Among
the noteworthy deals of the past week was Vici Properties’ acquisition of seven
casino properties from Golden Entertainment.
LAS VEGAS — New
York City-based REIT Vici Properties has agreed to acquire seven casino
properties from Las Vegas-based Golden Entertainment for $1.16 billion and to
enter into a triple-net master lease with a newly formed entity that will be
owned and controlled by Blake Sartini, current chairman and CEO of Golden.
The entity will acquire Golden’s operating business in connection with the
closing of the transaction.
Golden’s
portfolio includes: The Strat Hotel, Casino & Tower on the North Las Vegas
Strip; Arizona Charlie’s Decatur and Arizona Charlie’s Boulder in the Las Vegas
locals market; Aquarius Casino Resort and Edgewater Casino Resort in Laughlin,
Nevada; and Pahrump Nugget Hotel & Casino and Lakeside RV Park & Casino
in Pahrump, Nevada.
The Golden
portfolio features more than 6,000 hotel rooms. The golden master lease will
have an initial annual rent of $87 million, representing an acquisition cap
rate of 7.5%, and an initial term of 30 years with four five-year tenant
renewal options. Rent under the lease will escalate annually by 2% beginning in
the third lease year.
To download
our list of deals from the past week in Excel format, click here.