Golden Entertainment CEO Blake Sartini buys the company while an outside landlord buys The Strat and other casinos and leases them back to the new owner.
Las Vegas-based Golden announced Thursday that it reached an agreement to sell its operating assets to Sartini, the company’s chairman and chief executive, and seven of its casino properties to Vici Properties.
Overall, the deal is valued at $30 per share, Golden said in a press release, without giving a total total value of the transaction.
Vici announced it is buying the casino properties from Golden for $1.16 billion and leasing them to Sartini for an initial total annual rent of $87 million.
The portfolio includes The Strat, the two Arizona Charlie’s properties in Las Vegas, the Aquarius and Edgewater resorts in Laughlin and the Pahrump Nugget.
This is a development story. Check back for updates.
Contact Eli Segall at esegall@ theplayerlounge.com or 702-383-0342.
