Golden Entertainment sells operating assets to CEO and VICI Properties

[Las Vegas]
LPETTET/iStock via Getty Images

Golden Entertainment (GDEN [https://seekingalpha.com/symbol/GDEN]) has agreed to sell its operating assets [https://seekingalpha.com/pr/20296614-golden-entertainment-to-be-acquired-by-blake-sartini-and-enter-into-sale-leaseback] to the company’s CEO and affiliates, and seven of its casino real estate assets to VICI Properties (VICI [https://seekingalpha.com/symbol/VICI]) in a sale leaseback transaction.

The sale will provide Golden Entertainment (GDEN [https://seekingalpha.com/symbol/GDEN]) shareholders with 0.902 shares of VICI (VICI [https://seekingalpha.com/symbol/VICI]) for the sale of the seven casinos and a cash distribution with proceeds of the asset sale to Blake Sartini of $2.75 per share of Golden Entertainment (GDEN [https://seekingalpha.com/symbol/GDEN]). This represents a 41% premium to Golden’s (GDEN [https://seekingalpha.com/symbol/GDEN]) closing share price on Wednesday.

The company will also continue to pay its shareholders a $0.25 regular dividend per share through the close of the transaction.

As part of the transaction, VICI Properties (VICI [https://seekingalpha.com/symbol/VICI]) will assume and repay up to $426M of Golden’s (GDEN [https://seekingalpha.com/symbol/GDEN]) outstanding debt.

Since last year, Golden Entertainment (GDEN [https://seekingalpha.com/symbol/GDEN]) has been looking for a buyer. During the company’s third quarter earnings call [https://seekingalpha.com/article/4735589-golden-entertainment-inc-gden-q3-2024-earnings-call-transcript] last November, Sartini said the company is in “active mode and looking at all our potential strategic alternatives.”

News of the sale launched Golden Entertainment (GDEN [https://seekingalpha.com/symbol/GDEN]) shares more than 40% higher in Thursday’s premarket trading.

MORE ON GOLDEN ENTERTAINMENT, VICI PROPERTIES

* VICI Properties: A Top REIT To Buy Below $30 (Rating Upgrade) [https://seekingalpha.com/article/4836916-vici-properties-top-reit-buy-below-30-rating-upgrade]
* VICI Properties Inc. (VICI) Q3 2025 Earnings Call Transcript [https://seekingalpha.com/article/4836407-vici-properties-inc-vici-q3-2025-earnings-call-transcript]
* VICI Properties: REIT Investors Should Buy While The Market Looks Away [https://seekingalpha.com/article/4828388-vici-properties-reit-investors-should-buy-while-market-looks-away]
* Golden Entertainment Q3 2025 Earnings Preview [https://seekingalpha.com/news/4516058-golden-entertainment-q3-2025-earnings-preview]
* VICI projects up to $2.52B AFFO for 2025 while expanding tenant base and targeting experiential growth [https://seekingalpha.com/news/4512554-vici-projects-up-to-2_52b-affo-for-2025-while-expanding-tenant-base-and-targeting]