VICI Properties Inc. is a leading experiential real estate investment trust (REIT) specializing in casino, hospitality, and entertainment properties. Formed in 2017 as a spin-off from Caesars Entertainment Operating Company, VICI has rapidly grown to become one of the largest owners of gaming real estate globally. The company's business model is built on long-term, triple-net master leases with premier operators such as Caesars Entertainment, MGM Resorts International, Penn Entertainment, and Century Casinos. Under these agreements, tenants are responsible for all property operating expenses, maintenance, taxes, and insurance, providing VICI with highly predictable cash flows.
VICI's revenue is almost entirely derived from leasing income, which accounted for the vast majority of its $3.85 billion in total revenue for 2024, supplemented by income from construction loans and golf operations. The company's portfolio consists of over 90 experiential assets, including iconic Las Vegas Strip properties like Caesars Palace, The Venetian Resort, and MGM Grand, as well as numerous regional casinos, racetracks, and family entertainment centers across the United States and Canada. Additionally, VICI owns four championship golf courses.
Geographically, while Las Vegas represents a significant concentration of its asset value and rent, the company has actively diversified its footprint across various U.S. states and Canadian provinces. VICI's competitive position is strengthened by its massive scale, 100% occupancy rate, and lease structures that typically feature built-in rent escalators tied to the Consumer Price Index (CPI). By focusing on experiential real estate that is difficult to replicate and resilient to e-commerce disruption, VICI maintains a dominant position in the specialized gaming REIT sector.
