Ed Pitoniak, president and CEO of VICI Properties Inc. (NYSE: VICI), sat down for a video interview during Nareit’s REITworld: 2025 Annual Conference in Dallas on December 8-11.
Pitoniak emphasized that consumer preferences continue to shift toward experiences, a secular trend that underpins VICI’s portfolio and future investments.
“The biggest driver of long-term demand for what we own and what we will own in the future is the secular trend around experiences,” he said, noting that spending on experiences has rebounded strongly since the pandemic and still has “a long way to run.”
Entertainment and non-gaming experiences are a central focus, particularly those that can’t be replicated at home. Pitoniak highlighted the evolution of immersive venues, pointing to Sphere in Las Vegas as a standout example.
“You’re seeing the entertainment universe evolve in such a way that you’re going to see new places offering new kinds of experiences,” he said, citing the venue’s success in redefining both concerts and cinematic events.
Pitoniak added that VICI is prioritizing partnerships with innovative operators across fitness, wellness, entertainment, and destination experiences. Ultimately, he noted, the durability of VICI’s income depends on the strength of the end-user experience, explaining that “the ultimate security of our rent in the future really depends on the end user experience of the real estate we own.”