# EDGAR Filing Document

**Accession Number:** 0001071255
**File Stem:** 0001193125-25-310152
**Filing Date:** 2025-12
**Character Count:** 210797
**Document Hash:** 69bdf46721a21901aec5ab9eee315f44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-310152.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001193125-25-310152

**CONFORMED SUBMISSION TYPE**: SC 13E3

**PUBLIC DOCUMENT COUNT**: 73

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251205

**GROUP MEMBERS**: ARGENTO, LLC

**GROUP MEMBERS**: BLAKE L. SARTINI

**GROUP MEMBERS**: BLAKE L. SARTINI & DELISE F. SARTINI FAMILY TRUST

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDEN ENTERTAINMENT, INC.
- **CENTRAL INDEX KEY:** 0001071255
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 411913991
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-54993
- **FILM NUMBER:** 251554442

**BUSINESS ADDRESS:**
- **STREET 1:** 6595 S JONES BLVD
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89118
- **BUSINESS PHONE:** 7028914284

**MAIL ADDRESS:**
- **STREET 1:** 6595 S JONES BLVD
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89118

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LAKES ENTERTAINMENT INC
- **DATE OF NAME CHANGE:** 20020806

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LAKES GAMING INC
- **DATE OF NAME CHANGE:** 19980929
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDEN ENTERTAINMENT, INC.
- **CENTRAL INDEX KEY:** 0001071255
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 411913991
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3

**BUSINESS ADDRESS:**
- **STREET 1:** 6595 S JONES BLVD
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89118
- **BUSINESS PHONE:** 7028914284

**MAIL ADDRESS:**
- **STREET 1:** 6595 S JONES BLVD
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89118

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LAKES ENTERTAINMENT INC
- **DATE OF NAME CHANGE:** 20020806

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LAKES GAMING INC
- **DATE OF NAME CHANGE:** 19980929

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 13E-3** 

**(Rule 13e-100)** 

**Rule 13e-3 Transaction Statement Under Section 13(e)** 

**of the Securities Exchange Act of 1934** 

## GOLDEN ENTERTAINMENT, INC.
**(Name of Subject Company (Issuer))** 

**Golden Entertainment, Inc.** 

**Argento, LLC** 

**Blake L. Sartini** 

**Blake L. Sartini and Delise F. Sartini Family Trust** 

**(Names of Filing Persons)** 

**Common Stock, $0.01 par value** 

**(Title of Class of Securities)** 

**381013101** 

**(CUSIP Number of Class of Securities)** 

**Golden Entertainment, Inc.** 

**6595 S. Jones Boulevard** 

**Las Vegas, NV 89118** 

**Attn: Charles Protell, Phyllis Gilland** 

**(Name, address, and telephone number of person authorized to receive notices and communications on behalf of filing persons)** 

***with copies to:***

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| | |
|:---|:---|
| **Steven B. Stokdyk**<br> **Brian P. Duff**<br> **10250 Constellation Boulevard**<br> **Suite 1100**<br> **Los Angeles, CA 90067**<br> **(424) 653-5500** | **Michael J. Bonner**<br> **Laurie Green**<br> **Dmitriy Tartakovskiy**<br> **Greenberg Traurig, LLP**<br> **10845 Griffith Peak Drive**<br> **Suite 600**<br> **Las Vegas, NV 89135**<br> **(702) 792-3773** |

---

This statement is filed in connection with (check the appropriate box):

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| | | |
|:---|:---|:---|
| a. | ☒ | The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934. |
| b. | ☐ | The filing of a registration statement under the Securities Act of 1933. |
| c. | ☐ | A tender offer. |
| d. | ☐ | None of the above. |

---

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☒

Check the following box if the filing is a final amendment reporting the results of the transaction: ☐

**NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THIS TRANSACTION, PASSED UPON THE MERITS OR FAIRNESS OF THIS TRANSACTION, OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS SCHEDULE 13E-3. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.** 

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**INTRODUCTION** 

This Rule 13e-3 Transaction Statement on Schedule 13E-3, together with the exhibits hereto (this "**Transaction Statement**"), is being filed with the Securities and Exchange Commission (the "**SEC**") pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") by (a) Golden Entertainment, Inc., a Minnesota corporation (the "**Company**" or "**Golden**"), (b) Argento, LLC, a Nevada limited liability company ("**OpCo Buyer**"), (c) Blake L. Sartini ("**Mr. Sartini**"), and (d) the Blake L. Sartini and Delise F. Sartini Family Trust (the "**Family Trust**", and together with Golden, OpCo Buyer and Mr. Sartini, the "**OpCo Buyer Filing Parties**"). Collectively, the persons filing this Transaction Statement are referred to as the "Filing Persons".

This Transaction Statement relates to the (1) Master Transaction Agreement, dated November 6, 2025 (as it has been or may be amended, supplemented or modified from time to time, the "**Master Transaction Agreement**"), by and among Golden, OpCo Buyer, VICI Properties Inc., a Maryland corporation ("**PropCo Buyer**"), and VICI ROYAL MERGER SUB LLC, a Delaware limited liability company and a wholly owned subsidiary of PropCo Buyer ("**PropCo Merger Sub**") (collectively referred to as the "**Parties**") (2) the Voting Agreement, dated November 6, 2025 (the "**Voting Agreement**"), by and between Golden, on the one hand, and Mr. Sartini, Delise F. Sartini, Blake L. Sartini II, the Family Trust and the BLAKE LOUIS SARTINI, II Separate Property Trust (collectively, the "**Sartini Shareholders**"), on the other hand and (3) the Limited Guarantee, dated November 6, 2025 (the "**Limited Guarantee**"), by and between Golden, on the one hand, and Mr. Sartini, on the other hand. Terms used but not defined in this Transaction Statement have the meanings assigned to them in the Proxy Statement (as defined below).

The Master Transaction Agreement provides that, subject to the terms and conditions therein, following the Pre-Closing Restructuring and the PropCo Distribution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On the Closing Date, immediately following the PropCo Distribution but prior to the Effective Time, OpCo Buyer
will acquire 100% of the equity interests of New OpCo (the "**OpCo Sale**") for a purchase price in cash equal to $2.75 per share *multiplied* by the aggregate number of Shares issued and outstanding immediately prior to the
Effective Time and, immediately following the consummation of the OpCo Sale, but prior to the Effective Time, Golden will distribute (or cause to be distributed) a dividend, as declared and paid by Golden, in cash in an amount equal to $2.75 per
share to Golden's shareholders as of the Closing (the "**Distribution** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On the Closing Date, immediately following the OpCo Sale and Distribution and at the Effective Time, New
HoldCo will merge with and into PropCo Merger Sub, with PropCo Merger Sub continuing as the surviving entity, and each share of common stock, par value $0.01 per share, of New HoldCo issued and outstanding immediately prior to the Effective Time
will be converted into the right to receive 0.902 (the "**Exchange** Ratio") fully paid and nonassessable PropCo Buyer Shares (such merger, the "**Merger** "), with cash paid in lieu of fractional shares of PropCo Buyer
Shares in an amount equal to such fractional part of a PropCo Buyer Share multiplied by the PropCo Buyer Share VWAP (together with the PropCo Buyer Shares received in connection with the Exchange Ratio mechanic, the "**Merger Consideration** "). At the Effective Time, all such Shares will no longer be outstanding and will automatically be cancelled and will cease to exist, and will thereafter represent only the right to receive the Merger Consideration.

Following the OpCo Sale, OpCo Buyer will own 100% of the equity interests of New OpCo, and indirectly own 100% of the equity interests in the subsidiaries of New OpCo. Following the Merger, PropCo Buyer will own 100% of the equity interests of the Surviving Company and the Subject Properties. Following the Merger, the Surviving Company will use its reasonable best efforts to cause Golden's securities to be de-listed from the Nasdaq and de-registered under the Exchange Act.

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In connection with the Transactions, each Company Option that is outstanding as of the Equity Award Settlement Date will accelerate and become fully vested and exercisable as of the Equity Award Settlement Date. Effective on the Equity Award Settlement Date and prior to the F Reorganization Effective Time, each vested Company Option (after giving effect to such acceleration) that is then outstanding will then be exercised and the holder of such Company Option will receive a number of Shares equal to the excess of (i) the number of Shares underlying such Company Option, over (ii) the number of Shares with a fair market value as of the Equity Award Settlement Date equal to the sum of (x) the exercise price of such Company Option and (y) any applicable Taxes required to be deducted and withheld under applicable Law and in accordance with the Company Equity Plans.

In connection with the Transactions, each Company RSU Award (and any related dividend equivalents) that is outstanding as of the Equity Award Settlement Date will accelerate and become fully vested effective as of the Equity Award Settlement Date. Upon vesting, Golden will promptly issue the number of Shares underlying the vested Company RSU Award (and any related dividend equivalents to be settled in Shares), less the number of Shares with a fair market value as of the Equity Award Settlement Date equal to the amount of the applicable Taxes required to be deducted and withheld under applicable Law and in accordance with the Company Equity Plans (or, with respect to each Company RSU Award (and any related dividend equivalents to be settled in cash) that is to be settled in cash in accordance with its terms, Golden will pay to the Company RSU Award holder a cash payment in an amount equal to the fair market value of the number of Shares underlying the vested Company RSU Award on the date the Company RSU Award is settled and the cash amount of any accumulated dividend equivalents to be paid in cash, less the amount of the applicable Taxes required to be deducted and withheld under applicable Law and in accordance with the Company Equity Plans).

In connection with the Transactions, each Company PSU Award (and any related dividend equivalents) that is outstanding as of the Equity Award Settlement Date will accelerate and become fully vested as of the Equity Award Settlement Date, with any performance metrics with respect to such Company PSU Award deemed met at "target" performance level for any performance period that is not yet complete, as specified in each award agreement with respect to such Company PSU Award, unless a higher achievement level is specified in the applicable award agreement with respect to such Company PSU Award. Upon vesting, Golden will promptly issue the number of Shares underlying the vested Company PSU Award (and any dividend equivalents related thereto to be settled in Shares), less the number of Shares with a fair market value as of the Equity Award Settlement Date equal to the amount of the applicable Taxes required to be deducted and withheld under applicable Law and in accordance with the Company Equity Plans (or, with respect to each Company PSU Award (and any related dividend equivalents to be settled in cash) that is to be settled in cash in accordance with its terms, Golden will pay to the Company PSU Award holder a cash payment in an amount equal to the fair market value of the number of Shares underlying the vested Company PSU Award on the date the Company PSU Award is settled and the cash amount of any accumulated dividend equivalents to be paid in cash, less the amount of the applicable Taxes required to be deducted and withheld under applicable Law and in accordance with the Company Equity Plans).

In connection with the Transactions, each share of Company Restricted Stock converted from a Company RSU Award or Company PSU Award as permitted in accordance with the Master Transaction Agreement (in each case, along with any related dividend equivalents) that is outstanding as of the Equity Award Settlement Date will accelerate and become fully vested effective as of the Equity Award Settlement Date, less the amount of the applicable Taxes required to be deducted and withheld under applicable Law and in accordance with the Company Equity Plans.

Pursuant to the Voting Agreement, the Sartini Shareholders agreed, subject to the terms and conditions of the Voting Agreement, for so long as the Voting Agreement is in effect, that each of the Sartini Shareholders will vote all of the shares owned by such Sartini Shareholders (a) in favor of the approval of the Master Transaction Agreement and the Transactions or any similar proposal required to be approved in order for the Transactions to be consummated and (b) against any Acquisition Proposal, or any other agreement, transaction or other matter that would reasonably be expected to impede, interfere with or materially and adversely affect the consummation of the Merger and/or the Transactions.

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Pursuant to the Limited Guarantee, Mr. Sartini provided Golden, subject to the terms and conditions of the Limited Guarantee, an absolute, irrevocable and unconditional guarantee with respect to the due, punctual and complete payment of the OpCo Buyer Termination Fee of $10,000,000 in accordance with the Master Transaction Agreement, and, by doing so, guaranteed to observe, perform and discharge the obligation of OpCo Buyer to pay such fee, when due and subject to the limitations set forth in the Master Transaction Agreement (the "**Payment Obligations**"). The maximum aggregate liability of Mr. Sartini under the Limited Guarantee will not exceed an amount equal to $10,000,000 (the "**Cap**").

The board of directors of Golden (the "**Board**") formed a committee of the Board comprised solely of Disinterested Directors, each of whom satisfied the applicable criteria under NASDAQ for determining director independence from Golden and the Sartini Shareholders (as defined below), in each case, under the listing standards of NASDAQ (in the case of the Sartini Shareholders, as if the Sartini Shareholders were Golden for purposes of applying such criteria to determine independence from the Sartini Shareholders) and were "disinterested directors" under the MBCA (the "**Independent Committee**") to, among other things, review and evaluate any potential transaction, and if it determined appropriate, to negotiate (or direct the negotiation of) any potential transaction, or, if it determined that a potential transaction was not in the best interests of Golden and its shareholders, to reject any such transaction. The Independent Committee unanimously (i) determined that the Master Transaction Agreement and the transactions and other documents contemplated therein are fair and in the best interests of Golden and its shareholders, (ii) authorized and approved the execution, delivery and performance by Golden of the Master Transaction Agreement, the other transaction documents and the consummation of the Transactions and (iii) recommended that the shareholders of Golden adopt the Master Transaction Agreement and approve the transactions contemplated therein in accordance with Minnesota law. All members of the Independent Committee were present at such meeting.

Consummation of the Transactions are subject to the satisfaction or waiver of the conditions set forth in the Master Transaction Agreement, including, without limitation, approval of the Transactions and Master Transaction Agreement by the affirmative vote of the holders of a majority of the voting power represented by the Shares that are outstanding and entitled to vote thereon. Pursuant to the Voting Agreement, the Sartini Shareholders have agreed, subject to the terms and conditions therein, to vote all Shares beneficially owned by it or them in favor of (i) the approval of the Master Transaction Agreement and the Transactions or (ii) any similar proposal required to be approved in order for the Transactions to be consummated.

Golden will make available to its shareholders a proxy statement (the "**Proxy Statement**", a preliminary copy of which is attached hereto as Exhibit (a)(1), relating to the special meeting of Golden's shareholders, at which Golden's shareholders will consider and vote upon a proposal to approve the Master Transaction Agreement and the Transactions. As of the date hereof, the Proxy Statement is in preliminary form and is subject to competition.

A copy of the Master Transaction Agreement is attached as Annex A to the Proxy Statement and filed as an exhibit hereto as Exhibit (d)(1).

Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all annexes thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3.

All information concerning Golden contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement was supplied by Golden. Similarly, all information concerning each other Filing Person contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement was supplied by such Filing Person. No Filing Person has provided any disclosure with respect to any other Filing Person.

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**SCHEDULE 13E-3 ITEMS** 

**Item 1. Summary Term Sheet.** 

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

**Item 2. Subject Company Information.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Name and Address.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"The Parties to the Transactions"

"Important Information Regarding Golden"

"Important Information Regarding 13E-3 Filing Parties—Name and Address; Business and Background of Schedule 13E-3 Filing Parties"

"Where You Can Find Additional Information"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Securities.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"The Special Meeting—Record Date; Shares Entitled to Vote; Quorum"

"Important Information Regarding Golden—Security Ownership of Certain Beneficial Owners and Management"

"Important Information Regarding Golden—Market Prices and Dividend Data"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Trading Market and Price.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Important Information Regarding Golden—Market Prices and Dividend Data"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Dividends.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Important Information Regarding Golden—Market Prices and Dividend Data"

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Prior Public Offerings.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Important Information Regarding Golden—Prior Public Offerings"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Prior Stock Purchases.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Important Information Regarding Golden—Transactions in Golden's Shares"

**Item 3. Identity and Background of Filing Person.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) – (c) Name and Address; Business and Background of Entities; Business and Background of Natural Persons.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet—The Parties to the Transactions"

"Questions and Answers"

"The Parties to the Transactions"

"Important Information Regarding Golden"

"Important Information Regarding 13E-3 Filing Parties"

"Where You Can Find Additional Information"

**Item 4. Terms of the Transaction.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) – (1) Material Terms**. Tender Offers. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) – (2) Material Terms. Mergers or Similar Transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Transactions"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Opinion of the Independent Committee's Financial Advisor"

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"Special Factors—Plans for Golden After the Transactions"

"Special Factors—Certain Effects of the Transactions"

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"Special Factors—Certain Effects of the Transactions for the OpCo Buyer Filing Parties"

"Special Factors—Certain Effects on Golden if the Transactions are Not Completed"

"Special Factors—Unaudited Prospective Financial Information"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

"Special Factors—Quantification of Potential Payments and Benefits to Golden's NEOs in Connection with the Transactions"

"Special Factors—Intent of Golden's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Material U.S. Federal Income Tax Consequences of the F Reorganization, Distribution and Merger"

"Special Factors—Regulatory Approvals Required for the Transactions"

"Special Factors—Financing of the Transactions"

"Special Factors—Fees and Expenses"

"Description and Comparison of Rights of Golden's Stock Before and After the Transactions"

"The Special Meeting"

"The Master Transaction Agreement"

"Limited Guarantee"

"The Voting Agreement"

"Tax Matters and Indemnity Agreement"

"Exclusivity Agreement"

Master Transaction Agreement attached hereto as Exhibit (d)(1) and is incorporated herein by reference.

Limited Guarantee attached hereto as Exhibits (b)(1) and (d)(2) and is incorporated herein by reference.

Voting Agreement attached hereto as Exhibit (d)(3) and is incorporated herein by reference.

Tax Matters and Indemnity Agreement attached hereto as Exhibit (d)(4) and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Different Terms.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

------

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"Special Factors—Certain Effects of the Transactions for the OpCo Buyer Filing Parties"

"Special Factors—Certain Effects on Golden if the Transactions are Not Completed"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

"Special Factors—Quantification of Potential Payments and Benefits to Golden's NEOs in Connection with the Transactions"

"Special Factors—Intent of Golden's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Financing of the Transactions"

"Special Factors—Fees and Expenses"

"The Master Transaction Agreement"

"The Voting Agreement"

"Limited Guarantee"

"Tax Matters and Indemnity Agreement"

"Exclusivity Agreement"

"Proposal 2: Advisory Compensation Proposal"

Master Transaction Agreement attached hereto as Exhibit (d)(1) and is incorporated herein by reference.

Limited Guarantee attached hereto as Exhibits (b)(1) and (d)(2) and is incorporated herein by reference.

Voting Agreement attached hereto as Exhibit (d)(3) and is incorporated herein by reference.

Tax Matters and Indemnity Agreement attached hereto as Exhibit (d)(4) and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Appraisal Rights.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—No Appraisal or Dissenters' Rights"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Provisions For Unaffiliated Security Holders.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Provisions for Unaffiliated Stockholders"

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Eligibility For Listing or Trading.** Not applicable as the filing person is not offering securities. Please refer to the information set forth on the Proxy Statement under the following captions, which is incorporation herein by reference:

"Summary Term Sheet"

"Special Factors—Plans for Golden After the Transactions"

"The Master Transaction Agreement—Other Covenants"

"Important Information Regarding VICI After the Transactions"

"Where You Can Find Additional Information"

**Item 5. Past Contacts, Transactions, Negotiations, and Agreements.** 

**(a)(1) – (2) Transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Background of the Transactions"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

"Special Factors—Quantification of Potential Payments and Benefits to Golden's NEOs in Connection with the Transactions"

"Special Factors—Intent of Golden's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Financing of the Transactions"

"Special Factors—Fees and Expenses"

"The Master Transaction Agreement"

"Limited Guarantee"

"The Voting Agreement"

"Tax Matters and Indemnity Agreement"

"Important Information Regarding Golden—Prior Public Offerings"

"Important Information Regarding Golden—Transactions in Golden's Shares"

"Important Information Regarding Golden—Past Contracts, Transactions, Negotiations and Agreements"

"Important Information Regarding 13E-3 Filing Parties"

"Proposal 2: Advisory Compensation Proposal"

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Master Transaction Agreement attached hereto as Exhibit (d)(1) and is incorporated herein by reference.

Limited Guarantee attached hereto as Exhibits (b)(1) and (d)(2) and is incorporated herein by reference.

Voting Agreement attached hereto as Exhibit (d)(3) and is incorporated herein by reference.

Tax Matters and Indemnity Agreement attached hereto as Exhibit (d)(4) and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) – (c) Significant Corporate Events; Negotiations or Contacts.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Transactions"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"Special Factors—Plans for Golden After the Transactions"

"Special Factors—Certain Effects of the Transactions"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

"Special Factors—Quantification of Potential Payments and Benefits to Golden's NEOs in Connection with the Transactions"

"Special Factors—Intent of Golden's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Financing of the Transactions"

"Special Factors—Fees and Expenses"

"The Master Transaction Agreement"

"The Voting Agreement"

"Limited Guarantee"

"Tax Matters and Indemnity Agreement"

"Important Information Regarding Golden"

Master Transaction Agreement attached hereto as Exhibit (d)(1) and is incorporated herein by reference.

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Limited Guarantee attached hereto as Exhibits (b)(1) and (d)(2) and is incorporated herein by reference.

Voting Agreement attached hereto as Exhibit (d)(3) and is incorporated herein by reference.

Tax Matters and Indemnity Agreement attached hereto as Exhibit (d)(4) and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Agreements Involving the Subject Company's Securities.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Transactions"

"Special Factors—Plans for Golden After the Transactions"

"Special Factors—Certain Effects of the Transactions"

"Special Factors—Certain Effects on Golden if the Transactions are Not Completed"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

"Special Factors—Quantification of Potential Payments and Benefits to Golden's NEOs in Connection with the Transactions"

"Special Factors—Intent of Golden's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Financing of the Transactions"

"The Special Meeting"

"The Master Transaction Agreement"

"Limited Guarantee"

"The Voting Agreement"

"Important Information Regarding Golden—Prior Public Offerings"

"Important Information Regarding Golden—Transactions in Golden's Shares"

"Important Information Regarding Golden—Past Contracts, Transactions, Negotiations and Agreements"

Master Transaction Agreement attached hereto as Exhibit (d)(1) and is incorporated herein by reference.

Limited Guarantee attached hereto as Exhibits (b)(1) and (d)(2) and is incorporated herein by reference.

Voting Agreement attached hereto as Exhibit (d)(3) and is incorporated herein by reference.

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**Item 6. Purposes of the Transaction and Plans or Proposals.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Use of Securities Acquired.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"Special Factors—Plans for Golden after the Transactions"

"Special Factors—Certain Effects of the Transactions"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

"Special Factors—Financing of the Transactions"

"Description and Comparison of Rights of Golden's Stock Before and After the Transactions"

"The Master Transaction Agreement"

"The Voting Agreement"

"Limited Guarantee"

"Tax Matters and Indemnity Agreement"

"Exclusivity Agreement"

"Important Information Regarding Golden—Market Prices and Dividend Data"

"Important Information Regarding 13E-3 Filing Parties—OpCo Buyer Filing Parties"

"Important Information Regarding VICI After the Transactions"

"Where You Can Find Additional Information"

Master Transaction Agreement attached hereto as Exhibit (d)(1) and is incorporated herein by reference.

Limited Guarantee attached hereto as Exhibits (b)(1) and (d)(2) and is incorporated herein by reference.

Voting Agreement attached hereto as Exhibit (d)(3) and is incorporated herein by reference.

Tax Matters and Indemnity Agreement attached hereto as Exhibit (d)(4) and is incorporated herein by reference.

**(c)(1) – (8) Plans.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

------

"Questions and Answers"

"Special Factors—Background of the Transactions"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Opinion of the Independent Committee's Financial Advisor"

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Plans for Golden After the Transactions"

"Special Factors—Certain Effects of the Transactions"

"Special Factors—Certain Effects on Golden if the Transactions are Not Completed"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

"Special Factors—Quantification of Potential Payments and Benefits to Golden's NEOs in Connection with the Transactions"

"Special Factors—Intent of Golden's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Financing of the Transactions"

"The Master Transaction Agreement"

"The Voting Agreement"

"Limited Guarantee"

"Tax Matters and Indemnity Agreement"

"Important Information Regarding Golden"

"Where You Can Find Additional Information"

Master Transaction Agreement attached hereto as Exhibit (d)(1) and is incorporated herein by reference.

Limited Guarantee attached hereto as Exhibits (b)(1) and (d)(2) and is incorporated herein by reference.

Voting Agreement attached hereto as Exhibit (d)(3) and is incorporated herein by reference.

Tax Matters and Indemnity Agreement attached hereto as Exhibit (d)(4) and is incorporated herein by reference.

**Item 7. Purposes, Alternatives, Reasons, and Effects.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Purposes.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

------

"Questions and Answers"

"Special Factors—Background of the Transactions"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"Special Factors—Plans for Golden After the Transactions"

"Special Factors—Certain Effects of the Transactions"

"Special Factors—Certain Effects on Golden if the Transactions are Not Completed"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Alternatives.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Transactions"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Opinion of the Independent Committee's Financial Advisor"

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"Special Factors—Plans for Golden After the Transactions"

"Special Factors—Certain Effects of the Transactions"

"Special Factors—Certain Effects on Golden if the Transactions are Not Completed"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Reasons.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Transactions"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

------

"Special Factors—Opinion of the Independent Committee's Financial Advisor"

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"Special Factors—Plans for Golden After the Transactions"

"Special Factors—Certain Effects of the Transactions"

"Special Factors—Certain Effects on Golden if the Transactions are Not Completed"

"Special Factors—Unaudited Prospective Financial Information"

Opinion of Macquarie Capital (USA) Inc. attached hereto as Exhibit (c)(1) and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Effects.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Transactions"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"Special Factors—Plans for Golden After the Transactions"

"Special Factors—Certain Effects of the Transactions"

"Special Factors—Certain Effects of the Transactions for the OpCo Buyer Filing Parties"

"Special Factors—Certain Effects on Golden if the Transactions are Not Completed"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

"Special Factors—Quantification of Potential Payments and Benefits to Golden's NEOs in Connection with the Transactions"

"Special Factors—Intent of Golden's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Material U.S. Federal Income Tax Consequences of the F Reorganization, Distribution and Merger"

"Special Factors—Financing of the Transactions"

------

"Special Factors—Fees and Expenses"

"Description and Comparison of Rights of Golden's Stock Before and After the Transactions"

"The Master Transaction Agreement"

"The Voting Agreement"

"Limited Guarantee"

"Tax Matters and Indemnity Agreement"

"Important Information Regarding Golden—Market Prices and Dividend Data"

"Important Information Regarding 13E-3 Filing Parties—OpCo Buyer Filing Parties"

"Important Information Regarding VICI After the Transactions"

"Where You Can Find Additional Information"

Master Transaction Agreement attached hereto as Exhibit (d)(1) and is incorporated herein by reference.

Limited Guarantee attached hereto as Exhibits (b)(1) and (d)(2) and is incorporated herein by reference.

Voting Agreement attached hereto as Exhibit (d)(3) and is incorporated herein by reference.

Tax Matters and Indemnity Agreement attached hereto as Exhibit (d)(4) and is incorporated herein by reference.

**Item 8. Fairness of the Transaction.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) – (b) Fairness; Factors Considered in Determining Fairness.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Transactions"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Opinion of the Independent Committee's Financial Advisor"

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"Special Factors—Plans for Golden After the Transactions"

"Special Factors—Certain Effects of the Transactions"

------

"Special Factors—Certain Effects on Golden if the Transactions are Not Completed"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

"Special Factors—Quantification of Potential Payments and Benefits to Golden's NEOs in Connection with the Transactions"

"Special Factors—Intent of Golden's Directors and Executive Officers to Vote in Favor of the Transactions"

"Limited Guarantee"

"The Voting Agreement"

Opinion of Macquarie Capital (USA) Inc. attached hereto as Exhibit (c)(1) and is incorporated herein by reference.

Limited Guarantee attached hereto as Exhibits (b)(1) and (d)(2) and is incorporated herein by reference.

Voting Agreement attached hereto as Exhibit (d)(3) and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Approval of Security Holders.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Plans for Golden After the Transactions"

"The Special Meeting"

"The Master Transaction Agreement—Conditions to Closing the Transactions"

"The Master Transaction Agreement—Other Covenants"

"The Voting Agreement"

"Proposal 1: The Transaction Proposal"

Master Transaction Agreement attached hereto as Exhibit (d)(1) and is incorporated herein by reference.

Voting Agreement attached hereto as Exhibit (d)(3) and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Unaffiliated Representative.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Background of the Transactions"

------

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Opinion of the Independent Committee's Financial Advisor"

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"Provisions for Unaffiliated Stockholders"

Opinion of Macquarie Capital (USA) Inc. attached hereto as Exhibit (c)(1) and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Approval of Directors.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Transactions"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

"Special Factors—Intent of Golden's Directors and Executive Officers to Vote in Favor of the Transactions"

"Important Information Regarding Golden"

"Important Information Regarding 13E-3 Filing Parties"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Other Offers.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Special Factors—Background of the Transactions"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"Important Information Regarding Golden"

------

**Item 9. Reports, Opinions, Appraisals, and Negotiations.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) – (b) Report, Opinion, or Appraisal; Preparer and Summary of the Report, Opinion, or Appraisal.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Transactions"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Unaudited Prospective Financial Information"

"Special Factors—Opinion of the Independent Committee's Financial Advisor"

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"Where You Can Find Additional Information"

Opinion of Macquarie Capital (USA) Inc. attached hereto as Exhibit (c)(1) and is incorporated herein by reference.

Preliminary Discussion Materials prepared by Macquarie Capital (USA) Inc. for discussion with the Independent Committee, dated October 2, 2025, attached hereto as Exhibit (c)(2) and incorporated by reference.

Preliminary Discussion Materials prepared by Macquarie Capital (USA) Inc. for discussion with the Independent Committee, dated October 23, 2025, attached hereto as Exhibit (c)(3) and incorporated by reference.

Key Findings prepared by Macquarie Capital (USA) Inc. for discussion with the Independent Committee, dated October 28, 2025, attached hereto as Exhibit (c)(4) and incorporated by reference.

Fairness Opinion Presentation, dated November 5, 2025, of Macquarie Capital (USA) Inc. to the Independent Committee, attached hereto as Exhibit (c)(5) and incorporated by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Availability of Documents.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Where You Can Find Additional Information"

The reports, opinions or appraisals referenced in this Item 9 will be made available for inspection and copying at the principal executive offices of Golden during its regular business hours by any interested equity holder of Shares or by a representative who has been so designated in writing.

**Item 10. Source and Amounts of Funds or Other Consideration.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) – (b), (d) Source of Funds; Conditions; Borrowed Funds.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

------

"Special Factors—Financing of the Transactions"

"The Master Transaction Agreement"

"Limited Guarantee"

Master Transaction Agreement attached hereto as Exhibit (d)(1) and is incorporated herein by reference.

Limited Guarantee attached hereto as Exhibits (b)(1) (d)(2) and is incorporated herein by reference.

Commitment Letter, dated November 6, 2025, entered into by Banco Santander, S.A., New York Branch, and OpCo Buyer, attached hereto as Exhibit (b)(2) and incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Expenses.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Certain Effects of the Transactions"

"Special Factors—Certain Effects on Golden if the Transactions are Not Completed"

"Special Factors—Fees and Expenses"

"Persons Making the Solicitation; Methods; Costs"

"The Special Meeting—Solicitation of Proxies"

"The Master Transaction Agreement—Indemnification and Insurance"

"The Master Transaction Agreement—Other Covenants"

"The Master Transaction Agreement—Termination of the Master Transaction Agreement"

"The Master Transaction Agreement—Termination Fees"

"The Master Transaction Agreement—Fees and Expenses"

"The Master Transaction Agreement—Risk of Loss"

Master Transaction Agreement attached hereto as Exhibit (d)(1) and is incorporated herein by reference.

**Item 11. Interest in Securities of the Subject Company.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Securities Ownership.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

------

"Special Factors—Quantification of Potential Payments and Benefits to Golden's NEOs in Connection with the Transactions"

"Special Factors—Intent of Golden's Directors and Executive Officers to Vote in Favor of the Transactions"

"The Special Meeting—Shares Held by Golden's Directors and Executive Officers"

"The Voting Agreement"

"Important Information Regarding Golden—Security Ownership of Certain Beneficial Owners and Management"

"Important Information Regarding Golden—Transactions in Golden's Shares"

"Important Information Regarding Golden—Past Contracts, Transactions, Negotiations and Agreements"

Voting Agreement attached hereto as Exhibit (d)(3) and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Securities Transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Special Factors—Background of the Transactions"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

"Special Factors—Quantification of Potential Payments and Benefits to Golden's NEOs in Connection with the Transactions"

"Important Information Regarding Golden—Transactions in Golden's Shares"

**Item 12. The Solicitation or Recommendation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Intent to Tender or Vote in a Going-Private Transaction.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Transactions"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

"Special Factors—Intent of Golden's Directors and Executive Officers to Vote in Favor of the Transactions"

"The Special Meeting—Votes Required"

"The Special Meeting—Shares Held by Golden's Directors and Executive Officers"

------

"The Voting Agreement"

"Important Information Regarding Golden—Security Ownership of Certain Beneficial Owners and Management"

Voting Agreement attached hereto as Exhibit (d)(3) and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Recommendation of Others.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Transactions"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"The Special Meeting—Shares Held by Golden's Directors and Executive Officers"

"The Voting Agreement"

Voting Agreement attached hereto as Exhibit (d)(3) and is incorporated herein by reference.

**Item 13. Financial Statements.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Financial Information**.

The audited consolidated financial statements of Golden for the two years ended December 31, 2024 and 2023, are incorporated herein by reference to Golden's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, originally filed on February 28, 2025, and as amended on April 25, 2025, and the unaudited financial statements of Golden for the quarter ended September 30, 2025, are incorporated herein by reference to Golden's Quarterly Report on Form 10-Q for the quarterly period ended November 6, 2025, originally filed on November 6, 2025.

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Special Factors—Unaudited Prospective Financial Information"

"Important Information Regarding Golden—Market Prices and Dividend Data"

"Where You Can Find Additional Information"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Pro Forma Information.** Not Applicable.

------

**Item 14. Persons/Assets, Retained, Employed, Compensated, or Used.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) – (b) Solicitations or Recommendations; Employees and Corporate Assets.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Transactions"

"Special Factors—Recommendations of the Independent Committee; Golden's Reasons for the Transactions"

"Special Factors—Position of the OpCo Buyer Filing Parties as to the Fairness of the Transactions"

"Special Factors—Purpose and Reasons of the OpCo Buyer Filing Parties for the Transactions"

"Special Factors—Plans for Golden After the Transactions"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

"Special Factors—Intent of Golden's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Fees and Expenses"

"Persons Making the Solicitation; Methods; Costs"

"The Special Meeting—Voting of Proxies"

"The Special Meeting—Solicitation of Proxies"

------

**Item 15. Additional Information.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Golden Parachute Compensation.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Interests of Golden's Directors and Executive Officers in the Transactions"

"Special Factors—Quantification of Potential Payments and Benefits to Golden's NEOs in Connection with the Transactions"

"The Master Transaction Agreement"

"Proposal 2: Advisory Compensation Proposal"

Master Transaction Agreement attached hereto as Exhibit (d)(1) and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Other Material Information.** The information set forth in the Proxy Statement, including all annexes thereto, is incorporated herein by reference.

**Item 16. Exhibits.** 

The following exhibits are filed herewith:

---

| | |
|:---|:---|
| **Exhibit <br>Number** | **Description** |
| (a)(1) | [Preliminary Proxy Statement of Golden (the "Proxy Statement") (included in the Schedule 14A filed on December 5, 2025 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1071255/000119312525309856/d26120dprem14a.htm) |
| (a)(2) | [Form of Proxy Card (included in the Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1071255/000119312525309856/d26120dprem14a.htm) |
| (a)(3) | [Notice of Special Meeting of Shareholders (included in the Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1071255/000119312525309856/d26120dprem14a.htm) |
| (a)(4) | [Press Release issued by the Company, dated November 6, 2025 (incorporated herein by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K, furnished to the SEC on November 6, 2025).](http://www.sec.gov/Archives/edgar/data/1071255/000107125525000109/a11625ex991.htm) |
| (b)(1) | [Limited Guarantee, dated November 6, 2025, by and between the Company and Mr. Sartini (included as Annex C to the Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1071255/000119312525309856/d26120dprem14a.htm#rom26120_139) |
| (b)(2)\*\* | [Commitment Letter, dated November 6, 2025, entered into by Banco Santander, S.A., New York Branch, and OpCo Buyer.](d63318dex99b2.htm) |
| (c)(1) | [Opinion of Macquarie Capital (USA) Inc., dated November 5, 2025, to the Independent Committee (included as Annex E to the Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1071255/000119312525309856/d26120dprem14a.htm#rom26120_141) |
| (c)(2) | [Preliminary Discussion Materials prepared by Macquarie Capital (USA) Inc. for discussion with the Independent Committee, dated October 2, 2025.](d63318dex99c2.htm) |
| (c)(3) | [Preliminary Discussion Materials prepared by Macquarie Capital (USA) Inc. for discussion with the Independent Committee, dated October 23, 2025.](d63318dex99c3.htm) |
| (c)(4)\* | [Key Findings prepared by Macquarie Capital (USA) Inc. for discussion with the Independent Committee, dated October 28, 2025.](d63318dex99c4.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit <br>Number** | **Description** |
| (c)(5) | [Fairness Opinion Presentation, dated November 5, 2025, of Macquarie Capital (USA) Inc. to the Independent Committee.](d63318dex99c5.htm) |
| (d)(1) | [Master Transaction Agreement, dated as of November 6, 2025 (as it has been or may be amended, supplemented or modified from time to time) by and among Golden Entertainment, Inc., Argento, LLC, VICI Properties Inc., and VICI ROYAL MERGER SUB LLC (included as Annex A to the Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1071255/000119312525309856/d26120dprem14a.htm#rom26120_137) |
| (d)(2) | [Limited Guarantee, dated November 6, 2025, by and between the Company and Mr. Sartini (included as Annex C to the Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1071255/000119312525309856/d26120dprem14a.htm#rom26120_139) |
| (d)(3) | [Voting Agreement, dated as of November 6, 2025, by and among the Company and OpCo Buyer Filing Parties (included as Annex B to the Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1071255/000119312525309856/d26120dprem14a.htm#rom26120_138) |
| (d)(4) | [Tax Matters and Indemnity Agreement, dated as of November 6, 2025, by and among the Company, OpCo Buyer and PropCo Buyer (included as Annex D to the Proxy Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1071255/000119312525309856/d26120dprem14a.htm#rom26120_140) |
| (f) | Not applicable. |
| 107 | [Filing Fee Table.](d63318dexfilingfees.htm) |

---

\* Exhibits marked with a (\*) have been redacted and separately filed with the SEC pursuant to a request for confidential treatment.

\*\* Certain exhibits excluded pursuant to Instruction 1 to Item 1016 of Regulation M-A. 

------

**SIGNATURES** 

After due inquiry and to the best of the undersigned's knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| Dated: December 5, 2025 | Dated: December 5, 2025 |
| **GOLDEN ENTERTAINMENT, INC.** | **GOLDEN ENTERTAINMENT, INC.** |
| By: | /s/ Charles H. Protell |
| Name: | Charles H. Protell |
| Title: | President and Chief Financial Officer |

---

---

| |
|:---|
| **ARGENTO, LLC** |
| By: Argento Intermediate II, LLC, its managing member |
| By: Argento Intermediate I, LLC, its managing member |

---

---

| | |
|:---|:---|
| By: Argento Holdco, LLC, its managing member | By: Argento Holdco, LLC, its managing member |
| By: | /s/ Blake L. Sartini |
| Name: | Blake L. Sartini |
| Title: | Manager |

---

---

| |
|:---|
| **BLAKE L. SARTINI** |
| /s/ Blake L. Sartini |

---

---

| | |
|:---|:---|
| **BLAKE L. SARTINI AND DELISE F. SARTINI FAMILY TRUST** | **BLAKE L. SARTINI AND DELISE F. SARTINI FAMILY TRUST** |
| By: | /s/ Blake L. Sartini |
| Name: | Blake L. Sartini |
| Title: | Co-Trustee |

---

---

| | |
|:---|:---|
| By: | /s/ Delise F. Sartini |
| Name: | Delise F. Sartini |
| Title: | Co-Trustee |

---

## Ex-99.(B)(2)

**Exhibit (b)(2)** 

***Execution Version***

**BANCO SANTANDER, S.A., NEW YORK BRANCH** 

437 Madison Avenue

New York, New York 10022

**CONFIDENTIAL** 

November 6, 2025

Argento, LLC

6595 S. Jones Blvd.

Las Vegas, NV 89118

Attention: Blake Sartini

**Project Trophy** 

***$135.0 million 364-Day Senior Secured Bridge Facility***

**<u>Commitment Letter</u>**

Ladies and Gentlemen:

You have advised Banco Santander, S.A., New York Branch ("***Santander***" and the "***Commitment Party***," "***we***" or "***us***") that Argento, LLC, a Nevada limited liability company (the "***Borrower***" or "***you***"), intends to enter into the transactions as described in the Transaction Summary attached hereto as <u>Exhibit A</u> (the "***Transaction Summary***"). Capitalized terms used but not defined herein have the meanings assigned to them in the Exhibits attached hereto (such Exhibits, together with this letter, this "***Commitment Letter***").

You have advised us that, in order to fund the total amount of cash required to effect the Acquisition and to pay fees and expenses incurred in connection therewith, you will (a) seek to obtain debt financing in an aggregate amount of $135.0 million, which may take the form of (i) borrowings of term loans under a new syndicated term loan B facility, (ii) borrowings of loans under a new pro rata credit facility, (iii) borrowings under a new direct lending credit facility, and/or (iv) borrowings under certain other debt financings (clauses (i), (ii), (iii) and (iv) above, together, the "***Permanent Financing***"), and/or (b) if, and only to the extent that, you do not receive any or all of the Permanent Financing on or prior to the Closing Date (as defined herein), borrowings of up to $135.0 million in aggregate principal amount of senior secured loans under a new senior secured bridge facility (minus the aggregate initial principal amount of the Permanent Financing received by the Borrower) (the "***Bridge Facility***") described in the Summary of Principal Terms attached hereto as <u>Exhibit B</u> (the "***Facility Term Sheet***"), subject solely to the conditions set forth in the Summary of Conditions Precedent attached hereto as <u>Exhibit</u> <u>C</u> (the "***Conditions Exhibit***" and, together with the Facility Term Sheet, the "***Term Sheets***").

1. <u>Commitments, Titles and Roles.</u>

In connection with the foregoing, Santander is pleased to advise you of its commitment to provide 100.00% of the initial principal amount of the Bridge Facility, upon the terms and subject solely to the conditions set forth in this Commitment Letter (in such capacity, the "***Initial Lender***"). All references to "***Dollars***" or "***$***" in this Commitment Letter and the Fee Letter are references to United States dollars.

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You hereby appoint (a) Santander (in such capacities, the "***Lead Arranger***") to act, and Santander hereby agrees to act, as lead bookrunner and a lead arranger for each of the Bridge Facility and (b) Santander (in such capacity, the "***Administrative Agent***") to act, and Santander hereby agrees to act, as the sole and exclusive administrative agent for the Bridge Facility, in each case, upon the terms and subject solely to the conditions set forth in this Commitment Letter.

In such capacities, the Lead Arranger and the Administrative Agent will perform the duties and exercise the authority customarily performed and exercised by it in such roles. You further agree that no other additional Lead Arranger and/or Commitment Party will be appointed, no other titles will be awarded and no compensation will be paid in respect of the Bridge Facility unless you and we shall so agree; <u>provided</u> that (i) the Administrative Agent and the Borrower shall mutually agree on a third party to act as the collateral agent with respect to the Bridge Facility Documentation, and such collateral agent shall be awarded customary compensation to be mutually agreed in connection with such role, and (ii) it is understood and agreed by each of the parties hereto that Santander shall be granted "left lead" placement in any marketing materials with respect to the Bridge Facility and each such other additional arrangers that may be appointed shall be listed in an order determined by you in consultation with Santander.

2. <u>Syndication.</u>

The Lead Arranger reserves the right, prior to or after the execution of definitive documentation for the Bridge Facility (the "***Bridge Facility Documentation***"), to syndicate all or a portion of the commitments of the Initial Lender hereunder to a group of banks, financial institutions and other institutional lenders (together with the Initial Lender, the "***Lenders***") identified by the Lead Arranger in consultation with the Borrower and reasonably acceptable to the Borrower (it being understood and agreed that the Lead Arranger will not syndicate to any (a) banks, financial institutions, other institutions or persons identified in writing to the Lead Arranger by the Borrower on or prior to the date hereof as a disqualified lender, (b) competitors or suppliers of the Borrower, the Target and their respective subsidiaries, in each case, identified in writing to the Lead Arranger by the Borrower from time to time (a "***Competitor***"), or (c) any affiliate of such person identified pursuant to clauses (a) or (b) that is clearly identifiable solely on the basis of the similarity of its name or identified in writing to the Lead Arranger by the Borrower from time to time (other than any bona fide debt fund, investment vehicle, regulated bank entity or unregulated lending entity that is (x) engaged in making, purchasing, holding or otherwise investing in commercial loans or similar extensions of credit in the ordinary course of business and (y) managed, sponsored or advised by any person controlling, controlled by or under common control with a Competitor or affiliate thereof, as applicable, but only to the extent that no personnel involved with the investment in such Competitor or affiliate thereof, as applicable makes (or has the right to make or participate with others in making) investment decisions on behalf of such debt fund, investment vehicle, regulated bank entity or unregulated lending entity) (clauses (a), (b) and (c), collectively, the "***Disqualified Lenders***"); <u>provided,</u> that (i) any subsequent designation of a Disqualified Lender will not become effective until three business days after such designation is provided, it being understood that no such subsequent designation shall apply to any entity that is currently a lender or party to a pending trade and (ii) the foregoing shall not apply retroactively to disqualify any parties that have previously been allocated a portion of the Bridge Facility and/or the Permanent Financing or acquired an assignment or participation interest in the Bridge Facility and/or the Permanent Financing to the extent such party was not a Disqualified Lender at the time of the applicable allocation, assignment or participation, as the case may be)); <u>provided</u>, <u>however</u>, that, unless specifically agreed to otherwise by you in writing, (a) the Initial Lender shall not be released from the portion of its commitment hereunder assigned by the Initial Lender to one or more prospective Lenders to the extent that any such prospective Lenders fails to fund such portion of the commitment assigned to it on the Closing Date notwithstanding the satisfaction or waiver of the conditions to such funding set forth in this Commitment Letter and (b) the Initial Lender shall retain exclusive control over all rights with respect to consents, modifications, supplements, waivers and amendments with respect to its commitment hereunder until the Closing Date has occurred, except as expressly set forth herein. The Lead Arranger intends to

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commence syndication efforts promptly upon the execution of this Commitment Letter (such date of execution, the "***Signing Date***"), and you agree to actively assist the Lead Arranger in such syndication efforts. Such assistance shall include, until the date that is 45 days after the Closing Date (the "***Syndication Date***"), (a) direct contact between senior management, representatives and advisors of you and the proposed Lenders (and, to the extent practical and appropriate and in all instances, not in contravention of the Transaction Agreement, your use of commercially reasonable efforts to cause such contact between the senior management of the Target, on the one hand, and the proposed Lenders, on the other hand), in all cases at times to be mutually agreed upon, which contact will, unless otherwise agreed by you, be established via telephone, video or other electronic conferences, (b) if requested by the Lead Arranger, assistance by you in the preparation of a confidential information memorandum for the Bridge Facility in form and substance customary for transactions of this type and other customary marketing materials to be used in connection with the syndication by providing information and other customary materials reasonably requested in connection with such confidential information memorandum or other customary marketing materials (including, to the extent practical and appropriate and in all instances not in contravention of the Transaction Agreement, your use of commercially reasonable efforts to cause the Target to assist), (c) your use of commercially reasonable efforts to assist the Lead Arranger in preparation of a written business plan of the Borrower and its Subsidiaries satisfactory to you and (d) if requested by the Lead Arranger, the hosting, with the Lead Arranger, of one telephone, video or other electronic conference, of prospective Lenders at a time to be mutually agreed upon. Notwithstanding anything in this Commitment Letter, the Fee Letter or the Bridge Facility Documentation to the contrary, none of the launch or completion of any such syndication or a successful syndication or your compliance with this paragraph is a condition to the Initial Lender's commitments hereunder or the availability of the Bridge Facility as of the Closing Date in the event that the conditions set forth in this Commitment Letter are satisfied.

You agree, at the reasonable request of the Lead Arranger, to assist in the preparation of a version of the confidential information memorandum and other marketing materials and presentations to be used in connection with the syndication of the Bridge Facility, consisting exclusively of information and documentation that is either (a) publicly available or (b) not material with respect to the Borrower or its subsidiaries, the Target or its subsidiaries, or any of their respective securities for purposes of United States Federal and state securities laws (all such information and documentation being "***Public Lender Information***"). "***Private Lender Information***" will include for all purposes (i) any information and documentation that is not Public Lender Information and (ii) any models, assumptions and projections that are not Public Lender Information and that are provided to the Lead Arranger by you. To the extent reasonably requested by the Lead Arranger, you agree to provide customary authorization letters to the Lead Arranger authorizing the distribution of the marketing materials and presentations to prospective Lenders, containing a representation to the Lead Arranger that the Public Lender Information does not include any Private Lender Information and a customary representation with respect to the material accuracy and material correctness of the information in such marketing materials (it being understood and agreed that such marketing materials and presentations shall include customary language exculpating you, the Commitment Party, and your and its respective affiliates with respect to any liability related to the use of the contents of the materials contained in such marketing materials and presentations by the recipients thereof). You further agree that each document to be disseminated by the Lead Arranger to the Lenders in connection with the syndication of the Bridge Facility will, upon the reasonable request of the Lead Arranger, be identified by you as either (A) containing Private Lender Information or (B) containing solely Public Lender Information. You acknowledge that the following documents contain solely Public Lender Information (unless you notify us promptly that any such document contains Private Lender Information): (x) drafts and final versions of the Bridge Facility Documentation; (y) administrative materials prepared by the Lead Arranger for the Lenders (such as a lender meeting invitation and closing memoranda in each case approved by you prior to their distribution, such approval not to be unreasonably withheld or conditioned); and (z) any marketing term sheet, notification of any change thereto or any other notification of changes in the terms of the Bridge Facility.

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The Lead Arranger will, in consultation with you and subject to your appointment rights set forth in the third paragraph of Section 1 and your consent rights set forth in this Section 2 (not to be unreasonably withheld, delayed or conditioned), manage all aspects of any syndication, including decisions as to the selection of institutions to be approached and when they will be approached, when their commitments will be accepted, which institutions will participate, the allocation of the commitments among the Lenders and the amount and distribution of fees among the Lenders. To assist the Lead Arranger in their syndication efforts, you agree promptly to prepare and provide (and, to the extent practical and appropriate and not in contravention of the Transaction Agreement, to use your commercially reasonable efforts to cause the Target to provide) to the Lead Arranger all information with respect to the Borrower and its subsidiaries, the Target, the Transactions (as defined herein) and the other transactions contemplated hereby, including customary financial information and Projections (as defined below) as the Lead Arranger may reasonably request; <u>provided</u> that notwithstanding anything to the contrary herein, subject to the limitations and terms set forth therein, the only financial statements the delivery of which shall be a condition to the commitments hereunder shall be those described in paragraph 2 of the Conditions Exhibit.

You agree that, from the date hereof and until the Syndication Date, you will not have syndicated or issued, attempted to syndicate or issue, announced or authorized the announcement of the syndication or issuance of, or engaged in discussions concerning the syndication or issuance of, any debt securities or credit facilities of the Borrower, the Target or any of their respective subsidiaries (other than (i) the Bridge Facility, (ii) the Permanent Financing, (iii) prior to the consummation of the Refinancing, borrowings or incremental facilities under the Existing Credit Agreement (as defined herein), any increase to the letter of credit facility or revolving credit facility under the Existing Credit Agreement or any repricing or maturity extensions of the letter of credit facilities or term loan facilities under the Existing Credit Agreement, (iv) purchase money indebtedness permitted under the Existing Credit Agreement that are also permitted to remain outstanding under the Transaction Agreement, (v) indebtedness with respect to capital leases permitted under the Existing Credit Agreement that are also permitted to remain outstanding under the Transaction Agreement, and (vi) any borrowings under working capital, local facilities or overdraft facilities permitted under the Existing Credit Agreement that are also permitted to remain outstanding under the Transaction Agreement), in each case, that would reasonably be expected to materially and adversely impair the primary syndication of the Bridge Facility, without the consent of the Lead Arranger (not to be unreasonably withheld, delayed or conditioned); it being understood that the foregoing shall not limit the ability of the Target to incur debt permitted under the Transaction Agreement.

3. <u>Information.</u>

You hereby represent and warrant that (a) all written information other than the projections and other forward-looking information (any such information, "***Projections***") and information of a general economic or industry nature, furnished to us (the "***Information***") that has been or will be made available to the Commitment Party by or on behalf of you or any of your representatives is or will be, when furnished and taken as a whole, complete and correct in all material respects and does not or will not, when furnished and taken as a whole, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made (after giving effect to all supplements and updates thereto from time to time in accordance with the immediately succeeding sentence) and (b) the Projections, if any, that have been or will be made available to the Commitment Party by or on behalf of you or any of your representatives have been or will be prepared in good faith based upon assumptions that are believed by you to be reasonable at the time made and at the time such Projections are made available to the Commitment Party, it being understood that the Projections are as to future events and are not to be viewed as facts, the Projections are subject to significant uncertainties and contingencies, many of which are beyond your control, that no assurance can be given that any particular Projections will be realized and that actual results during the period or periods of the Projections may vary materially from the Projections. You agree

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that if at any time prior to the Closing Date (and, if reasonably requested by the Lead Arranger, for a period thereafter not beyond the Syndication Date) any of the representations in the preceding sentence would be incorrect in any material respect if the Information and Projections were being furnished, and such representations were being made, at such time, then you will (and will use your commercially reasonable efforts to cause the Target to, subject to the terms of the Transaction Agreement) promptly supplement the Information and the Projections so that such representations will be correct in all material respects (or, prior to the Closing Date with respect to Information provided by or concerning the Target and its subsidiaries and its and their respective businesses, to your knowledge) as of the Closing Date (and as of such later date not beyond the Syndication Date), and such supplementation shall cure any breach of such representation. In arranging and syndicating the Bridge Facility, the Lead Arranger (i) will be entitled to use and rely primarily on the Information and the Projections without any responsibility for independent verification thereof and (ii) assume no responsibility for the accuracy or completeness of the Information or the Projections. Notwithstanding the foregoing, it is understood that the Initial Lender's commitment hereunder is not subject to or conditioned upon the accuracy of the representations set forth in this paragraph, and notwithstanding anything to the contrary contained in this Commitment Letter, the Term Sheets, the Fee Letter or the Bridge Facility Documentation, the accuracy of such representations shall not constitute a condition to the funding of the Bridge Facility.

4. <u>Compensation.</u>

As consideration for the Initial Lender's commitment hereunder and their agreement to perform the services described herein, you agree to pay to the Commitment Party the fees set forth in this Commitment Letter and in the fee letter dated the date hereof and delivered herewith with respect to the Bridge Facility (the "***Fee Letter***"). Once paid, such fees shall not be refundable under any circumstances.

5. <u>Limited Conditionality Provision.</u>

Notwithstanding anything to the contrary in this Commitment Letter, the Fee Letter, the Bridge Facility Documentation or any other letter agreement entered into with, or other undertaking by, the Commitment Party with respect to the Bridge Facility, the funding of the Bridge Facility to occur on the Closing Date shall be subject only to the prior satisfaction or waiver of each of the conditions set forth in the Conditions Exhibit (collectively, the "***Closing Conditions***").

Notwithstanding anything to the contrary in this Commitment Letter, the Fee Letter, the Bridge Facility Documentation or any other letter agreement or other undertaking concerning the financing of the Transactions, (a) the only representations, the making and accuracy of which shall be a condition to availability of the Bridge Facility on the Closing Date, shall be (i) such of the representations made by or with respect to the Target and its subsidiaries in the Transaction Agreement as are material to the interests of the Lenders (in their capacities as such), but only to the extent that you or any of your affiliates have the right to terminate your or your affiliates' obligations under the Transaction Agreement or decline to consummate the Transactions pursuant to the Transaction Agreement (in each case in accordance with the terms thereof) as a result of a breach of such representations in the Transaction Agreement (to such extent, the "***Transaction Agreement Representations***") and (ii) the Specified Representations (as defined below) and (b) the terms of the Bridge Facility Documentation shall be in a form such that they do not impair availability or funding of the Bridge Facility on the Closing Date if the Closing Conditions expressly set forth herein are satisfied (or waived by the Initial Lender); it being understood that, to the extent any lien on the collateral securing the Bridge Facility (other than to the extent that a lien on such collateral may be perfected by (i) filing of a financing statement under the Uniform Commercial Code in the office of the Secretary of State (or equivalent office in the relevant states) of the applicable jurisdiction of organization (or such other applicable jurisdiction as determined by Section 9-307 of the Uniform Commercial Code), (ii) the filing of short form security agreements with the United States Patent and Trademark Office or the

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United States Copyright Office, or (iii) the delivery of certificated securities representing the equity interests in the Borrower and in each material wholly-owned domestic restricted subsidiary of the Borrower required to be pledged pursuant to the Term Sheets as of the Closing Date and, if delivered by the Target prior to the Closing Date, the Target and each of the Target's material wholly-owned domestic restricted subsidiaries required to be pledged pursuant to the Term Sheets as of the Closing Date, in each case, together with transfer powers executed in blank and only to the extent required by the Term Sheets, in each case, other than equity interests in any of the entities for which prior approval of liens under applicable gaming law is required but has not been obtained) does not attach or become perfected on the Closing Date after your use of commercially reasonable efforts to do so, such attachment or perfection will not constitute a condition precedent to the availability of the Bridge Facility (so long as, in the case of certificated equity interests in the Target and each of its material wholly-owned domestic restricted subsidiaries required to be pledged pursuant to the Term Sheets as of the Closing Date, you have used commercially reasonable efforts to cause such delivery to the extent required by the Term Sheets, subject to receipt of any approvals under gaming law), but instead will be required within 90 days after the Closing Date (subject to extensions to be agreed to by the Administrative Agent in its reasonable discretion). For purposes hereof, "***Specified Representations***" means the representations and warranties of Borrower and the Guarantors set forth in the Bridge Facility Documentation relating to (i) due organization, power and authority and due authorization to enter into the Bridge Facility Documentation, (ii) the incurrence of the loans by the Borrower, the provision of the guarantees by the Guarantors and the granting of the security interests in the collateral to secure the Bridge Facility under the Bridge Facility Documentation, in each case, not conflicting with organizational documents of the Borrower and the Guarantors, (iii) execution, delivery and enforceability of the Bridge Facility Documentation, in each case, by, with respect to and against, as applicable, the Borrower and the Guarantors, related to entering into the Bridge Facility Documentation, the incurrence of the loans by the Borrower, the provision of the guarantees under the Bridge Facility Documentation and the granting of the security interests in the collateral to secure the Bridge Facility by the Guarantors under the Bridge Facility Documentation, (iv) solvency as of the Closing Date after giving effect to the Transactions of the Borrower and its restricted subsidiaries taken as a whole (solvency to be determined in a manner consistent with the manner in which solvency is determined pursuant to paragraph 6 of the Conditions Exhibit), (v) Federal Reserve margin regulations, (vi) use of proceeds not violating OFAC regulations, FCPA, anti-money laundering laws and certain other anti-corruption and sanctions laws or the Patriot Act (as defined below), (vii) the Beneficial Ownership Regulation (as defined below), (viii) the Investment Company Act, and (ix) the creation, validity, priority and perfection of the security interests granted in the intended collateral, subject to permitted liens as set forth in the Bridge Facility Documentation and the terms of this Section 5. This paragraph, and the provisions herein, shall be referred to as the "***Conditions Limitation Provision***".

6. <u>Indemnity; Expenses; Limitation on Liability.</u>

You agree to indemnify and hold harmless the Commitment Party and its affiliates and its and their respective officers, directors, employees, agents, advisors, members and each of the foregoing's respective successors and assigns (each, an "***Indemnified Person***") from and against any and all losses, claims, damages, liabilities and reasonable, documented and invoiced out-of-pocket fees and expenses, joint or several, to which any such Indemnified Person may become subject to the extent arising out of or in connection with this Commitment Letter, the Fee Letter, the Transactions, the Bridge Facility or any related transaction or any claim, litigation, investigation or proceeding relating to any of the foregoing, regardless of whether any such Indemnified Person is a party thereto (and regardless of whether such matter is initiated by a third party or by the Borrower or any of its affiliates, creditors or equity holders), and to reimburse each such Indemnified Person promptly upon written demand (together with reasonably detailed backup documentation supporting such reimbursement request) for any reasonable, documented and invoiced out-of-pocket legal expenses of one firm of counsel for all Indemnified Persons, taken as a whole and, if necessary, a single gaming and local counsel in each appropriate jurisdiction (which may include a single

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special counsel acting in multiple jurisdictions) material to the interests of all such Indemnified Persons, taken as a whole and in the case of an actual or perceived conflict of interest where the Indemnified Person affected retains its own counsel and informs you, of another firm of counsel for such affected Indemnified Person and, if necessary, a single gaming and local counsel in each appropriate jurisdiction for such affected Indemnified Person; <u>provided</u> that the foregoing indemnity will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or related expenses to the extent they are found in a final, non-appealable judgment of a court of competent jurisdiction to have been caused by or resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person, or a material breach of the obligations of such Indemnified Person under this Commitment Letter or the Fee Letter (in any case, other than with respect to Santander, in its capacity as the Administrative Agent), or except to the extent such dispute (i) is between Indemnified Persons (other than any dispute between an Indemnified Person in its capacity as an arranger or agent and another Indemnified Person as a Lender) and (ii) does not arise out of an act or omission by you or your affiliates. Notwithstanding any other provision of this Commitment Letter, no Indemnified Person or you or any of your or their respective affiliates shall be liable for any damages arising from the unauthorized use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems. Neither you nor any Indemnified Person will be liable for any indirect, special, punitive or consequential damages in connection with its activities related to the Bridge Facility; <u>provided</u> that the parties acknowledge and agree that a claim for indemnity under the first sentence of this paragraph, to the extent covered thereby, is a claim of direct or actual damages.

Subject to any limitations set forth in the Fee Letter, you agree to reimburse the Commitment Party, upon presentation of a summary statement, for all reasonable, documented and invoiced out-of-pocket expenses, syndication expenses, travel expenses and reasonable and documented out-of-pocket fees, disbursements and other charges of (i) a single counsel to the Commitment Party explicitly specified in the Term Sheets, (ii) one special gaming and local counsel to the Lead Arranger and the Administrative Agent, taken as a whole, in Nevada, and (iii) a single local counsel to the Commitment Party in each appropriate jurisdiction (which may include a single special counsel acting in multiple jurisdictions), in each case, incurred in connection with the Bridge Facility and the preparation, negotiation and enforcement of this Commitment Letter, the Transactions and the Bridge Facility Documentation and any security arrangements in connection therewith, whether or not the Transactions are consummated.

7. <u>Other Services.</u>

The Borrower acknowledges that the Commitment Party is currently acting as a lender under the Existing Credit Agreement. The Borrower further acknowledges that the Borrower's and its affiliates' rights and obligations under any other agreement with the Commitment Party or any of its affiliates (including the Existing Credit Agreement) that currently or hereafter may exist are, and shall be, separate and distinct from the rights and obligations of the parties pursuant to this Commitment Letter, and none of such rights and obligations under such other agreements shall be affected by the Commitment Party's performance or lack of performance of services hereunder. You acknowledge that the Commitment Party and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which you or any of your subsidiaries may have conflicting interests regarding the transactions described herein and otherwise. Neither the Commitment Party nor any of its affiliates will use confidential information obtained from you (including without limitation the Private Lender Information) by virtue of the transactions contemplated by this Commitment Letter or its other relationships with you in connection with the performance by such Commitment Party of services for other companies, and such Commitment Party will not furnish any such information to other companies. You also acknowledge that neither the Commitment Party nor any of its affiliates has any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by it from other companies.

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You further acknowledge that the Commitment Party is a full-service securities firm engaged, either directly or indirectly through its affiliates, in various activities, including securities trading, investment management, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, the Commitment Party or its affiliates may actively trade the debt and equity securities (or related derivative securities) of the Borrower or other companies which may be the subject of the arrangements contemplated by this Commitment Letter for its own account and for the accounts of its customers and may at any time hold long and short positions in such securities. The Commitment Party or its affiliates may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities or other debt obligations of the Borrower or other companies which may be the subject of the arrangements contemplated by this Commitment Letter. With respect to any securities and/or financial instruments so held by the Commitment Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of such rights, in its sole discretion. In recognition of the foregoing, you agree that the Commitment Party and their affiliates are not required to restrict their activities in the ordinary course of business as a result of this engagement, and that the Commitment Party and its affiliates may undertake any business activity in the ordinary course of business without further consultation with or notification to you. The Commitment Party acknowledges that it is bound by confidentiality agreements set forth in Section 9 (*Confidentiality*).

In addition, please note that affiliates of Santander have been retained by the Borrower as financial advisors (in such capacity, the "***Financial Advisor***") to the Borrower in connection with the Transactions (as defined in <u>Exhibit A</u> to this Commitment Letter). Without limiting the obligations of the Commitment Party under Section 9 (*Confidentiality*) and your rights in connection therewith, you agree to such retention, and further agree not to assert any claim you might allege based on any actual or potential conflicts of interest that might be asserted to arise or result from, on the one hand, the engagement of the Financial Advisor, and, on the other hand, our and our affiliates' relationships with you as described and referred to herein.

8. <u>No Fiduciary Relationship.</u>

You further acknowledge and agree that (a) no fiduciary, advisory or agency relationship between you and the Commitment Party is intended to be or has been created in respect of any of the transactions contemplated by this Commitment Letter, irrespective of whether the Commitment Party has advised or is advising you on other matters, (b) the Commitment Party, on the one hand, and you, on the other hand, have an arm's-length business relationship that does not directly or indirectly give rise to, nor do you rely on, any fiduciary duty on the part of the Commitment Party, (c) you are capable of evaluating and understanding, and you understand and accept, the terms, risks and conditions of the Transactions, the Bridge Facility, the transactions contemplated by this Commitment Letter and the Fee Letter and you have consulted your own legal and financial advisors to the extent you deemed appropriate, (d) you have been advised that the Commitment Party is engaged in a broad range of transactions that may involve interests that differ from your interests and that the Commitment Party has no obligation to disclose such interests and transactions to you by virtue of any fiduciary, advisory or agency relationship and (e) you waive, to the fullest extent permitted by law, any claims you may have against the Commitment Party for breach or alleged breach of any fiduciary duty and agree that Commitment Party shall not have any liability (whether direct or indirect) to you in respect of any such fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of you, including your equity holders, employees or creditors. You further acknowledge and agree that you and your subsidiaries are responsible for making your and their own independent judgment with respect to the Transactions, the Bridge Facility and the process leading thereto. In addition, please note that the Commitment Party nor its affiliates provide accounting, tax or legal advice.

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9. <u>Confidentiality.</u>

The Commitment Party agrees to maintain the confidentiality of the Confidential Information (as hereinafter defined), except that Confidential Information may be disclosed: (a) to its affiliates and to its and its affiliates' respective partners, directors, officers, employees, agents, trustees, controlling persons, members, advisors and representatives (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such Confidential Information and instructed to keep such Confidential Information confidential in a manner consistent with the provisions of this paragraph); (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it or any of its affiliates (including any self-regulatory authority, such as the National Association of Insurance Commissioners or any bank regulatory authority); (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal or administrative process; (d) to any other party hereto; (e) in connection with the exercise of any remedies hereunder or any action or proceeding relating to this Commitment Letter (or any of the transactions contemplated hereby) or the enforcement of rights hereunder; (f) subject to an agreement containing provisions substantially the same as those of this paragraph (including any "click through" or similar agreement), to any potential or prospective Lender or assignee of, or participant in, any of its rights or obligations under this Commitment Letter and any actual or prospective counterparty (or its advisors) to any interest rate swap or other similar derivative transaction relating to the Bridge Facility; (g) with the consent of the Borrower; (h) to the extent that such Confidential Information was already in the Commitment Party's or its affiliates' possession (other than in violation of any applicable confidentiality obligation) or is or was independently developed by the Commitment Party or its affiliates; (i) for purposes of establishing a "due diligence" defense; or (j) to the extent such Confidential Information is or becomes (i) publicly available other than as a result of a breach of this paragraph or (ii) available to such Commitment Party or any of its respective affiliates on a non-confidential basis from a source other than the Borrower. For purposes of this paragraph, "***Confidential Information***" means all information received from the Borrower or any of its subsidiaries or any of their respective businesses, including but not limited to all information relating to the Transactions contemplated by this Commitment Letter, other than any such information that is available to the Commitment Party or any of its respective affiliates on a non-confidential basis prior to disclosure by the Borrower or any of its subsidiaries. The Commitment Party's obligations under this paragraph shall terminate upon the earlier to occur of (A) the twelve-month anniversary of the date hereof and (B) the execution by such Commitment Party of the Bridge Facility Documentation, to the extent covered thereby. Notwithstanding anything contained herein, nothing in this Commitment Letter shall prohibit or in any way restrict any individual from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization including but not limited to, bank examiners, the SEC, DOJ, FINRA, NFA, or the CFTC, or making other disclosures pursuant to applicable "whistleblower" laws or regulations. It is understood and agreed that the Commitment Party may advertise or promote its role in arranging or providing the Bridge Facility (including in any newspaper or other periodical, on any website or similar place for dissemination of information on the internet, as part of a "case study" incorporated into promotional materials, in the form of a "tombstone" advertisement or otherwise).

You agree that you will not disclose the Fee Letter or the contents thereof, this Commitment Letter or the contents thereof, nor the activities of the Commitment Party, to any other person except (a) to your officers, directors, employees, attorneys, accountants and advisors on a confidential basis, (b) as required by applicable law or compulsory legal process or to gaming regulatory authorities in connection with their review of the Transactions or other regulatory oversight of the Borrower or the Target (in which case you agree to inform us promptly thereof, to the extent practicable and not prohibited by applicable law, rule or regulation, prior to such disclosure), (c) if the Lead Arranger consents in writing (such consent not to be unreasonably withheld, delayed or conditioned), and (d) to the Target or to VICI or their respective directors, officers, employees, affiliates, members, partners, stockholders, attorneys, accountants,

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independent auditors, agents and other advisors, in each case, on a confidential need-to-know basis and agree to keep information of this type confidential in accordance with customary confidentiality undertakings and subject to the confidentiality provisions of this Section 9; <u>provided</u> that any disclosure of this Commitment Letter and the Fee Letter or its contents to the Target or to VICI or their respective directors, officers, employees, affiliates, members, partners, stockholders, attorneys, accountants, independent auditors, agents or other advisors shall be redacted in respect of any compensation and other economic terms set forth therein unless the Commitment Party otherwise consent and any redacted versions of this Commitment Letter and the Fee Letter shall be prepared by the Commitment Party and its counsel; <u>provided</u> that (i) you may disclose this Commitment Letter and its contents (including the Term Sheets and other exhibits and attachments hereto) (but not the Fee Letter or the contents thereof) in connection with any public or regulatory filing requirement relating to the Transactions, (ii) you may disclose the Term Sheets and the other exhibits and attachments to this Commitment Letter, and the contents thereof (but not the Fee Letter and the contents thereof), to potential Lenders in any syndication or other marketing materials in connection with the Bridge Facility (including the Public Information Materials and/or Private Information Materials, as applicable), (iii) you may disclose the aggregate fee amount contained in the Fee Letter as part of the Projections, pro forma information or a generic disclosure of aggregate sources and uses related to fee amounts related to the Transactions to the extent customary or required in offering or marketing materials for the Bridge Facility or the Permanent Financing, or in any public or regulatory filing relating to the Transactions (and then only to the extent aggregated with all other fees and expenses of the Transactions and not presented as an individual line item unless required by applicable law, rule or regulation) and you shall use commercially reasonable efforts to provide the Lead Arrangers with a reasonable opportunity to review and comment upon such public filing solely to the extent it names any of us or our respective affiliates and (iv) after the Signing Date, you may disclose this Commitment Letter and the Fee Letter and the contents thereof (including the Term Sheets and other exhibits and attachments hereto) to any additional arranger, to the extent in contemplation of appointing such person pursuant to the provisions of Section 1 (*Commitments, Titles and Roles*) of this Commitment Letter and to any such person's affiliates and its and their respective officers, directors, employees, agents, attorneys, accountants, advisors, controlling persons and equity holders, in each case, on a confidential need-to-know basis and agree to keep information of this type confidential in accordance with customary confidentiality undertakings. Your obligations under this paragraph shall terminate upon the twelve-month anniversary of the date hereof.

10. <u>Governing Law and Jurisdiction; Miscellaneous.</u>

Except as expressly set forth herein, this Commitment Letter shall not be assignable by any party without the prior written consent of the other parties hereto (and any attempted assignment without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto (and Indemnified Persons), and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and Indemnified Persons). Subject to Section 2 (*Syndication*), the Initial Lender may assign its commitment hereunder to any of its affiliates or any prospective Lender; <u>provided</u>, <u>however</u>, that, unless specifically agreed to otherwise by you in writing, (a) Initial Lender shall not be released from the portion of its commitment hereunder assigned by the Initial Lender to one or more prospective Lenders to the extent that any such prospective Lender fails to fund such portion of the commitment assigned to it on the Closing Date notwithstanding the satisfaction of the conditions to such funding set forth in this Commitment Letter and (b) the Initial Lenders shall retain exclusive control over all rights with respect to consents, modifications, supplements, waivers and amendments with respect to its commitment hereunder until the Closing Date has occurred, except as expressly set forth herein. Any and all obligations of, and services to be provided by, the Commitment Party hereunder (including, without limitation, the Initial Lender's commitment) may be performed and any and all rights of the Commitment Party hereunder may be exercised by or through any of its affiliates or branches. This Commitment Letter is in addition to the agreements of the parties set forth in the Fee Letter. This Commitment Letter may not be amended or any

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provision hereof waived or modified except by an instrument in writing signed by the Commitment Party and you. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Commitment Letter, the Fee Letter and other letter agreements entered into in connection herewith shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. This Commitment Letter may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which, when taken together, shall constitute one agreement. Delivery of an executed signature page of this Commitment Letter by facsimile or other electronic transmission (including ".pdf", ".tif" or similar format) shall be effective as delivery of a manually executed counterpart hereof. You acknowledge that information and documents relating to the Bridge Facility may be transmitted through Datasite, the internet, e-mail, or similar electronic transmission systems, and that neither the Initial Lender nor any other Indemnified Person shall be liable for any damages arising from the unauthorized use by others of information or documents transmitted in such manner. This Commitment Letter and the Fee Letter constitute the entire agreement and understanding among you and your subsidiaries and affiliates and the Commitment Party with respect to the subject matter hereof and supersede all prior understandings, whether written or oral, among you and such other persons and the Commitment Party with respect thereto. No individual has been authorized by us or any of our affiliates to make any oral or written statements that are inconsistent with this Commitment Letter or the Fee Letter. **THIS COMMITMENT LETTER, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS COMMITMENT LETTER (WHETHER IN CONTRACT, TORT OR OTHERWISE AND IN LAW OR EQUITY), SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES;** <u>provided</u> that, notwithstanding the preceding sentence and the governing law provisions of this Commitment Letter and the Fee Letter, it is understood and agreed that (A) the interpretation of the definition of "Material Adverse Effect" (as defined in the Transaction Agreement) and the determination of whether or not a Material Adverse Effect (as defined in the Transaction Agreement) has occurred, (B) the determination of the accuracy of any Specified Representation and whether as a result of any inaccuracy thereof you or your applicable affiliates have the right to terminate, taking into account any cure provisions, your or their obligations under the Transaction Agreement or to decline to consummate the Transactions and (C) the determination of whether the Transactions have been consummated in accordance with the terms of the Transaction Agreement, in each case shall be determined pursuant to the Transaction Agreement, which is governed by, and construed in accordance with, the laws of the State of Minnesota, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.

Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, Borough of Manhattan, and any appellate court from any thereof, in any claim, counterclaim, action, suit, investigation, inquiry, litigation or proceeding arising out of or relating to the Transactions, the Bridge Facility, this Commitment Letter, the Fee Letter or the transactions contemplated hereby or thereby (whether in contract, tort or otherwise and in law or equity), or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such claim, counterclaim, action, suit, investigation, inquiry, litigation or proceeding may be heard and determined only in such New York State court or, to the extent permitted by law, in such Federal court, (b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any claim, counterclaim, action, suit, investigation, inquiry, litigation or proceeding arising out of or relating to the Transactions, the Bridge Facility, this Commitment Letter, the Fee Letter or

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the transactions contemplated hereby or thereby (whether in contract, tort or otherwise and in law or equity) in such New York State court or in such Federal court, (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such claim, counterclaim, action, suit, investigation, inquiry, litigation or proceeding in such New York State court or in such Federal court and (d) agrees that a final judgment in any such claim, counterclaim, action, suit, investigation, inquiry, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Service of any process, summons, notice or document by registered mail addressed to you at the address above shall be effective service of process against you for any claim, counterclaim, action, suit, investigation, inquiry, litigation or proceeding brought in such New York State court or in such Federal court.

Section headings used herein are for convenience of reference only and are not to effect the construction of, or to be taken into consideration in interpreting, this Commitment Letter.

The reimbursement, indemnification, confidentiality, syndication, jurisdiction, governing law and waiver of jury trial provisions contained herein and in the Fee Letter shall remain in full force and effect until (other than in the case of the syndication and confidentiality provisions) superseded by the Bridge Facility Documentation and notwithstanding the termination of this Commitment Letter or the Initial Lender's commitments hereunder and the Lead Arranger's agreements to perform the services described herein.

**EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY CLAIM, COUNTERCLAIM, ACTION, SUIT, INVESTIGATION, INQUIRY, LITIGATION OR PROCEEDING BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THE TRANSACTIONS, THE BRIDGE FACILITY, THIS COMMITMENT LETTER, THE FEE LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER (WHETHER IN CONTRACT, TORT OR OTHERWISE AND IN LAW OR EQUITY).** 

11. <u>Patriot Act and the Beneficial Ownership Regulation.</u>

We hereby notify you that pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the "***Patriot Act***"), the requirements of 31 C.F.R. § 1010.230 (the "***Beneficial Ownership Regulation***") and the Customer Due Diligence Requirements for Financing Institutions issued by the U.S. Department of Treasury Financial Crimes Enforcement Network ("***FinCEN***") under the Bank Secrecy Act (such rule published May 11, 2016 and effective May 11, 2018, as amended from time to time, the "***CDD Rule***"), the Initial Lender and each other Lender is required to obtain, verify and record information that identifies the Borrower and the Guarantors, which information includes the name, address, tax identification number and other information regarding the Borrower and the Guarantors that will allow the Initial Lender or such other Lender to identify the Borrower and the Guarantors in accordance with the Patriot Act, the Beneficial Ownership Regulation and the CDD Rule. This notice is given in accordance with the requirements of the Patriot Act and the Beneficial Ownership Regulation and is effective as to the Initial Lender and each other Lender. You agree that the Initial Lender may, but shall be under no obligation to, share this information with future Lenders.

It is agreed and acknowledged that you are under no obligation to pursue the Transactions, which Transactions you may elect to consummate in your discretion.

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12. <u>Acceptance and Termination.</u>

If the foregoing correctly sets forth our agreement with you, please indicate your acceptance of the terms of this Commitment Letter and of the Fee Letter by returning to us executed counterparts hereof and of the Fee Letter not later than 11:59 p.m., New York City time, on November 13, 2025. Our offer hereunder and our agreements contained herein will expire automatically and without further action or notice and without further obligation to you at such time in the event that we have not received such executed counterparts in accordance with the immediately preceding sentence. This will be a binding and enforceable commitment of the Initial Lender upon signing by all of the parties hereto, upon the terms and subject only to the conditions set forth in this Commitment Letter.

Notwithstanding the provisions of the immediately preceding paragraph, the commitments and agreements of the Commitment Party hereunder will terminate on the earliest of (i) 11:59 p.m., New York City time on the date that is five business days (x) after the Initial Outside Date (as defined in the Transaction Agreement as in effect on the date hereof) or (y) solely to the extent extended pursuant to the terms of the Transaction Agreement, after the Extended Outside Date (as defined in the Transaction Agreement as in effect on the date hereof), (ii) the closing of the Acquisition with or without the use of the Bridge Facility (unless the Commitment Party has failed to fund in breach of its obligations hereunder), (iii) written notice by the Borrower to the Commitment Party that it has permanently abandoned the Transactions, and (iv) the termination of the Transaction Agreement in accordance with its terms prior to the consummation or closing of the Transactions or the termination of your (or any of your affiliates') obligations under the Transaction Agreement to consummate the Transactions in accordance with the terms thereof by you (or your affiliates) or with your (or your affiliates') written consent. Notwithstanding anything to the contrary herein, the commitments hereunder will be automatically and permanently reduced as set out under the heading of "Mandatory Prepayments and Commitment Reductions" in the Facility Term Sheet. In addition, you may terminate, in whole or in part, the commitments of the Commitment Party under this Commitment Letter or this Commitment Letter in its entirety, at any time upon one (1) business day's prior written notice to the Commitment Party.

[*Remainder of this page intentionally left blank*]

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| | |
|:---|:---|
| BANCO SANTANDER, S.A., NEW YORK BRANCH | BANCO SANTANDER, S.A., NEW YORK BRANCH |
| By: | /s/ Max Wallins |
|  | Name: Max Wallins |
|  | Title: Authorized Signatory |
| By: | /s/ D. Andrew Maletta |
|  | Name: D. Andrew Maletta |
|  | Title: Authorized Signatory |

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*[Signature Page to 364-Day Senior Secured Bridge Facility Commitment Letter]* 

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| | | |
|:---|:---|:---|
| Accepted and agreed to as of<br> the date first above written:<br>ARGENTO, LLC,<br> as the Borrower |  |  |
| Accepted and agreed to as of<br> the date first above written:<br>ARGENTO, LLC,<br> as the Borrower |  |  |
| Accepted and agreed to as of<br> the date first above written:<br>ARGENTO, LLC,<br> as the Borrower | By: | /s/ Blake L. Sartini |
| Accepted and agreed to as of<br> the date first above written:<br>ARGENTO, LLC,<br> as the Borrower |  | Name: Blake L. Sartini |

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*[Signature Page to 364-Day Senior Secured Bridge Facility Commitment Letter]* 

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**<u>EXHIBIT A</u>**

**Project Trophy** 

***$135.0 Million 364-Day Senior Secured Bridge Facility***

**<u>Transaction Summary</u>**

Capitalized terms used but not defined in this <u>Exhibit A</u> shall have the meanings set forth in (i) the Commitment Letter to which this <u>Exhibit A</u> is attached and (ii) <u>Exhibits B</u> and <u>C</u> attached thereto.

Argento, LLC, a Nevada limited liability company (the "***Borrower***" or "***you***"), intends to acquire, directly or indirectly, all of the outstanding equity interests in a subsidiary of Golden Entertainment, Inc., a Minnesota corporation (the "***Company***"), and its direct or indirect wholly-owned subsidiaries (collectively, the "***Target***") after giving effect to the Pre-Closing Restructuring described below, pursuant to the Master Transaction Agreement, dated as of the Signing Date (together with all exhibits, schedules and other attachments thereto, the "***Transaction Agreement***"), by and among the Borrower, VICI Properties Inc., a Maryland corporation ("***PropCo Buyer***"), VICI ROYAL MERGER SUB LLC, a Delaware limited liability company and a wholly owned subsidiary of PropCo Buyer ("***PropCo Merger Sub***"), and the Company.

In connection therewith, it is intended that:

1. Prior to the Closing Date, the Company intends to effect a reorganization, as further described in the
Transaction Agreement, pursuant to which (i) the Company will form a new wholly owned Delaware limited liability company ("  ***Royal Holdings*** "), (ii) Golden Holdings, Inc., a Delaware corporation and a wholly owned
subsidiary of the Company will merge with and into Royal Holdings, with Royal Holdings continuing as the surviving entity, on the terms and subject to the conditions set forth in the Transaction Agreement and in accordance with the applicable
provisions of the Delaware Limited Liability Company Act, as amended, and the General Corporation Law of the State of Delaware, as amended, (iii) the Company will form a new wholly owned Delaware limited liability company
("  ***PropCo*** "), (iv) each existing Subsidiary of the Company that owns the Transferred Real Estate Assets (as defined in the Transaction Agreement as in effect on the Signing Date) (an "  ***Existing Owner***") will form one or more new wholly owned Delaware limited liability companies (the "  ***Owner SPEs*** "), and each Existing Owner will transfer, assign, and convey the applicable Transferred Real Estate Assets
owned by it to the Owner SPE(s) owned by it, such that, following such transfers, assignments and conveyances (the "  ***Real Estate Transfer*** "), there are seven Owner SPEs, each owning a single Subject Property (as defined in
the Transaction Agreement as in effect on the Signing Date) (collectively, the "  ***Subject Properties*** "), (v) each Existing Owner will distribute all of the equity interests of each Owner SPE that it owns up the chain to the
Company, and the Company will contribute all such equity interests to PropCo, and (vi) the Company will form a wholly owned Minnesota corporation ("  ***New HoldCo***") and New HoldCo will form a wholly owned
Minnesota limited liability company ("  ***New OpCo*** ").

2. On the Closing Date, but prior to the OpCo Sale (defined below), the Company will merge with and into New
OpCo, with New OpCo continuing as the surviving entity (the "  ***F Reorganization Merger***" and, together with the transactions described in clause 1 above, the "  ***Pre-Closing Restructuring***") pursuant to the Transaction Agreement and in accordance with the applicable provisions of the Minnesota Business Corporation Act, as amended, and Minnesota Revised Uniform Limited Liability Company Act, as amended, with
the equity holders of the Company receiving equity, on a one-for-one basis, in New HoldCo and New HoldCo owning 100% of the membership interest of New OpCo and being the
immediate parent of New OpCo and in connection with the F Reorganization Merger, at the F Reorganization Effective Time (as defined in the Transaction Agreement as in effect on the Signing Date), New HoldCo will economically assume the
Company's obligation to repay the outstanding amount under the Existing Credit Agreement.

Exhibit A-1

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3. On the Closing Date, immediately following the F Reorganization Effective Time but prior to the OpCo Sale,
(i) New HoldCo will change its name to "  ***Royal Holdco I Inc.***" and, following the F Reorganization Effective Time, references to the Company will mean New HoldCo, and (ii) New OpCo will distribute all of the limited
liability company membership interests in PropCo to New HoldCo (the "  ***PropCo Distribution*** ").

4. On the Closing Date, immediately following the PropCo Distribution but prior to the distribution by or on
behalf of New HoldCo of a dividend, as declared and paid by New HoldCo in the amount per share equal to the proceeds per share from the OpCo Sale to the shareholders of New HoldCo (the "  ***Distribution***") and the Effective Time
(as defined in the Transaction Agreement as in effect on the Signing Date), (i) the Borrower will acquire 100% of the equity interests of New OpCo (the "  ***OpCo Sale*** "), and thereafter be the direct or indirect parent of New
OpCo and its subsidiaries, (ii) on the Closing Date, immediately following the OpCo Sale but prior to the Effective Time, the Company will effect the Distribution and (iii) on the Closing Date, immediately following the Distribution,
(A) New HoldCo will merge with and into PropCo Merger Sub, with PropCo Merger Sub continuing as the surviving entity (the "  ***Merger***") on the terms and subject to the conditions set forth in the Transaction Agreement and
in accordance with applicable law and (B) each share of common stock, par value $0.01 per share, of the Company issued and outstanding immediately prior to the Effective Time will be converted into the right to receive the Merger Consideration
(as defined in the Transaction Agreement as in effect on the Signing Date) (transactions described in this clause 4, collectively, the "  ***Acquisition*** ").

5. In order to fund all or a portion of the OpCo Sale, the Borrower or its affiliates will obtain the Permanent
Financing, or if, and only to the extent that, the Borrower does not receive aggregate gross proceeds of at least $135.0 million from the Permanent Financing on or prior to the Closing Date, the Borrower will borrow loans under the Bridge
Facility (the net cash proceeds of any such Permanent Financing or any such Bridge Facility, the "  ***Cash Consideration*** ").

6. At the closing of the Transactions on the Closing Date, and immediately following the effective time of the
Merger, the Borrower or one of its affiliates, on the one hand, and the PropCo Buyer or one of its affiliates, on the other hand, will enter into a new master lease agreement substantially in the form agreed to on the date hereof (the
"  ***Master Lease Agreement*** "), pursuant to which, the Borrower (or its relevant affiliate) will lease the Subject Properties owned by the PropCo Buyer (or its relevant affiliate), on the terms and subject to the conditions set
forth therein.

7. Immediately after giving effect to the Transactions on the Closing Date, Mr. Blake Sartini and his
affiliates and trusts associated therewith or for the benefit thereof will own and control, (i) directly or indirectly (whether by contract or otherwise) 100% of the voting and economic interests in Argento Intermediate II, LLC, a Nevada
limited liability company and the direct parent of the Borrower ("  ***Holdings*** "), and (ii) directly or indirectly (whether by contract or otherwise), 100% of the voting and economic interests in the Borrower.

8. All existing third party debt for borrowed money of the Company and the direct and indirect subsidiaries of
the Company, contemporaneously with or immediately prior to the consummation of the Acquisitions, will be repaid, redeemed, defeased, discharged, refinanced, replaced or terminated and all commitments thereunder shall have been terminated, including
with respect to all obligations under that certain First Lien Credit Agreement, dated October 20, 2017, by and among the Company,

Exhibit A-2

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as borrower, the guarantors party from time to time thereto, the financial institutions from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (as amended or supplemented on or prior to the Signing Date, the "***Existing Credit Agreement***") (the "***Refinancing***"), other than (a) ordinary course capital leases, letters of credit and surety bonds permitted to remain outstanding pursuant to the terms of the Transaction Agreement, (b) indebtedness permitted to remain outstanding under the Bridge Facility and (c) certain other indebtedness that the Borrower and the Lead Arranger reasonably agree may remain outstanding after the Closing Date.

9. The Cash Consideration will be applied to fund the Transactions (other than the Merger) and to pay the fees,
premiums, expenses and other transaction costs incurred in connection therewith, including, without limitation, those amounts set forth in the Fee Letter, dated as of the Signing Date, by and among the Borrower and Santander (the
"  ***Transaction Costs*** ").

The transactions described above in this <u>Exhibit A</u> are collectively referred to herein as the "***Transactions***". For purposes of this Commitment Letter and the Fee Letter, "***Closing Date***" shall mean (a) the date of the satisfaction (or waiver by the Commitment Party) of the conditions set forth in <u>Exhibit C</u> and the funding of the Bridge Facility, and (b) the consummation of the Acquisition.

<u>Exhibit A-3</u>

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**<u>EXHIBIT B</u>**

**[Summary of Principal Terms]** 

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**<u>EXHIBIT C</u>**

**Project Trophy** 

***$135.0 million 364-Day Senior Secured Bridge Facility***

**<u>Summary of Conditions Precedent</u>**

The borrowing under the Bridge Facility on the Closing Date shall be subject solely to the satisfaction or waiver of the following conditions precedent (in each case, which shall be subject to the Conditions Limitation Provision, if applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Acquisition and the other Transactions shall have been consummated or will be consummated substantially concurrently with the funding of the Bridge Facility in all material respects in accordance with the Transaction Agreement, without any waiver, supplement, modification or amendment thereof or any consent to the Transaction Agreement, in each case that is materially adverse to the interests of the Lenders (in their capacities as such) unless consented to by the Initial Lender (such consent not to be unreasonably withheld, delayed or conditioned); it being understood and agreed that (i) any amendment, change to, or waiver, consent or approval by the Borrower (or its affiliate, if applicable) in respect of, the provisions of the Transaction Agreement relating to (x) the "Xerox" provisions providing protection for the benefit of the Lead Arranger, the Lenders and their respective affiliates, or (y) the definition of Material Adverse Effect (as defined in the Transaction Agreement as in effect on the Signing Date) shall be deemed to be materially adverse to the interests of the Lenders, (ii) any alteration, amendment, change, modification, supplement or express waiver, consent or approval granted by the Borrower (or its affiliates) under the Transaction Agreement that results in a reduction in the Transaction purchase price shall be deemed not to be materially adverse to the interests of the Lenders or the Lead Arranger so long as any such cash reduction is applied to reduce any amounts to be funded under the Bridge Facility, as directed by the Borrower in consultation with the Commitment Party, on a dollar-for-dollar basis, (iii) any alteration, amendment, change, modification, supplement or express waiver, consent or approval granted by the Borrower (or its affiliates) under the Transaction Agreement that results in an increase in the Transaction purchase price shall be deemed not to be materially adverse to the interests of the Lenders or the Lead Arranger so long as such increase is not funded with the proceeds of indebtedness and (iv) any increase or decrease in the Transaction purchase price pursuant to any purchase price or similar adjustment provisions set forth in the Transaction Agreement shall not constitute an alteration, amendment, change, modification, supplement, waiver, consent or approval under the Transaction Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Commitment Party shall have received (i) the audited consolidated balance sheet and the related audited consolidated statements of operations and cash flows of the Target and its subsidiaries for the three most recently completed fiscal years ended at least 75 days prior to the Closing Date and (ii) the unaudited interim consolidated balance sheet and related unaudited consolidated statements of operations and cash flows of the Target and its subsidiaries for the most recent fiscal quarter (other than the fourth fiscal quarter of the Target's fiscal year) ended at least 45 days prior to the Closing Date that is after the most recent fiscal year for which audited financial statements have been provided pursuant to clause (i) above; <u>provided</u> that each Commitment Party acknowledges that the filing of the required financial statements with the Securities and Exchange Commission by the Target will satisfy the foregoing requirements in clauses (i) and (ii) above, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Bridge Facility Documentation shall have been executed and delivered by the Borrower and the Guarantors, and the Borrower shall have delivered (i) customary legal opinions, (ii) customary organizational documents, (iii) customary good standing certificates in jurisdictions of formation/organization, (iv) customary evidence of authority and customary officers' certificates, in each case, with respect to the Borrower and the Guarantors (to the extent applicable), (v) customary evidence of insurance and (vi) customary certificates and other documentation evidencing that any real property subject to the federal flood insurance requirements is in compliance with such requirements.

<u>Exhibit C-1</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Subject to the Conditions Limitation Provision, with respect to the Bridge Facility, the holders of the Borrower's equity interests, Borrower and Guarantors (including Target and its Subsidiaries that are Guarantors) shall have entered into the guarantees and security documents (as applicable) and authorized, executed and/or delivered (as applicable) all filings and instruments necessary in order to provide for the grant and perfection of liens on the Collateral, including, without limitation, receipt of all certificates evidencing pledged capital stock or membership or partnership interests (subject to receipt of any required gaming approvals), as applicable, with accompanying executed stock powers, all UCC financing statements to be filed in the applicable government UCC filing offices, all intellectual property security agreements to be filed with the United States Copyright Office, and the United States Patent and Trademark Office, as applicable, and, in each case subject to the limitations set forth in the Security section of the respective Term Sheet (it being understood that no real estate mortgages shall be required to be entered into on the Closing Date and such mortgages shall be required to be delivered after the Closing Date in accordance with the Conditions Limitation Provision).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Borrower shall have engaged one or more investment banks reasonably satisfactory to the Commitment Party to publicly sell or privately place all or a portion of the Permanent Financing for purposes of refinancing the Bridge Facility. The Commitment Party acknowledges that the condition set forth in this paragraph 5 has been satisfied as of the Signing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Borrower shall have delivered to the Lead Arranger a solvency certificate with respect to the solvency of the Borrower and its consolidated subsidiaries, taken as a whole, after giving effect to the Transactions, substantially in the form set forth on <u>Annex I</u> attached hereto, signed by a senior authorized financial executive or officer with equivalent duties of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Borrower shall have delivered a borrowing notice for the Bridge Facility to the Administrative Agent consistent with the Documentation Principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. (A) The Transaction Agreement Representations shall be true and accurate to the extent required by the Conditions Limitation Provision and (B) the Specified Representations shall be true and accurate in all material respects on and as of the Closing Date (unless, such representations relate to an earlier date, in which case, such representations shall have been true and correct in all material respects as of such earlier date); <u>provided</u> that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality (or Material Adverse Effect) in the text thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Since the date of the Transaction Agreement, no Material Adverse Effect (as defined in the Transaction Agreement as in effect on the Signing Date or as amended in accordance with, and subject to the conditions set forth in, this Commitment Letter) with respect to the Company (as defined in the Transaction Agreement as in effect on the Signing Date or as amended in accordance with, and subject to the conditions set forth in, this Commitment Letter) shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Refinancing shall have been consummated or, substantially concurrently with the initial borrowings under the Bridge Facility, shall be consummated, and the Lead Arranger shall have received customary payoff letters (or other reasonably acceptable evidence in lieu thereof) in connection therewith confirming that all indebtedness with respect thereto shall have been fully repaid or otherwise discharged, and following the consummation of the Refinancing, neither the Borrower nor any of subsidiaries shall have any indebtedness outstanding other than (a) ordinary course capital leases, letters of credit and surety bonds permitted to remain outstanding pursuant to the terms of the Transaction Agreements, (b) indebtedness permitted to remain outstanding under the Bridge Facility and (c) certain other indebtedness that the Borrower and the Lead Arranger reasonably agree may remain outstanding after the Closing Date.

<u>Exhibit C-2</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Real Estate Transfer shall have been consummated (or substantially simultaneously or substantially concurrently with the funding of the Bridge Facility shall be consummated) and the Master Lease Agreement shall have been entered into (or substantially simultaneously or substantially concurrently with the funding of the Bridge Facility shall be entered into), in each case, in a manner substantially consistent with the Transaction Description in Exhibit A attached hereto and the definition of "Collateral" on Exhibit B attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Immediately after giving effect to the Transactions on the Closing Date, Mr. Blake Sartini and any of his affiliates and trusts associated therewith or for the benefit thereof will own and control, (i) directly or indirectly (whether by contract or otherwise) 100% of the voting and economic interests in Holdings, and (ii) directly or indirectly (whether by contract or otherwise) 100% of the voting and economic interests in the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. All fees and expenses related to the Transactions payable to the Lead Arranger or the Lenders (including the reasonable and documented out-of-pocket fees and expenses of Cahill Gordon & Reindel LLP as counsel thereto), to the extent invoiced at least three business days prior to the Closing Date (except as otherwise agreed by the Borrower) shall have been paid to the extent due on the Closing Date (which amounts may be offset against the proceeds of the Bridge Facility (or any Permanent Financing)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Lenders shall have received at least three (3) business days prior to the Closing Date all documentation and other information as is reasonably requested in writing by the Lead Arranger at least ten (10) business days prior to the Closing Date, about the Borrower and the Guarantors as required by bank regulatory authorities under applicable "know-your-customer" and anti-money laundering rules and regulations, including (i) the Patriot Act, (ii) to the extent the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a Beneficial Ownership Certification and (iii) the CDD Rule.

<u>Exhibit C-3</u>

## Ex-99.(C)(2)

**Exhibit (c)(2)**![LOGO](g63318page056.jpg)

PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Discussion Materials Macquarie Capital October 2025 1

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Important Notice and Disclaimer "Macquarie Capital" refers to Macquarie Corporate Holdings Pty Limited and its worldwide direct and indirect subsidiaries. Macquarie Corporate Holdings Pty Limited is an indirect, wholly-owned subsidiary of Macquarie Group Limited. These materials have been prepared in connection with an oral presentation to, and for the information of, the Independent Committee of the Board of Directors (the "Committee") of Golden Entertainment, Inc. ("Golden" or the "Company") in connection with its evaluation of a potential transaction involving the Company (the "Transaction"), and were not prepared with a view toward complying with disclosure standards under federal, state or other securities laws. These materials may not be used for any other purpose or disclosed or distributed, in whole or in part, except as otherwise expressly permitted by Macquarie Capital. Financial and other data and information contained in these materials are based on management's own internal estimates and projections with respect to, among other matters, the anticipated future financial condition, results of operations, plans, objectives, business and performance of the Company (which management has advised reflect the best currently available estimates and judgments of management) or from (or derived from) third-party sources or publicly available information. Without limiting the generality of the foregoing, no audit or responsibility for independent verification has been undertaken with respect to the financial assumptions, data, results, calculations and forecasts contained in, presented or referred to in these materials. Actual results may vary from those contained in these materials and such variations may be significant. None of Macquarie Capital, its affiliates or any of its and their respective employees, directors, officers, contractors, consultants, advisors, members, successors, representatives and agents (collectively, its "Representatives") makes any representation or warranty, express or implied, as to the information utilized in these materials from third-party sources or that otherwise has been made available to Macquarie Capital (the accuracy and completeness of which has been assumed and relied upon by Macquarie Capital without independent verification) nor has Macquarie Capital or its Representatives acted on the Company's or the Committee's behalf or otherwise to independently verify any such information. Macquarie Capital and its Representatives assume no responsibility under any circumstances for losses or damages resulting from any such information or for any omissions from any such information. Neither Macquarie Capital nor any of its affiliates is an advisor as to regulatory, legal, tax or accounting matters. Any decision with respect to the Transaction should be based on such due diligence investigations and other inquiries and assessments, and on the advice of independent tax advisors, legal counsel and/or other advisors, as necessary or appropriate, including as to the economic, financial, regulatory, legal, tax, accounting or other implications of the Transaction. These materials do not constitute an offer to sell or a solicitation of an offer to buy any securities or to engage in any Transaction. Macquarie Capital and its affiliates may from time to time publish or express independent research views in respect of market and industry data, which may differ, in some cases materially, from market, industry or other data or assumptions included in these materials. These materials contain selected information and do not purport to contain all information that may be required or relevant in evaluating the Transaction. These materials outline certain matters for discussion and are not and should not be construed as a fairness opinion. The information contained in these materials is necessarily based on economic, market and other conditions existing, and information available, as of the date hereof unless otherwise noted and is subject to change. Macquarie Capital assumes no obligation to update, amend or supplement these materials or any information contained herein for any reason. Macquarie Capital is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of Macquarie Capital do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 ("MBL"). Any investments are subject to investment risk including possible delays in repayment and loss of income and principal invested. MBL does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Capital.© 2024 Macquarie Capital (USA) Inc. Strictly confidential \|© Macquarie Group Limited 2

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Overview of Initial Offer Key Points of Initial Offer • Offer price per share of $28.25 • REIT would purchase the real estate assets ("PropCo") and assume Golden's outstanding debt, with the balance of the PropCo purchase price issued in REIT shares (enabling tax deferral of such consideration) • Purchase of operating assets ("OpCo") would be for cash Implied Premia & Multiples of Initial Offer Offer Value per Share $28.25 % Premium to Current 20% % Premium to 10-Day VWAP (1) 18% % Premium to 30-Day VWAP (1) 16% Fully Diluted Shares Outstanding 27.4 (+) Debt (2) 430 (-) Cash (2) (52) Enterprise Value $1,151 Implied EV / EBITDAR Multiples (Based on Golden Management Projections) LTM 9/30/25E ($146m) 7.9x 2025E ($146m) 7.9x 2026E ($154m) 7.5x 2027E ($156m) 7.3x Source: FactSet as of 9/30/25 and Golden management projections as of 9/26/2025. Note: (1) Represents trading days. (2) Estimated 9/30/2025 capitalization per Golden management. Strictly confidential \|© Macquarie Group Limited 3

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Key Agenda Topics 1 Update on recent discussions with Santander 2 Potential strategic alternatives for Golden Status Quo • What is the potential future share price of Golden assuming achievement of management's forecast (and the present value of such future share price)? • What is the market and execution risk associated with achieving such future share price? PropCo Sale and OpCo Spin-off or Sale • Form of consideration for PropCo? • If a spin-off, would the OpCo be viable as a standalone publicly traded entity? • What would be the potential consideration for an OpCo sale? • What are the potential friction costs (e.g., tax leakage)? WholeCo Sale • What is the overall value to be received by shareholders (WholeCo value)? • What are the tax implications to shareholders? 3 Preliminary valuation perspectives related to each alternative 4 Next steps and potential process considerations Strictly confidential \|© Macquarie Group Limited 4

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS 1 Status Quo 5 PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS

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Golden Share Price Performance Golden has been recently trading at 52-week lows Share Price Performance 1 2 3 4 Completed return of Completed sale of Nevada Initiated quarterly cash dividend ~$180 million of capital to Completed debt repricing distributed gaming operations policy of $0.25 / share shareholders since completion of Rocky Gap sale $45.00 5.0 4.5 Q4-23 EBITDAR $40.00 Miss: (1.4%) 4.0 3.5 1 Millions) Q1-24 EBITDAR Q3-24 EBITDAR in $35.00 Miss: (3.3%) Miss: (1.2%) 3.0 Price 4 2 Q1-25 EBITDAR 2.5 (Shares Share Beat: +2.1% $30.00 2.0 3 Traded Q4-24 EBITDAR Beat: +0.5% 1.5 Golden EBITDAR Beat Q2-24 EBITDAR Volume $25.00 Golden EBITDAR Miss Miss: (2.1%) Q2-25 EBITDAR 1.0 Beat: +1.1% $23.58 0.5 $20.00 0.0 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 ($ in actuals) 10/29/24 11/29/24 12/27/24 1/28/25 2/28/25 3/31/25 4/30/25 5/30/25 6/30/25 7/29/25 8/29/25 9/30/25 Share Price $30.94 $33.74 $31.39 $33.19 $31.09 $26.39 $25.70 $28.53 $29.43 $28.88 $24.87 $23.58 10-Day VWAP (1) $30.58 $33.70 $31.82 $32.47 $31.95 $27.47 $25.77 $28.50 $28.73 $29.31 $24.96 $23.85 30-Day VWAP (1) $31.08 $32.35 $33.04 $32.03 $32.31 $29.13 $26.12 $27.42 $28.31 $29.53 $26.39 $24.35 Source: FactSet as of 9/30/2025. (1) Represents trading days. Strictly confidential \|© Macquarie Group Limited 6

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Relative Share Price Performance Since the start of 2024, Golden's share price has declined by 41%, significantly underperforming regional operators and broader indices Relative Share Price Performance Golden Regional Gaming % Change (1) S&P 500 NASDAQ Entertainment Operators Ä Since 1/1/24 (41%) 5% 40% 51% Ä 1-Year (26%) 20% 16% 25% Ä Year-to-Date (25%) 22% 14% 17% 160% +51% 140% +40% 120% +5% 100% 80% 60% (41%) 40% Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Golden Entertainment Regional Gaming Operators (1) S&P 500 NASDAQ Source: FactSet as of 9/30/2025. Note: (1) Regional Gaming Operators includes Red Rock Resorts, Monarch Casino & Resort, Boyd Gaming, Caesars Entertainment and PENN Entertainment. Strictly confidential \|© Macquarie Group Limited 7

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Golden Financial Summary (As Prepared by Golden Management) Below reflects continuing operations (e.g. excludes divested Rocky Gap and Distributed Gaming assets) Adjusted EBITDA equals Adjusted EBITDAR Revenue Adjusted EBITDA (1) for the purposes of all Golden valuation metrics (other than OpCo related valuations) ($ in millions) ($ in millions) Growth % 2.6% 1.6% (4.1%) (3.4%) (1.6%) 2.7% 2.5% 2.6% 2.8% 2.5% (9.1%) (11.3%) (11.7%) (7.6%) (6.0%) 5.9% 2.2% 2.8% 3.4% 2.1% Margin %: 29.1% 25.4% 23.4% 22.6% 22.4% 23.1% 23.1% 23.1% 23.2% 23.1% $740 $721 1 $702 1 $678 $689 $684 $661 $667 1 $198 4 $645 $650 1 129 9 1 125 1 1 1 $175 $171 121 $167 110 109 117 38 $162 110 113 $154 $158 108 108 33 $155 $146 $146 31 33 29 30 28 171 27 25 26 167 76 157 160 163 158 151 156 153 153 74 77 74 76 71 72 67 69 69 135 120 109 113 114 103 97 98 105 107 417 428 439 407 413 399 397 406 384 387 (51) (51) (42) (45) (48) (49) (50) (51) (52) (53) 2022A 2023A 2024A LTM 2025E 2026E 2027E 2028E 2029E 2030E 2022A 2023A 2024A LTM 2025E 2026E 2027E 2028E 2029E 2030E 9/30/25E 9/30/25E Nevada Casino Resorts Nevada Locals Casinos NV Taverns Corporate Source: Golden management projections as of 9/26/2025. Note: (1) "Adjusted EBITDA" defined as earnings before depreciation and amortization, non-cash lease benefit or expense, share-based compensation expense, gain or loss on disposal of assets and businesses, loss on debt extinguishment and modification, preopening and related expenses, impairment of assets, interest, income taxes, and other non-cash charges and non-recurring expenses that are deemed to be not indicative of core operating results. Strictly confidential \|© Macquarie Group Limited 8

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Wall Street Research Analyst Perspectives Wall Street consensus median price target of $34.50 per share ($31.82 on a present value basis) represents a 46% and 35% premium, respectively, to Golden's current share price of $23.58 Current Research Analyst Estimates Price Target Revenue EBITDAR Date Analyst Rating Price Target (1) (Present Value) '25E / '26E /'27E '25E / '26E /'27E Macquarie 8/8/2025 Buy $39.00 $35.99 $651 / $670 / N/A $147 / $157 / N/A 8/7/2025 Outperform $37.00 $34.15 $654 / $669 / $685 $147 / $157 / $166 8/8/2025 Outperform $35.00 $32.29 $649 / $667 / $682 $147 / $153 / $156 8/8/2025 Buy $35.00 $32.29 $647 / $653 / N/A $145 / $147 / N/A 8/12/2025 Overweight $34.00 $31.34 $652 / $666 / $688 $148 / $157 / $164 8/8/2025 Hold $32.00 $29.53 $648 / $665 / N/A $146 / $149 / N/A 8/7/2025 Hold $31.00 $28.61 $638 / $649 / N/A $150 / $155 / N/A 8/7/2025 Hold $30.00 $27.69 $654 / $671 / $685 $147 / $158 / $163 Consensus (Mean) $34.13 $31.49 $649 / $664 / $685 $147 / $156 / $162 Consensus (Median) $34.50 $31.82 $650 / $667 / $685 $147 / $156 / $164 Research Analyst Price Targets Over Time Golden Share Price: $31 $28 $31 $31 $26 $26 $45.00 $40.00 $36.00 $37.00 $36.00 $34.50 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 2025E EBITDAR $184 $177 $164 $160 $154 $147 2026E EBITDAR $198 $188 $173 $167 $164 $156 Source: FactSet as of 9/30/2025 and equity research reports. Note: (1) Present value calculated based on a 12-month price target at a 9.9% discount rate from the date of each report to 9/30/2025. Strictly confidential \|© Macquarie Group Limited 9

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Golden Management Forecast vs. Wall Street Consensus Estimates Golden's management forecast is largely in line with Wall Street consensus estimates for 2025 and 2026, but varies to a wider degree in 2027 (as certain brokers do not have estimates) Revenue Adjusted EBITDAR # of Brokers 8 8 4 8 8 4 Included: Ä Management 0.1% 0.2% (0.2%) (0.8%) (0.9%) (3.7%) vs. Consensus: $667 $684 $685 $666 $650 $649 $158 $164 $154 $156 $146 $147 2025E 2026E 2027E 2025E 2026E 2027E Golden Management Projections Wall Street Consensus Estimates Source: FactSet as of 9/30/2025 and Golden management projections as of 9/26/2025. Strictly confidential \|© Macquarie Group Limited 10

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Historical Golden EV / NTM EBITDAR Since the beginning of 2024 (which corresponds with Golden's final asset divestiture), Golden has traded at a median EV / NTM EBITDAR multiple of 7.4x • On a year-to-date basis, the median EV / NTM EBITDAR multiple for Golden is also 7.4x EV / NTM EBITDAR 9.0x 8.5x 8.0x 75th Percentile: 7.7x Median Since 1/1/24: 7.4x 7.5x 7.0x 25th Percentile: 7.1x Current 6.9x 6.5x 6.0x Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 25th – 75th Percentile Source: Company filings and FactSet as of 9/30/2025. Strictly confidential \|© Macquarie Group Limited 11

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Preliminary, Illustrative Status Quo Valuation Preliminary, Illustrative Future Share Price of Golden (1) ($ in millions) Year End 2025 Year End 2026 Year End 2027 NTM EBITDAR $154 $158 $162 EV / EBITDAR Multiple 7.4x 7.4x 7.4x Enterprise Value $1,141 $1,166 $1,198 Less: Net Debt (356) (266) (171) Equity Value $785 $900 $1,028 FDSO 27.3 27.3 27.3 Implied Share Price $28.74 $32.95 $37.64 PV of Implied Share Price (1) $28.06 $29.29 $30.46 Sensitivity Analysis Current NTM Multiple Historical Median NTM Multiple (Since 1/1/24) Implied Nominal Share Price (Year End 2025) Implied Nominal Share Price (Year End 2026) Implied Nominal Share Price (Year End 2027) EBITDAR Sensitivity EBITDAR Sensitivity EBITDAR Sensitivity (10%) 0% 10% (10%) 0% 10% (10%) 0% 10% 6.9x $21.60 $25.91 $30.23 6.9x $24.80 $30.07 $35.34 6.9x $27.97 $34.68 $41.38 M M NTM Multiple 7.4x $24.14 $28.74 $33.34 NT Multiple 7.4x $27.39 $32.95 $38.51 NT Multiple 7.4x $30.64 $37.64 $44.65 7.9x $26.68 $31.56 $36.44 7.9x $29.99 $35.84 $41.69 7.9x $33.31 $40.61 $47.91 PV of Implied Share Price (Year End 2025) PV of Implied Share Price (Year End 2026) PV of Implied Share Price (Year End 2027) EBITDAR Sensitivity EBITDAR Sensitivity EBITDAR Sensitivity (10%) 0% 10% (10%) 0% 10% (10%) 0% 10% 6.9x $21.09 $25.31 $29.52 6.9x $22.04 $26.73 $31.41 6.9x $22.64 $28.06 $33.49 M M NTM Multiple 7.4x $23.57 $28.06 $32.56 NT Multiple 7.4x $24.35 $29.29 $34.24 NT Multiple 7.4x $24.80 $30.46 $36.13 7.9x $26.05 $30.82 $35.59 7.9x $26.66 $31.86 $37.06 7.9x $26.96 $32.86 $38.77 Note: Based on Golden management projections as of 9/26/2025. Based on current FDSO of 27.3 million. Assumes no dividends (with corresponding increase to cash). (1) Implied share price discounted to 9/30/2025 at a 9.9% discount rate. Strictly confidential \|© Macquarie Group Limited 12

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS 2 PropCo/OpCo Considerations 13

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Key PropCo/OpCo Considerations 1 What structure would be utilized in a sale of PropCo? What are the potential tax considerations? A• To minimize tax leakage, the Company could spin-off or sell the OpCo and subsequently merge the remaining PropCo into a public REIT for shares in the REIT - REIT shares received would be tax-deferred to Golden shareholders - Distribution of OpCo or cash received from an OpCo sale will be taxable to Golden and its shareholders ▪ Golden's tax liability can be offset by existing tax basis of the OpCo B• Cash sale of PropCo would result in estimated tax leakage of $134mm (or ~$4.90 per share) 2 Viability of, and trading considerations for, pro forma OpCo • Future trading prospects (both technical and fundamental) • Valuation uncertainty • Shareholder receptivity • Continuation of leadership team? Note: Tax implications subject to further diligence. Strictly confidential \|© Macquarie Group Limited 14

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Preliminary, Illustrative PropCo / OpCo Ability to Pay Analysis Excludes Tax Liability to Shareholders Implied PropCo Value per Share PropCo Tax Leakage (Based on REIT Term Sheet) (Sale Leaseback for Cash Option) $ in millions $ in millions Base Rent Assumption $87 PropCo Purchase Price $1,160 Capitalization Rate Assumption 7.5% Less: Estimated PropCo Asset Basis (522) PropCo Purchase Price $1,160 Estimated Gain on Sale $638 (-) Golden Debt Assumed (1) (430) Estimated Taxes 21% Golden Equity Value $730 Estimated PropCo Tax Leakage $134 Implied PropCo $ per Share (Gross) $26.73 Estimated PropCo Tax Leakage per Share $4.90 Implied EV / 2025E OpCo EBITDA & EBITDAR Multiples $ in millions Sale of PropCo for REIT Shares / Cash OpCo Sale or Public OpCo Illustrative PropCo Implied Implied Implied EV/2025E Implied EV/2025E WholeCo Value Opco $ OpCo Pro Forma OpCo EBITDAR Offer Price (Net of Debt) Per Share Enterprise Value OpCo EBITDA EBITDA Multiple Multiple $23.58 $26.73 N/M N/M $59 N/M 7.0x $28.25 $26.73 $1.52 $42 $59 0.7x 7.9x $29.00 $26.73 $2.27 $62 $59 1.1x 8.1x $30.00 $26.73 $3.27 $89 $59 1.5x 8.2x $31.00 $26.73 $4.27 $117 $59 2.0x 8.4x $32.00 $26.73 $5.27 $144 $59 2.5x 8.6x $33.00 $26.73 $6.27 $172 $59 2.9x 8.8x $34.00 $26.73 $7.27 $199 $59 3.4x 9.0x $35.00 $26.73 $8.27 $227 $59 3.9x 9.2x Source: Company filings and FactSet as of 9/30/2025. (1) Estimated 9/30/2025 capitalization per Golden management. Strictly confidential \|© Macquarie Group Limited 15

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS 3 Potential Sale Considerations 16

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Analysis at Various Prices Golden Analysis at Various Prices Current Initial ($ in millions except per share data) Share Price Offer Share Price $23.58 $25.00 $26.00 $27.00 $28.25 $29.00 $30.00 $31.00 $32.00 $33.00 $34.00 $35.00 Premium to Current ($23.58) 6.0% 10.3% 14.5% 19.8% 23.0% 27.2% 31.5% 35.7% 39.9% 44.2% 48.4% Premium / (Discount) to 10-Day VWAP ($23.85) (1.1%) 4.8% 9.0% 13.2% 18.5% 21.6% 25.8% 30.0% 34.2% 38.4% 42.6% 46.8% Premium / (Discount) to 30-Day VWAP ($24.35) (3.2%) 2.7% 6.8% 10.9% 16.0% 19.1% 23.2% 27.3% 31.4% 35.5% 39.6% 43.7% Total Fully Diluted Shares Outstanding 27.3 27.3 27.3 27.4 27.4 27.4 27.4 27.4 27.4 27.4 27.4 27.4 Market Capitalization $644 $683 $711 $739 $773 $794 $822 $850 $877 $905 $933 $961 (-) Cash (Estimated 9/30/2025 figure per Golden management) (52) (52) (52) (52) (52) (52) (52) (52) (52) (52) (52) (52) (+) Debt (Estimated 9/30/2025 figure per Golden management) 430 430 430 430 430 430 430 430 430 430 430 430 Implied Enterprise Value $1,022 $1,061 $1,089 $1,116 $1,151 $1,172 $1,200 $1,227 $1,255 $1,283 $1,311 $1,338 Implied EV / EBITDAR Multiples (Management Estimates) Implied LTM Q3 2025E EBITDAR Multiple: ($146m) 7.0x 7.3x 7.5x 7.6x 7.9x 8.0x 8.2x 8.4x 8.6x 8.8x 9.0x 9.2x Implied 2025E EBITDAR Multiple: ($146m) 7.0x 7.3x 7.5x 7.7x 7.9x 8.1x 8.2x 8.4x 8.6x 8.8x 9.0x 9.2x Implied 2026E EBITDAR Multiple: ($154m) 6.6x 6.9x 7.1x 7.2x 7.5x 7.6x 7.8x 8.0x 8.1x 8.3x 8.5x 8.7x Implied 2027E EBITDAR Multiple: ($158m) 6.5x 6.7x 6.9x 7.1x 7.3x 7.4x 7.6x 7.8x 8.0x 8.1x 8.3x 8.5x Source: Golden management projections as of 9/26/2025 and FactSet as of 9/30/2025. Note: VWAPs are based on trading days. Strictly confidential \|© Macquarie Group Limited 17

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Premia Analysis – All Stock and All Cash Transactions Based on all stock transactions in the last five years, the median 1-day and 30-day VWAP premia are ~15% and ~14%, respectively 1-Day Premia Summary Statistics 30-Day VWAP 31.0% 1-Day Premia Premia Summary Statistics (Stock / Cash) (Stock / Cash) 25th Percentile 8.8% / 16.5% 7.4% / 10.5% 14.8% Mean 22.3% / 40.5% 17.4% / 21.8% Median 14.8% / 31.0% 13.8% / 15.5% All Stock Median All Cash Median 75th Percentile 31.8% / 54.2% 22.4% / 27.8% All Transactions5k 30-Day VWAP Premia Key Parameters • U.S. listed companies over the last 5 years • 100% stock and 100% cash consideration transactions • 501 total transactions analyzed 15.5% 13.8% All Stock Median All Cash Median Source: FactSet as of 9/30/2025. Note: Represents all stock and all cash transactions with a minimum transaction value of at least $100 million (adjusted for outliers). VWAP based on trading days. Strictly confidential \|© Macquarie Group Limited 18

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Preliminary Trading Comparables Overview U.S. regional gaming operators trade at median EV / 2025E, EV / 2026E and EV / 2027E EBITDAR multiples of 8.5x, 7.8x and 7.5x, respectively EV / EBITDAR Comparable EV / EBITDAR Multiples EV / 2025E EBITDAR EV / 2026E EBITDAR EV / 2027E EBITDAR Based on Initial Offer Median EV / 2025E EBITDAR: 8.5x Median EV / 2026E EBITDAR: 7.8x Median EV / 2027E EBITDAR: 7.5x 10.8x 10.4x 9.9x 9.9x 9.5x 9.5x 8.5x 7.9x 8.0x 7.8x 7.5x 7.3x 7.5x 7.5x 7.3x 7.5x 7.2x 6.8x 7.0x 6.6x 6.5x (1) (2) (3) ($ in millions, except for share price) Current Share Price $23.58 $61.06 $105.84 $86.45 $27.03 $19.26 YTD Share Price Performance (25%) 32% 34% 19% (19%) (3%) Market Capitalization $644 $6,614 $2,014 $7,123 $5,761 $2,918 Enterprise Value $1,022 $9,014 $1,942 $8,993 $17,163 $4,979 2025E EBITDAR $146 $838 $196 $1,331 $3,759 $1,554 2025E EBITDAR Margin 22% 42% 36% 32% 21% 9% % EBITDAR Owned 100% 100% 100% 82% 28% --% 2025E % Interactive EBITDAR --% --% --% 4% 8% N/M Q2 2025A Conventional Net 2.5x 3.9x (0.4x) 2.5x 4.7x 2.7x Leverage Source: Company filings, equity research reports and FactSet as of 9/30/2025. Notes: Lease adjustments to enterprise value based on balance sheet values as of Q2 2025 filings. (1) Financial metrics based on management projections as of 9/26/2025. Capitalization based on management estimates for 9/30/2025. (2) Adjusted for $950 million of development land holdings per CBRE land valuation as of 6/30/2025. (3) Pro forma for Boyd's sale of its stake in FanDuel and assumes 100% of after-tax proceeds are utilized to repay debt. Lease adjustment based on broker research. Strictly confidential \|© Macquarie Group Limited 19

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Preliminary Precedent Transactions Overview Dataset includes acquisitions of U.S. based regional gaming operators (corporate level transactions only) since 2010 Selected Precedent Transactions (Based on LTM EBITDAR) Represents synergized multiple 9.3x 8.8x 9.1x 9.2x 8.3x 8.4x Median: 8.3x 7.8x 8.0x 7.2x 7.6x 6.8x 6.8x Station Casinos Peninsula Gaming MTR Gaming Isle of Capri Pinnacle Bally's / / Fertitta / Boyd Gaming Group / Casinos / Entertainment / Penn Standard Family Corp Eldorado Eldorado Resorts National Gaming (3) General (5) Controlling stake from Resorts Tropicana Ameristar Casinos Affinity Gaming / Z American Casino & the Estate of Craig H. Entertainment Properties / Entertainment / / Pinnacle Capital Partners Neilsen / Ameristar Golden Entertainment (1) Eldorado Resorts / Entertainment Casinos GLPI (4) ($ in millions) Date Jun-10 Feb-11 May-12 Dec-12 Sep-13 Aug-16 Sep-16 Jun-17 Dec-17 Apr-18 Jul-24 Enterprise Value $2,647 $2,510 $1,477 $2,764 $365 $580 $1,700 $850 $5,882 $1,785 $5,950 LTM EBITDAR $285 $323 $206 $365 $54 $70 $194 $106 / $125 (2) $703 $197 $644 Source: Company filings and investor presentations. (1) Based on Golden Entertainment press release as of June 2017. (2) Includes estimated synergies based on 6.8x synergized multiple. (3) Purchase price includes cash, HoldCo note and earn out. (4) Net purchase price includes $65 million of assumed Tropicana cash at anticipated Q4 2018 close. (5) Represents lease-adjusted enterprise value and EBITDAR. Strictly confidential \|© Macquarie Group Limited 20

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Preliminary, Illustrative Valuation Summary Financial $ in millions except per share data Metric Range Enterprise Value Price Per Share (1) Discounted Cash Flow Analysis Exit Multiple Method 6.8x - 8.3x $1,124 - $1,378 $27.35 - $36.64 Discounted Cash Flow Analysis Range (2) $1,124 - $1,378 $27.35 - $36.64 Select Public Trading Comparables Analysis EV / 2025E EBITDAR $146 8.0x - 9.0x $1,171 - $1,316 $29.04 - $34.37 EV / 2026E EBITDAR $154 7.3x - 8.3x $1,121 - $1,276 $27.24 - $32.88 EV / 2027E EBITDAR $158 7.0x - 8.0x $1,108 - $1,265 $26.74 - $32.51 Select Public Trading Comparables Analysis Range $1,133 - $1,286 $27.67 - $33.26 Golden Entertainment Public Trading Analysis EV / NTM EBITDAR (as of 9/30/25) $154 6.9x - 7.9x $1,062 - $1,216 $25.07 - $30.70 Golden Entertainment Public Trading Analysis Range $1,062 - $1,216 $25.07 - $30.70 Equal Weighting of Selected Companies and Golden NTM Trading Analysis $1,098 - $1,251 $26.37 - $31.98 Selected Precedent Transactions Analysis EV / LTM Q3 2025E EBITDAR $146 7.8x - 8.8x $1,134 - $1,280 $27.70 - $33.05 Selected Precedent Transactions Analysis Range $1,134 - $1,280 $27.70 - $33.05 Source: FactSet as of 9/30/2025 and Golden Management Projections as of 9/26/2025. (1) Based on estimated 9/30/25 net debt of $378 million and FDSO of 27.3 million (per Golden management). (2) Based on WACC range of 8.9% - 10.9%. Strictly confidential \|© Macquarie Group Limited 21

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS 4 Next Steps 22

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PRELIMINARY - SUBJECT TO FURTHER REVIEW AND REVISIONS Next Steps Determine and deliver a counterproposal to initial offer • Offer price • Process and fiduciary obligations • Diligence workstreams and timing Strictly confidential \|© Macquarie Group Limited 23

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Strictly confidential \|© Macquarie Group Limited 24

## Ex-99.(C)(3)

**Exhibit (c)(3)**![LOGO](g63318page080.jpg)

Discussion Materials Macquarie Capital October 23, 2025 1

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1 VICI Overview

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VICI Overview Company Description • VICI Properties, Inc. ("VICI") is one of the country's largest owners of gaming, hospitality and entertainment destinations • VICI is an S&P 500 experiential real estate investment trust that owns a large portfolio of gaming and hospitality destinations under long-term, triple-net leases • Owns 93 assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the US and Canada • Generated $3.9 billion of revenue and $3.2 billion of Adj. EBITDA for LTM 6/30/25 • Investment grade balance sheet (S&P: BBB-, Moody's: Baa3) Annualized VICI Cash Dividend Per Share Capitalization Table ($ in millions) Share Price $31.27 Fully Diluted Shares Outstanding 1,068 Market Capitalization $33,387 Plus: Net Debt 17,041 Plus: Noncontrolling interest 420 Enterprise Value $50,848 2025E EV / EBITDA 15.5x 2026E EV / EBITDA 15.1x 2025E P / AFFO/Share 13.2x 2026E P / AFFO/Share 12.8x Source: Company filings, investor presentations and FactSet as of 10/22/2025. Strictly confidential \|© Macquarie Group Limited 3

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Key Company Highlights (From VICI Investor Presentation) Demonstrated Track Record of Growth: Announced ~$38 billion of domestic and international investments across gaming and other experiential assets since formation in 2017 Significant Scale and Stable Cash Flows: One of the largest triple net lease REITs with $3.2 billion of annualized cash rent (1) and 100% rent collection in cash and on time since formation (including through COVID) Contractual Escalation with Inflation Protection: 42% of rent roll with CPI-linked escalation in 2025E and 90% of rent roll with CPI-linked escalation over the long-term (subject to applicable caps) Mission Critical Complex Real Estate: Gaming regulatory environment creates high barriers to entry and limits gaming tenants' ability to move locations, contributing to 100% occupancy rate Non-Commodity Experiential Real Estate: Unlocking value and sustained and sustainable growth by using the triple net lease model for non-commodity experiential assets with best-in-class, growth-minded operators Tenant Transparency: 79% of rent roll derived from SEC reporting operators providing transparency into tenant performance and credit quality Investment-Grade Balance Sheet: Investment grade ratings from Fitch, Moody's and S&P broadens access across capital markets and supports a stronger cost of capital S&P 500 Constituent: Added to the S&P 500 Index in June 2022 – shortest time from IPO to S&P 500 Index inclusion for any REIT Source: Company filings and investor presentations. Note: (1) Annualized contractual rent as of September 1, 2025. Strictly confidential \|© Macquarie Group Limited 4

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High-Quality Diversified Portfolio of Real Estate • Gaming: 15 States & 1 Canadian Province (51% Regional, 48% Las Vegas, 1% International) (1) • Other Experiential: 17 States (6 of Which Also Include Gaming) Jack Cleveland Hollywood Casino at Greektown MGM Detroit Horseshoe Hammond Harrah's Lake Tahoe Horseshoe Council Bluffs Harrah's North Kansas City Margaritaville Bossier City Fitz Hotel & Casino Century Casino St. Albert PURE Casino Calgary Empire City Chelsea Piers in New York City Caesars Atlantic City Borgata MGM National Harbor Rocky Gap Hard Rock Cincinnati Caesars Southern Indiana Century Casino Caruthersville Lucky Strike (38 locations) Harrah's New Orleans Source: Company filings and investor presentations. Note: (1) Assumes MGM Master Lease rent is allocated to Las Vegas and Regional properties based on internal rent allocations by property; based on contractual rent as of September 1, 2025. Strictly confidential \|© Macquarie Group Limited 5

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Summary of VICI Rent Roll Portfolio Overview • Portfolio includes 93 experiential assets, featuring 54 gaming properties and 39 other experiential venues across ~127 million square feet • The portfolio contains ~60,300 hotel rooms and over 500 restaurants, bars, and entertainment venues, including iconic Las Vegas properties such as Caesars Palace, MGM Grand and the Venetian Resort • The weighted average lease term ("WALT") is approximately 40.1 years, providing exceptional lease duration and cash flow visibility Key Statistics 100%—Triple Net Leases 90%—Rent Roll with Parent Guarantees 80%—Rent Roll with Master Lease Protection 79%—Rent Roll from SEC Reporting Tenants 74%—Rent Roll from S&P 500 Tenants Lease Overview WALT Annualized % of Number of (years as of Cash Rent Annualized Tenant Properties 9/1/2025) (1) ($MM) Cash Rent 18 29.8 $1,220.9 39% 13 49.6 $1,097.1 35% 1 46.5 $302.2 10% 2 52.4 $141.1 4% Seminole Hard Rock Entertainment 2 28.7 $80.7 3% 2 29.4 $72.2 2% 8 33.1 $62.2 2% 1 52.7 $42.4 1% 1 31.0 $34.5 1% 38 53.2 $32.4 1% 2 32.4 $24.7 1% 1 40.4 $24.0 1% 4 42.4 $16.4 <1% 13 Tenants 93 40.1 $3,150.8 100% Source: Company filings and investor presentations. (1) Weighted average lease term ("WALT") inclusive of all tenant renewal options based on contractual rent. Strictly confidential \|© Macquarie Group Limited 6

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Key Leases Overview The below represents a summary of material lease provisions with VICI's most significant tenants: MGM, Caesars and Venetian Master Lease Provisions Caesars Regional Master Caesars Las Vegas Master MGM Grand / Mandalay The Venetian Resort MGM Master Lease Lease and Joliet Lease Lease Bay Lease Las Vegas Lease Initial Term 25 years 18 years 18 years 30 years 30 years Initial Term 4/30/2047 7/31/2035 7/31/2035 2/28/2050 2/29/2052 Maturity Three, ten-year tenant Four, five-year tenant Four, five-year tenant Two, ten-year tenant Two, ten-year tenant Renewal Terms renewal options renewal options renewal options renewal options renewal options Current Lease 5/1/25—4/30/26 (Lease 11/1/24—10/31/25 (Lease 11/1/24—10/31/25 (Lease 3/1/25—2/28/26 (Lease 3/1/25 – 2/28/26 (Lease Year Year 4) Year 8) Year 8) Year 6) Year 4) Current Annual $774.7 million $725.5 million $495.4 million $322.4 million $302.2 million Rent Lease years 2-15—2% Lease years 2-10—2% Annual Lease years 16-end of term >2% / change in CPI > 2% & change in CPI > 2% / change in CPI > 2% / change in CPI Escalator > 2% / change in CPI (capped at 3%) thereafter (capped at 3%) (capped at 3%) Variable Rent Years 11 & 16: 80% base Years 11 & 16: 80% base None None None Adjustment rent / 20% variable rent rent / 20% variable rent 4% of revenue: 4% of revenue: Variable Rent Year 11: Avg. of years 8-10 Year 11: Avg. of years 8-10 Adjustment None less avg. of years 5-7 less avg. of years 5-7 None None Calculation Year 16: Avg. of years 13- Year 16: Avg. of years 13-15 less avg. of years 8-10 15 less avg. of years 8-10 While a non-renewal is a long-tail risk for the VICI assets subject to the above Master Leases, upon such an event, VICI would repossess its properties and Lease Expiry seek to re-lease them to a new operator. Additionally, each Master Lease contains cross-default provisions, which ensure that a tenant cannot selectively abandon underperforming assets without triggering a default across the entirety of the Master Lease. Source: Company filings and investor presentations. Strictly confidential \|© Macquarie Group Limited 7

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VICI Share Price Performance Since its IPO in February 2018, VICI's share price has appreciated by 49% Share Price Performance % Change VICI Gaming Operators (1) S&P 500 10Y Treasury Yield Ä Since IPO 49% 8% 143% 39% Ä 3-Year 5% 22% 76% (6%) Ä 2-Year 12% 17% 58% (18%) Ä 1-Year (5%) 8% 16% (7%) Source: FactSet as of 10/22/2025. Note: (1) Includes Caesars Entertainment, MGM Resorts, Wynn Resorts, Boyd Gaming, Golden Entertainment, Monarch Casino & Resort, PENN Entertainment and Red Rock Resorts. Strictly confidential \|© Macquarie Group Limited 8

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VICI Valuation Multiples Over Time VICI currently trades at 15.2x EV / NTM EBITDA and 12.9x P / NTM AFFO per Share EV / NTM EBITDA Multiple Since 1/1/24 25th Percentile 15.3x Median 15.7x 75th Percentile 15.9x P / NTM AFFO per Share Multiple Since 1/1/24 VICI 25th Percentile 12.9x Median 13.4x 75th Percentile 13.8x Source: FactSet as of 10/22/2025. Strictly confidential \|© Macquarie Group Limited 9

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VICI Wall Street Research Analyst Perspectives Wall Street consensus median price target of $37.00 per share represents a 18% premium to VICI's current share price of $31.27 Current Research Analyst Estimates Date Analyst Rating Price Target 10/15/2025 Buy $44.00 10/10/2025 Buy $39.00 10/17/2025 Buy $38.00 10/20/2025 Buy $38.00 Restricted 9/9/2025 Buy $38.00 Restricted 10/17/2025 Overweight $37.00 9/29/2025 Buy $37.00 7/31/2025 Buy $37.00 Restricted 10/17/2025 Overweight $37.00 Restricted 7/31/2025 Buy $37.00 Restricted 10/16/2025 Overweight $36.00 9/11/2025 Buy $36.00 8/5/2025 Buy $36.00 Restricted 9/26/2025 Hold $35.00 10/14/2025 Buy $35.00 10/9/2025 Hold $35.00 8/15/2025 Buy $35.00 8/11/2025 Overweight $35.00 7/31/2025 Buy $35.00 Consensus (Mean) (1) $36.91 Consensus (Median) (1) $37.00 Research Analyst Price Targets Over Time VICI Share $31.26 $31.76 $30.76 $32.02 $32.53 $31.27 Price: $37.00 $36.00 $36.00 $36.00 $35.00 $35.00 Jul-24 Oct-24 Feb-25 Apr-25 Jul-25 Current Source: FactSet as of 10/22/2025 and equity research reports. Note: (1) Does not foot with table above given certain brokers are restricted. Strictly confidential \|© Macquarie Group Limited 10

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2 Recent OpCo M&A Activity

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Recent OpCo M&A Activity • Until the recently announced acquisition of the OpCo of MGM Northfield Park, there has been a dearth of OpCo-only transactions over the past five years (including zero announced over the past three years)—The only other OpCo-only transaction was the acquisition of Gold Strike Tunica by the Cherokee Nation Businesses (announced June 2022) • Similarly, the acquisition of Sunland Park was the first combination OpCo / PropCo transaction (effective WholeCo transaction) announced over the past three years—Prior to Sunland, Rocky Gap was the last combination OpCo / PropCo transaction (announced August 2022) Precedent Transactions (Last 5 Years) – Excludes Las Vegas Strip Transactions ($ in millions) Date Target Acquiror Purchase Price LTM EBITDA EV / LTM EBITDA Rent Coverage OpCo Transactions Oct-25 MGM Northfield Park Clairvest Group $546 $83 6.6x 2.5x Jun-22 Gold Strike Tunica Cherokee Nation Businesses $450 $75 6.0x 2.9x Dec-20 Caesars Southern Indiana Eastern Band of Cherokee Indians (1) $250 $39 6.4x 2.2x Dec-20 Hollywood Casino Baton Rouge Casino Queen $28 NA NA NA Dec-20 Hollywood Casino Perryville Penn National $31 NA NA NA Combination OpCo / Propco Transactions (Only OpCo Metrics Shown Below) Oct-25 Sunland Park GLPI / Strategic Gaming Management NA NA NA NA Aug-22 Rocky Gap Casino Century Casinos / VICI Properties $56 $11 5.2x 1.7x Feb-22 Nugget Sparks Century Casinos (2) $100 $18 5.6x 2.2x Oct-20 Tropicana Evansville GLPI / Twin River $140 $32 4.4x 2.1x Source: Company filings, investor presentations press releases, and the Ohio Gaming Commission. Note: (1) Reflects estimated EBITDA in the first year after closing. (2) Assumes Century Casinos acquired 100% of the PropCo. At announcement, Century Casinos acquired 50% of the PropCo and has a five-year purchase option to acquire the remaining 50% for $105 million plus 2% per annum. Strictly confidential \|© Macquarie Group Limited 12

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Clairvest Acquisition of MGM Northfield Park Transaction Overview • On October 16, 2025, MGM Resorts announced it had reached an agreement with Clairvest Group to sell the operations of MGM Northfield Park for $546 million—Purchase price represents a ~6.6x EV / LTM EBITDA multiple based on LTM Q2 2025 Adj. EBITDAR of ~$137 million and rent of $54 million • MGM Northfield Park is the premier gaming entertainment destination in Northeast Ohio and represents an "all-in-one" destination with 200,000+ sq. ft of gaming space, year-round live harness racing & simulcasting, 5 F&B options, a live entertainment venue and on-site retail Key Property Highlights Superior Asset Quality with Premium Location ~2.8M Adult Population within 50 Miles (2) $94M $137M Adj. EBITDAR Adj. EBITDAR LTM June 2018 LTM June 2025 (6% CAGR) #1 Casino in Cleveland Market with 130% Fair Share (1) (42% share of GGR) 10% GGR CAGR Since 2019 (3) Pro Forma Rent Coverage of 2.5x Source: Company filings, investor presentations press releases and the Ohio Gaming Commission. Note: (1) Fair share calculated as the sum of MGM Northfield Park's share of GGR and share of positions in the Cleveland market. Slots / VLTs are assumed to equal 1 position, and each table is assumed to equal 6 positions. Cleveland competitors includes The JACK Thistledown Racino and The JACK Cleveland. (2) Includes Cuyahoga, Summit, Lorain, Lake, Medina, Geauga, Portage, Stark, Trumbull and Wayne counties. (3) Based on YTD August 2025 GGR, annualized. Strictly confidential \|© Macquarie Group Limited 13

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Strictly confidential \|© Macquarie Group Limited 14

## Ex-99.(C)(4)

**Exhibit (c)(4)**![LOGO](g63318page094.jpg)

Key Learnings from VICI Reverse Due Diligence Macquarie Capital October 28, 2025 1

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Key Learnings from VICI Reverse Due Diligence Call Growth Strategy Dividends Key Areas of Differentiation Continued focus on gaming with entry into adjacent markets (either through traditional sale leaseback or credit solutions) that share similar characteristics Balanced approach by product (e.g. traditional sale leaseback, partner growth equity or credit solutions) as well as sector allows VICI to maintain discipline with regards to high quality investments (versus needing to acquire riskier assets due to target investment amount by year or lack of opportunities within dedicated sector) Credit solutions portfolio has grown to ~$3 billion in recent years, with 30% of loans having a contractual path to real estate ownership High standard of diligence and cultivation of opportunities over multiple years ensures portfolio integrity Flexibility to pursue international opportunities in Canada, Australia, New Zealand, UK and parts of Europe and Asia VICI typically increases dividend in Q3 of each year and grew its annualized cash dividend per share at a 6.6% CAGR from Q3 2018 – Q3 2025 Targets a 75% AFFO payout ratio and dividend growth that outpaces inflation (e.g. 4% dividend increase this year versus 3% CPI growth) 100% tenant occupancy rate and 100% rent collection since inception (even during COVID) Diversified experiential business model with investments in waterparks, bowling, youth sports and golf leads to reduced sector-specific risk and broader total addressable market Mission-critical nature of assets and high barriers to entry provide more infrastructure-like quality to real estate holdings #3 ranked REIT in terms of overall corporate governance per Green Street Strictly confidential \|© Macquarie Group Limited 2

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Key Learnings from VICI Reverse Due Diligence Call (Cont'd) [REDACT] 100% of STIP (annual cash bonuses) are based on AFFO / Share growth over a rolling 2-year period Majority of long-term equity incentives are performance-based—Total shareholder return over a rolling 3-year period—Relative shareholder return over a rolling 3-year period versus other triple-net REITs Investment grade rating across all agencies (Moody's, Fitch and S&P) with ample cushion vis-à-vis a potential downgrade Target net leverage of 5.0x Focus on layering debt such that maturities are balanced by year VICI debt typically trades at spreads 10-15 bps tighter than comparable GLPI debt, illustrating the strength of the balance sheet, value of diversification and stability of management Anticipate potential for modest refinancing headwinds even with an investment grade rating given prior debt was put in place during low-interest-rate environment Strictly confidential \|© Macquarie Group Limited 3

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Strictly confidential \|© Macquarie Group Limited 4

## Ex-99.(C)(5)

**Exhibit (c)(5)**![LOGO](g63318page098.jpg)

Discussion Materials Macquarie Capital November 5, 2025 1

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Important Notice and Disclaimer "Macquarie Capital" refers to Macquarie Corporate Holdings Pty Limited and its worldwide direct and indirect subsidiaries. Macquarie Corporate Holdings Pty Limited is an indirect, wholly-owned subsidiary of Macquarie Group Limited. These materials have been prepared in connection with an oral presentation to, and for the information of, the Independent Committee of the Board of Directors (the "Committee") of Golden Entertainment, Inc. ("Golden" or the "Company") in connection with its evaluation of a potential transaction involving the Company (the "Transaction"), and were not prepared with a view toward complying with disclosure standards under federal, state or other securities laws. These materials may not be used for any other purpose or disclosed or distributed, in whole or in part, except as otherwise expressly permitted by Macquarie Capital. Financial and other data and information contained in these materials are based on management's own internal estimates and projections with respect to, among other matters, the anticipated future financial condition, results of operations, plans, objectives, business and performance of the Company (which management has advised reflect the best currently available estimates and judgments of management) or from (or derived from) third-party sources or publicly available information. Without limiting the generality of the foregoing, no audit or responsibility for independent verification has been undertaken with respect to the financial assumptions, data, results, calculations and forecasts contained in, presented or referred to in these materials. Actual results may vary from those contained in these materials and such variations may be significant. None of Macquarie Capital, its affiliates or any of its and their respective employees, directors, officers, contractors, consultants, advisors, members, successors, representatives and agents (collectively, its "Representatives") makes any representation or warranty, express or implied, as to the information utilized in these materials from third-party sources or that otherwise has been made available to Macquarie Capital (the accuracy and completeness of which has been assumed and relied upon by Macquarie Capital without independent verification) nor has Macquarie Capital or its Representatives acted on the Company's or the Committee's behalf or otherwise to independently verify any such information. Macquarie Capital and its Representatives assume no responsibility under any circumstances for losses or damages resulting from any such information or for any omissions from any such information. Neither Macquarie Capital nor any of its affiliates is an advisor as to regulatory, legal, tax or accounting matters. Any decision with respect to the Transaction should be based on such due diligence investigations and other inquiries and assessments, and on the advice of independent tax advisors, legal counsel and/or other advisors, as necessary or appropriate, including as to the economic, financial, regulatory, legal, tax, accounting or other implications of the Transaction. These materials do not constitute an offer to sell or a solicitation of an offer to buy any securities or to engage in any Transaction. Macquarie Capital and its affiliates may from time to time publish or express independent research views in respect of market and industry data, which may differ, in some cases materially, from market, industry or other data or assumptions included in these materials. These materials contain selected information and do not purport to contain all information that may be required or relevant in evaluating the Transaction. These materials outline certain matters for discussion and are not and should not be construed as a fairness opinion. The information contained in these materials is necessarily based on economic, market and other conditions existing, and information available, as of the date hereof unless otherwise noted and is subject to change. Macquarie Capital assumes no obligation to update, amend or supplement these materials or any information contained herein for any reason. Macquarie Capital is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of Macquarie Capital do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 ("MBL"). Any investments are subject to investment risk including possible delays in repayment and loss of income and principal invested. MBL does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Capital.© 2024 Macquarie Capital (USA) Inc. Strictly confidential \|© Macquarie Group Limited 2

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Situation Overview Situation Overview • Blake L. Sartini ("Blake Sartini") and VICI Properties, Inc. ("VICI") have offered to acquire Golden for $30.00 per share (the "Current Offer")—The Current Offer represents an increase from the initial offer of $28.25 per share—The Current Offer represents a premium of 41% to Golden's closing share price and 36% to Golden's 30-day VWAP as of 11/5/2025 • VICI will purchase the real estate assets ("PropCo") and refinance Golden's outstanding senior secured credit facility (up to a maximum of $426 million), with the balance of the PropCo purchase price issued in VICI shares (enabling tax deferral of such consideration) • Blake Sartini will purchase the operating assets ("OpCo") for cash, supported by a debt commitment from Santander Evolution of Proposals Received ($ in millions, except per share data) Offer Date 9/27/2025 10/3/2025 10/9/2025 Initial Offer Revised Offer Current Offer Offer Value per Share $28.25 $29.25 $30.00 Premiums (Based on Current Share Price) Premium to Close 33% 38% 41% % Premium to 30-Day VWAP (1) 28% 32% 36% Premiums (Based on Offer Dates) Premium to Close 22% 23% 37% % Premium to 30-Day VWAP (1) 15% 21% 26% Fully Diluted Shares Outstanding (2) 26.9 26.9 26.9 Equity Value $761 $788 $808 (+) Total Debt (3) 430 430 430 (-) Cash (3) (58) (58) (58) Enterprise Value $1,132 $1,159 $1,180 Implied EV / EBITDAR Multiples (Based on Golden Management Projections) x LTM 9/30/25E EBITDAR ($146m) 7.8x 7.9x 8.1x x 2025E EBITDAR ($146m) 7.8x 8.0x 8.1x x 2026E EBITDAR ($154m) 7.3x 7.5x 7.7x x 2027E EBITDAR ($158m) 7.2x 7.4x 7.5x Source: FactSet and Bloomberg as of 11/5/25 and Golden management projections as of 9/26/2025. Note: (1) Represents trading days. (2) Calculated based on 26.2 million basic shares outstanding, 0.3 million RSUs outstanding net of tax withholding, 0.1 million PSUs outstanding net of tax withholding and 0.4 million options outstanding net of strike and net of tax withholding per Golden management. (3) 9/30/2025 debt and cash per Golden management. Strictly confidential \|© Macquarie Group Limited 3

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Executive Summary • This presentation summarizes the financial analysis conducted by Macquarie Capital (USA) Inc. ("Macquarie Capital" or "we") pertaining to the sale of Golden Entertainment, Inc. (the "Company") to Blake L. Sartini and VICI Properties, Inc., in accordance with the terms of the Master Transaction Agreement, dated as of November 4, 2025 (the "Master Transaction Agreement"), by and among [OpCo Buyer] ("OpCo Buyer"), an affiliate of Mr. Blake L. Sartini ("Sartini"), VICI Properties, Inc. ("PropCo Buyer"), [PropCo Merger Sub], a wholly owned subsidiary of PropCo Buyer ("PropCo Merger Sub"), and the Company • The Independent Committee of the Board of Directors of Golden Entertainment (the "Committee") has requested that Macquarie Capital render its opinion to the Committee (in its capacity as such), as to whether, as of the date hereof, the Aggregate Consideration be paid in the Transaction (consisting of the Merger Consideration and the Distribution Consideration) (1) is fair, from a financial point of view, to the holders of Golden Entertainment, Inc. common stock (other than Golden Entertainment, PropCo Buyer, PropCo Merger Sub or the OpCo Buyer) Offer Price Valuation (2) Source of Funds Termination Fee (Subject to Final Agreement) Outside Date Other Key Provisions • OpCo Buyer and PropCo Buyer to purchase the Company for $30.00 per share consisting of a fixed exchange ratio of 0.902 shares of VICI common stock and $2.75 of cash for each share of Golden stock held at the closing of the Transaction—41% premium to the Company's current share price—36% premium to the Company's current 30-Day VWAP • Offer price implies a total enterprise value of $1,180 million and total equity value of $808 million—EV / LTM 9/30/25E EBITDAR: 8.1x—EV / 2025E EBITDAR: 8.1x—EV / 2026E EBITDAR: 7.7x—EV / 2027E EBITDAR: 7.5x • VICI Equity Consideration: $734 million • New Debt Financing: $110 million • Company Revolver and Term Loan to be refinanced by VICI: Maximum of $426 million • Termination Fee: Bifurcated fee equal to $16.4 million during the go-shop period and $37 million thereafter • Reimbursement Amount: Maximum of $10 million payable by Company to PropCo & OpCo or $[5] million payable by PropCo to OpCo or OpCo to PropCo • Reverse Termination Fee: $10 million payable by OpCo Buyer • November 5, 2026, with extension to February 5, 2027 if regulatory approvals are the only remaining condition • Representations and Warranties: Customary representations and warranties • Covenants: Customary interim operating covenants for the Company • Closing Conditions: Customary regulatory approvals and completion of the Company's Pre-Closing Restructuring Sources: Master Transaction Agreement, FactSet and Bloomberg as of 11/5/25, Golden management projections as of 9/26/2025 and debt and cash as of 9/30/2025 per Golden management. (1) Please reference Macquarie's fairness opinion letter. (2) Assumes $430 million of total debt outstanding and $58 million of cash as of 9/30/2025 per Golden management. Strictly confidential \|© Macquarie Group Limited 4

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Golden Management Projections Below reflects continuing operations (e.g. excludes divested Rocky Gap and Distributed Gaming assets) Revenue ($ in millions) Adjusted EBITDA/R (1) ($ in millions) Source: Golden management projections as of 9/26/2025. Note: (1) "Adjusted EBITDA" defined as earnings before depreciation and amortization, non-cash lease benefit or expense, share-based compensation expense, gain or loss on disposal of assets and businesses, loss on debt extinguishment and modification, preopening and related expenses, impairment of assets, interest, income taxes, and other non-cash charges and non-recurring expenses that are deemed to be not indicative of core operating results. Strictly confidential \|© Macquarie Group Limited 5

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Summary of Financial Analyses Select Public Company Trading Analysis • 7.7x – 8.7x EV / 2025E EBITDAR; 2025E EBITDAR of $146 million • 6.9x – 7.9x EV / 2026E EBITDAR ; 2026E EBITDAR of $154 million • 6.6x – 7.6x EV / 2027E EBITDAR; 2027E EBITDAR of $158 million Golden NTM Trading Analysis • 6.9x – 7.9x EV / NTM EBITDAR; NTM EBITDAR of $154 million Selected Precedent Transaction Analysis • 7.8x – 8.8x EV / LTM Q3 2025E EBITDAR – LTM Q3 2025E EBITDAR of $146 million Discounted Cash Flow Analysis • 8.6% – 10.6% WACC • 6.9x – 7.9x 2030E Terminal Multiple Golden 52-Week Trading Range Precedent Premia Analysis • Premia based on 1-day premia and 30-day VWAP premia for all cash and all stock transactions – 11/4/2025 closing price of $20.11 and 30-Day VWAP of $22.09 (2) Source: FactSet and Bloomberg as of 11/5/2025, 9/30/2025 debt and cash per Golden management, fully diluted shares outstanding as per Golden management and Golden management projections as of 9/26/2025. (1) Current Offer equates to $30.00 based on VICI's 10-day VWAP as of November 5, 2025. The Current Offer equates to $29.95 based on VICI's closing price as of November 5, 2025. (2) VWAP based on trading days. Strictly confidential \|© Macquarie Group Limited 6

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Summary of Financial Analyses (Cont'd) Financial $ in millions except per share data Range (1) Metric Enterprise Value Price Per Share Select Public Company Trading Analysis EV / 2025E EBITDAR $146 7.7x—8.7x $1,125—$1,270 $27.96—$33.33 EV / 2026E EBITDAR $154 6.9x—7.9x $1,058—$1,212 $25.50—$31.18 EV / 2027E EBITDAR $158 6.6x—7.6x $1,038—$1,195 $24.76—$30.56 Select Public Company Trading Analysis Range $1,073—$1,226 $26.07—$31.69 Golden NTM Trading Analysis EV / NTM EBITDAR $154 6.9x—7.9x $1,056—$1,210 $25.45—$31.11 Golden NTM Trading Analysis $1,056—$1,210 $25.45—$31.11 Selected Precedent Transactions Analysis EV / LTM Q3 2025E EBITDAR $146 7.8x—8.8x $1,134—$1,280 $28.31—$33.69 Selected Precedent Transactions Analysis Range $1,134—$1,280 $28.31—$33.69 Discounted Cash Flow Analysis Exit Multiple Method 6.9x—7.9x $1,136—$1,332 $28.39—$35.62 Discounted Cash Flow Analysis Range (2) $1,136—$1,332 $28.39—$35.62 Source: FactSet as of 11/5/2025, 9/30/2025 debt and cash as per Golden management and Golden management projections as of 9/26/2025. (1) Based on 9/30/25 net debt of $372 million and FDSO calculated based on 26.2 million basic shares outstanding, 0.3 million RSUs outstanding net of tax withholding, 0.1 million PSUs outstanding net of tax withholding and 0.4 million options outstanding net of strike and net of tax withholding per Golden management. (2) Based on WACC range of 8.6%—10.6%. Strictly confidential \|© Macquarie Group Limited 7

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Trading Comparables Overview U.S. regional gaming operators trade at median EV / 2025E, EV / 2026E and EV / 2027E EBITDAR multiples of 8.2x, 7.4x and 7.1x, respectively EV / EBITDAR EV / 2025E EBITDAR EV / 2026E EBITDAR EV / 2027E EBITDAR Based on Current Offer Median EV / 2025E EBITDAR: 8.2x Median EV / 2026E EBITDAR: 7.4x Median EV / 2027E EBITDAR: 7.1x ($ in millions, except for share price) Current Share Price $21.23 $54.43 $91.27 $80.24 $19.93 $16.35 YTD Share Price Performance (33%) 18% 16% 11% (40%) (18%) Market Capitalization $570 $5,869 $1,720 $6,446 $4,170 $2,477 Lease Adj. Enterprise Value $942 $8,269 $1,612 $8,975 $28,401 $12,833 2025E EBITDAR $146 $840 $196 $1,346 $3,664 $1,536 2025E EBITDAR Margin 22% 42% 36% 33% 32% 22% % EBITDAR Owned 100% 100% 100% 82% 25% —% 2025E % Interactive EBITDAR —% —% —% 4% 6% NM LTM Conventional Net Leverage 2.5x 3.9x (0.6x) 1.2x 4.7x 2.7x Source: SEC filings, equity research reports and FactSet as of 11/5/2025. Notes: Lease adjustments to enterprise value based on balance sheet values as of latest filings. (1) Financial metrics based on management projections as of 9/26/2025. Debt and cash per Golden management as of 9/30/2025. FDSO per Golden management. (2) Adjusted for $950 million of development land holdings per CBRE land valuation as of 6/30/2025. (3) Lease adjustment based on broker research. Strictly confidential \|© Macquarie Group Limited 8

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Historical Golden EV / NTM EBITDAR Since the beginning of 2024 (which corresponds with Golden's final asset divestiture), Golden has traded at a median EV / NTM EBITDAR multiple of 7.4x 25th Percentile Median 75th Percentile Since 1/1/24 7.0x 7.4x 7.7x 1-Year 7.0x 7.5x 7.9x 6-Month 6.9x 7.2x 7.6x 3-Month 6.7x 6.9x 7.0x Source: Company filings and FactSet as of 11/5/2025. Strictly confidential \|© Macquarie Group Limited 9

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Precedent Transactions Overview Dataset includes acquisitions of U.S. based regional gaming operators (corporate level transactions only) since 2010 Selected Precedent Transactions (Based on LTM EBITDAR) ($ in millions) Casinos GLPI Date Jun-10 Feb-11 May-12 Dec-12 Sep-13 Aug-16 Sep-16 Jun-17 Dec-17 Apr-18 Jul-24 Enterprise Value $2,647 $2,510 $1,477 $2,764 $365 $580 $1,700 $850 $5,882 $1,785 $5,950 LTM EBITDAR $285 $323 $206 $365 $54 $70 $194 $106 $703 $197 $644 Source: SEC filings and investor presentations. (1) Based on Golden Entertainment press release as of June 2017. (2) Purchase price includes cash, HoldCo note and earn out. (3) Net purchase price includes $65 million of assumed Tropicana cash at anticipated Q4 2018 close. (4) Represents lease-adjusted enterprise value and EBITDAR. Strictly confidential \|© Macquarie Group Limited 10

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Discounted Cash Flow Analysis Full Year Q4 2025E Fiscal Year Ending December 31, ($ in millions, except per share data) 2025E Stub 2026E 2027E 2028E 2029E 2030E Adj. EBITDA $146 $39 $154 $158 $162 $167 $171 (-) D&A (90) (22) (90) (90) (90) (90) (90) (-) SBC (9) (2) (8) (8) (8) (8) (8) (-) Pre-Opening and Other (2) (0) (1) (1) (1) (1) (1) EBIT $44 $14 $55 $59 $63 $68 $72 (-) Taxes (9) (3) (12) (12) (13) (14) (15) NOPAT $35 $11 $44 $46 $50 $54 $57 (+) D&A 90 22 90 90 90 90 90 (-) New Tavern Capital Expenditures (5) (1) (3) (3) (3) (3) (3) (-) Other Capital Expenditures (48) (12) (25) (25) (25) (25) (25) Ä In Net Working Capital 1 0 0 0 0 0 0 Unlevered Free Cash Flow $73 $20 $105 $108 $111 $116 $119 (x) Present Value Factor (9.6%) WACC 0.989 0.933 0.851 0.777 0.708 Present Value of Cash Flow $20 $98 $92 $87 $82 Exit Multiple Method Total PV of Unlevered Free Cash Flow $379 2030E Adjusted EBITDA $171 (x) Terminal Multiple 7.4x Terminal Value $1,260 (x) Present Value Factor (9.6%) WACC 0.677 Present Value of Terminal Value $852 Golden Entertainment DCF Valuation $1,231 (-) Net Debt (372) Golden Entertainment Implied Equity Value $859 Fully Diluted Shares Outstanding (1) 26.9 Implied Share Price $31.89 Enterprise Value—EBITDA Multiple / WACC Exit Multiple 6.9x 7.4x 7.9x 8.6% $1,212 $1,272 $1,332 WACC 9.6% $1,173 $1,231 $1,289 10.6% $1,136 $1,192 $1,247 Share Price—EBITDA Multiple / WACC Exit Multiple 6.9x 7.4x 7.9x 8.6% $31.18 $33.40 $35.62 WACC 9.6% $29.75 $31.89 $34.02 10.6% $28.39 $30.44 $32.49 Source: FactSet as of 11/5/2025 and Golden management projections as of 9/26/2025. Note: (1) FDSO calculated based on 26.2 million basic shares outstanding, 0.3 million RSUs outstanding net of tax withholding, 0.1 million PSUs outstanding net of tax withholding and 0.4 million options outstanding net of strike and net of tax withholding per Golden management Strictly confidential \|© Macquarie Group Limited 11

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Weighted Average Cost of Capital Estimated Cost of Equity and Debt Levered Median Beta 1.38 Equity Market Risk Premium 5.0% Beta Adjusted Equity Market Risk Premium 6.9% Risk Free Rate (US 10-Year Treasury Rate) 4.2% Size Premium 1.2% Estimated Cost of Equity 12.3% Pre-Tax Cost of Debt 6.6% Applicable Tax Rate 21.0% Estimated After-Tax Cost of Debt 5.2% Estimated Weighted Average Cost of Capital Estimated Cost of Equity 12.3% Equity / Total Capitalization Ratio 62.4% Estimated After-Tax Cost of Debt 5.2% Debt / Total Capitalization Ratio 37.6% Weighted Average Cost of Capital 9.6% Beta Calculation Capitalization Capitalization Ratio Levered Unlevered ($ in millions) Debt Equity Total Debt Equity Beta Beta Red Rock Resorts $3,256 $5,869 $9,125 35.7% 64.3% 1.35 0.96 Monarch ($108) $1,720 1,612 (6.7%) 106.7% 1.28 1.34 Boyd Gaming $1,590 $6,446 8,036 19.8% 80.2% 1.17 0.98 Golden $372 $570 942 39.5% 60.5% 1.38 0.91 Caesars Entertainment $11,087 $4,170 15,257 72.7% 27.3% 1.71 0.57 PENN Entertainment $2,149 $2,477 4,626 46.4% 53.6% 1.26 0.77 Total Comps 37.6% 62.4% 1.32 0.93 Source: Bloomberg, Kroll and company filings as of 11/5/2025. Strictly confidential \|© Macquarie Group Limited 12

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MACQUARIE Strictly confidential \|© Macquarie Group Limited 13

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

 **Calculation of Filing Fee Tables** <br>

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Transaction Valuation**  | **Fee Rate**  | **Amount of Filing Fee**  |
| Fees to be Paid | 1 | $777454202.80 | 0.0001381 | $107366.43 |
| Fees Previously Paid |  |  |  |  |
|  | Total Transaction Valuation: | $777454202.80  |  |  |
|  | Total Fees Due for Filing: |  |  | $107366.43  |
|  | Total Fees Previously Paid:  |  |  | $0.00  |
|  | Total Fee Offsets:  |  |  | $107366.43  |
|  | Net Fee Due:  |  |  | $0.00  |

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 **Offering Note** <br>

<sup>1</sup> Capitalized terms used below but not defined herein have the meanings assigned to such terms in the Master Transaction Agreement, dated November 6, 2025 ("Master Transaction Agreement"), by and among Golden Entertainment, Inc., Argento, LLC, VICI Properties Inc. ("VICI"), and VICI ROYAL MERGER SUB LLC. (1) Aggregate number of securities to which transaction applies: As of December 2, 2025, the most recent practicable date prior to filing, the maximum number of securities of Golden Entertainment, Inc. (the "Company") to which this transaction applies is estimated to be 27,744,353, which consists of: (a) 26,177,677 shares of Company Common Stock issued and outstanding; (b) 646,509 shares subject to Company RSU Awards and Company PSU Awards (with the Company PSU Awards reflected assuming target performance for any incomplete performance period and at actual performance for any complete performance period); and (c) 920,167 shares of Company Common Stock underlying outstanding Company Options that is less than $28.35 (such options, the "In-the-Money Options"). (2) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 011 (set forth the amount on which the filing fee is calculated and state how it was determined): (a) Estimated solely for purposes of calculating the filing fee, as of December 2, 2025, the per share consideration to which this transaction applies is: $28.39 per share (which was calculated based on the sum of $2.75 per share payable in cash and $25.64 payable in shares of common stock, par value $0.01 per share, of VICI ("VICI common stock")) ("Transaction Consideration"). The $25.64 value of VICI common stock was calculated based on the product of $28.43 (which is equal to the average of the high and low trading prices reported on the NYSE, as reported by the Wall Street Journal, for VICI common stock on December 2, 2025, a date within five business days prior to filing, as permitted by Rule 0-11) and the fixed exchange ratio of 0.902 as determined by the Master Transaction Agreement. (b) Estimated solely for purposes of calculating the filing fee, as of December 2, 2025, the underlying value of the transaction was calculated based on the sum of (i) the product of 26,177,677 Company Common Stock and the per share Transaction Consideration of $28.39; (i) the product of 646,509 shares of Company Common Stock subject to Company RSU Awards and Company PSU Awards (with the Company PSU Awards reflected assuming target performance for any incomplete performance period and at actual performance for any complete performance period) and the per share Transaction Consideration of $28.39; and (iii) the product of 920,167 shares of Company Common Stock underlying outstanding In-the-Money Options and $17.18 (which is the difference between the per share Transaction Consideration of $28.39 and the weighted average exercise price of the In-the-Money Options of $11.21). (3) In accordance with Section 14(g) of the Securities Exchange Act of 1934, as amended, the filing fee was determined by multiplying the transaction value of $777,454,202.80 by 0.0001381.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Registrant or Filer Name | Form or Filing Type | File Number | Initial Filing Date | Filing Date | Fee Offset Claimed | Fee Paid with Fee Offset Source |
| Fee Offset Claims | 1 |  | Schedule 14A | 000-24993 | 12/05/2025 |  | $107366.43 |  |
| Fee Offset Sources | 2 | Golden Entertainment, Inc. | Schedule 14A | 000-24993 |  | 12/05/2025 |  | $107366.43 |

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 **Offset Note** <br>

<sup>1</sup> The Company previously paid $107,366.43 upon the filing of its Schedule 14A on December 5, 2025 in connection with the transaction reported hereby.

<sup>2</sup> The Company previously paid $107,366.43 upon the filing of its Schedule 14A on December 5, 2025 in connection with the transaction reported hereby.