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History [ edit ]

Vici Properties was formed 🍏 as part of the Chapter 11 bankruptcy reorganization of Caesars Entertainment Operating Company (CEOC), the largest division of Caesars Entertainment. 🍏 After placing CEOC into bankruptcy in January 2024, Caesars proposed splitting CEOC into two companies: a REIT, which would own 🍏 the company's casinos, and an operating company, which would manage them.[4] The plan was designed to maximize value for CEOC's 🍏 creditors by taking advantage of favorable tax treatment for REITs.[5] Several members of Congress opposed the plan, calling it an 🍏 abuse of the REIT laws.[6] They asked the Internal Revenue Service to deny tax-free status to the spin-off, but their 🍏 protest went unheeded.[6][7]

The spin-off of Vici to CEOC's creditors was completed on October 6, 2024, the day that CEOC emerged 🍏 from bankruptcy.[8][9][10] Vici began with a portfolio of nineteen casinos and racetracks, all leased to Caesars at a total initial 🍏 annual rent ofR$630 million, and four golf courses.[8][11] The company's name was adopted from the phrase "Veni, vidi, vici," commonly 🍏 attributed to Julius Caesar.[12]

Vici acquired Harrah's Las Vegas from Caesars in December 2024 forR$1.1 billion, and leased it back at 🍏 an initial annual rent ofR$87.4 million.[13][14]