VICI Properties Inc. is a real estate investment trust (REIT) that owns and acquires gaming, hospitality, and entertainment destinations. The company's core business model involves leasing these properties to leading brands under long-term triple-net leases. VICI's primary revenue streams are derived from rental income from these leases. The company has a geographically diverse portfolio of 93 experiential assets across the United States and Canada. VICI's competitive advantage lies in its long-term triple-net leases, which provide stable and predictable cash flows. The company's properties are leased to leading brands that seek to drive consumer loyalty and value with guests through superior services, experiences, products and continuous innovation.

VICI's portfolio includes iconic entertainment facilities on the Las Vegas Strip, as well as regional properties. The company also owns four championship golf courses located near certain of its properties. The company also originates real estate debt investments for strategic reasons.

• Employees: 28 (as of December 31, 2023)
• Geographic Footprint: United States and Canada
• Headquarters: New York, New York
• Founded: 2016
• Number of locations/facilities: 93 experiential assets
• Revenue: $3.6 billion (FY2023)
• Key Subsidiaries/Brands: Caesars, MGM, Bowlero, and PURE Canadian Gaming

• CEO: Edward B. Pitoniak
• CFO: David A. Kieske
• Chief Accounting Officer: Gabriel F. Wasserman
• Board Chair: James R. Abrahamson

• Annual Revenue: $3.6 billion (FY2023)
• Net Income: $2.5 billion (FY2023)
• Total Assets: $44.1 billion (as of December 31, 2023)
• Number of Employees: 28 (as of December 31, 2023)
• Key Financial Highlights: 100% rent collection since formation in 2017; $35 billion in investments since formation; Added to S&P 500 in June 2022

• Real Estate Leases: Long-term triple-net leases of gaming, hospitality, and entertainment properties.
• Real Estate Debt Investments: Strategic financing arrangements, primarily in connection with transactions that may convert to ownership of real estate.
• Golf Courses: Ownership and operation of four championship golf courses.

VICI operates as one reportable segment, which includes real property and real estate lending activities. The golf course operations are not considered a separate segment due to their insignificance.

The company's two largest tenants, Caesars and MGM, represent 40% and 35%, respectively, of the annualized rent as of December 31, 2023.

VICI's strategic priorities include increasing cash flow from operations, achieving sustainable long-term growth, and maximizing stockholder value. The company aims to enhance its ability to make distributions to its stockholders, providing investors with current income as well as long-term growth. VICI continues to pursue strategic financing relationships with leading experiential operators and also evaluates opportunities through its Partner Property Growth Fund.

• Key Strategic Initiatives: Investing in experiential assets, strategic financing relationships, and the Partner Property Growth Fund.
• Growth Drivers: Long-term triple-net leases, contractual escalations with inflation protection, and strategic financing relationships.
• Investment Priorities: Gaming, hospitality, wellness, entertainment and leisure sector properties and activities directly related thereto.

VICI operates primarily in the real estate and gaming industries. The gaming industry is characterized by a high degree of competition among a large number of participants. The company competes with other REITs, gaming companies, investment companies, private equity firms, hedge funds, sovereign funds, lenders and other private investors. The company's tenants also face competition from other gaming operators. The gaming industry is also subject to extensive regulations from gaming and other regulatory authorities.

• Market Position: A leading owner of experiential real estate assets.
• Key Competitors: Other REITs, gaming companies, investment companies, private equity firms, hedge funds, sovereign funds, lenders and other private investors.
• Industry Trends: Heightened competition, changes in consumer behavior, and discretionary spending.

• Tenant Dependency: VICI is significantly dependent on its tenants for substantially all of its revenues.
• Gaming Industry Risks: The company is susceptible to risks associated with the gaming industry, including competition and changes in consumer behavior.
• Geographic Concentration: A concentrated portion of revenues are generated from the Las Vegas Strip, making the company subject to greater risks.
• Regulatory Risks: VICI and its tenants face extensive regulation from gaming and other regulatory authorities.
• Financial Risks: The company has a substantial amount of indebtedness and is subject to interest rate risk.