VICI Properties has acquired The Strat (pictured) and 6 different Vegas and Nevada casinos in a $1.16bn sale-leaseback deal. [Image: Shutterstock.com]
Actual Property Funding Belief (REIT) large VICI Properties has made a significant strategic transfer in buying land and actual property belonging to seven Nevada on line casino properties from Golden Leisure Inc. for $1.16bn.
The deal is headlined by essentially the most recognizable property within the Nevada-based Golden’s portfolio, The STRAT Lodge, On line casino & Tower on the north finish of the Las Vegas Strip.
At a basic strategic degree, the transaction additionally anchors VICI’s long-sought entry into the profitable Las Vegas Locals Market (LM), the second-largest US gaming market in 2024, and one VICI wished in on “since our inception.”
sticky, sturdy buyer bases”
VICI President & COO John Payne added within the Golden information launch that his REIT was “thrilled to accumulate seven new belongings throughout the state of Nevada with sticky, sturdy buyer bases.”
Apart from the Strat, the six different properties embody two Arizona Charlie’s in Decatur and Boulder, a part of the Vegas LM, and Aquarius On line casino Resort, Edgewater On line casino Resort, Pahrump Nugget Lodge & On line casino, and Lakeside RV Park & On line casino masking the Nevada LM.
The deal, which is ready to shut in the midst of subsequent yr, arms VICI possession of over 6,000 resort rooms and 4,300 slot machines throughout Nevada and entrenches its place because the US’s largest gaming sector landlord.
The transaction, structured as a 30-year sale-leaseback, instantly presents VICI with a steady, long-term income stream, with an preliminary annual lease of $87m.
VICI is taking duty for and paying off Golden’s $426m debt, which can bankroll the Nevada agency’s deliberate transition into a non-public entity centered completely on on line casino operations. Golden’s CEO Blake L. Sartini known as the sale-leaseback deal “the suitable subsequent step” for his agency.
