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VICI Properties announced a $1.16 billion acquisition agreement for the land, real estate, and improvements of seven casino properties in Nevada, collectively known as the “Golden Portfolio.” The deal was made with Golden Entertainment and includes the implementation of a new triple-net master lease with a newly formed entity owned and managed by Golden.
The Golden Portfolio comprises:
– 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
– Pahrump Nugget Hotel & Casino and Lakeside RV Park & Casino in Pahrump, Nevada
Together, these properties feature approximately 362,000 square feet of casino space, more than 6,000 hotel rooms, 4,306 slot machines, and 78 table games.
The new lease, known as the Golden Master Lease, will begin with an initial annual rent of $87 million, representing an acquisition cap rate of 7.5%. It includes an initial 30-year term and four optional five-year renewals. Beginning in the third year of the lease, rent will escalate annually by 2%.
This strategic acquisition further strengthens VICI’s position in the Las Vegas and greater Nevada gaming and hospitality markets.
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