{"id":1004193350,"date":"2017-10-10T01:22:09","date_gmt":"2017-10-10T09:22:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004193350"},"modified":"2022-12-08T19:43:27","modified_gmt":"2022-12-09T03:43:27","slug":"caesars-unit-completes-spin-off-of-real-estate-business","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/caesars-unit-completes-spin-off-of-real-estate-business\/","title":{"rendered":"Caesars Unit Completes Spin-Off of Real Estate Business"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

They came, they saw, they closed the deal.<\/p>\n

\"Edward<\/a>

Edward Pitoniak, VICI Properties CEO<\/p><\/div>\n

VICI Properties Inc. has completed its spin-off from Caesars Entertainment Operating Co. Inc., a subsidiary of Caesars Entertainment Corp., and in the process has become an \u201cexperiential-asset focused\u201d REIT and one of the nation\u2019s largest owners of gaming, hospitality and entertainment destinations, the parties announced.<\/p>\n

VICI Properties\u2019 portfolio comprises 19 major gaming facilities<\/a>, including Caesars Palace Las Vegas, and a subsidiary that owns four championship golf courses. VICI\u2019s properties are leased to Caesars and operate under such brands as Caesars, Horseshoe, Harrah\u2019s and Bally\u2019s. They total about 32.5 million square feet of space and feature 12,000 hotel guestrooms and more than 150 restaurants, bars and nightclubs.<\/p>\n

These properties, according to VICI, are exceptionally well-maintained, having undergone about $433 million in capital investments over the past three years.<\/p>\n

VICI (pronounced \u201cVEE-chee\u201d) derives its name from Julius Caesar\u2019s famed message back to Rome following a major military victory: \u201cVeni, vidi, vici.\u201d (\u201cI came, I saw, I conquered.\u201d)<\/p>\n

The company\u2019s CEO is Edward Pitoniak, who is also a member of its board. John Payne is VICI\u2019s president & COO, and Mary Beth Higgins its CFO.<\/p>\n

A strong brand<\/h2>\n

\u201cVICI Properties debuts as the premier owner of best-in-class gaming, hospitality and entertainment destinations and we aim to quickly become America\u2019s most dynamic leisure and hospitality focused REIT<\/em>,\u201d Pitoniak said in a prepared statement. \u201cWe have in Caesars Entertainment Corp. the best national gaming brand and operator in America, with an unrivaled loyalty program in Total Rewards<\/em>.\u201d<\/p>\n

The VICI Properties board is chaired by Jim Abrahamson, current chairman of Interstate Hotels and Resorts and a veteran of such hotel companies as Hilton, Hyatt and IHG. The board\u2019s other members have ties to companies including Planet Hollywood, Delta Airlines, Winstar Cruise Line, Isle of Capri Casinos, National Retail Properties Inc. and Everi Holdings Inc.<\/p>\n

On a pro forma basis, VICI reportedly would have had revenue of $762.6 million, adjusted EBITDA of $639.7 million and net income of $433.9 million for the year that ended Dec. 31, 2016.<\/p>\n

The company\u2019s spinoff from CEOC follows the latter\u2019s successful emergence from Chapter 11 bankruptcy. CEOC had filed for bankruptcy protection in January 2015.<\/p>\n

Image courtesy of VICI Properties<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The new VICI Properties entity debuts as an \u201cexperiential-asset focused\u201d REIT and one of the nation\u2019s largest owners of gaming, hospitality and entertainment destinations.<\/p>\n","protected":false},"author":882,"featured_media":1004193374,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21751,21783,23891,21742],"tags":[35701,37299,37922],"class_list":["post-1004193350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-hotel","category-investment","category-national","category-latest","tag-caesars-entertainment-corporation","tag-interstate-hotels-and-resorts","tag-vici-properties"],"acf":[],"yoast_head":"\nCaesars Unit Completes Spin-Off of Real Estate Business - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/caesars-unit-completes-spin-off-of-real-estate-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caesars Unit Completes Spin-Off of Real Estate Business\" \/>\n<meta property=\"og:description\" content=\"The new VICI Properties entity debuts as an \u201cexperiential-asset focused\u201d REIT and one of the nation\u2019s largest owners of gaming, hospitality and entertainment destinations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/caesars-unit-completes-spin-off-of-real-estate-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-10T09:22:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:43:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Edward-Pitoniak.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/caesars-unit-completes-spin-off-of-real-estate-business\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/caesars-unit-completes-spin-off-of-real-estate-business\/\",\"name\":\"Caesars Unit Completes Spin-Off of Real Estate Business - 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