VICI Properties is a REIT that owns large-scale experiential real estate — primarily casino resorts — and leases them to operators under long-term triple-net leases. VICI owns 93 properties in total: 54 gaming properties and 39 other experiential assets across the U.S. and Canada. The gaming portfolio includes trophy assets like Caesars Palace Las Vegas, MGM Grand, the Venetian Resort, and Mandalay Bay. VICI doesn't operate the casinos — it owns the land and buildings and leases them to operators like Caesars Entertainment and MGM Resorts, who bear all operating costs including taxes, maintenance, and capex. Caesars and MGM account for 39% and 35% of annualized rent, respectively. The triple-net structure produces very high margins, with minimal overhead. Most leases run 15–32 years with renewal options, producing weighted average remaining lease terms of roughly 40 years. Built-in annual rent escalators tied to CPI or fixed percentages provide inflation-linked income growth. Beyond rent, VICI holds a ~$2.6B real estate debt portfolio of loans and preferred equity, used primarily to build operator relationships and eventually convert into owned real estate. VICI is also expanding beyond gaming into wellness resorts, youth sports facilities, water parks, and luxury hospitality. VICI and Gaming and Leisure Properties are the only two large publicly traded gaming REITs in the U.S., giving both structural advantages in scale and financing cost.