VICI Properties (NYSE: VICI) is a publicly traded real estate investment trust (REIT) that specializes in experiential real estate, with a primary focus on gaming, hospitality and entertainment assets. The company acquires, owns and manages a portfolio of destination properties and leases those assets to operators under long-term agreements, generating rental income and partnering on property development and capital projects. VICI was formed in connection with the restructuring of Caesars Entertainment and has since grown through acquisitions and strategic transactions to expand its footprint in the gaming and leisure sector.
The company’s portfolio is concentrated in major U.S. gaming markets, including primary exposure to Las Vegas and other regional gaming and entertainment hubs. VICI’s holdings encompass casinos, hotels, conference and event facilities, and related retail and entertainment venues that benefit from consistent foot traffic and brand recognition. By owning the real estate while leasing operations to experienced gaming and hospitality companies, VICI aims to provide stability of cash flow and long-term contractual rent streams.
VICI operates as an owner and asset manager rather than a casino operator. Its business activities include sourcing and executing acquisitions, arranging financing for property transactions, and working with operators on property improvements and development projects that enhance asset value. The company also pursues joint ventures and structured investments designed to complement its core portfolio and support growth in targeted markets.
VICI’s strategy emphasizes long-term lease structures with operating partners, disciplined capital allocation and selective expansion within the gaming and leisure real estate sector. The company’s public listing provides investors access to a real estate company concentrated on experiential assets that serve tourism and entertainment demand across the United States.