The Fort

#326 - Ed Pitoniak - CEO @ VICI Properties ($VICI) - From the Slopes to Leading a $50B Gaming, Hospitality, and Entertainment REIT

Dec 21, 2023

Ed Pitoniak, CEO of VICI Properties, discusses maximizing the hospitality experience in Vegas, the story of building VICI, investing in Canyon Ranch, and the inevitable gaming future in Texas. They also explore the history of the ski industry and the significance of risk-taking.

01:21:43

Episode guests

Ed Pitoniak

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Episode notes

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Quick takeaways

VICI Properties is one of America's largest real estate investment trusts and owns iconic assets on the Las Vegas Strip.

Vici's success lies in understanding and capitalizing on the economic dynamism of gaming and experiential real estate.

Vici achieves high gross margins through cost efficiency, lean staffing, and maximizing cash flow from its properties.

Deep dives

Vichy: A Net Lease REIT

Vichy is a real estate investment trust (REIT) that owns and operates a portfolio of properties, including major resorts and casinos on the Las Vegas Strip. As a net lease REIT, Vichy signs leases with operators who are responsible for the day-to-day operations of the properties. Vichy's role is to collect rent from the operators and distribute the cash flow to its investors. The company focuses on acquiring assets in good markets with strong demographic and economic trends, in locations that offer good accessibility and have a good catchment area. Vichy looks for assets that are well-maintained, have curb appeal, and are operated by experienced and creditworthy tenants. While Vichy doesn't operate the businesses within its properties, it works with its operators to help them succeed and provides capital investment opportunities through its property partner growth fund.

Introduction

3min

Career Journey and the Importance of Self-Improvement

9min

Discussing the Civilian Conservation Corps, Civic Wealth, and the Depersonalization of Public Works

2min

Understanding and Supporting Employees: A Key to Successful Leadership

4min

The Evolution of the Ski Industry

24min

VICI Properties: A Net Lease REIT in the Gaming Industry

14min

Project Shitcoat: Belief in Potential and Attracting Capital Support

14min

The Potential for a First-Class Gaming Resort in Texas

12min

Edward Pitoniak is the founding Chief Executive Officer of VICI Properties, one of America’s largest real estate investment trusts and the first American REIT to go from IPO to S&P 500 inclusion in less than 5 years. Since its inception in late 2017, VICI has carried out over $30 billion of transactions. VICI is the largest real estate owner on the Las Vegas Strip, the most economically productive street in America, where VICI owns such iconic assets as The Venetian, Caesars Palace Las Vegas, MGM Grand, and Mandalay Bay. VICI also has partnerships with Cabot Destinations, Canyon Ranch, Great Wolf Resorts, and other leading experiential operators.

On this episode, Chris and Ed discuss:

- Maximizing the hospitality experience in Vegas

- The story of building VICI

- Investing in Canyon Ranch

- The Inevitable Gaming Future in Texas

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Links

Vici

Ed on LinkedIn

Topics

(00:00:00) - Intro