and shareholder approvals to move forward with its previously disclosed $1.16 billion acquisition of casino real estate from Golden Entertainment, with the deal anticipated to finalize around April 30, 2026, pending customary conditions.

This agreement entails the purchase of 100% of the land, real estate, and associated improvements from seven casino properties located in Nevada. Following the closure, the real estate investment trust will establish a triple-net master lease with a new entity controlled by Blake L. Sartini, the current Chairman and CEO of Golden Entertainment. This new entity will take over Golden’s operating business and manage the venues.

In exchange for their shares, Golden Entertainment shareholders will receive roughly 24.3 million shares of newly issued VICI stock at an exchange ratio of 0.902 shares of VICI for each share of Golden, along with a cash component from a Golden OpCo affiliate. Shareholders approved the deal during a meeting held on March 31.

The transaction also includes provisions for balance sheet adjustments. VICI will take on and immediately eliminate Golden Entertainment’s existing debt of $426 million, utilizing a combination of existing cash and proceeds from forward sale agreements.

The acquisition’s lease framework stipulates an initial annual rent of $87 million, commencing with a 30-year term. The lease includes four additional five-year renewal options, and rents will increase by two percent annually starting from the third year.

Lease commitments will be backed by a holding company controlled by Sartini, which owns Golden’s operational and gaming assets, further bolstered by financial covenants in the agreement.

The seven properties involved in this deal are situated in Nevada and include the STRAT Hotel, Casino, and Tower located on the North Las Vegas Strip. The STRAT has been part of Golden Entertainment’s portfolio since 2017, following a $140 million renovation. VICI already owns several prominent casino properties on the Las Vegas Strip, such as Caesars Palace, The Venetian & Palazzo, and MGM Grand.

Once the transaction is finalized, Golden Entertainment will retain ownership of a smaller segment of its real estate assets, including Gold Town Casino in Pahrump and a network of 72 gaming taverns throughout Nevada. This deal represents part of a restructuring initiative, with Sartini actively pursuing a separate process to take the company private at a valuation of $30 per share.

In discussing the acquisition, Sartini remarked: “This transaction enhances value for our shareholders by offering a considerable premium to our current stock price. We are excited to integrate our premium Nevada casino real estate with one of the most appealing experiential real estate platforms in the U.S. and look forward to unlocking value in our company while exploring future opportunities.”

Sartini emphasized that over the years, his focus has been on delivering exceptional service to customers spanning the Las Vegas Strip, regional resorts in Nevada, local casinos, and the tavern network, stating that this commitment will persist as he leads the company’s 5,000 employees into a new chapter as a privately held entity.