VICI PROPERTIES INC. (VICI)

VICI Properties is a Maryland corporation organized and operating as a real estate investment trust (REIT) that owns and acquires gaming, hospitality, wellness, entertainment and leisure destinations, which it leases to operators under long-term triple-net lease agreements. As of December 31, 2024, the company owns 93 experiential properties across the United States and Canada, comprising 54 gaming properties and 39 other experiential properties, spanning approximately 127 million square feet across twenty-six states and Canada, with roughly 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its flagship assets include Caesars Palace Las Vegas, MGM Grand, and the Venetian Resort Las Vegas, among the most iconic entertainment facilities on the Las Vegas Strip.

The company's portfolio is 100% leased, with a weighted average remaining lease term (including extension options) of approximately 40.7 years, and it has maintained 100% rent collection since its formation in October 2017. Under its triple-net lease structure, tenants bear all property-level costs, including taxes, insurance, maintenance, and capital expenditures, while VICI collects contractual rental revenue that generally escalates annually, with a significant portion tied to the U.S. consumer price index (subject to caps). Tenants include leading gaming and entertainment operators such as Caesars Entertainment, MGM, Hard Rock, PENN Entertainment, Century Casinos, JACK Ohio, and others, many of which are SEC-reporting companies providing transparency into operating performance.

Beyond gaming, VICI has expanded into other experiential sectors through real estate and financing partnerships with operators such as Cabot, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts, and Lucky Strike Entertainment (formerly Bowlero), reflecting its "VICI Experiential Credit Solutions" strategy targeting destination golf resorts, wellness centers, sports and entertainment complexes, and indoor waterpark resorts. The company also holds certain real estate debt investments originated for strategic purposes, some of which carry potential conversion rights into direct real estate ownership, as well as approximately 33 acres of undeveloped land on and near the Las Vegas Strip leased to Caesars, and four championship golf courses operated through its taxable REIT subsidiary, VICI Golf LLC. VICI conducts its core real property business through its operating partnership, VICI OP, and focuses on maintaining stable, predictable cash flows through its diversified, geographically distributed portfolio of mission-critical real estate assets leased to market-leading operators in gaming, hospitality, and experiential industries.