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Newly Spun Off, Gaming REIT Focuses on Success

Long-term, the spin-off from Caesars Entertainment Operating Co. will look at diversifying beyond gaming, “but we’re going to do so using very strictly self-imposed criteria,” VICI Properties CEO Ed Pitoniak tells GlobeSt.com.

Photo of Ed Pitoniak The next 10 to 20 years are expected to be “a strong period for leisure and hospitality in the US,” says Pitoniak.

LAS VEGAS—Newly formed gaming REIT VICI Properties Inc. has completed its spin-off from Caesars Entertainment Operating Co., the company said Friday. The launch comes on the heels of CEOC’s emergence from Chapter 11 bankruptcy and the merger of Caesars Entertainment Corp. with Caesars Acquisition Co., both of which were also finalized on Friday.

VICI’s portfolio contains 19 gaming resorts nationwide, including the iconic Caesars Palace Las Vegas, along with a subsidiary that owns four championship golf courses. The properties are triple net-leased to Caesars, thus providing VICI with a predictable revenue stream backed by a corporate guarantee from Caesars.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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