Famous Las Vegas Strip casino sold in unexpected $1.16 billion deal

One of the most famous properties on the Las Vegas Strip will have a new owner.
It’s very rare for a Strip resort/casino to be sold.
While there will be a new owner, customers may not notice any changes to the property.

As the Las Vegas Strip has struggled over the past few months, the 4.6-mile stretch of road has become one of the most expensive places on the planet to do business.

It’s very rare that a casino on the Las Vegas Strip changes ownership because the properties have become so valuable.

“Strip land is now going for $30 million or more per acre for premium parcels, setting all-time highs,” CBRE Vice President Michael Parks told the Las Vegas Review-Journal in 2024.

And, while the northern section of the Las Vegas Strip has struggled to gain the same traction as the central and south sections dominated by Caesars Entertainment and MGM Resorts International, that area has seen growing investment.

Resorts World Las Vegas, which opened during the Covic pandemic, and Fontainebleau Las Vegas, which opened in 2024 after a 16-year construction odyssey, have brought new attention to the area.

Now, the northernmost property on the Las Vegas Strip, The Strat, has a new owner.

The Strat has always been one of the most visually striking properties on the Las Vegas Strip, but it has struggled in recent years.

As a regular Las Vegas Visitor, I have always seen The Strat as a last-choice property. You can usually book a room there for under $50, often around $20, and while the resort/casino has some iconic attractions, it’s dated and not really a major draw for tourists.

The property’s owner, Golden Entertainment, did invest $30 million in the property in 2023, with the goal of having it ready for 2024’s Super Bowl and Formula 1 race.

Golden Entertainment CFO Charles Protell told Casino USA at the time that the company still sees a lot of potential for improvement at The Strat, citing 2019 results where the property’s occupancy was stable at almost 90%.

“If the Las Vegas venue manages to reach the same occupancy rate this year, it would generate an additional $30 million in revenue, and nearly $20 million in adjusted earnings, based on current room rates, guest spend, and margin flow through,” Protell said.

Ultimately, the race, which helped fill rooms across much of the Las Vegas Strip, did not help The Strat.

“Unfortunately, we did not see any benefit from the Formula 1 initial race in Las Vegas with The Strat’s EBITDA down about $800,000 year-over-year,” Protell told KTNV. “Despite the disappointing F1 experience for us, Strat occupancy in Q4 was 79%, up 2% over last year, with the weekends full and the midweek occupancy improving but still low compared to 2019.”

Now, the resort casino has been sold as part of a $1.16 billion deal with Vici Properties, the owner of many Las Vegas Strip resort casinos, which generally leases those properties back to casino operators including MGM and Caesars.

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Vici has purchased what’s known as the “Golden Portfolio.”

“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,” according to a press release.

“The Golden Portfolio features approximately 362,000 square feet of casino space, over 6,000 hotel rooms, 4,306 slot machines, and 78 table games.”

The Strat sits at the northernmost part of the Las Vegas Strip.

1980s: The site originally hosted Vegas World, a casino owned by Bob Stupak, known for its eccentric promotions.
1989: Stupak proposed building the world’s tallest observation tower as an addition to Vegas World.
1991: Construction began on the tower, designed by architect Ned Baldwin.
1993: A major fire during construction caused significant delays.
April 30, 1996:Stratosphere Las Vegas officially opened, featuring a 1,149-foot observation tower — the tallest freestanding observation tower in the U.S.
Initial cost: Approximately $550 million.
1996: Financial difficulties soon followed; the resort filed for bankruptcy less than a year after opening due to cost overruns and lower-than-expected visitation.
1998: Carl Icahn’s American Casino & Entertainment Properties (ACEP) acquired the Stratosphere out of bankruptcy.
2001–2010: Periodic renovations added thrill rides including Big Shot (1996), Insanity (2005), and X-Scream (2003).
2008: The SkyJump Las Vegas attraction was introduced, allowing visitors to leap off the tower in a controlled descent.
2017:Golden Entertainment purchased the Stratosphere and ACEP properties for roughly $850 million.
2019: The resort underwent a $140 million renovation and was officially rebranded as The Strat Hotel, Casino & SkyPod.
Updates included: New rooms, restaurants (like Top of the World and BLVD & Main Taphouse), and a refreshed casino floor.
2020-2021: The Strat completed its modernization efforts amid the Covid pandemic.
2024: The Strat continues to operate under Golden Entertainment, maintaining its status as an iconic landmark and the northern anchor of the Las Vegas Strip.
2025: Sold to Vici Properties.
Source: Historic Las Vegas Project

While the property is changing owners, its operations won’t be all that different. The Strat’s new owner is signing a triple-net master lease with a newly formed entity that will be owned and controlled by Blake L. Sartini, current chairman and chief executive officer of Golden.

That company will acquire the operating business of Golden in connection with the closing of the transaction.

“The Golden Master Lease will have an initial total annual rent of $87.0 million, representing an acquisition cap rate of 7.5%, and an initial term of 30 years, with four 5-year tenant renewal options. Rent under the Golden Master Lease will escalate annually at 2.% beginning in Lease Year 3,” Vici Properties shared.

When the deal closes, Golden OpCo will become Vici’s fifth-largest tenant by annualized cash rent and fifteenth tenant overall.

“Vici has sought exposure to the attractive Las Vegas Locals gaming market since our inception, and we are thrilled to acquire seven new assets across the state of Nevada with sticky, durable customer bases. We look forward to initiating a partnership with Golden, having long admired the ability of Blake and the Golden team to operate within the various dynamics of the Nevada gaming market,” Vici Properties President John Payne said.

The transaction is expected to close in mid-2026.

2000: Bellagio: Sold by Mirage Resorts to MGM Grand Inc. as part of a $6.4 billion merger forming MGM Mirage (now MGM Resorts International).
2005: Caesars Palace: Acquired by Harrah’s Entertainment (later renamed Caesars Entertainment) in its $9 billion purchase of Caesars Entertainment Inc.
2005: Mandalay Resort Group properties (including Mandalay Bay, Luxor, Excalibur): Bought by MGM Mirage for $7.9 billion.
2006: Tropicana Las Vegas: Sold to Columbia Sussex for $2.1 billion.
2007: Planet Hollywood Resort & Casino: Formerly the Aladdin, rebranded and later sold to Caesars Entertainment in 2010.
2007: Riviera: Sold to Riviera Holdings Corp., later acquired by Las Vegas Convention and Visitors Authority (LVCVA) in 2015 for demolition.
2008: Treasure Island: MGM Mirage sold it to billionaire Phil Ruffin for $775 million.
2012: Sahara Las Vegas: Purchased by SBE Entertainment Group and later by Meruelo Group (2018).
2014: Cosmopolitan of Las Vegas: Deutsche Bank sold it to Blackstone Group for $1.73 billion.
2015: Tropicana Las Vegas: Sold by Tropicana Entertainment to Penn National Gaming for $360 million.
2016: Monte Carlo Resort: MGM Resorts began transforming it into Park MGM and NoMad Las Vegas (completed 2018).
2017: Stratosphere (The Strat): Sold by American Casino & Entertainment Properties to Golden Entertainment for $850 million.
2019: Circus Circus: MGM Resorts sold to Phil Ruffin for $825 million.
2021: Cosmopolitan of Las Vegas: Blackstone sold operations to MGM Resorts International and real estate to Blackstone REIT and partners.
2021: The Venetian, Palazzo, and Sands Expo Center: Las Vegas Sands Corp. sold them to Apollo Global Management and Vici Properties for $6.25 billion.
2022: Mirage: MGM Resorts sold to Hard Rock International for $1.08 billion; Hard Rock to redevelop it into a guitar-shaped hotel.
2023: Tropicana Las Vegas: Bally’s Corporation confirmed purchase and plans for redevelopment tied to potential Oakland A’s stadium.

This story was originally reported by TheStreet on Nov 7, 2025, where it first appeared in the Travel section. Add TheStreet as a Preferred Source by clicking here.