\n Posted on: November 1, 2025, 04:45h.\u00a0\n <\/p>\n
\n Last updated on: November 1, 2025, 04:45h.\n <\/p>\n
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- Landlord admit issues with Caesars regional casino master lease are among factors weighing on its stock<\/strong><\/li>\n
- REIT mentions possibility of acquiring Caesars Convention Center on Las Vegas Strip<\/strong><\/li>\n
- Says its working with Caesars resolutions to regional lease concerns<\/strong><\/li>\n<\/ul>\n
Shares of VICI Properties (NYSE: VICI) dropped 8.43% in October and are off 11.61% over the past 90 days. Concern within the investment community about the state of the property owner\u2019s regional master lease agreement with Caesars Entertainment (NASDAQ: CZR) are among the reasons the real estate stock is faltering.<\/p>\n
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The Caesars Forum convention center on the Las Vegas Strip. VICI Properties said there\u2019s an opportunity to acquire that property. (Image: Network in Vegas<\/em>)<\/figcaption><\/figure>\n On the real estate investment trust\u2019s (REIT) third-quarter earnings conference call, management admitted as much, though executives stopped short of blaming the stock\u2019s recent weakness on issues stemming from the relationship with Caesars.<\/p>\n
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We do think it\u2019s a confluence of factors between, yes, this Caesars focus, but also at the same time, when there\u2019s been a positioning rotation out of some winners, out of some long positions as the market has rotated into the end of the year,\u201d said Moira McCloskey, vice president of capital markets, in response to analyst question. \u201cSo, the timing has been unfortunate, but we do think it\u2019s a combination of factors, not just the one particular overhang.\u201d<\/p>\n<\/blockquote>\n
VICI, which was spun out of Caesars<\/a> in 2017, is the largest owner of the casino operator\u2019s real estate \u2014 holdings that include Caesars Palace on the Las Vegas Strip.<\/p>\n
Caesars, VICI Working Towards Resolution<\/h2>\n
Amid another quarter of disappointing results<\/a> and increasing likelihood that Caesars will miss its 2025 debt reduction target of $1 billion, there\u2019s been increasing chatter on Wall Street that the gaming company may be strained by its regional master lease accord with VICI and that\u2019s looking for some relief on that front.<\/p>\n
\nThe landlord didn\u2019t discuss its tenants financial issues, but CEO Edward Pitoniak noted the REIT is willing to work with its client to find favorable resolution.<\/p>\n<\/div>\n
\u201cWe would look across the portfolio on our own and with them determine where do they want to be, where they want to continue to be, where do we want to continue to be, what are the various levers that we can work on our side, on their side to make sure that we end up with an outcome that is a genuine win-win for both parties,\u201d he said in response to an analyst query.<\/p>\n
The most effective avenue would be for Caesars to the operating rights on some of the casinos where VICI owns the real estate, which could happen if interest rates continue falling<\/a>, but no official announcements have been made to that effect. Outside of Las Vegas, VICI owns the real estate of more than 15 Caesars-operated casinos<\/strong>.<\/p>\n
Caesars Convention Opportunity \u2018Live,\u2019 Says VICI<\/h2>\n
- REIT mentions possibility of acquiring Caesars Convention Center on Las Vegas Strip<\/strong><\/li>\n