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Real Estate Transactions
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Real Estate Transactions Real Estate Transactions
2026 Activity
Property Acquisitions and Investments
Gamehost Transaction
On June 24, 2026, we closed on the previously announced transaction to acquire the real estate assets of Deerfoot Inn & Casino, Great Northern Casino and two limited-service hotels that are adjacent to Great Northern Casino (collectively, the “Gamehost Portfolio”) located in Alberta, Canada (the “Gamehost Transaction”), in connection with Pure Casino Entertainment Limited Partnership’s (“PURE”) take-private acquisition (the “PURE Gamehost Acquisition”) of Gamehost Inc. (“Gamehost”), for an aggregate purchase price of C$200.6 million (approximately US$141.0 million based on the exchange rate at the time of the transaction closing). We financed the Gamehost Transaction with a combination of cash on hand and a C$185.0 million (approximately US$130.0 million based on the exchange rate at the time of the transaction closing) draw under our Revolving Credit Facility.
Simultaneous with the closing of the PURE Gamehost Acquisition, the Gamehost Portfolio was added to the existing triple-net master lease agreement between us and PURE (the “PURE Master Lease”) and annual rent increased by C$16.1 million (US$11.3 million based on the exchange rate at the time of the transaction closing). The Gamehost Portfolio rent will escalate at 1.0% on February 1 following the first full 12 months post-closing (consistent with the timing of escalation under the PURE Master Lease), and subsequent escalation will conform to the PURE Master Lease thereafter at the greater of 1.5% or the change in Canadian CPI (capped at 2.5%). Additionally, the term of the PURE Master Lease was extended such that, as of closing of the PURE Gamehost Acquisition, the PURE Master Lease has a full 25 years remaining in the initial lease term, with four 5-year tenant renewal options. The tenant’s obligations under the PURE Master Lease continue to be guaranteed by Indigenous Gaming Partners Inc.
We determined that (i) the Gamehost Transaction should be accounted for as an asset acquisition under ASC 805-50 and (ii) the Gamehost Portfolio component of the PURE Master Lease meets the definition of a separate contract under ASC 842. In accordance with this guidance, we are required to separately assess the lease classification apart from the other assets in the PURE Master Lease and determined that the land and building components of the Gamehost Portfolio under the PURE Master Lease meet the definition of a sales-type lease. Accordingly, the Gamehost Portfolio under the PURE Master Lease is
accounted for as Investments in leases – sales-type on our Balance Sheet while the existing assets under the PURE Master Lease continue to be accounted for as Investments in leases - financing receivables.
Club Med St. Croix Transaction
On June 15, 2026, we announced the acquisition and planned redevelopment of the Carambola Beach Resort (the “St. Croix Resort”), located in the U.S. Virgin Islands, in association with affiliates of Club Med Group (“Club Med”). Following our acquisition of the St. Croix Resort for $20.3 million, we entered into a triple-net lease with Club Med (the “Club Med Lease”) and have agreed to fund Club Med’s $55.2 million redevelopment of the St. Croix Resort through a build-to-suit structure (collectively with the acquisition, the “Club Med St. Croix Transaction”).
The initial purchase and costs associated with the development and improvement of the asset, which include ongoing funding for improvements, capitalized interest and development fees, are capitalized as incurred and are accounted for as Real estate under development on our Balance Sheet. As the lessee does not have the right to control the use of the property during the development period, lease commencement under ASC 842 has not yet occurred.
Golden Entertainment Transaction
On April 30, 2026, we closed on the previously announced transaction to acquire 100% of the land, real property and improvements of seven casino properties (the “Golden Portfolio”) from Golden Entertainment, Inc. (“Golden Entertainment”) for $1.15 billion and entered into a triple-net master lease (the “Golden Entertainment Master Lease”) with a newly formed entity (“Golden OpCo”) owned and controlled by Blake L. Sartini, former chairman and chief executive officer of Golden Entertainment (the “Golden Entertainment Transaction”), which entity acquired the operating business of Golden Entertainment in connection with the closing of the transaction. The Golden 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 Entertainment Master Lease has an initial total annual rent of $87.0 million and an initial term of 30 years, with four 5-year tenant renewal options. Rent under the Golden Entertainment Master Lease will escalate annually at 2.0% beginning in Lease Year 3. The obligations of Golden OpCo under the Golden Entertainment Master Lease are guaranteed by a holding company owned and controlled by Mr. Sartini, which owns all of the gaming and operating assets formerly owned by Golden Entertainment, with additional credit support provided by financial covenants within the lease.
Pursuant to the terms of the master transaction agreement governing the Golden Entertainment Transaction, former Golden Entertainment shareholders received approximately 24.3 million shares of newly issued VICI stock in exchange for the outstanding shares of Golden Entertainment stock upon closing, which represented an agreed-upon exchange ratio of 0.902 shares of VICI’s common stock per share of Golden Entertainment’s common stock based on VICI’s 10-day volume weighted average price as of November 5, 2025, as well as cash consideration paid by an affiliate of Golden OpCo. In connection with the transaction, we repaid Golden Entertainment’s outstanding $426.0 million of debt.
We determined that the Golden Entertainment Transaction should be accounted for as an asset acquisition under ASC 805-50, with $1.15 billion of total consideration transferred comprised of the following:
(In thousands)Amount
Merger Consideration (1)
$709,468 
Repayment of Golden Entertainment outstanding debt (2)
426,000 
Transaction costs (3)
13,230 
Total purchase price$1,148,698 
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(1) Amount represents the dollar value of approximately 24.3 million shares of VICI common stock, multiplied by the VICI stock price at the time of closing of $29.20 per share, which were issued in exchange for the outstanding shares of Golden Entertainment stock.
(2) Represents the total amount paid to retire Golden Entertainment’s outstanding debt. In connection with the Golden Entertainment Transaction, such amount was repaid in full and the related credit agreements were terminated.
(3) In accordance with ASC 805-50, all direct and incremental costs related to the Golden Transaction, primarily related to success-based fees and third-party advisory fees, were included in the consideration transferred.
Further, we assessed the lease classification under ASC 842 and determined the land and building components of the Golden Entertainment Master Lease meet the definition of a sales-type lease. Since we purchased and leased the assets back to an affiliate of the seller under a sale leaseback transaction, control is not considered to have transferred to us under GAAP and accordingly, the Golden Entertainment Master Lease is accounted for as Investments in leases – financing receivables on our Balance Sheet.
Leasing
Northfield Park Severance Lease
On April 21, 2026, we entered into a new triple-net lease agreement (the “Northfield Park Lease”) with an affiliate of funds managed by Clairvest Group Inc. (“Clairvest”) with respect to the real property of MGM Northfield Park, located in Northfield, Ohio (“Northfield Park”), in connection with MGM’s previously announced agreement to sell the operations of Northfield Park, to an affiliate of Clairvest. In connection with the closing, we entered into an amendment to the existing MGM Master Lease in order to account for MGM’s divestiture of the operations of Northfield Park and to reduce the annual base rent under the MGM Master Lease by the initial base rent under the Northfield Park Lease. The Northfield Park Lease has an initial annual base rent of $53.0 million. On May 1, 2026, concurrent with the escalation of the MGM Master Lease, the Northfield Park Lease escalated by 2.0%, resulting in an annual base rent of $54.0 million. The Northfield Park Lease has a 25-year lease term with three 10-year tenant renewal options, with other economic terms substantially similar to the MGM Master Lease, including escalation of 2.0% per annum on May 1st each year (with escalation equal to the greater of 2.0% and the change in CPI (capped at 3.0%) beginning at the same time as the MGM Master Lease in 2032) and a minimum capital expenditure requirement equal to 1.0% of annual net revenue. The Northfield Park Lease is guaranteed by an affiliate of funds managed by Clairvest that owns the operations of Northfield Park, with additional credit support provided by financial covenants within the lease.
We assessed the lease classification of the land and building components of the Northfield Park Lease and determined it to be a sales-type lease. Accordingly, we reclassified the fair value of the Northfield Park Lease from Investments in leases – financing receivables to Investments in leases – sales-type as of the transaction date.
Real Estate Debt Investments
The following table summarizes our real estate debt investment activity during the six months ended June 30, 2026:
(In thousands)
Investment NameMaximum Principal AmountInvestment TypeCollateral
One Beverly Hills Loan$1,500,000 MezzanineLuxury experiential lifestyle hub in Beverly Hills, California
Chelsea Piers Stamford Loan10,000 Senior Secured LoanCertain equipment of the fitness club in Stamford, Connecticut
Chelsea Piers Jersey City Loan6,000 Senior Secured LoanCertain equipment of the fitness club in Jersey City, New Jersey
Total$1,516,000 
One Beverly Hills Mezzanine Loan
On March 23, 2026, we provided a $1.5 billion mezzanine loan that is subordinate to a $2.8 billion senior loan commitment led by J.P. Morgan as part of the construction financing for One Beverly Hills, a landmark 17.5-acre luxury experiential lifestyle hub in Beverly Hills, California (“One Beverly Hills”). The mezzanine loan represents a $1.05 billion incremental commitment beyond our previous $450.0 million investment in the project, which was repaid in connection with the refinancing. One Beverly Hills is being developed by Cain and will be anchored by Aman Beverly Hills, featuring an Aman Hotel and Aman-branded residences, and includes a full-scale refurbishment of The Beverly Hilton, additional retail, food and beverage offerings, and 10 acres of botanical gardens and open space. Construction of the development has commenced and is expected to be completed in 2028.
The mezzanine loan has an initial term of 4 years with one 12-month extension option, subject to certain conditions, and will be funded over the course of the initial term.