On the desk today · VICI Properties
They own the ground under the neon. They never touch a chip.
| NYSE · VICI |
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The Landlord Who Never
Touches a Slot Machine
In early 2017, Edward Pitoniak had no gaming experience. None. Zero. He had run hotel REITs in Canada. He had edited Ski magazine. He had moved his family to Whistler, British Columbia, to manage ski resort operations. But when the wreckage of the largest casino bankruptcy in American history needed someone to sort the real estate from the rubble — Pitoniak got the call.
"I think I know good real estate when I see it," he told the Las Vegas Review-Journal.
He was right.
I walked through Caesars Palace last fall. The ceilings are enormous. The carpet runs forever. Thousands of people — eating, gambling, wandering, spending. Not one of them had heard of VICI Properties. Not one of them knew that the land beneath their feet, the walls around them, the parking garage where they left their rental car — all of it belonged to a company with 28 employees in a New York office.
That is the thing most people get wrong about VICI. You hear the word "casino" and you picture blackjack tables, neon lights, cocktail waitresses. But VICI does not operate a single slot machine, deal a single hand, or pour a single drink. It is a landlord. A very patient one — with leases that stretch, on average, nearly 40 years into the future.
VICI Properties was born from catastrophe. In January 2015, Caesars Entertainment Operating Company filed for Chapter 11 bankruptcy — one of the largest in U.S. history. When the dust settled, someone had to hold the real estate. VICI spun off as a new company in October 2017, held its IPO in February 2018 at $20 a share, and started acquiring.
It moved aggressively. In 2022 alone, VICI closed a $4 billion deal for the Venetian Resort Las Vegas and a $17.2 billion merger with MGM Growth Properties. By the end of that year, the company owned Caesars Palace, MGM Grand, Mandalay Bay, the Venetian, the Mirage, and a dozen more iconic Strip properties — plus regional casinos across 15 states. Today the portfolio has grown to 93 properties, including 54 gaming venues and 39 other experiential assets across the U.S. and Canada.
Last year, VICI collected $4.0 billion in revenue. That is up from $3.8 billion the year before. Adjusted funds from operations — the cash-flow number that matters for a REIT — hit $2.5 billion, or $2.38 per share. The company raised its dividend for the eighth straight year.
Twenty-eight employees generated $4.0 billion in revenue. Read that again.
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That 100 percent occupancy is not a rounding exercise. Every one of VICI's 93 properties is occupied. Every one is paying rent. Even in 2020 — when casinos went dark and the Strip was a ghost town — VICI collected 100 percent of its contractual rent. The tenants could not walk away. The leases would not let them.
The leases also would not let inflation eat the rent. About 42 percent of VICI's current rent is linked directly to the Consumer Price Index. The Venetian lease, for example, escalates at the greater of 2 percent or CPI each year, with a ceiling of 3 percent. That share of CPI-linked rent is scheduled to rise to 90 percent of the total by 2035. Prices go up. VICI's rent goes up with them. The tenants pay anyway.
Here is the story that tells you everything. In January 2018 — a month before VICI's IPO — MGM Growth Properties made an unsolicited offer to acquire the company. VICI was newborn, untested, still sorting through the Caesars wreckage. The easy move would have been to take the money.
Pitoniak and his board turned it down.
"We decided as a board and a management team that we thought we could create more value by continuing to be independent at that point," Pitoniak later told the Nevada Independent. "And I think history has validated that."
Four years later, it was VICI that absorbed MGM Growth in a $17.2 billion deal — not the other way around.
That is the flywheel. VICI starts with long-dated leases and predictable rent. It uses that income to fund new deals at attractive yields — $2.1 billion deployed in 2025 at a weighted average yield of 8.9 percent. Each deal adds rent. Each rent check supports a growing dividend. And the cycle turns again. If you follow the math, you can see why the company has raised its payout every year since going public. In November 2025, VICI announced a $1.16 billion deal for seven Nevada casino properties from Golden Entertainment — adding a 15th tenant to the roster.
WHY THIS WORKS
The tenants cannot leave. A casino is not a coworking desk. You cannot pick up Caesars Palace and move it across town. The buildings sit on VICI's land, tethered by 40-year leases with no easy exit.
Triple-net means zero operating headaches. Tenants pay property taxes, insurance, maintenance, and capital improvements. VICI collects rent. That is it. Twenty-eight people run a $4 billion enterprise.
Inflation flows straight through. CPI-linked escalators cover 42 percent of rent today and are on track to cover 90 percent by 2035. Rising prices become rising income — automatically.
Bankruptcy forged the asset base. VICI was born from the largest casino restructuring in history. It acquired irreplaceable Strip real estate at a moment when few others could.
VICI owns roughly 660 acres along the Las Vegas Strip — and the land beneath the MSG Sphere sits on its property. Twenty-eight employees in a New York office collect rent on 60,300 hotel rooms, over 500 restaurants, bars, nightclubs and sportsbooks, and some of the most visited buildings on Earth. The tenants pour the drinks. VICI cashes the checks.
*Disclaimer: Energy Exploration Technologies, Inc. (“EnergyX”) has engaged [Cashflow Currents] to publish this communication in connection with EnergyX’s ongoing Regulation A offering. [Cashflow Currents] has been paid $250 per lead___ in cash and may receive additional compensation. [Cashflow Currents] and/or its affiliates do not currently hold securities of EnergyX.
This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX’s offering materials. EnergyX’s Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/. Comparisons to other companies are for informational purposes only and should not imply similar results.
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