VICI to buy seven Nevada casinos; Golden to privatize and operate

Golden Entertainment has long piqued the interest of top executives at real estate investment firm VICI Properties, who hope to add the company's casinos in Southern Nevada to their growing portfolio. Meeting with Golden's executives while they were in Las Vegas has become a focus in recent years, according to Chief Financial Officer David Kieske.

That goal was realized last week when VICI revealed a $1.16 billion sale-leaseback deal with Golden. The transaction transfers ownership of seven casinos in Pahrump, Laughlin, and Las Vegas to the real estate investment trust.

VICI was seeking to purchase casinos in downtown Las Vegas and the locals market, two areas that are not included in its portfolio, which consists of 54 casinos spread across 15 states. VICI controls the land and structures of over a dozen resorts on The Strip, South Lake Tahoe, and Laughlin.

A year after VICI spent $4 billion to purchase The Venetian, Palazzo, and Venetian Expo, Kieske brought up the notion two years ago during a conversation at Preview Las Vegas.

The two Arizona Charlie's casinos on South Decatur Boulevard and the Boulder Highway, the Aquarius and Edgewater in Laughlin, the Pahrump Nugget and Lakeside RV Park & Casino in Pahrump, and the STRAT Hotel, Casino & Tower are all being purchased by VICI. VICI consented to settle Golden's debt of $426 million.

Golden Chairman and CEO Blake Sartini, who is taking the business private by paying $30 a share for the remaining stock, will lease the operations after the deal concludes next year. The price is 41% more than Golden's closing price on November 5.

Golden will rent the casinos from VICI for $87 million a year. However, beginning in the third year of the 30-year contract, the number will rise by 2% yearly.

Prior to the announcement last Thursday, VICI looked for opportunities to invest in and with businesses situated in Las Vegas.

Before the Fontainebleau Las Vegas opened in 2013, the developers secured a $2.2 billion development financing package, of which $350 million was provided by VICI in 2022. In order to partially finance a planned $1.5 billion refurbishment for The Venetian, Palazzo, and Venetian Expo over the coming years, VICI gave Apollo Global Management $700 million last year.

In April, VICI consented to lend $510 million to the North Fork Mono Rancheria Tribe in Central California to support the building of a hotel-casino that Red Rock Resorts was developing. Under a management agreement, the casino will be run by the Las Vegas business.

Located on opposite sides of Las Vegas, the two Arizona Charlie's casinos serve almost exclusively locals, achieving VICI's objective of breaking into the local market. The STRAT, a 1,149-foot tower with a 360-degree rotating restaurant and almost 2,500 hotel rooms, won the VICI prize.

Since the facility is located inside the city limits of Las Vegas, the Gaming Control Board takes into account its gaming revenue when determining the downtown results. However, because of its location on Las Vegas Boulevard, just north of Sahara Avenue, which marks the boundary between unincorporated Clark County and the City of Las Vegas, it is frequently promoted as a Strip resort.

The Colorado Belle casino, which has been shuttered since 2020, will continue to be run by Golden. In the event that the property reopens, VICI will have the first say in any sale-leaseback offers. Additionally, Golden is keeping ownership of the business's 72 Nevada taverns.

Although Pahrump, located in Nye County 60 miles outside of Las Vegas, was somewhat unknown to VICI, it has seen a 5.1 percent rise in gaming income over the past 12 months, reaching $71 million.

The Golden deal is anticipated to be completed in the middle of 2026, subject to shareholder and Nevada regulatory approval.

Source:

“Crowded portfolio: Seven casinos in Las Vegas, Laughlin and Pahrump bought by VICI” , Howard Stutz, TheNevadaIndependent.com, November 12, 2025.