penn national gaming casinos in las vegas

The figure will nearly double to $2.6 billion once the two acquisitions are finalized, according to the company's recent investor presentation. VICI’s rent revenue is expected to be more than $1.3 billion in 2021. We own the real estate,” Payne said, explaining any capital requirements and management decisions are solely at the decision of the hotel-casino operator. He also noted that VICI is simply considered the landlord. With 55 percent of the company’s annual rent coming from outside Las Vegas, Payne said VICI has “created this unique, high-quality, diversified portfolio of assets.” The purchase of the properties owned by Las Vegas Sands and the acquisition of rival REIT MGM Growth Properties will add eight Strip resort casinos to the roster.

Not only do we have numerous tenants and will continue to add to our roster, but we're buying real estate all over the United States.” “We also wanted to diversify where our real estate is located. “Our mission since we started the company was to diversify our casino tenant base,” Payne said.

VICI CEO Ed Pitoniak and President John Payne addressed how the pending deals will raise the share of company revenues coming from Las Vegas to 45 percent in a wide-ranging interview with The Nevada Independent. They also suggested VICI, from Julius Caesar’s Latin catchphrase: “Veni, Vidi, Vici,” which translates into “I came, I saw, I conquered.”Īccording to the authors of the book The Caesars Palace Coup, which recounted the casino company’s $18 billion restructuring that ended in 2017, VICI won out because of its simplicity.įour years later, VICI Properties has seemingly conquered the casino market.īy spring 2022, the New York-based real estate investment trust (REIT) will have expanded its roster of 27 gaming locations to 45 properties in 15 states once it closes on two high-profile acquisitions that have a combined cost of $21.2 billion. In the waning days of Caesars Entertainment’s two-year bankruptcy reorganization, creditors struggled with a name for a new spin-off company taking ownership of 19 casinos that would control the land and lease the properties back to the operator.Ĭonsultants suggested Senatus Populusque Romanus, or SPQR, the term used for the government of ancient Rome.

Penn national gaming casinos in las vegas