Real estate investment trust
Vici Properties Inc. is a real estate investment trust (REIT) specializing in casino properties, based in New 🧾 York City. It was formed in 2024 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. 🧾 It owns 53 casinos, hotels, and racetracks and 4 golf courses around the United States and Canada.
History [ edit ]
Vici 🧾 Properties was formed as part of the Chapter 11 bankruptcy reorganization of Caesars Entertainment Operating Company (CEOC), the largest division 🧾 of Caesars Entertainment. After placing CEOC into bankruptcy in January 2024, Caesars proposed splitting CEOC into two companies: a REIT, 🧾 which would own the company's casinos, and an operating company, which would manage them.[4] The plan was designed to maximize 🧾 value for CEOC's creditors by taking advantage of favorable tax treatment for REITs.[5] Several members of Congress opposed the plan, 🧾 calling it an abuse of the REIT laws.[6] They asked the Internal Revenue Service to deny tax-free status to the 🧾 spin-off, but their protest went unheeded.[6][7]
The spin-off of Vici to CEOC's creditors was completed on October 6, 2024, the day 🧾 that CEOC emerged from bankruptcy.[8][9][10] Vici began with a portfolio of nineteen casinos and racetracks, all leased to Caesars at 🧾 a total initial annual rent ofR$630 million, and four golf courses.[8][11] The company's name was adopted from the phrase "Veni, 🧾 vidi, vici," commonly attributed to Julius Caesar.[12]
Vici acquired Harrah's Las Vegas from Caesars in December 2024 forR$1.1 billion, and leased 🧾 it back at an initial annual rent ofR$87.4 million.[13][14]
MGM Growth Properties, a REIT affiliated with Caesars competitor MGM Resorts International, 🧾 offered in January 2024 to acquire Vici for an estimatedR$5.9 billion.[15] Vici's board rejected the offer, deciding instead to proceed 🧾 with a planned initial public offering.[12] Vici completed its IPO on the New York Stock Exchange in February 2024, raisingR$1.2 🧾 billion.[16][17]
The company moved its headquarters to New York City from the Las Vegas area in mid-2024.[18][19]
Vici completed two transactions with 🧾 Caesars in 2024, purchasing the Octavius Tower at Caesars Palace forR$508 million and Harrah's Philadelphia forR$242 million, and leasing them 🧾 back to Caesars forR$35 million andR$21 million per year, respectively.[20]
In 2024, Vici made two purchases in conjunction with Penn National 🧾 Gaming. Vici bought the real estate of the Margaritaville Resort Casino in Louisiana and Greektown Casino–Hotel in Detroit forR$261 million 🧾 andR$700 million, respectively, while Penn bought both properties' operating businesses and leased them from Vici for annual rent ofR$23 million 🧾 andR$56 million, respectively.[21][22][23] Vici bought a second casino from Greektown seller Jack Entertainment, Jack Cincinnati Casino, in September 2024, payingR$558 🧾 million for the real estate; Hard Rock International leased the property forR$43 million per year.[24][25]
In December 2024, Vici bought three 🧾 casinos in Missouri and West Virginia from Eldorado Resorts in conjunction with Century Casinos: Isle Casino Cape Girardeau, Lady Luck 🧾 Casino Caruthersville, and Mountaineer Casino, Racetrack and Resort.[26] Vici paidR$278 million for the real estate assets, and leased them to 🧾 Century forR$25 million per year.[27] A month later, the company bought two more properties from Jack Entertainment, Jack Cleveland Casino 🧾 and Jack Thistledown Racino, for a total ofR$843 million, leasing them back forR$66 million per year.[28]
In July 2024, Eldorado Resorts 🧾 acquired Caesars Entertainment, becoming Vici's primary tenant, and renamed itself to Caesars Entertainment.[29] In connection with this acquisition, Vici bought 🧾 three properties (Harrah's Atlantic City, Harrah's Laughlin, and Harrah's New Orleans) from Caesars for a total ofR$1.8 billion, and leased 🧾 them back to the new Caesars forR$154 million per year.[30]
Starting in 2024, Vici expanded beyond the gaming sector by providing 🧾 construction loans for hospitality and entertainment properties, often with an option to purchase the property after completion.[31][32][33] By 2024, Vici 🧾 had announced financing arrangements for Chelsea Piers in Manhattan, Canyon Ranch spas, Great Wolf Resorts water parks, Cabot golf resorts, 🧾 and BigShots Golf driving ranges.[33]
Vici more than doubled its size in 2024 by acquiring MGM Growth Properties and the Venetian 🧾 complex on the Las Vegas Strip. Vici purchased the real estate of the Venetian complex from Las Vegas Sands in 🧾 February 2024 forR$4 billion.[34][35] The acquisition included the Venetian and Palazzo casino hotels and the Sands Expo convention center.[35] Apollo 🧾 Global Management bought the operating business and leased the property from Vici forR$250 million per year.[34]
In April 2024, Vici acquired 🧾 MGM Growth Properties forR$17.2 billion (includingR$5.7 billion in assumed debt).[36][37][38] The purchase added full ownership of thirteen properties to Vici's 🧾 portfolio, and half ownership of the MGM Grand Las Vegas and Mandalay Bay resorts, and increased Vici's annual revenue byR$1 🧾 billion,[39] along with making it the largest land owner on the Las Vegas Strip, with over 660 acres.[40] Vici bought 🧾 out the other half interest in the MGM Grand and Mandalay Bay from Blackstone forR$1.27 billion plusR$1.5 billion in assumed 🧾 debt in January 2024.[41][42]
Several smaller acquisitions were made in 2024 and 2024. Vici expanded to Canada, acquiring eight casinos in 🧾 Alberta from Pure Canadian Gaming and Century Casinos for a total of US$363 million.[43][44] It also added Foundation Gaming as 🧾 a tenant, purchasing two casinos in Mississippi forR$293 million, and acquired the Rocky Gap Casino Resort in Maryland forR$204 million, 🧾 in conjunction with Century.[45][46]
Properties [ edit ]
Leased to Caesars Entertainment [ edit ]
Leased to Century Casinos [ edit ]
Leased to 🧾 MGM Resorts International [ edit ]
Leased to Pure Canadian Gaming [ edit ]
Leased to other companies [ edit ]
Golf courses 🧾 [ edit ]
The company owns and operates four golf courses:[48]
Former properties [ edit ]
