Golden Entertainment (GDEN) investor relations material

Executive summary

• A special meeting will be held for shareholders to vote on a Master Transaction Agreement involving a complex restructuring, sale, and merger, resulting in shareholders receiving cash and shares in a new entity, subject to approval and regulatory conditions.

• The transaction involves a pre-closing restructuring, sale of operating assets to a buyer controlled by the CEO, and a merger with VICI Properties, with shareholders receiving $2.75 per share in cash and 0.902 shares of VICI for each share held.

• The Independent Committee, comprised of disinterested directors, unanimously recommends approval, citing a 41% premium to the pre-announcement share price and a fairness opinion from Macquarie Capital.

• If approved, the company will cease to be public, and shares will be delisted; if not, it will remain independent and listed on Nasdaq.

Voting matters and shareholder proposals

• Shareholders are asked to vote on: (1) the transaction proposal, (2) an advisory vote on executive compensation related to the deal, and (3) the right to adjourn the meeting to solicit more votes if needed.

• Approval of the transaction requires a majority of outstanding shares; the other proposals require a majority of votes cast at the meeting.

• The Sartini family and related trusts, holding about 25.7% of shares, have entered into a voting agreement to support the transaction.

Board of directors and corporate governance

• The Independent Committee was formed to evaluate the transaction, consisting solely of independent directors with full negotiating authority.

• The board and committee considered multiple alternatives, engaged in a market check, and negotiated a “go-shop” period to solicit higher offers.

• The board recommends the transaction as fair and in the best interests of shareholders.