VICI Owns the Ground. The Tenants Cannot Leave.

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The founding CEO of a nearly $50 billion real estate empire started his career writing about ski resorts.

Edward Pitoniak spent nine years at Times Mirror Magazines. He became editor-in-chief of Ski Magazine. He wrote about powder days and mogul runs. Then he moved to the business side — running Canadian hotel REITs and advising real estate firms. In October 2017, a group of hedge fund creditors handed him the keys to something stranger than any ski lodge. The real estate underneath Caesars Palace.

I stood on the Las Vegas Strip last fall. I looked up at the Venetian — the gold-tinted glass reflecting the desert sun. Then I looked at MGM Grand, that dark green tower at the south end. Caesars Palace sat between them, its fountains running. If you walk that stretch of sidewalk, you pass three of the most famous buildings in American entertainment. One landlord owns the ground beneath all of them.

Most people think of VICI Properties as a casino company. It is not. It does not run a single slot machine. It does not manage a single hotel room. It collects rent. That is the entire business.

VICI was born from the largest bankruptcy in gaming history. Caesars Entertainment Operating Company filed for Chapter 11 on January 15, 2015. It owed more than $18 billion. The creditors — mostly hedge funds — did something unusual. Instead of liquidating the casinos, they split the business in two. One company would run the operations. The other would own the land and buildings. That second company became VICI Properties, spun off on October 6, 2017. Pitoniak was brought in to run it.

Today, VICI owns 100 properties across 26 states and Canada. Its portfolio spans roughly 130 million square feet — over 66,000 hotel rooms and more than 700 restaurants, bars, nightclubs, and sportsbooks. On the Las Vegas Strip alone, VICI owns 10 resorts, including Caesars Palace, MGM Grand, and the Venetian. It even owns the land under the Sphere, the $2.3 billion concert venue that opened in 2023. In its 2025 fiscal year, VICI collected $4.0 billion in total revenue. Every property is 100% leased. The company has never missed a single rent payment from any tenant — not even during COVID, when casinos were shut down for months.

The leases are triple-net. That means the tenants pay property taxes, insurance, and all maintenance costs — on top of rent. VICI's job is to own the dirt and cash the checks. And the checks keep getting bigger. In 2025, the company earned $2.38 per share in adjusted funds from operations — up 5.1% from the year before.

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Think about what that 100% collection rate means. VICI has collected every dollar of rent, on time and in cash, since the day it was formed in 2017. That stretches across more than eight years now. It includes the spring of 2020, when governors shut down casinos across the country. The lights at Caesars Palace went dark. The slot floors at MGM Grand sat empty. VICI still got paid. Every penny. If you are looking for a test of a landlord's lease structure, a global pandemic that closed your tenants' doors for months is about as brutal as it gets.

The rent goes up every year. About 42% of VICI's rent roll is tied directly to the Consumer Price Index. When prices rise, VICI's rent rises with them — automatically. The MGM Grand and Mandalay Bay lease, for example, escalates at 2% per year through 2035. After that, it escalates at the greater of 2% or CPI, subject to a 3% ceiling. That lease runs until 2050, with options to extend. Tenants pay the increase. They do not pause.

I think about Ed Pitoniak's path when I consider what makes VICI different. He told Nareit in December 2025 that the biggest driver of demand for what VICI owns "is the secular trend around experiences." He was not talking about gambling. He was talking about concerts, restaurants, pool parties, conventions. The Venetian alone holds more than 2 million square feet of convention space. Caesars Palace hosts boxing matches and residency shows. These are not just casinos. They are destinations — and the land beneath them belongs to VICI. A casino operator who wanted to leave would have to walk away from a gaming license tied to that specific location, abandon billions of dollars in custom infrastructure, and start over somewhere else. I have never seen it happen. You probably have not either.

That is the upgrade path. VICI does not need its tenants to stay the same size. It needs them to keep investing. Every time MGM opens a new restaurant or Caesars builds a tower — those improvements sit on VICI's land. The property gets more valuable. The rent resets higher at the next adjustment. And the tenant becomes even more anchored to the ground it cannot leave. Since its IPO, VICI has raised its dividend every single year — eight consecutive increases. That is not an accident. It is a machine.

WHY THIS WORKS

What most people miss: VICI's founding CEO was a ski magazine editor with no casino experience. The creditors who built this company from Caesars' wreckage did not want an operator — they wanted a landlord who understood that real estate is about dirt, not dice.