VICI Properties Inc.
Company History
VICI Properties History: Founding, Growth & Key Milestones
Founded 2017 in Paradise, Nevada, United States
When was VICI Properties founded?
VICI Properties was founded in 2017 in Paradise, Nevada, United States by Ed Pitoniak, making it 9 years old.
- Founded
- 2017
- Founding place
- Paradise, Nevada, United States
- Founders
- Ed Pitoniak
- Headquarters today
- New York, New York
- Milestones documented
- 11 (2017–2025)
- Current CEO
- Edward Pitoniak
- Acquisitions
- 3
| Year | Event |
|---|---|
| 2017 | VICI formed |
| 2017 | Acquired Harrah's Las Vegas |
| 2018 | VICI becomes public |
| 2019 | Greektown Casino Acquired |
| 2020 | Eldorado and Caesars Transaction |
| 2021 | MGM Growth Properties Deal Announced |
| 2022 | MGM Growth Properties acquired |
| 2022 | Venetian real estate acquired |
| 2023 | Bowlero Sale-Leaseback |
| 2025 | 93 year-end experiential assets |
| 2025 | Revenue reaches $4.0B |
- Where was VICI Properties founded?
- VICI Properties was founded in Paradise, Nevada, United States in 2017. wikidata.org
- Who founded VICI Properties?
- VICI Properties was founded by Ed Pitoniak.
- When did VICI Properties start?
- VICI Properties was founded in 2017.
- How old is VICI Properties?
- VICI Properties is 9 years old as of 2026.
Founding Story
Caesars Entertainment Operating Company filed for Chapter 11 in January 2015. Its reorganization plan split the business into an operating company and a property company, and the property company became VICI Properties in October 2017. VICI started with Caesars properties, including Caesars Palace Las Vegas, leased back to Caesars, and gave CEOC's creditors equity in the real estate.
Founders
Ed Pitoniak
Edward Pitoniak has been VICI's chief executive since the REIT was formed in October 2017 out of the Chapter 11 restructuring of Caesars Entertainment Operating Company. VICI had no founder in the usual sense; the restructuring plan created it, and Pitoniak was hired to run it. He led the 2018 NYSE listing, the 2022 purchases of the Venetian real estate and MGM Growth Properties, and the move into non-gaming experiential assets. (Exact birth year remains publicly undisclosed).
Key Milestones
VICI formed
VICI was created from Caesars Entertainment real estate as part of a restructuring.
Source: en.wikipedia.orgAcquired Harrah's Las Vegas
VICI Properties acquired Harrah's Las Vegas for $1.1 billion. VICI bought the Harrah's Las Vegas real estate from Caesars in December 2017, weeks after its formation, and leased it back to Caesars.
Source: en.wikipedia.orgVICI becomes public
The company completed its public listing and began scaling as a gaming real estate REIT.
Source: en.wikipedia.orgGreektown Casino Acquired
VICI bought the real estate of Greektown Casino-Hotel in Detroit in 2019 for about $700 million.
Source: en.wikipedia.orgEldorado and Caesars Transaction
VICI completed about $3.2 billion of property deals with Eldorado Resorts in July 2020 as Eldorado bought Caesars Entertainment.
Source: en.wikipedia.orgMGM Growth Properties Deal Announced
VICI agreed in August 2021 to buy MGM Growth Properties for about $17.2 billion.
Source: en.wikipedia.orgMGM Growth Properties acquired
The MGM Growth Properties transaction materially expanded VICI's Las Vegas Strip and regional gaming portfolio.
Source: en.wikipedia.orgVenetian real estate acquired
VICI bought the Venetian Resort and Sands Expo real estate for $4.0 billion and leased it to the Apollo-backed operator.
Source: en.wikipedia.orgBowlero Sale-Leaseback
VICI bought the real estate of 38 Bowlero bowling centres in October 2023 for about $433 million.
Source: en.wikipedia.org93 year-end experiential assets
VICI's 2025 Form 10-K listed 93 experiential assets at December 31, 2025.
Source: s1.q4cdn.comRevenue reaches $4.0B
VICI reported $4.0 billion in total revenues for 2025.
Source: investors.viciproperties.comMajor Acquisitions
Harrah's Las Vegas
2017VICI 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
2022VICI 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)
2022VICI 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.
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VICI Properties Company History FAQ
When, where, and how was VICI Properties founded?
VICI Properties was formed on October 6, 2017, in Paradise, Nevada, as an independent real estate investment trust (REIT) through the Chapter 11 bankruptcy restructuring of Caesars Entertainment Operating Company.
What does the corporate name "VICI" signify?
The name draws from Julius Caesar's famous Latin phrase "Veni, Vidi, Vici" ("I came, I saw, I conquered"), connecting the REIT to its Caesars heritage while signaling an ambitious growth vision.
When did VICI Properties complete its Initial Public Offering?
In February 2018, VICI went public on the New York Stock Exchange under the ticker symbol VICI, raising $1.4 billion in the fourth-largest REIT IPO in American history.
How did VICI perform during the 2020 COVID-19 pandemic shutdowns?
Despite Las Vegas and regional casinos being forcibly shut down for months, VICI achieved a flawless 100% on-time cash rent collection rate throughout 2020, demonstrating the legal power of its triple-net master leases.
What was the landmark $4.0 billion acquisition of The Venetian Resort in 2022?
In February 2022, VICI acquired the real estate of The Venetian Resort, Palazzo, and Venetian Expo in Las Vegas for $4.0 billion in cash, partnering with Apollo Global Management which acquired the operations.
What was the historic $17.2 billion merger with MGM Growth Properties in 2022?
In April 2022, VICI completed a transformative $17.2 billion buyout of MGM Growth Properties (MGP), acquiring premier Strip resorts including MGM Grand, Mandalay Bay, and Mirage, becoming the largest private owner of hotel rooms in America.
When was VICI Properties added to the S&P 500 index?
In June 2022, less than five years after emerging from bankruptcy, VICI was added to the prestigious S&P 500 index, validating its ascension to blue-chip status.
How did VICI expand into non-gaming experiential real estate?
Starting in 2022, VICI diversified into destination leisure, acquiring Bowlero bowling entertainment centers, Cabot luxury golf resorts, Chelsea Piers in New York, and Canyon Ranch wellness resorts.
Where is VICI Properties headquartered today?
While incorporated in Maryland and originating in Nevada, VICI maintains its corporate executive headquarters in New York City, New York.
How many employees does VICI have relative to its multi-billion-dollar scale?
Reflecting extreme operational efficiency as a triple-net landlord, VICI operates with an ultra-lean team of approximately 28 to 35 corporate employees in New York.
What was VICI's total revenue in 2025?
In 2025, VICI generated $4.0 billion in total revenue and $2.8 billion in net income attributable to common stockholders, backed by contractual master leases.
What is VICI's current footprint on the Las Vegas Strip?
VICI owns approximately 660 acres of prime underlying real estate on the Las Vegas Strip, encompassing 10 premier mega-resorts and over 40,000 hotel rooms.
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