Leisure and Hospitality REIT VICI Properties Focused on Experiential Real Estate

Ed Pitoniak

Ed Pitoniak, CEO of VICI Properties Inc. (OTC: VICI), joined Nareit for a video interview at REITworld 2017.

VICI Properties, which was formed in the second half of 2017, owns a portfolio of gaming, hospitality and entertainment destinations that are operated by Caesars Entertainment Corp., including Caesars Palace in Las Vegas.

While the portfolio consists of gaming properties, the company sees the assets fundamentally as leisure and hospitality properties, Pitoniak explained.

“Caesars has created a depth and breadth of experiences that cuts across the entire leisure and hospitality spectrum,” Pitoniak said. This constitutes the value proposition of the real estate, he added.

Looking ahead, Pitoniak said the company anticipates a period of renewed wage growth in the United States that will be beneficial in terms of boosting visits and spending across the portfolio.

Pitoniak stressed that VICI Properties is actively seeking to grow its portfolio, optimize its capital structure and create an ownership base that stays with the company for the long term.