Casino landlord buying The Strat, other properties for more than $1B in leaseback deal
Summary
Vici Properties, the New York-based real estate investment trust best known as the landlord of major Las Vegas Strip resorts, has agreed to buy The Strat and six other Nevada casino properties from Golden Entertainment for $1.16 billion in a sale-leaseback transaction.
The package includes The Strat, two Arizona Charlie’s properties in Las Vegas, the Aquarius and Edgewater in Laughlin, the Pahrump Nugget and the Lakeside Casino & RV Park in Pahrump. Golden founder Blake Sartini — who is simultaneously buying the company he runs and taking it private — will lease the properties back from Vici.
Initial annual rent for the seven-property portfolio is set at $87 million, with rent rising 2% annually beginning in year three. The deal is expected to close in mid-2026. Vici’s president and COO John Payne said the company has targeted Las Vegas locals markets and values the properties’ “sticky, durable customer bases.” Vici does not operate casinos; it owns the real estate and collects rent from operators.
Key Points
- Vici Properties is buying seven Nevada casino properties from Golden Entertainment for $1.16 billion.
- Properties include The Strat, two Arizona Charlie’s (Las Vegas), Aquarius and Edgewater (Laughlin), Pahrump Nugget and Lakeside Casino & RV Park (Pahrump).
- Transaction is a sale-leaseback: Golden (under Blake Sartini) will continue to operate the properties and pay rent to Vici.
- Initial annual rent is $87 million, with a 2% annual increase starting in year three.
- The deal is expected to close in mid-2026 and coincides with Sartini taking Golden private.
- Vici already owns major Strip real estate (Caesars Palace, MGM Grand, Luxor, etc.) and is expanding into the Las Vegas locals casino market.
Why should I read this?
Short version: this is a big shuffle of Las Vegas real estate. Vici just dropped $1.16bn to snag a clutch of casinos — and that changes who owns the land beneath some familiar Vegas names. If you care about casino operators, real-estate plays, local jobs or investment flows into Southern Nevada, this matters. We read the details so you don’t have to — headline: landlord wins, operator keeps running the show but with a new rent bill.
