The company will sell its operating assets to Blake L. Sartini and seven casino real estate assets to VICI Properties in a sale-leaseback transaction.
US.- Golden Entertainment has has entered into a definitive agreement to sell its operating assets to company CEO Blake L. Sartini and seven of its casino real estate assets to VICI Properties in a sale-leaseback transaction. Stockholders will receive a fixed exchange ratio of 0.902 shares of VICI common stock for the sale of the real estate and a cash distribution of $2.75 for each share held at the closing of the transaction.
An independent committee of the board of directors evaluated the transaction and recommended that the stockholders approve it.
Blake L. Sartini, chairman and chief executive officer of Golden Entertainment, 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”.
Charles Protell, president and chief financial officer of Golden Entertainment, added: “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.”
John Payne, president and chief operating officer of VICI, commented: “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.”
The company has also released its financial results for the third quarter ended September 30. Revenue totalled $154.8m, compared to $161.2m in the same period in 2024. Net loss was $4.7m compared to net income of $5.2m for the third quarter of 2024. Adjusted EBITDA totalled $30.5m compared to $34m.
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