Vici Properties

“In May, we initiated our first partnership with Red Rock Resorts, one of the premier gaming operators through a $510 million delayed draw term loan for the development of North Fork. Red Rock's fourth quarter results demonstrate how their thoughtful and creative operating model is leading to superior results.”

VICI's $510M loan for Red Rock's North Fork development marks a new lending relationship; VICI praises Red Rock's operating model and results.

“in November, we announced a $1.16 billion sale leaseback of 7 casino properties in Nevada with Golden Entertainment and Blake Sartini, a highly seasoned gaming operator, which will add our 15th tenant when the transaction closes”

VICI's $1.16B sale-leaseback of 7 Nevada casinos makes Golden Entertainment a future tenant, expanding VICI into the Las Vegas locals market.

“we started out with 100% exposure to Caesars and only Caesars. Today, we're in the high 30s as a percentage of our annual rent roll.”

Caesars remains VICI's single largest tenant (high 30s% of rent); VICI is in ongoing master-lease discussions with Caesars while managing single-tenant concentration.

“Obviously, Prologis has a very robust and high-quality fund business. We're watching and seeing what Realty Income does with their fund business. Welltower is diversified.”

VICI references Welltower's diversification as a peer REIT example while thinking through the evolution of the REIT/asset-management model.

“Obviously, Prologis has a very robust and high-quality fund business. We're watching and seeing what Realty Income does with their fund business. Welltower is diversified.”

VICI cites Realty Income's fund business as a peer REIT initiative it is monitoring as it considers whether the REIT model evolves toward asset management.

“Obviously, Prologis has a very robust and high-quality fund business. We're watching and seeing what Realty Income does with their fund business. Welltower is diversified.”

VICI points to Prologis's robust, high-quality fund/asset-management business as a REIT model it is studying as the sector evolves toward asset management.

“It's almost exactly 5 years ago that we announced our acquisition of The Venetian together with our partners at Apollo.”

Apollo is VICI's equity partner in The Venetian; the jointly underwritten investment thesis played out well, with property EBITDAR rising from $487M pre-pandemic to $777M in 2024.

“the fundamental approach that Patrick and The Venetian team have taken is an approach that I believe you fundamentally see across the street at The Wynn.”

VICI cites Wynn as an example of the same value-creation operating approach (strong cultural insight into consumer experience) that drove The Venetian's turnaround.

“Obviously, we are the owners of National Harbor and MGM runs it. And what we've seen, as Ed mentioned, in Las Vegas for the Sphere is the amount of new customers that get attracted to that. So it could only help our business and MGM's business should the Sphere -- the next Sphere be built on that campus.”

MGM operates VICI's National Harbor property as a tenant; VICI suggests a potential Sphere venue there could drive incremental customer traffic to MGM's business.

“The slowdown in visitation this summer influenced by decreased Canadian travel and reduced capacity from Spirit Airlines is definitely something to monitor.”

Reduced Spirit Airlines capacity contributed to softer Las Vegas visitation this summer, a negative read-through on Spirit's Vegas route capacity.

“We'll have to see how the new asset that's built by Cordish. I'm sure it will be a wonderful asset as they do a good job in building their assets.”

Cordish is developing a Virginia casino near VICI's MGM National Harbor, a competitive read-through though management expects differentiated customer bases.

“We obviously have a great relationship with Red Rock and the development of what will be a phenomenal asset at Madera, California opening in, kind of, Q3 2026.”

VICI cites its development relationship with Red Rock on the Madera, California asset opening in Q3 2026, a positive partner read-through.