VICI Properties announces closing date for sale-leaseback transaction with Golden Entertainment
The transaction is expected to close on or around April 30.
US.- VICI Properties has announced that all gaming regulatory and shareholder approvals have been met for the previously announced $1.16bn acquisition of the land, real property, and improvements of seven casino properties from Golden Entertainment. The transaction is expected to close on or around April 30, subject to remaining customary closing conditions.
VICI stated that upon closing, it will enter into a triple-net master with a newly formed entity owned by Blake L. Sartini, chairman and CEO of Golden Entertainment, which entity will have acquired Golden’s operating business.
Golden Entertainment shareholders will receive approximately 24.3 million shares of newly issued VICI stock in exchange for the outstanding shares of Golden stock. VICI will assume and immediately retire Golden Entertainment’s outstanding $426m of debt using a combination of cash on hand and net proceeds from the settlement of outstanding forward sale agreements.
The company added that the Golden Master Lease will have an initial total annual rent of $87.0m and an initial term of 30 years, with four 5-year tenant renewal options.
In March, VICI Properties announced a CAD$200.6m ($144.4m) acquisition of the real estate assets of Deerfoot Inn & Casino, Great Northern Casino and two limited-service hotels that are adjacent to the Great Northern Casino, in Alberta, Canada. The deal is connected with Pure Casino Entertainment Partnership’s pending take-private acquisition of Gamehost.
