VICI Properties Investor Relations Material

VICI Properties is an American real estate investment trust with a distinct focus on the gaming and entertainment industry. VICI Properties owns some of the most prestigious casino properties in the country and leases these to casino and entertainment businesses. The company was founded in 2017 as a spin-off from Caesars Entertainment Corporation and has its headquarters in NYC.

Created as the result of a spin-off of Caesars Entertainment during bankruptcy proceedings, VICI Properties owns an impressive portfolio of high-profile properties. These assets, scattered primarily across Las Vegas and Atlantic City, form the backbone of America's gaming industry. Beyond just casinos, VICI's property portfolio extends to include several golf courses and land leases related to other entertainment venues.

While they own these properties, they're leased back to industry giants, ensuring a steady revenue stream while allowing operators to manage and maintain the on-ground activities. This usually works in the following way: VICI purchases an entertainment property for an up-front payment. The company then leases this property back to the operator, and in many cases, the business VICI purchased the property from in the first place.

A Real Estate Investment Trust (REIT) is an entity that owns, manages, or invests in revenue-generating properties across various real estate sectors. Structured to deliver consistent income flows, potential capital growth, and tax advantages to investors, REITs publicly issue shares that can be bought and sold on leading stock exchanges. Legally, they are obligated to allocate a minimum of 90% of their taxable earnings to shareholders as dividends. REITs are a common sight on public exchanges, with some examples being American Tower and Prologis.