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    VICI Properties Inc (VICI)

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    VICI Properties Inc. is a company focused on owning and acquiring gaming, hospitality, and entertainment destinations, operating under long-term triple-net leases . The company owns 93 experiential assets, including 54 gaming properties and 39 other experiential properties across the United States and Canada, with notable properties like Caesars Palace Las Vegas, MGM Grand, and the Venetian Resort on the Las Vegas Strip . VICI's properties are leased to leading operators in the gaming, leisure, and hospitality sectors, providing a highly predictable revenue stream with embedded growth potential . Additionally, the company owns four championship golf courses and has real estate debt investments that may convert into ownership of underlying real estate .

    1. Sales-Type Leases - Generates revenue through long-term leases of gaming, hospitality, and entertainment properties to leading operators, ensuring a stable and predictable income stream.
    2. Lease Financing Receivables, Loans, and Securities - Provides financial products related to real estate, contributing significantly to the company's revenue.
    3. Golf Operations - Owns and operates four championship golf courses, adding to the company's diverse portfolio of experiential assets.
    NamePositionExternal RolesShort Bio

    Edward B. Pitoniak

    ExecutiveBoard

    Chief Executive Officer (CEO)

    None

    CEO of VICI since 2017, led the growth of VICI's portfolio to 93 experiential assets, including iconic properties like Caesars Palace Las Vegas. Former Vice Chairman of Realterm and CEO of bcIMC Hospitality Group.

    View Report →

    David A. Kieske

    Executive

    EVP, Chief Financial Officer, Treasurer

    None

    CFO of VICI since 2018, previously Managing Director at Wells Fargo Securities/Eastdil Secured. Extensive experience in real estate and lodging investment banking.

    John W.R. Payne

    Executive

    President and Chief Operating Officer

    Board Member of Audubon Institute, Council for a Better Louisiana, and Crimestoppers of Greater New Orleans

    COO of VICI since 2017, previously held leadership roles at Caesars Entertainment, including CEO of Caesars Entertainment Operating Company. Extensive experience in gaming and hospitality.

    Samantha S. Gallagher

    Executive

    EVP, General Counsel, Secretary

    None

    General Counsel of VICI since 2018, previously EVP and General Counsel at First Potomac Realty Trust. Over 20 years of legal experience in REITs and real estate.

    Craig Macnab

    Board

    Independent Director, Chair of Compensation Committee

    Independent Director at Independence Realty Trust (NYSE: IRT) and American Tower Corporation (NYSE: AMT)

    Director at VICI since 2017, former CEO of National Retail Properties, Inc. (NYSE: NNN). Extensive experience in retail REITs and corporate governance.

    Diana F. Cantor

    Board

    Independent Director, Chair of Audit Committee

    Partner at Alternative Investment Management, LLC; Director at Domino’s Pizza (NYSE: DPZ), Universal Corporation (NYSE: UVV), Mauser Packaging Solutions, SCP Retirement Services, and VCU Health System Authority

    Director at VICI since 2018, CPA and attorney with extensive financial expertise. Former Executive Director of Virginia College Savings Plan.

    Elizabeth I. Holland

    Board

    Independent Director, Chair of Nominating and Governance Committee

    Independent Trustee of Federal Realty Investment Trust (NYSE: FRT)

    Director at VICI since 2018, CEO of Abbell Credit Corporation and Abbell Associates, LLC. Extensive expertise in retail real estate and governance.

    James R. Abrahamson

    Board

    Chairman of the Board

    Independent Director at BrightView Holdings Inc. (NYSE: BV)

    Chairman of VICI's Board since 2017, former CEO of Interstate Hotels & Resorts and senior executive at major hospitality companies. Extensive experience in hospitality and real estate.

    Michael D. Rumbolz

    Board

    Independent Director

    Executive Chairman of Everi Holdings Inc. (NYSE: EVRI); Independent Director at Seminole Hard Rock Entertainment, LLC; Chairman of the American Gaming Association

    Director at VICI since 2023, former CEO of Everi Holdings Inc. and Chairman of the Nevada Gaming Control Board. Over 40 years of experience in the gaming industry.

    Monica H. Douglas

    Board

    Independent Director

    General Counsel for The Coca-Cola Company; Board Member of Junior Achievement USA, Jack and Jill of America, Inc., and Cool Girls, Inc.

    Director at VICI since 2020, currently General Counsel for Coca-Cola. Extensive experience in governance and risk management.

    1. Given the trend of new openings leading to unit growth and potential cannibalization in regional gaming markets, how are you adjusting your investment and underwriting criteria to mitigate risks associated with same-store sales declines?
    2. With the volatility in REIT capital market conditions and uncertainty in consumer economic conditions, how does VICI plan to sustain its capital allocation strategy and generate earnings growth if access to capital becomes constrained?
    3. As you look ahead to 2025, how do you balance the trade-offs between pursuing larger, potentially transformative deals versus more frequent, smaller transactions in both gaming and non-gaming spaces to drive meaningful earnings growth?
    4. Considering reports of slowness in the lower segments of the consumer spectrum, how might this impact your partners' willingness to reinvest or participate in your growth funds, and what strategies are you employing to address this challenge?
    5. Can you elaborate on your approach to acquiring gaming assets in off-strip Las Vegas locations, including the specific metrics like yield, coverage, and operator quality that you consider critical in evaluating these opportunities?
    YearAmount Due (in billions)Debt TypeInterest Rate% of Total Debt
    20252.053.500% Notes, 4.375% Notes, 4.625% Notes3.500%, 4.375%, 4.625%12.0% = (2.05 / 17.1) * 100
    20261.924.500% Notes, 4.250% Notes4.500%, 4.250%11.2% = (1.92 / 17.1) * 100
    20271.505.750% Notes, 3.750% Notes5.750%, 3.750%8.8% = (1.50 / 17.1) * 100
    20281.604.500% Notes, 4.750% Notes4.500%, 4.750%9.4% = (1.60 / 17.1) * 100
    20291.753.875% Notes, 4.625% Notes3.875%, 4.625%10.2% = (1.75 / 17.1) * 100
    20301.004.950% Notes, 4.125% Notes4.950%, 4.125%5.8% = (1.00 / 17.1) * 100
    20321.005.125% Notes, MGM Grand/Mandalay Bay CMBS Debt5.125%, 3.558%5.8% = (1.00 / 17.1) * 100
    20340.505.750% Notes5.750%2.9% = (0.50 / 17.1) * 100
    20520.505.625% Notes5.625%2.9% = (0.50 / 17.1) * 100
    20540.506.125% Notes6.125%2.9% = (0.50 / 17.1) * 100
    Thereafter8.30Various NotesVarious48.5% = (8.30 / 17.1) * 100
    CustomerRelationshipSegmentDetails

    Caesars Entertainment

    Triple-net lease tenant paying rent and property costs

    All

    Annual lease payments of $1.2 billion , representing 36% of lease revenues in 2024.

    MGM Resorts International

    Triple-net lease tenant paying rent and property costs

    All

    Annual lease payments of $1.1 billion , representing 38% of lease revenues in 2024.

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2016 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Bowlero Portfolio

    2023

    The acquisition of the Bowlero Portfolio was completed on October 19, 2023, for an aggregate purchase price of $432.9 million, financed through a mix of new VICI subsidiary units, cash, and forward sale proceeds, and included a 25-year triple-net master lease starting at $31.6 million annual rent with escalations.

    Century Canadian Portfolio

    2023

    The Century Canadian Portfolio was acquired for C$221.7 million (≈US$162.4 million), adding key Alberta casino and racetrack assets to the portfolio and integrating them into the Century Master Lease (15-year base term with three 5-year renewal options and an annual rent increase of C$17.3 million).

    Rocky Gap Casino Resort

    2023

    The Rocky Gap Casino Resort deal closed on July 25, 2023, with an aggregate purchase price of $260.0 million (comprising $203.9 million for leasehold interests and $56.1 million for operating assets), and its inclusion into the amended Century Master Lease provided a 15-year base term with an annual rent increase of $15.5 million.

    MGM Grand/Mandalay Bay JV Interest Acquisition

    2023

    In the MGM Grand/Mandalay Bay JV Interest Acquisition, VICI acquired the remaining 49.9% interest on January 9, 2023, for $1,261.9 million in cash and assumed $1,497.0 million in associated debt, backed by a $309.9 million annual rent lease expiring in 2050 with favorable escalation terms.

    PURE Canadian Gaming Transaction

    2023

    Completed on January 6, 2023, the PURE Canadian Gaming Transaction acquired real estate assets for approximately C$271.9 million (≈US$200.8 million), secured by a 25-year PURE Master Lease with structured rent escalation (starting at about C$21.8 million annually) and an implied acquisition cap rate of 8.0%.

    MGM Growth Properties LLC (MGP) Acquisition

    2022

    The MGP Acquisition was executed on April 29, 2022, for a total cost of $17.2 billion (including $5.7 billion of debt assumption), adding 15 Class A casino resort properties with an annual rent contribution of $1,012.0 million through a 25-year triple-net master lease and significantly diversifying VICI's portfolio.

    The Venetian Resort Las Vegas and Venetian Expo

    2022

    Closing on February 23, 2022, the acquisition of The Venetian Resort Las Vegas and Venetian Expo involved purchasing the land and real estate assets for $4.0 billion in cash, alongside a 30-year triple-net lease with an initial annual rent of $250.0 million, and included a potential commitment of up to $1.0 billion for future development through the Partner Property Growth Fund.

    Recent press releases and 8-K filings for VICI.

    VICI Properties Inc. Completes Major Debt Offering
    VICI
    Debt Issuance
    • $400M 4.750% Senior Notes due 2028 and $900M 5.625% Senior Notes due 2035 were issued on April 7, 2025, as part of a completed offering by VICI Properties L.P.
    • Proceeds will be used to redeem existing debt, including approximately $500M in 4.375% senior notes due 2025 and other related maturities
    • The Notes were issued under an Indenture supplemented by a Fourth Supplemental Indenture and are not guaranteed by VICI Properties Inc.
    Apr 7, 2025, 12:00 AM
    VICI Properties Inc. Enters Debt Issuance Agreement
    VICI
    Debt Issuance
    • Underwriting Agreement executed on March 26, 2025 obligates the company to issue $400 million of 4.750% Senior Notes due 2028 and $900 million of 5.625% Senior Notes due 2035, with underwriters including Wells Fargo Securities, J.P. Morgan Securities, Barclays Capital, and Citigroup Global Markets.
    • The offering is anticipated to generate approximately $1,280.7 million in net proceeds, with the transaction expected to close on April 7, 2025.
    Mar 27, 2025, 12:00 AM