VICI Properties

On January 17, 2017, the U.S. Bankruptcy Court for the Northern District of Illinois confirmed the Third Amended Joint Plan of Reorganization of Caesars Entertainment Operating Company (CEOC). VICI defines October 6, 2017 as its “Formation Date.”⁠[1]

On October 6, 2017, after CEOC’s restructuring and emergence from Chapter 11, VICI completed its spin-off, owning 19 gaming facilities including Caesars Palace Las VegasCaesars PalaceCaesars Palace is an ancient Rome-themed casino resort hotel on the Las Vegas Strip in Las Vegas, Nevada, United States. Opened on August 5, 1966, by hotel developer Jay Sarno, it is known for its ancient Roman-themed architecture, the Forum Shops mall, and the Colosseum theater. Since 2017, its real estate has been owned by VICI Properties and leased and operated by Caesars Entertainment.Open the full entry and four championship golf courses, led by Chief Executive Officer Edward Pitoniak and President and Chief Operating Officer John Payne.⁠[2]

On January 31, 2018, VICI priced its initial public offering of 60,500,000 shares at $20.00 per share; trading on the New York Stock Exchange under the symbol “VICI” was expected to begin on February 1, with net proceeds mainly used to repay debt.⁠[3]

On July 12, 2018, VICI completed the acquisition of Octavius Tower at Caesars Palace Las Vegas for $507.5 million in cash, adding $35 million in annual rent. A day earlier it had signed an agreement to acquire Harrah’s Philadelphia for $241.5 million.⁠[4]

On July 20, 2020, VICI acquired the real estate of Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City for approximately $1.8 billion; annual rent under the Regional Master Lease rose by $154.0 million and all rent coverage floors under the Caesars leases were eliminated.⁠[5]

Under an agreement with Las Vegas Sands dated March 2, 2021, VICI completed the purchase of the land and real estate of The Venetian Resort Las Vegas and Venetian Expo for $4.0 billion in cash on February 23, 2022, leased on a triple-net basis to an affiliate of funds managed by ApolloApolloApollo (Apollo Global Management, Inc.) is an asset management and retirement services group founded in 1990 and listed on the New York Stock Exchange under the ticker APO. Its investment business spans credit, equity, and real assets; after its 2022 merger with Athene, asset management and retirement services were brought under the same listed parent company. At the end of June 2026, the group reported assets under management of about $1.047 trillion.Open the full entry Global Management at initial annual rent of $250.0 million and a 30-year initial term.⁠[6]

On August 4, 2021, VICI announced the acquisition of MGM Growth Properties (MGP) for total consideration of $17.2 billion, including about $5.7 billion of assumed debt; MGP Class A shareholders would receive 1.366 VICI shares each, and MGM Resorts International’s master lease would carry initial annual rent of $860.0 million.⁠[7]

The deal closed on April 29, 2022, with MGM receiving $4.404 billion in cash. VICI also took over MGP’s 50.1% interest in the joint venture owning MGM Grand Las VegasMGM Grand Las VegasMGM Grand Las Vegas is a large casino resort hotel on the Las Vegas Strip in Las Vegas, Nevada, United States. It was opened on December 18, 1993, as the “MGM Grand Hotel and Theme Park” by MGM Grand, Inc., which was controlled by Kirk Kerkorian, and with 5,005 rooms at opening it was regarded by its operator as the largest hotel in the world. Since 2023, its real estate has been wholly owned by VICI Properties and leased and operated by MGM Resorts International.Open the full entry and Mandalay Bay, and the combined company owned 43 gaming facilities.⁠[8]

On June 3, 2022, S&P Dow Jones IndicesS&P Dow Jones IndicesS&P Dow Jones Indices (S&P DJI) is a global index provider that compiles and licenses benchmark indices including the S&P 500 and the Dow Jones Industrial Average. It was formed in 2012 by combining McGraw-Hill’s S&P index business with the Dow Jones Indexes business held by a joint venture of CME Group and Dow Jones, and it is now the index business division of S&P Global, which holds about 73% of the interest.Open the full entry announced that VICI Properties would replace Cerner in the S&P 500 prior to the open of trading on June 8, in the Real Estate sector.⁠[9]

VICI’s 2022 total revenues rose 72.3% to $2,600.7 million and net income attributable to common stockholders was $1,117.6 million. During the year it extended loans to non-gaming partners including Canyon Ranch, Great Wolf Resorts and Cabot.⁠[10]

On January 6, 2023, VICI acquired four Canadian real estate assets from PURE Canadian Gaming for approximately C$271.9 million, its first international investment. On January 9 it bought BREIT’s remaining 49.9% interest in the MGM Grand/Mandalay Bay joint venture for about $1.3 billion in cash.⁠[11]

VICI’s 2025 total revenues rose 4.1% to $4.0 billion and net income attributable to common stockholders was $2.8 billion, or $2.61 per diluted share. Capital commitments for the year totaled about $2.1 billion, including its first investment with Red Rock Resorts and an agreed $1.16 billion acquisition of seven Nevada casino properties from Golden Entertainment.⁠[12]

VICI owns 93 experiential assets, 54 gaming and 39 other experiential properties, plus four championship golf courses and about 33 acres near the Las Vegas Strip.⁠[13]

On April 30, 2026, VICI closed the acquisition of seven Nevada casino properties from Golden Entertainment, leased to an entity controlled by Blake L. Sartini at initial annual rent of $87.0 million. First-half 2026 net income attributable to common stockholders was $1,398.9 million, and the portfolio grew to 103 assets.⁠[14]