Key Takeaways
Golden Entertainment has completed its transition to a private, family-owned operation led by Blake L. Sartini, following the closure of a complex transaction on April 30 that involves real estate investment trust VICI Properties Inc.
"We were honored to represent Blake L. Sartini in returning Golden Entertainment to private family ownership," Michael J. Bonner, Co-Managing Shareholder of Greenberg Traurig's Las Vegas office, said in a statement.
Under the terms of the deal, Golden Entertainment shareholders received a $2.75 cash dividend and 0.902 shares of VICI stock for each Golden share. In a related transaction, VICI Properties acquired the real estate assets of seven of Golden's casino resorts, immediately entering into a triple-net master lease with entities controlled by Mr. Sartini.
The move delists Golden Entertainment from public markets, shielding it from the pressures of quarterly earnings and allowing for long-term strategic planning. The deal structure, which separates the property ownership from the casino operations, reinforces the dominant sale-leaseback trend prevalent in the gaming industry, allowing operators to unlock capital from their real estate holdings.
The transaction was handled by a multi-office team from the global law firm Greenberg Traurig, LLP. The deal team was led by Tampa Corporate Shareholder Dmitriy A. Tartakovskiy and Las Vegas office Co-Managing Shareholder Jim Mace, alongside Las Vegas Co-Managing Shareholder Michael J. Bonner.
Golden Entertainment will continue to operate its full portfolio of casinos and taverns under the new ownership structure and the master lease agreement with VICI Properties.
This article is for informational purposes only and does not constitute investment advice.
