VICI Properties Expands Las Vegas Portfolio With 7 Nevada Casinos

VICI Properties has expanded its real estate holdings in Nevada through a $1.16 billion sale-leaseback transaction with Golden Entertainment. The deal grants the real estate investment trust ownership of seven casino properties located across Las Vegas, Laughlin, and Pahrump.

The acquisition follows the approval of a go-private transaction for Golden Entertainment by its shareholders. As part of the agreement, Golden Entertainment is transitioning to private ownership while founder Sartini remains in charge of the operations.

Strategic Expansion into Local Gaming

The addition of these seven properties allows VICI Properties to establish a presence in the local gaming segment. This market primarily targets residents of Nevada rather than the tourists who frequent the Las Vegas Strip.

Prior to this deal, VICI’s portfolio included more than a dozen resorts on the Strip, as well as properties in Laughlin and South Lake Tahoe. The company had identified the locals market and downtown Las Vegas as key areas for growth, as these regions were previously absent from its portfolio of 54 casinos across 15 states.

VICI Chief Financial Officer David Kieske stated that meeting with Golden Entertainment’s leadership had been a priority over the last few years. This objective aligns with a broader growth strategy that included a $4 billion purchase of the Venetian Expo, Palazzo, and The Venetian.

Transaction Details and Operational Impact

The $1.16 billion deal is structured as a sale-leaseback, a common arrangement for real estate investment trusts where the REIT purchases the land and buildings while the operator continues to manage the business via a lease agreement.

The portfolio includes assets in three distinct Nevada locations:

• Las Vegas
• Laughlin
• Pahrump

The acquisition includes an icon on the Las Vegas skyline, further strengthening VICI’s foothold in the gaming real estate market.

While VICI now owns the real estate, the operational management remains with Golden Entertainment. This structure ensures that the gaming and hospitality services continue under the leadership of the company’s founder.

Industry Context

The move comes amid a trend of gaming companies separating their real estate assets from their operational businesses. However, not all industry leaders agree with this model. John Farahi, owner of the Atlantis Hotel and Casino, previously expressed opposition to selling real estate to REITs, suggesting that while there is a short-term gain, the long-term value of owning the land is significant.

Despite such industry perspectives, VICI has continued to aggressively expand its footprint. The company’s strategy involves securing high-value gaming assets to diversify its holdings and increase its presence in both the tourist-heavy Strip and the resident-focused suburban markets.