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The Fort - An Entrepreneurship Podcast
#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
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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.
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.
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