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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 .
- 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.
| Name | Position | External Roles | Short 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. |
- 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?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
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. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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.
- Dividend Sustainability remains a top priority, with management emphasizing maintaining and growing cash distributions despite market volatility.
- The company announced a new relationship with Red Rock Resorts for developing a tribal casino, backed by a $725 million delayed draw term loan at a blended yield of SOFR around 7%, with an initial draw of $75 million.
- VICI successfully refinanced its balance sheet by addressing all 2025 maturities, issuing $400 million of 3-year notes and $900 million of 10-year notes, extending credit facility maturity to 2029 and achieving a weighted average interest rate of 4.47%.
- AFFO performance was strong with Q1 AFFO per share at $0.58 and raised 2025 guidance to between $2.47 billion and $2.5 billion (or $2.33 to $2.36 per diluted share), reflecting an expected year-over-year growth of 3.8%.
- Total revenues increased by 3.4% year-over-year to $984.2 million in Q1 2025, reflecting solid performance.
- Net income attributable to common stockholders fell by 7.9% to $543.6 million, while AFFO rose by 5.6% to $616.0 million with AFFO per share at $0.58.
- The company established a new strategic relationship with Cain International and Eldridge Industries via a $300 million mezzanine loan for One Beverly Hills and entered an agreement to provide up to $510 million for the development of a tribal casino managed by Red Rock Resorts.
- Additionally, VICI completed a $1.3 billion Investment Grade Senior Notes Offering and launched a new $2.5 billion multicurrency revolving credit facility, strengthening its liquidity and balance sheet.
- $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.
- 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.