VICI Properties

VICI Properties is the single largest landowner on the Las Vegas Strip — full stop. The REIT owns the underlying real estate of Caesars Palace, Bellagio, MGM Grand, Mandalay Bay, The Venetian, Palazzo, Aria, Vdara, Park MGM, Luxor, Excalibur, New York-New York, Paris, Planet Hollywood, Flamingo, The LINQ, Harrah's, Horseshoe, The STRAT, and (as of Dec 2022) the former Mirage — now mid-rebuild as Hard Rock Las Vegas.

VICI was created as a spinoff from Caesars Entertainment's 2017 bankruptcy reorganization. Since then it has consolidated nearly every major Strip property's real estate through three landmark transactions: the 2019 Bellagio sale-leaseback ($4.25B), the 2022 acquisition of MGM Growth Properties ($17.2B), and the 2022 Apollo-Venetian transaction ($4B for the dirt). See VICI Properties — the landlord nobody mentions for the full thesis.

References

1. VICI Properties investor materials and 10-K. VICI IR; SEC EDGAR.