The Investor
06 Nov 2025, 23:20
VICI Properties Announces $1.16 Billion Sale-Leaseback Deal With Golden Entertainment
VICI Properties (NYSE: VICI) entered into a $1.16 billion sale-leaseback agreement with Golden Entertainment (NASDAQ: GDEN) for seven Nevada casino properties, including The STRAT Hotel, Casino & Tower and Arizona Charlie’s locations. The transaction establishes a new triple-net master lease with Golden’s operating company, initially generating $87 million in annual rent at a 7.5% cap rate and featuring 2% annual rent escalations from year three.
The deal expands VICI’s footprint into the Las Vegas Locals market, the second-largest U.S. gaming region by 2024 revenue, and adds Golden as its 15th tenant. VICI expects the transaction to be immediately accretive to AFFO per share and will fund it through cash on hand and credit facilities, without new capital market activity. The closing is targeted for mid-2026 pending shareholder and regulatory approvals.
VICI Properties (NYSE: VICI) entered into a $1.16 billion sale-leaseback agreement with Golden Entertainment (NASDAQ: GDEN) for seven Nevada casino properties, including The STRAT Hotel, Casino & Tower and Arizona Charlie’s locations. The transaction establishes a new triple-net master lease with Golden’s operating company, initially generating $87 million in annual rent at a 7.5% cap rate and featuring 2% annual rent escalations from year three.
The deal expands VICI’s footprint into the Las Vegas Locals market, the second-largest U.S. gaming region by 2024 revenue, and adds Golden as its 15th tenant. VICI expects the transaction to be immediately accretive to AFFO per share and will fund it through cash on hand and credit facilities, without new capital market activity. The closing is targeted for mid-2026 pending shareholder and regulatory approvals.