VICI Properties Inc. is a real estate investment trust (REIT) that was founded in 2017. It was spun off from Caesars Entertainment Operating Company as part of the latter's bankruptcy restructuring. The company's creation was approved by the bankruptcy court, and it began trading on the New York Stock Exchange (NYSE) under the ticker symbol "VICI" on February 1, 2018.
As a REIT, VICI Properties specializes in the ownership, acquisition, and development of gaming, hospitality, and entertainment properties. Its primary focus is on leasing properties to well-known gaming and hospitality operators. The company operates under a "triple-net lease" model, which means that the operators are responsible for most of the property's operating expenses, such as property taxes, insurance, and maintenance.
VICI Properties has a diverse portfolio of properties located in different regions across the United States. Some of its notable properties include the Caesars Palace Las Vegas, Harrah's Las Vegas, Harrah's New Orleans, and the Horseshoe Baltimore, among others. The company's portfolio consists of both iconic properties in major gaming and entertainment destinations and regional properties.
VICI Properties' business model allows it to generate stable and predictable cash flows through long-term lease agreements with its tenants. By leasing properties to established gaming and hospitality operators, the company seeks to benefit from the steady demand for entertainment and hospitality services, making it an attractive investment option for investors seeking exposure to the gaming and entertainment industry.