VICI Properties Inc.
Acquisitions
3
Major Deals Covered
$22.3B
Disclosed Deal Value
VICI Properties's largest disclosed acquisition here is MGM Growth Properties for $17.2B in 2022. This page covers 3 major deals from 2017 to 2022, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Harrah's Las Vegas | 2017 | $1.1B | VICI bought the Harrah's Las Vegas real estate from Caesars in December 2017, weeks after its formation, and leased it back to Caesars. It was VICI's first acquisition. |
| MGM Growth Properties | 2022 | $17.2B | VICI acquired MGM Growth Properties, the other large Las Vegas gaming REIT, in a $17.2 billion deal including assumed debt, which closed in April 2022. |
| Venetian Resort Las Vegas (Real Estate) | 2022 | $4.0B | VICI paid $4.0 billion for the land and buildings of the Venetian Resort and Sands Expo when Las Vegas Sands sold the operating business to Apollo in February 2022. |
2022
$17.2B
VICI acquired MGM Growth Properties, the other large Las Vegas gaming REIT, in a $17.2 billion deal including assumed debt, which closed in April 2022.
The deal added MGP's Strip and regional casino real estate, including MGM Grand and Mandalay Bay, roughly doubling VICI's Las Vegas exposure.
The deal made MGM Resorts VICI's second master-lease tenant alongside Caesars.
2022
$4.0B
VICI paid $4.0 billion for the land and buildings of the Venetian Resort and Sands Expo when Las Vegas Sands sold the operating business to Apollo in February 2022.
The Venetian was VICI's first Strip property not operated by Caesars, which reduced its dependence on a single tenant.
The Venetian became a separate triple-net lease with the Apollo-backed operator.
2017
$1.1B
VICI bought the Harrah's Las Vegas real estate from Caesars in December 2017, weeks after its formation, and leased it back to Caesars. It was VICI's first acquisition.
VICI grows by sale-leasebacks, property acquisitions, loan investments, built-in lease escalators, and diversification into non-gaming experiential real estate. The company uses its public REIT balance sheet to give operators capital while retaining long-term ownership of mission-critical properties. The key is discipline: overpaying for assets in a higher-rate environment would hurt AFFO growth even if headline portfolio size rises.
VICI owns land and buildings and leases them to operators under long-term triple-net leases, so the tenant pays property taxes, insurance and maintenance. Most rent comes from master leases with Caesars Entertainment and MGM Resorts, with annual escalators (some linked to CPI with caps). It also earns interest on real estate loans, such as mezzanine financing for developments. New tenants added in 2026 include Golden Entertainment's casino portfolio (a $1.16 billion sale-leaseback with $87.0 million of initial annual rent), Clairvest at MGM Northfield Park, and Club Med at Carambola Beach Resort in St. Croix, taking the roster to 16 tenants.
In April 2022, VICI completed a $17.2 billion stock-and-cash acquisition of MGM Growth Properties (MGP), acquiring 15 premier entertainment resorts—including MGM Grand, Mandalay Bay, Mirage, and Borgata—and adding MGM Resorts as its second anchor tenant.
In February 2022, VICI acquired the real estate of The Venetian Resort and Palazzo in Las Vegas for $4.0 billion in cash, partnering with Apollo Global Management under a 30-year triple-net lease with $250 million in initial annual rent.
In early 2020, VICI acquired JACK Cleveland Casino and JACK Thistledown Racino in Ohio for approximately $843 million, followed by Greektown Casino in Detroit with Penn National Gaming, executing its first major tenant diversification.
In 2019 and 2023, VICI acquired the real estate of Mountaineer, Caruthersville, and Cape Girardeau casinos, as well as Rocky Gap Casino Resort in Maryland, leasing them to Century Casinos under long-term master leases.
In late 2023, VICI entered the non-gaming leisure sector with a $433 million sale-leaseback of 38 Bowlero bowling and entertainment centers across 17 states, establishing Bowlero as an experiential tenant partner.
VICI partnered with Cabot, financing and acquiring real estate at Cabot Cape Breton in Nova Scotia, Cabot Highlands in Scotland, and Cabot Citrus Farms in Florida, capitalizing on premier destination golf demand.
VICI committed over $150 million to finance the expansion of luxury wellness resort Canyon Ranch in Austin, Texas, securing call rights to acquire the real estate of Canyon Ranch Tucson and Lenox.
In 2023, VICI provided a $65 million mezzanine loan to Chelsea Piers, New York's premier 28-acre waterfront sports and entertainment complex, with rights to partner on future facility developments.
Properties must possess irreplaceable physical locations, high customer barriers to entry, strong tenant unit-level profitability, long lease terms (25–40+ years), and built-in inflation rent escalators.
VICI works proactively with regulatory agencies in Nevada, New Jersey, Ohio, and other jurisdictions, maintaining a spotless compliance track record and transparent institutional governance.
By requiring that every acquisition generates immediately accretive AFFO per share accretion while maintaining balance sheet leverage within its 5.5x–5.8x net debt-to-EBITDA target band.
VICI continues to evaluate opportunities across tribal gaming sale-leasebacks, international resort destinations, and major non-gaming experiential platforms across North America and Europe.
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