GLOBAL GAMING BUSINESS PODCAST: John Payne, President, VICI Properties

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Not too long ago, the idea of casino operators relinquishing their real estate assets seemed absurd—now it’s commonplace, thanks to several high-performing, gaming-focused real estate investment trusts (REITs). One of the biggest players in the space is VICI Properties, which has grown to become the biggest landlord on the Strip, thanks to highly experienced industry leaders such as President John Payne (l.).

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When the real estate investment trust (REIT) business turned its sights on gaming, things happened quickly. Three REITs were quickly spun off from existing companies—GLPI from Penn Entertainment, MGM Growth Properties from MGM Resorts and VICI from Caesars Entertainment. Last year, VICI swallowed MGM Growth and now is the largest landowner on the Las Vegas Strip. VICI President John Payne previously worked as an executive with Caesars, and knows casino operations like the back of his hand. He explains how VICI approaches its REIT deals with casino operators, which now includes most MGM and Caesars properties, as well as the Venetian and Palazzo. He spoke with GGB Publisher Roger Gros from his office in August.

GGB Podcast sponsored by Pavilion Payments.