The Strat Hotel, Casino & Tower in Las Vegas has two owners, depending on what you mean by ownership. VICI Properties, a publicly traded real estate investment trust, owns the land and buildings. Blake Sartini’s family-owned Golden Entertainment operates the casino, hotel, and tower under a 30-year lease. The split took effect on April 30, 2026, when Sartini completed a buyout that took Golden Entertainment private and simultaneously sold the real estate of seven casino properties to VICI for $1.16 billion.
Two Owners, One Property
VICI Properties acquired 100 percent of the land, buildings, and physical improvements at The Strat and six other Golden Entertainment casinos in a sale-leaseback valued at $1.16 billion. In return, entities controlled by Sartini entered a master lease covering all seven properties, with initial annual rent of $87 million, an initial term of 30 years, and four five-year renewal options after that.1U.S. Securities and Exchange Commission. Sale-Leaseback Transaction With Golden Entertainment
The lease is triple-net, meaning the tenant pays property taxes, insurance, and maintenance rather than the landlord. VICI holds the deed and collects rent. Sartini’s company handles everything a guest actually sees: the casino floor, hotel rooms, restaurants, tower attractions, and day-to-day upkeep.
So the practical answer to who runs The Strat is Blake Sartini. The answer to who holds title to the dirt and the building is VICI Properties.
How Golden Entertainment Went Private
Golden Entertainment used to trade on NASDAQ under the ticker GDEN. That ended on April 30, 2026, when Sartini’s buyout closed and the stock was delisted.2The Globe and Mail. Golden Entertainment Announces Delisting and Leadership Transition
The deal valued Golden Entertainment shares at roughly $30 each at announcement, a 41 percent premium over the November 5, 2025 closing price. Shareholders did not simply receive cash. Each share converted into 0.902 shares of VICI common stock plus a $2.75 cash distribution funded by Sartini. VICI also assumed and repaid up to $426 million of Golden Entertainment’s outstanding senior secured debt.3Yahoo Finance. Golden Entertainment to Be Acquired by Blake Sartini and Enter Into Sale-Leaseback Transaction With VICI Properties
Golden Entertainment is now a private, family-owned operation. Sartini founded the company, served as its chairman and CEO through its public years, and now controls it outright without public shareholders or SEC quarterly filings.4Greenberg Traurig, LLP. Greenberg Traurig Represents Blake L. Sartini in Acquisition of Golden Entertainment and Its Transition to Private, Family-Owned Operation
What Guests and the Property Look Like Now
For visitors, little changed. The same operator runs the casino, the same leadership makes decisions, and the same staff keep the tower’s observation deck and thrill rides going. The Strat’s 1,149-foot tower remains the tallest freestanding observation tower in the United States, and Golden Entertainment continues to market it as a flagship property.5The STRAT Hotel, Casino & Tower. Attractions – The STRAT Hotel, Casino & Tower
Behind the scenes, the economics shifted. Golden Entertainment no longer owns the real estate beneath The Strat, so it cannot borrow against the property or sell it. It pays rent to VICI and puts its capital toward operations, renovations, and guest experience instead.
How The Strat Got Here
The Strat sits on the ground where Bob Stupak once operated Vegas World. Vegas World closed in February 1995 to make way for the Stratosphere project, which opened the following year with its signature tower. Construction had begun in 1992.
The property later belonged to American Casino & Entertainment Properties. Golden Entertainment acquired ACEP in 2017 for approximately $850 million, consisting of $781 million in cash and about $69 million in Golden Entertainment stock issued as roughly four million shares.6U.S. Securities and Exchange Commission. Golden Entertainment Investor Presentation January 2018 That purchase gave Golden Entertainment full control of the tower, the hotel, and the casino. It also set up the portfolio that Sartini eventually took private, with VICI taking the real estate in the same transaction.