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The gaming REIT market is Thriving

February 27, 2023

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The gaming REIT market is Thriving

The gaming REIT market is thriving, according to VICI and GLP. VICI CEO Ed Pitoniak remarked that around 40% of the gaming industry has been “REITed”, while about 70% of the mall space is REITed. He added that the company is eager to engage in more business opportunities. COO John Payne expressed VICI’s bullish bet on the deal to acquire the Venetian when the Las Vegas market was uncertain. He also highlighted the unique experience offered by the Las Vegas market that consumers could not find a replacement for.

The acquisition of MGM Growth Properties and four properties in Canada followed the Venetian deal. However, Pitoniak cautioned about the lack of visibility in the year ahead, citing tightened credit conditions. Despite this, analysts at CBRE suggested that a downturn could lead to more deals, with tenants looking for alternative sources of capital. Gaming & Leisure Properties’ Steven Ladany, the chief development officer, also noted that there was less of a disconnect between buyers and sellers this year compared to early last year. He added that things are more achievable at this point.

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