Casino landlord Vici Properties owns major resorts up and down the Strip, from Mandalay Bay to The Venetian.
Now, the real estate investment firm is expanding its holdings in Southern Nevada with another $1 billion deal.
Vici announced Thursday that it is buying The Strat and six other casino properties from Golden Entertainment for $1.16 billion and leasing them back to Golden founder Blake Sartini, who is simultaneously acquiring the company he runs and taking it private.
John Payne, Vici’s president and chief operating officer, said in a press release that the company has sought a foothold in Las Vegas’ local casino market since the company launched, and that the Golden properties have “sticky, sustainable customer bases.”
As part of the sale-leaseback, Vici is also purchasing the properties for the two Arizona Charlie’s properties in Las Vegas; Aquarius and Edgewater resorts in Laughlin; Pahrump Nugget; and Lakeside Casino & RV Park in Pahrump.
Sartini’s initial total annual rent for the seven-property portfolio is $87 million, with rent rising 2 percent annually beginning in the third year of the lease, according to Vici.
The deal is expected to close in mid-2026.
New York-based Vici is the largest property owner in Las Vegas’ famed casino corridor, with such holdings as Caesars Palace, MGM Grand, Luxor and other huge hotel-casinos.
It does not operate resorts here but collects rent from companies that do, including MGM Resorts International and Caesars Entertainment Inc.
This is a development story. Check back for updates.
Contact Eli Segall at esegall@ theplayerlounge.com or 702-383-0342.
