VICI Properties announced a $1.16 billion sale‑leaseback that adds seven casino real‑estate assets to its portfolio. The deal involves the acquisition of the land, buildings and improvements of the Golden Portfolio from Golden Entertainment and the creation of a triple‑net master lease with a new entity controlled by Golden’s chairman and CEO, Blake L. Sartin.
The seven properties are the STRAT Hotel, Casino & Tower; Arizona Charlie’s Decatur; Arizona Charlie’s Boulder; Aquarius Casino Resort; Edgewater Casino Resort; Pahrump Nugget Hotel & Casino; and Lakeside RV Park & Casino. The lease will generate an initial annual rent of $87 million, a 7.5% acquisition cap rate, and 2.0% rent escalations beginning in lease year three.
The transaction expands VICI’s presence in Nevada, adding high‑quality gaming assets that are already leased to a reputable operator. Golden OpCo will become VICI’s 15th tenant and fifth largest by annualized cash rent. The long‑term, inflation‑protected lease structure is consistent with VICI’s strategy of generating predictable, high‑margin income streams and is immediately accretive to Adjusted Funds From Operations (AFFO).
VICI’s recent financial performance underscores the strategic fit of the deal. In Q3 2025, the REIT reported revenue of $1.0 billion, EPS of $0.71, and AFFO of $0.60, all beating consensus estimates. Management raised its 2025 AFFO guidance to $2.36–$2.37 per share, reflecting confidence in continued growth and the accretive nature of the new assets. The sale‑leaseback will further strengthen VICI’s balance sheet by repaying up to $426 million of Golden’s senior secured debt.
Golden Entertainment’s financial health has been under pressure, with its stock down nearly 31% year‑to‑date as of November 6 2025. The sale‑leaseback provides Golden with a premium of $30.00 per share—41% above the prior closing price—while allowing the company to focus on operations and improve liquidity. The transaction also delivers a significant debt‑repayment benefit to VICI, enhancing its credit profile.
Market reaction to the announcement was positive for Golden Entertainment, reflecting the premium offered and the immediate cash benefit. VICI’s announcement was received as a strategic fit, with investors noting the long‑term accretive nature of the deal and its alignment with the REIT’s growth strategy. Analysts view the transaction as a solid addition to VICI’s portfolio and a reinforcement of its focus on high‑quality, long‑term leases.
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