Here are 1-2 brief analogies to describe VICI Properties:

• American Tower for casino and resort real estate. (VICI owns the physical infrastructure—land and buildings—for major gaming and entertainment properties and leases them out, similar to how American Tower owns cell towers and leases space on them.)
• Simon Property Group for high-profile entertainment destinations. (VICI is a REIT that specializes in owning and leasing highly valuable, iconic entertainment and hospitality properties, much like Simon Property Group specializes in high-value retail malls.)

• Real Estate Ownership: VICI acquires and owns a diversified portfolio of premier gaming, hospitality, and entertainment properties.
• Property Leasing (Triple-Net): VICI leases its owned properties to leading operators under long-term, triple-net lease agreements, making tenants responsible for most property-related expenses.

Major Customers of VICI Properties (VICI)

VICI Properties is a real estate investment trust (REIT) that owns a portfolio of gaming, hospitality, and entertainment destinations. As such, it sells primarily to other companies, specifically the operators of these properties. Its major customers (tenants) are:

• Caesars Entertainment (Symbol: CZR)
• MGM Resorts International (Symbol: MGM)
• PENN Entertainment (Symbol: PENN)
• The Venetian Resort Las Vegas (operated by a subsidiary of Apollo Global Management, Symbol: APO)
• Century Casinos (Symbol: CNTY)
• Hard Rock International (a private entity owned by the Seminole Tribe of Florida)

• Deloitte & Touche LLP
• JPMorgan Chase & Co. (NYSE: JPM)
• Bank of America Corporation (NYSE: BAC)
• Citigroup Inc. (NYSE: C)
• Wells Fargo & Company (NYSE: WFC)

Edward B. Pitoniak, Chief Executive Officer

Edward B. Pitoniak is the founding Chief Executive Officer of VICI Properties. He previously served as Vice Chairman of Realterm, a private equity real estate manager. Mr. Pitoniak led two Canadian hotel REITs, including bcIMC Hospitality Group (formerly Canadian Hotel Income Properties Real Estate Investment Trust or CHIP), where he achieved four consecutive years of total return leadership and oversaw its sale in 2007. He also served as an independent director at Ritchie Brothers (NYSE: RBA) from 2006 to 2019 and as a director of Regal Lifestyle Communities (TSE: RLC) until its sale in 2015. Earlier in his career, he was a senior operating executive with Intrawest Destination Resorts, a ski and golf resort operator and developer, and began his career as Editor-in-Chief of SKI Magazine.

David Kieske, Executive Vice President, Chief Financial Officer

David Kieske is the Chief Financial Officer of VICI Properties. He joined VICI from Wells Fargo Securities / Eastdil Secured, where he was a Managing Director in the Real Estate & Lodging Investment Banking Group, providing capital raising and financial advisory services to companies in the real estate and lodging industries. Mr. Kieske has been directly involved in over $75 billion of real estate transactions, including debt, equity, equity-linked offerings, and various merger, acquisition, and asset transactions. His prior experience includes working in the Real Estate & Lodging Investment Banking Groups at Citigroup and Bank of America. Earlier in his career, he was a senior accountant at Deloitte & Touche and Assistant Vice President & Corporate Controller at TriNet Corporate Realty Trust.

John Payne, President & Chief Operations Officer

John Payne serves as President and Chief Operating Officer for VICI Properties, bringing over 25 years of experience in the gaming and hospitality business. Prior to joining VICI, Mr. Payne was the Chief Executive Officer of Caesars Entertainment Operating Co. from 2014 to 2017. His career at Caesars Entertainment Corporation included roles such as President of Central Markets and Partnership Development (2013-2014), President of Enterprise Shared Services (2012-2013), President of Central Division (2007-2012), and Atlantic City Regional President (2006). He also served as Gulf Coast Regional President in 2005 and Senior Vice President and General Manager of Harrah's New Orleans from 2002 to 2005.

Samantha Gallagher, Executive Vice President, General Counsel and Secretary

Samantha Gallagher is the Executive Vice President, General Counsel and Secretary of VICI Properties, with over 15 years of experience in real estate, capital markets, and corporate law. Before VICI, she was Executive Vice President, General Counsel and Secretary at First Potomac Realty Trust (NYSE:FPO), where she managed all corporate governance matters, SEC and NYSE compliance, and oversaw the negotiation and documentation of the company's merger with Government Properties Income Trust (NASDAQ:GOV) in October 2017. Ms. Gallagher's prior experience includes advising REITs, real estate companies, financial institutions, and investment banks as a Partner at global law firms such as Hogan Lovells US LLP and Arnold & Porter LLP.

Gabriel Wasserman, Senior Vice President, Chief Accounting Officer, and Managing Director, V.E.C.S.

Gabriel Wasserman serves as Senior Vice President, Chief Accounting Officer, and Managing Director of V.E.C.S. for VICI Properties. In this role, he is responsible for overseeing the company's accounting, tax, treasury, and SEC reporting functions. He also leads VICI Experiential Credit Solutions (V.E.C.S.), which is VICI's credit strategy and provides debt capital to owners and operators of experiential assets. Before joining VICI, Mr. Wasserman was the Controller of Blackstone Mortgage Trust (NYSE: BXMT).

Key Business Risks for VICI Properties (VICI)

1. Tenant Concentration Risk: A significant portion of VICI Properties' rental income is derived from a limited number of major tenants, primarily Caesars Entertainment and MGM Resorts, which collectively account for approximately 74-75% of its total annualized cash rent. This concentration exposes VICI to the financial health, operational performance, and creditworthiness of these specific operators. Any adverse developments affecting these key tenants, such as financial distress, bankruptcy, or a decline in their business, could materially impact VICI's revenue and cash flows.
2. Sensitivity to the Gaming and Experiential Industry: VICI Properties' business is predominantly tied to the performance of the gaming and broader experiential real estate sectors. The company's tenants operate in an industry that is sensitive to macroeconomic factors such as economic downturns, changes in consumer discretionary spending, evolving travel patterns, and regulatory shifts within the gaming sector. A significant consumer pullback or prolonged economic downturn could pressure the financial performance of VICI's tenants, potentially affecting their ability to meet rental obligations.
3. Interest Rate Risk: As a real estate investment trust (REIT), VICI Properties is particularly susceptible to fluctuations in interest rates. Elevated interest rates can increase VICI's borrowing costs, potentially reducing its cash available for distribution and growth. Additionally, higher interest rates can depress property valuations and make the company's dividend yield less attractive to investors compared to risk-free alternatives, which could negatively impact VICI's stock price.

The accelerated growth and expansion of online gaming and sports betting poses a clear emerging threat. While many of VICI's tenants are also involved in digital gaming, a significant and sustained shift in consumer preference away from physical casino visits towards online alternatives could reduce the revenue and profitability generated by the physical properties. This could potentially impact tenants' ability to meet their lease obligations or prompt them to re-evaluate the scale and nature of their physical footprints, which are the assets VICI owns.

VICI Properties (VICI) operates as an experiential real estate investment trust (REIT) that specializes in the ownership, acquisition, and development of market-leading gaming, hospitality, wellness, entertainment, and leisure destinations. The company's primary service involves leasing these properties to operators under long-term, triple-net lease agreements.

The company's portfolio includes 93 experiential assets, consisting of 54 gaming properties and 39 other experiential properties, primarily across the United States and Canada. VICI Properties focuses significantly on the North American market, particularly the U.S.

For the gaming industry, a core component of VICI Properties' addressable market, gross gaming revenue in the U.S. is expected to exceed $150 billion in 2024. Over the subsequent five years, the U.S. gaming market is projected to grow by more than $40 billion in gross gaming revenue, experiencing a compound annual growth rate (CAGR) of 4.95%. The Las Vegas Locals market alone was identified as the second-largest gaming market in the U.S. by gross gaming revenue in 2024.

VICI Properties (VICI) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Contractual Rent Escalations: A fundamental driver for VICI Properties is the embedded growth from contractual rent escalations within its long-term triple-net master leases. These leases typically include annual rent increases, often averaging around 1.7% or starting at 2.0% and later tied to the Consumer Price Index (CPI) with caps, providing a stable and predictable source of revenue growth.
2. Strategic Acquisitions and New Development Projects: VICI Properties consistently pursues strategic investment activities, including new acquisitions and development partnerships. Recent examples include a new partnership with Red Rock Resorts for the North Fork Mono Casino & Resort in California, and expanded investments in the One Beverly Hills project. The company recently announced an agreement to acquire seven casino properties from Golden Entertainment for $1.16 billion, expected to close in mid-2026, which will contribute to future revenue through a new triple-net master lease.
3. Expansion into New Experiential Real Estate Sectors: VICI Properties is actively diversifying its portfolio beyond traditional gaming properties into broader experiential real estate. This strategy includes venturing into sectors such as family entertainment, exemplified by the acquisition of 38 bowling entertainment centers from Bowlero, and exploring opportunities in non-gaming areas like university sports infrastructure and youth sports facilities. This expansion aims to create new revenue streams and mitigate tenant concentration risk.
4. Continued Tenant Diversification: The company is focused on strategically diversifying its tenant base to enhance revenue stability and reduce reliance on any single operator. The acquisition of properties from Golden Entertainment, for instance, will add Golden OpCo as VICI's 5th largest tenant and 15th tenant overall, while a new lease agreement with Clairvest for MGM Northfield Park further contributes to this diversification goal. VICI emphasizes forming quality, long-term partnerships with its tenants.

Share Repurchases

• VICI Properties has shown limited activity in significant share repurchases, with mentions primarily related to shares surrendered by employees to satisfy tax obligations associated with vesting restricted common stock.
• As of October 16, 2025, the shares buyback ratio was reported as -1.30%, suggesting a net issuance of shares rather than repurchases over the period.

Share Issuance

• In the first nine months of 2025, VICI Properties physically settled forward sale agreements, resulting in the issuance of 12,101,372 shares and generating total net settlement proceeds of approximately $375.8 million ($296.0 million in July 2025 and $79.8 million in August 2025).
• As of September 30, 2025, VICI Properties Inc. had 1,068,808,694 shares of common stock issued and outstanding.
• Equity issuances are a source of capital for VICI Properties, as VICI LP generates capital from its operations and incurrence of indebtedness, "except for net proceeds from public equity issuances by VICI."

Outbound Investments

• VICI Properties significantly expanded its portfolio through the acquisition of MGM Growth Properties (MGP) for $17.2 billion in April 2022, including $5.7 billion in assumed debt. This acquisition added thirteen properties to VICI's full ownership and half ownership of MGM Grand Las Vegas and Mandalay Bay.
• In February 2022, VICI acquired the real estate of The Venetian Resort Las Vegas for $4 billion. Subsequently, in January 2023, VICI purchased the remaining 49.9% interest in the MGM Grand/Mandalay Bay joint venture for $1.27 billion plus $1.5 billion in assumed debt.
• The company also announced on November 6, 2025, an agreement to acquire seven casino properties from Golden Entertainment for $1.16 billion through a sale-leaseback transaction, expected to close mid-2026. This transaction involves Golden shareholders receiving approximately 24.3 million newly issued VICI shares and VICI assuming $426 million of Golden's debt. VICI has also made strategic investments in other experiential sectors, including providing construction loans and acquiring properties such as Chelsea Piers and 38 Bowlero bowling alleys, as well as financing arrangements for various resorts and entertainment venues.

Capital Expenditures

• Due to VICI Properties' triple-net lease business model, the responsibility for most capital expenditures, including building and improvement capital improvements, typically falls on its tenants. Tenants are often required to meet minimum capital expenditure requirements as part of their lease agreements, such as 1.0% of annual net revenue for the Northfield Park Lease commencing in 2032.
• VICI's direct capital expenditures are primarily comprised of additions to property, plant, and equipment related to its golf course operations.
• Specific dollar amounts for VICI's direct capital expenditures over the last 3-5 years were not meaningfully reported in the available financial statements.