Nevada casino operator Golden Entertainment has reached a $1.16 billion deal with VICI Properties to sell and lease back seven casino properties, privatizing the company and deepening penetration into the local Las Vegas market.
Key Terms of the Deal
Golden sells seven southern Nevada casino properties (including the STRAT Hotel) for $1.16 billion, with a 30-year leaseback. Shareholders receive 0.9 shares of VICI stock and $2.75 in cash per share, with a total consideration of $30 per share, a 40% premium over the closing price on November 5. The transaction is expected to be completed by mid-2026.
Local Market Growth Drivers
Nevada's fiscal year 2025 data shows a 2% year-over-year increase in downtown revenue, a 5% increase in the local resident market, and a 3% decrease on Las Vegas Boulevard. The local market's annual revenue is nearly $2 billion, making it the second-largest source of gaming revenue after Las Vegas Boulevard.
Changes in Industry Competitive Landscape
VICI enters the Las Vegas local market through the transaction, previously lacking downtown properties. Golden becomes the latest operator to adopt the sale-leaseback model, while Red Rock Resorts and Boyd Gaming still retain property ownership, maintaining conservative financial strategies.
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