VICI Properties Inc (VICI)

Business Description

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 .

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.
Lease Financing Receivables, Loans, and Securities - Provides financial products related to real estate, contributing significantly to the company's revenue.
Golf Operations - Owns and operates four championship golf courses, adding to the company's diverse portfolio of experiential assets.

Key Metrics

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Executive Team

Name	Position	Start Date	Short Bio
Edward B. Pitoniak	Chief Executive Officer	October 6, 2017	Edward B. Pitoniak has served as the Chief Executive Officer of VICI Properties Inc. since October 6, 2017. Before joining VICI, he was the Vice Chairman of Realterm, a private equity real estate manager, from January 2015 to July 2017. He has extensive experience in the hospitality, entertainment, and real estate industries .
John W.R. Payne	President and Chief Operating Officer	October 6, 2017	John W.R. Payne has been the President and Chief Operating Officer of VICI Properties since October 6, 2017. He has over 20 years of experience in the gaming and hospitality industry. Before joining VICI, he served as the CEO of Caesars Entertainment Operating Company, Inc. and held various leadership roles at Caesars .
David A. Kieske	Executive Vice President, Chief Financial Officer, and Treasurer	January 1, 2018	David A. Kieske has been the Executive Vice President, Chief Financial Officer, and Treasurer of VICI Properties Inc. since January 1, 2018. Before this role, he was a Special Advisor to the CEO from November 27, 2017, until December 31, 2017. He previously worked at Wells Fargo Securities/Eastdil Secured and other financial institutions .
Samantha S. Gallagher	Executive Vice President, General Counsel, and Secretary	June 12, 2018	Samantha S. Gallagher has been the Executive Vice President, General Counsel, and Secretary at VICI Properties since June 12, 2018. She joined the company as a Special Advisor to the CEO in May 2018. She has over 20 years of experience in representing REITs and real estate companies, and previously worked at First Potomac Realty Trust .

Questions to Ask Management

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?
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?
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?
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?
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?

Debt Maturity Schedule

Year	Amount Due (in billions)	Debt Type	Interest Rate	% of Total Debt
2025	2.05	3.500% Notes, 4.375% Notes, 4.625% Notes	3.500%, 4.375%, 4.625%	12.0% = (2.05 / 17.1) * 100
2026	1.92	4.500% Notes, 4.250% Notes	4.500%, 4.250%	11.2% = (1.92 / 17.1) * 100
2027	1.50	5.750% Notes, 3.750% Notes	5.750%, 3.750%	8.8% = (1.50 / 17.1) * 100
2028	1.60	4.500% Notes, 4.750% Notes	4.500%, 4.750%	9.4% = (1.60 / 17.1) * 100
2029	1.75	3.875% Notes, 4.625% Notes	3.875%, 4.625%	10.2% = (1.75 / 17.1) * 100
2030	1.00	4.950% Notes, 4.125% Notes	4.950%, 4.125%	5.8% = (1.00 / 17.1) * 100
2032	1.00	5.125% Notes, MGM Grand/Mandalay Bay CMBS Debt	5.125%, 3.558%	5.8% = (1.00 / 17.1) * 100
2034	0.50	5.750% Notes	5.750%	2.9% = (0.50 / 17.1) * 100
2052	0.50	5.625% Notes	5.625%	2.9% = (0.50 / 17.1) * 100
2054	0.50	6.125% Notes	6.125%	2.9% = (0.50 / 17.1) * 100
Thereafter	8.30	Various Notes	Various	48.5% = (8.30 / 17.1) * 100

Competitors

Competitors mentioned in the company's latest 10K filing.

Other REITs
Gaming companies
Investment companies
Private equity firms
Hedge funds
Sovereign funds
Lenders
Other private investors

These competitors are mentioned in the context of competing for real property investments and transaction opportunities in the gaming, hospitality, wellness, entertainment, and leisure sectors .

Customer Concentration

Customer	Relationship	Segment	Details
Caesars Entertainment	Major triple-net lease tenant	All	Accounts for 40% of annualized rent as of December 31, 2023.Estimated annual payments of $1.2 billion for 2024.
MGM Resorts International	Major triple-net lease tenant	All	Accounts for 35% of annualized rent as of December 31, 2023.Estimated annual payments of $1.1 billion for 2024.

Auditor

Name	Start Date	End Date	Reason for Change
Deloitte & Touche LLP	2016	Present	Current auditor

Latest news

Recent developments and announcements about VICI.

Legal & Compliance

Legal Proceedings

Dec 10, 2024, 10:04 PM

Summary of the Legal Matter Involving VICI Properties Inc.

Key Parties Involved:

VICI Properties Inc.: A Maryland corporation.
VICI Properties L.P.: A Delaware limited partnership.
Underwriters: J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Barclays Capital Inc., and Deutsche Bank Securities Inc.
Trustee: UMB Bank, National Association.

Nature of the Proceedings:

VICI Properties Inc. and VICI Properties L.P. are involved in the issuance and sale of $750,000,000 aggregate principal amount of 5.125% Senior Notes due 2031. This transaction is conducted under an Underwriting Agreement dated December 9, 2024, and involves the registration of these securities with the Securities and Exchange Commission (SEC) .
The Notes are to be issued pursuant to an indenture, which includes a Base Indenture and a Supplemental Indenture, with UMB Bank serving as the trustee .

Potential Financial or Operational Consequences:

The proceeds from the sale of the Notes are intended to be used in a manner that does not violate any sanctions or anti-corruption laws, ensuring compliance with all relevant legal frameworks .
The issuance of these Notes is part of VICI's strategy to manage its financial obligations and investments, potentially impacting its financial structure and operations .
The transaction is structured to avoid any material adverse effects on the company's financial condition or operations, as indicated by the absence of any material adverse changes reported in the prospectus .

This summary provides an overview of the legal and financial implications of the current proceedings involving VICI Properties Inc. and its subsidiaries, focusing on the issuance of senior notes and the associated legal and financial frameworks.