LAS VEGAS—Newly formed gaming REIT VICI Properties Inc. has completed its spin-off from Caesars Entertainment Operating Co., the company said Friday. The launch comes on the heels of CEOC's emergence from Chapter 11 bankruptcy and the merger of Caesars Entertainment Corp. with Caesars Acquisition Co., both of which were also finalized on Friday.

VICI's portfolio contains 19 gaming resorts nationwide, including the iconic Caesars Palace Las Vegas, along with a subsidiary that owns four championship golf courses. The properties are triple net-leased to Caesars, thus providing VICI with a predictable revenue stream backed by a corporate guarantee from Caesars.

Leading the newly formed REIT is a senior management team led by industry veteran Ed Pitoniak. First order of business, Pitoniak tells GlobeSt.com, will be “to complete the project of setting the company up for success. We've assembled a very good management team and we've got a very good roster of advisors. As we emerge, our focus will be developing a long-term business plan, a long-term focus for the company, which our board will have the opportunity to review, advise on and ultimately adopt.”