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VICI Properties finalizes spinoff from Caesars operating unit


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VICI Properties finalizes spinoff from Caesars operating unit

VICI Properties Inc. completed its spinoff from Caesars Entertainment Corp.'s unit Caesars Entertainment Operating Co. after the latter's emergence from bankruptcy.

VICI has a portfolio of 19 gaming properties, including Caesars Palace Las Vegas, and has a subsidiary that owns four golf courses. The properties are leased to Caesars Entertainment Corp. and span roughly 32.5 million square feet, with 12,000 hotel rooms and more than 150 restaurants, nightclubs and bars. The properties have seen roughly $433 million in capital investments in the past three years.

VICI would have seen $762.6 million in revenue, $433.9 million in net income, adjusted funds from operations of $389.0 million and adjusted EBITDA of $639.7 million on a pro forma basis during the full year 2016.

Edward Pitoniak is the company's CEO and a member of the board, with John Payne as president and COO and Mary Beth Higgins as CFO. The board chairman is Jim Abrahamson, current chairman of Interstate Hotels and Resorts. The other board members are PIRINATE Consulting Group LLC chairman and CEO Eugene Davis, former Isle of Capri Casinos Inc. CEO Eric Hausler, former National Retail Properties Inc. chairman and CEO Craig Macnab and Everi Holdings Inc. President and CEO Michael Rumbolz.