No Cap by CRE Daily How One REIT Came to Own the Las Vegas Strip with Edward Pitoniak
Season 5, Episode 3: In this episode of Season 5, Jack and Alex sit down with Edward Pitoniak, CEO of VICI Properties, the REIT born out of Caesars’ bankruptcy that went on to become the dominant owner of experiential real estate in the world. Edward breaks down how VICI reshaped net lease at institutional scale, why gaming real estate proved more resilient than expected, and how skepticism turned into conviction over time.
The conversation spans VICI’s evolution from Caesars to the Venetian, as well as its expansion into assets like Chelsea Piers and Great Wolf Lodge. A clear look at owning mission-critical real estate despite shifting narratives.
Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.
TOPICS
00:00 – VICI’s Origin Story
03:10 – Ed’s Path to the CEO Seat
11:06 – Caesars Bankruptcy and the VICI Spin
21:09 – Wall Street Skepticism Around Gaming
25:29 – Cap Rates, Net Lease, and Scale
31:00 – The Venetian Deal with Apollo
37:58 – Cycles, Pricing, and Operator Power
43:26 – Experiential Assets Beyond Vegas
48:26 – College Sports and New Sale-Leaseback Models
51:10 – Mission-Critical Real Estate
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About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.