Nevada Regulators Approve Golden Entertainment Going Private

The casino operator cites a lagging stock price and investors not properly valuing the company as reasons for the move.

Apr. 8, 2026 at 10:54pm

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A photorealistic studio still life featuring a stack of casino chips, a gold-plated casino token, and a polished metal dice, conceptually representing the abstract corporate strategy and finance behind Golden Entertainment's transition to private ownership.A minimalist still life captures the financial complexities behind Golden Entertainment's decision to go private and partner with a major casino real estate firm.Las Vegas Today

The Nevada Gaming Control Board has approved Golden Entertainment's plan to go private. CEO Blake Sartini told regulators that a lagging stock price and investors not properly valuing the casino operator were the main reasons behind the decision. The company will sell its operating assets to Sartini and affiliates and its casino real estate assets to VICI Properties through a sale-leaseback arrangement. Golden Entertainment operates seven casino properties in Nevada as well as 72 gaming taverns.

Why it matters

The move to go private will allow Golden Entertainment to take a longer-term approach and be more selective and patient in pursuing growth opportunities, without the pressure of quarterly reporting and Wall Street expectations. It also highlights the ongoing shift in the gaming industry, with more mid-market operators choosing to operate privately rather than deal with the demands of being a public company.

The details

Under the deal, VICI Properties will become Golden Entertainment's real estate partner for seven Nevada casino properties, including the flagship STRAT Hotel, Casino & Tower on the Las Vegas Strip. Golden will continue to own the real estate for its Gold Town Casino in Pahrump. The company will also retire its debt in the transaction, which will improve its cash flow going forward. Golden Entertainment has about 5,000 employees and plans to open one to two new taverns per year as part of the private transition.

  • The Nevada Gaming Control Board approved the move on April 8, 2026.
  • The deal will go before the Nevada Gaming Commission on April 23, 2026.
  • Shareholders approved the $30 per share deal last week, up from $20 per share prior to the announcement.

The players

Blake Sartini

CEO of Golden Entertainment, who previously worked as a craps dealer at the El Cortez in downtown Las Vegas.

VICI Properties

The real estate investment trust that will acquire the casino real estate assets of Golden Entertainment through a sale-leaseback arrangement.

George Assad

A member of the Nevada Gaming Control Board who expressed concerns about VICI potentially becoming a monopoly landlord for Golden Entertainment's properties.

Mike Dreitzer

The chair of the Nevada Gaming Control Board who asked Sartini about the advantages of going private.

Charles Protell

The Chief Financial Officer of Golden Entertainment who provided details on the financing and lease arrangements with VICI.

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What they’re saying

“From an institutional-investor standpoint, our company became too small to gain attention from the public market. Additionally, a lack of significant organic growth catalyst further limited investor interest.”

— Blake Sartini, CEO, Golden Entertainment

“Sometimes in the public market, you get a quarter-to-quarter report card, and every quarter that goes by there's expectations. Although those expectations may or may not get met, you may get rewarded or you may not. I have always taken a long-term approach to our business and as it has grown pretty significantly over the years, we have made very prudent financial and operational decisions to protect the amount of jobs we provide the industry and shareholder value. Being a private company will allow us to be more selective and patient.”

— Blake Sartini, CEO, Golden Entertainment

“It is basically getting rid of the yoke around your neck. I'm surprised it took you this long to do it. A lot of great operators are private, like Michael Gaughan (South Point) and Phil Ruffin (Treasure Island) and want to remain private. You don't have to worry about corporate raiders trying to take advantage and manipulate your stock and shareholders threatening you.”

— George Assad, Member, Nevada Gaming Control Board

What’s next

The deal will go before the Nevada Gaming Commission on April 23, 2026 for final approval.

The takeaway

Golden Entertainment's decision to go private reflects a broader trend in the gaming industry, as mid-market operators seek to avoid the pressures of public markets and quarterly reporting in favor of a more patient, long-term approach. The move also highlights the growing influence of real estate investment trusts like VICI in the casino industry.