VICI to repay debt of $426m
Golden Entertainment is to sell its operating assets to its Chairman and Chief Executive Officer Blake L. Sartini and affiliates, and seven of its casino real estate assets to VICI Properties Inc. in a sale-leaseback transaction.
VICI will assume and repay up to $426m of the outstanding debt under the Company’s Senior Secured Credit Facility. Santander has provided Blake Sartini a debt financing commitment to support the cash portion of the price, any excess debt and fees and expenses.
Blake L. Sartini, Chairman and Chief Executive Officer of Golden, said: “I believe this transaction maximizes value for our shareholders by providing a significant premium to our current share price. We are pleased to combine our high-quality Nevada casino real estate with one of the most attractive experiential real estate platforms in the country and partner together to unlock value in our company and explore future opportunities. Since founding Golden in 2001, I have focused on providing exceptional service to our guests on the Las Vegas Strip, in our Nevada regional resorts, local casinos and at our market leading taverns. This mission will remain unchanged and I am incredibly honored to lead Golden’s 5,000 employees into the next stage of our evolution as a private company.”
“Over the past several years, Golden’s Board of Directors and management have focused on delivering superior shareholder value through strategic actions, including divesting non-core assets, repaying debt and returning capital to shareholders in the form of dividends and share repurchases. The Company is excited to have reached an agreement with Blake Sartini to acquire the company at a significant premium to Golden’s current share price with VICI providing capital support through a sale-leaseback transaction in a tax efficient structure,” said Charles Protell, President and Chief Financial Officer of Golden.
“The acquisition of Golden Entertainment’s casino real estate assets further strengthens our market-leading Nevada gaming portfolio and we could not be more enthusiastic to broaden our presence in the attractive and growing Nevada market. We look forward to benefitting from the long-term value of these properties as Nevada continues to grow as one of the nation’s most attractive leisure and entertainment destinations,” said John Payne, President and Chief Operating Officer of VICI.
The proposed transaction, which is expected to close in mid-2026, is subject to customary closing conditions, including the receipt of regulatory approvals and approval by a majority of Golden stockholders. Blake Sartini, Blake Sartini II and affiliated trusts, who own approximately 25 per cent of the voting power of Golden’s outstanding shares of common stock, have signed a voting and support agreement in favor of the transaction. Upon completion of the transactions, shares of Golden common stock will no longer be listed on NASDAQ.
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VICI to repay debt of $426m Golden Entertainment is to sell its operating assets to its Chairman and Chief Executive Officer Blake L. Sartini and affiliates, and seven of its casino real estate assets to VICI Properties Inc. in a sale-leaseback transaction. VICI will assume and repay up to $426m of the outstanding debt under…
The post Golden Entertainment to be bought by its Chairman Blake Sartini and enter into sale-leaseback transaction with VICI Properties appeared first on G3 Newswire.