Golden Entertainment has revealed the signing of a definitive agreement for the sale of its operational assets to Blake L. Sartini, the Chairman and CEO, along with affiliated parties. This also involves the transition of ownership for seven casino properties to VICI Properties through a sale-leaseback arrangement estimated at around $1.16 billion.

As part of the agreement, Golden shareholders will receive a value of $30 per share, which includes 0.902 shares of VICI common stock for the real estate portion and a cash payment of $2.75 per share from Sartini. This total transaction reflects a 41% premium based on Golden’s closing price on November 5, 2025. The firm has confirmed that it will maintain quarterly dividends of $0.25 per share until the agreement is completed.

The Board of Directors at Golden established an Independent Committee to assess and analyze the proposed deal. This committee has unanimously endorsed the transaction and advised shareholders to vote in its favor.

Under the terms of the deal, VICI will take on and settle up to $426 million of Golden’s existing debt associated with its Senior Secured Credit Facility. Sartini has obtained a debt financing commitment from Santander to cover the cash component of the acquisition and related expenses.

“This agreement maximizes shareholder value by offering a substantial premium on our current share price. We are excited to merge our premium Nevada casino real estate with one of the top experiential real estate platforms in the country, aiming to unlock further value within our company and explore future prospects,” remarked Sartini.

“Since its inception in 2001, my focus has been on delivering exceptional service to our guests on the Las Vegas Strip, in our regional resorts across Nevada, local casinos, and our leading taverns. This commitment will persist, and I am honored to guide Golden’s 5,000 employees into this new phase as a private entity.”

Golden President and CFO Charles Protell stated that this agreement follows years of strategic realignment. “In recent years, the Board of Directors and management have dedicated efforts to enhancing shareholder value through strategic maneuvers, which include divesting non-core assets, reducing debt, and returning capital to shareholders via dividends and share buybacks,” he noted.

“The company is thrilled to have come to terms with Blake Sartini for acquiring the company at a significant premium to Golden’s current share price, with VICI providing capital support through a tax-efficient sale-leaseback arrangement.”

In light of the announcement, shares for Golden surged over 35% on Thursday, experiencing nine times the average daily trading volume. The transaction is anticipated to finalize by mid-2026, signaling a conclusion to the ongoing debates regarding the company’s potential involvement in gaming sector consolidation.

This transaction will enable VICI to acquire the real estate assets of seven Nevada casinos held by Golden, specifically The Strat, Arizona Charlie’s Decatur, and Arizona Charlie’s Boulder in Las Vegas; Aquarius Casino Resort and Edgewater Casino Resort in Laughlin; as well as Pahrump Nugget Hotel & Casino and Lakeside RV Park & Casino in Pahrump.

Golden will lease the properties back through a 30-year master lease agreement with an initial annual rental of $87 million, reflecting a 7.5% capitalization rate and a 2% annual increase starting from the third year. The agreement also features four renewal options, each for five years.

“The acquisition of Golden Entertainment’s casino real estate further solidifies our leading market position within Nevada’s gaming sector, and we are thrilled about expanding our footprint in this promising and growing market,” stated John Payne, President and COO of VICI Properties.

VICI emphasized that this deal would broaden its reach beyond the Las Vegas Strip and establish a presence in the state’s secondary gaming sector, the Las Vegas Locals market.

Golden’s timing for privatization has drawn interest, particularly following Mario Gabelli’s GAMCO Investors acquiring a stake in the company, which spurred speculation of possible activist involvement. Furthermore, on the same day the deal was announced, Everbay Capital from New York sent a letter to the board urging Golden to divest its real estate, estimating a shareholder value of $42 per share should such a transaction occur.