VICI Properties Inc. Closes Sale-Leaseback Transaction With Golden Entertainment

NEW YORK--(BUSINESS WIRE)--Apr 30, 2026--

VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Company”) today announced the closing of the previously announced $1.16 billion acquisition of 100% of the land, real property and improvements of seven casino properties from Golden Entertainment, Inc. (NASDAQ: GDEN) (“Golden Entertainment”). VICI has entered into a triple-net master lease with a newly formed entity that is owned and controlled by Blake L. Sartini, former chairman and chief executive officer of Golden Entertainment, which has acquired the operating business of Golden Entertainment (“Golden OpCo”).

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Key Comments

Pursuant to the master transaction agreement, Golden Entertainment shareholders have received approximately 24.3 million shares of newly issued VICI stock in exchange for the outstanding shares of Golden Entertainment stock, which represents an agreed-upon exchange ratio of 0.902 per share of Golden Entertainment’s common stock based on VICI’s 10-day volume weighted average price as of November 5, 2025, as well as cash consideration that is payable by an affiliate of the Golden OpCo. In connection with the closing of the transaction, VICI has assumed and immediately retired Golden Entertainment’s outstanding $426 million of debt using a combination of cash on hand and net proceeds from the settlement of outstanding forward sale agreements.

Deutsche Bank Securities Inc. acted as VICI’s financial advisor, and Hogan Lovells US LLP and Herbert Smith Freehills Kramer LLP served as legal advisors to VICI.

About VICI Properties

VICI Properties Inc. is an S&P 500 ® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 100 experiential assets across a geographically diverse portfolio consisting of 61 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features over 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com.

About Golden Entertainment

Golden Entertainment operates a diversified entertainment platform of gaming and hospitality assets. The Company operates eight casinos and 73 gaming taverns in Nevada, featuring approximately 5,500 slots, 80 table games and 6,000 hotel rooms. For more information, visit www.goldenent.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the Company’s control and could materially affect VICI’s actual results, performance, achievements, or VICI’s ability to achieve the benefits contemplated by the transaction. Other important risk factors that may affect the Company’s business, results of operations and financial position (including risks relating to the Company’s pending transactions) are detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

Press Release Category: Transactions

The STRAT, Las Vegas, Nevada

WASHINGTON (AP) — President Donald Trump said Thursday he is removing certain tariffs on Scotch whisky after this week’s White House visit by King Charles III and Queen Camilla of the United Kingdom.

“The King and Queen got me to do something that nobody else was able to do, without hardly even asking!” Trump posted on social media.

Trump said people had wanted this change, especially with regard to the wooden barrels in which the spirits of Scotch and bourbon can be aged. It was not quite clear from the language of Trump's post whether the import taxes were fully removed or only on products integral to the production of spirits in both the U.S. and the United Kingdom. The White House did not respond to emails seeking clarification.

The president, answering questions from reporters in the Oval Office, said the tariffs were lifted to specifically enhance the trade of barrels between Scotland and Kentucky, which produces almost all of the world's bourbon. The barrels are used to age the alcohol.

“I just took all the restrictions off so Scotland and Kentucky can start dealing again,” Trump said.

Still, John Swinney, Scotland's first minister, interpreted the president's statement as a removal of tariffs on Scotch itself, calling it a “tremendous success” for his country.

“People’s jobs were at stake. Millions of pounds were being lost every month from the Scottish economy," said Swinney, expressing gratitude to both Trump and King Charles III.

Trump has used alcohol as a pressure point in his tariff threats. Last year, he threatened a 200% tariff on European wine — a major potential blow to French and Italian vineyards that never came to fruition.

Foreign countries have responded in turn with threats on bourbon and other American products.

In the end, the Trump administration exempted cork from tariffs, a huge relief to Portugal, the leading supplier of the material used to cap wine bottles.

Chris Swonger, president and CEO of the Distilled Spirits Council in the U.S., interpreted Trump’s post as a removal of the 10% tariff on whisky from the United Kingdom.

“We applaud President Trump for working to restore a proven zero‑for‑zero model of fair, reciprocal trade between our two nations,” Swonger said in a statement. “This action strengthens transatlantic ties, brings much‑needed certainty to our industry and allows spirits producers on both sides of the Atlantic to grow, invest and support jobs at a critical time.”

AP correspondent Jill Lawless contributed from London.

President Donald Trump and first lady Melania Trump bid farewell to Britain's King Charles III and Queen Camilla on the South Lawn of the White House, Thursday, April 30, 2026, in Washington. (AP Photo/Manuel Balce Ceneta)

Britain's King Charles III walks to his vehicle during the departure from the South Lawn of the White House, Thursday, April 30, 2026, in Washington. (AP Photo/Alex Brandon)