Vici Properties

Corporate brand

An American real estate investment trust that owns and leases casino, resort, entertainment, hospitality, and leisure properties.

Last updated August 21, 2026

AI crawler reads

No AI crawler has read this profile since Oct 28, 2026.

Overview

Vici Properties is an American real estate investment trust specializing in experiential real estate, particularly casinos, casino resorts, racetracks, golf facilities, bowling centers, entertainment venues, and related hospitality assets. The company is headquartered in New York City and is listed on the New York Stock Exchange under the ticker VICI. Rather than primarily operating casinos itself, Vici generally owns the underlying land and buildings and leases them to gaming, hospitality, entertainment, and leisure operators under long-term agreements. This landlord model gives the company exposure to destination entertainment while leaving day-to-day operations to specialized tenants. Vici was created through the Chapter 11 reorganization of Caesars Entertainment Operating Company, the principal operating division of Caesars Entertainment. The restructuring separated real-estate ownership from casino operations, allowing a newly formed REIT to hold properties while an operating company continued to run them. Vici was spun off to creditors on October 6, 2017, when the reorganized Caesars operating company emerged from bankruptcy. Its initial portfolio consisted of 19 casinos and racetracks, four golf courses, and long-term leases to Caesars. The company’s name refers to the Latin phrase commonly rendered as “I came, I saw, I conquered,” linking it thematically to the Caesars brand heritage. The company expanded rapidly after formation. It acquired Harrah’s Las Vegas from Caesars in 2017 and completed an initial public offering on the New York Stock Exchange in February 2018. It subsequently acquired additional Caesars properties, as well as real estate associated with Margaritaville Resort Casino, Greektown Casino-Hotel, Jack Cincinnati Casino, and several properties purchased in transactions involving Eldorado Resorts, Century Casinos, Penn National Gaming, and other operators. When Eldorado acquired Caesars Entertainment in 2020, Vici became the landlord of a much larger Caesars portfolio, including properties in Atlantic City, Laughlin, and New Orleans. Beginning around 2020, Vici broadened its strategy beyond traditional casino real estate. It provided financing for or invested in hospitality and leisure developments such as Canyon Ranch, Great Wolf Resorts, Kalahari Resorts, Cabot golf properties, and BigShots Golf facilities. It also acquired a leasehold interest in the Chelsea Piers sports and entertainment complex in Manhattan and purchased dozens of bowling centers leased to Bowlero. These moves reflected a broader interpretation of experiential real estate, encompassing destinations where consumers spend money on recreation, travel, sports, and entertainment. Vici’s largest expansion occurred in 2022. It acquired the real estate of the Venetian Resort Las Vegas, Palazzo, and Sands Expo from Las Vegas Sands, with the operating business subsequently leased to Apollo Global Management. It also acquired MGM Growth Properties, adding a substantial portfolio leased primarily to MGM Resorts International and making Vici one of the largest owners of casino real estate in the United States. In 2023, it acquired the remaining interest in the real estate of MGM Grand Las Vegas and Mandalay Bay that it did not already own. The company also expanded into Canada through acquisitions of Alberta casinos and continued adding regional gaming assets in the United States. Vici’s business is built around long-duration leases, contractual rent escalators, diversified tenants, and ownership of strategically located destination properties. Its portfolio includes major Las Vegas Strip resorts, regional casinos, racetracks, golf courses, bowling centers, and entertainment venues. The company’s principal risks include tenant concentration, gaming regulation, economic sensitivity in discretionary consumer spending, interest rates, property-specific capital requirements, and the financial condition of its operating partners.

History

Vici Properties originated in the restructuring of Caesars Entertainment Operating Company, which entered Chapter 11 bankruptcy proceedings in January 2015. The proposed solution separated property ownership from casino operations: a REIT would hold the real estate, while a reorganized operating company would continue managing casinos. Some members of Congress questioned whether the structure improperly used REIT tax treatment, but the spin-off proceeded. Vici was distributed to creditors on October 6, 2017, when the reorganized Caesars operating company exited bankruptcy. It started with a portfolio of 19 casinos and racetracks, four golf courses, and leases to Caesars generating the company’s initial rental base. Its first major post-formation acquisition was Harrah’s Las Vegas, purchased from Caesars in December 2017 and leased back to the operator. In early 2018, MGM Growth Properties proposed acquiring Vici. Vici rejected the approach and proceeded with its own public offering, which was completed on the New York Stock Exchange in February 2018. The company also moved its headquarters from the Las Vegas area to New York City during 2018. That year it acquired the Octavius Tower at Caesars Palace and Harrah’s Philadelphia, leasing both assets back to Caesars. Vici continued diversifying its tenant base in 2019. It acquired the real estate of Margaritaville Resort Casino and Greektown Casino-Hotel in transactions involving Penn National Gaming, and bought Jack Cincinnati Casino from Jack Entertainment. It also acquired three properties in Missouri and West Virginia in cooperation with Century Casinos and later purchased Jack Cleveland Casino and Jack Thistledown Racino. Eldorado Resorts’ acquisition of Caesars Entertainment in 2020 made the enlarged Caesars organization Vici’s principal tenant. In connection with that transaction, Vici acquired the real estate of Harrah’s Atlantic City, Harrah’s Laughlin, and Harrah’s New Orleans. During the same period, Vici began extending its investment model into broader experiential real estate, including wellness resorts, water parks, golf destinations, driving ranges, bowling centers, and sports and entertainment complexes. The company’s scale changed materially in 2022. Vici acquired the real estate of the Venetian and Palazzo resorts and Sands Expo in Las Vegas, with Apollo Global Management operating the properties under lease. It also completed the acquisition of MGM Growth Properties, bringing a large group of MGM Resorts International properties into its portfolio and making Vici one of the dominant landowners on the Las Vegas Strip. In 2023, it acquired the remaining ownership interest in the real estate of MGM Grand Las Vegas and Mandalay Bay. Further acquisitions added Alberta casinos, Mississippi properties, and Rocky Gap Casino Resort in Maryland. Today, Vici’s portfolio is organized around long-term leases with major gaming and entertainment operators. Its assets include Las Vegas Strip resorts, regional casinos, racetracks, bowling centers, golf courses, and destination entertainment properties. The company’s strategy emphasizes durable tenant relationships, contractual rent growth, geographic diversification, and ownership of irreplaceable or strategically located experiential assets.

2023
Full ownership of MGM Grand and Mandalay Bay real estate
[1]Vici Propertiesen.wikipedia.org
Vici acquired the remaining ownership interests associated with the real estate of MGM Grand Las Vegas and Mandalay Bay.
2022
Venetian real-estate acquisition
[1]Vici Propertiesen.wikipedia.org
Vici acquired the real estate of the Venetian complex and Sands Expo in Las Vegas.
2022
MGM Growth Properties acquisition
[1]Vici Propertiesen.wikipedia.org
Vici completed its acquisition of MGM Growth Properties, adding a major portfolio of MGM-related assets.
2020
Caesars becomes primary tenant after Eldorado transaction
[1]Vici Propertiesen.wikipedia.org
The Eldorado-Caesars combination increased the scale of the Caesars properties leased from Vici.
2018
Initial public offering
[1]Vici Propertiesen.wikipedia.org
Vici completed its IPO on the New York Stock Exchange and began trading under VICI.
2017
Vici Properties is formed
[1]Vici Propertiesen.wikipedia.org
Vici was spun off to creditors on October 6 as part of Caesars’ bankruptcy reorganization.
2017
Harrah’s Las Vegas acquisition
[1]Vici Propertiesen.wikipedia.org
Vici acquired the real estate of Harrah’s Las Vegas and leased it back to Caesars.
2015
Caesars operating company enters bankruptcy
[1]Vici Propertiesen.wikipedia.org
Caesars Entertainment Operating Company commenced Chapter 11 proceedings, setting the stage for separating casino operations from real-estate ownership.

Products and positioning

A specialist experiential real estate landlord focused on gaming, hospitality, leisure, and entertainment destinations.

Real estate ownership · 2017
Casino and resort real estate
Vici owns the land and buildings underlying major casino resorts and regional gaming properties. These assets are generally leased to operators under long-term agreements, allowing Vici to earn contractual rent while tenants manage gaming, hotel, food-and-beverage, and entertainment operations.
Real estate finance · 2020
Experiential real estate financing
The company provides financing and other capital to selected hospitality, leisure, recreation, and entertainment developments. Arrangements may include construction financing and rights or options connected with future property ownership.
Leisure real estate · 2017
Golf and leisure properties
Vici owns golf and leisure assets operated by specialist partners, including courses associated with the Cabot platform. These properties extend the portfolio beyond casinos into destination recreation.
Entertainment real estate · 2023
Bowling and entertainment centers
Vici owns a portfolio of bowling alleys and related entertainment real estate leased to Bowlero. The assets support the company’s strategy of owning consumer-oriented venues outside traditional gaming.

Brand decisions

2022
Acquire MGM Growth PropertiesM&A
Background
Vici sought to expand its portfolio and strengthen its position as a major owner of gaming real estate.
Action taken
Vici completed the acquisition of MGM Growth Properties, adding numerous properties and interests in major Las Vegas resorts.
Aftermath
The transaction materially increased Vici’s scale and made it one of the largest landowners on the Las Vegas Strip.
Source
2022
Acquire Venetian complex real estateM&A
Background
Las Vegas Sands separated the ownership of the Venetian resort complex from its operating business.
Action taken
Vici acquired the underlying real estate, while Apollo Global Management took responsibility for operating the resort under lease.
Aftermath
The transaction broadened Vici’s Las Vegas Strip portfolio and added a major convention and resort destination.
Source
2018
Reject acquisition proposal and pursue an IPOStrategy
Background
MGM Growth Properties proposed acquiring Vici after its formation, but Vici’s board chose to remain independent and proceed with a planned public offering.
Action taken
Vici declined the proposal and completed its own NYSE listing.
Aftermath
The IPO established Vici as an independent publicly traded REIT and provided a platform for subsequent acquisitions.
Source

Recent events

2022
Vici acquires Venetian Resort Las Vegas real estate[1]Vici Propertiesen.wikipedia.org
M&A
Vici purchased the real estate associated with the Venetian and Palazzo resorts and the Sands Expo convention center, while the operating business was leased to Apollo Global Management.
2022
Vici completes acquisition of MGM Growth Properties[1]Vici Propertiesen.wikipedia.org
M&A
The transaction substantially expanded Vici’s portfolio and strengthened its position as a major owner of gaming real estate on the Las Vegas Strip and in regional markets.
2022
Vici expands into Alberta casino real estate[1]Vici Propertiesen.wikipedia.org
M&A
The company acquired a portfolio of casinos in Alberta, marking a significant expansion beyond the United States.
2020
Vici expands into non-gaming experiential real estate[1]Vici Propertiesen.wikipedia.org
Other
Vici began financing and acquiring a wider range of hospitality, recreation, golf, water-park, bowling, and entertainment assets.
2018
Vici Properties completes New York Stock Exchange IPO[1]Vici Propertiesen.wikipedia.org
Other
The company completed its public offering and began trading on the NYSE under the symbol VICI.
2017
Vici Properties is spun off from Caesars’ bankruptcy reorganization[1]Vici Propertiesen.wikipedia.org
Other
Vici began operations as a separately organized REIT holding casino and racetrack real estate formerly associated with Caesars Entertainment Operating Company.

Sources10 sources

Cite this profile: Cite the canonical profile. /brand-wiki/vici-properties · Editorial policy · How profiles are compiled