LAS VEGAS—VICI Properties said Monday it had launched an initial public offering of up to 50 million shares priced between $19 and $21 apiece for an IPO of more than $1 billion at the upper end of pricing on shares. The gaming resort company, which was spun off from Caesars Entertainment Operating Co. this past October, last week rejected an unsolicited merger bid from MGM Growth Properties (MGP) that would have created the nation's largest net lease REIT by enterprise value.

Gross proceeds from the IPO could be even higher if the offering's underwriters exercise their option to buy up to 7.5 million additional shares. VICI plans to use proceeds to pay down debt and for general corporate purposes.

VICI filed a registration statement for the IPO last month with a placeholder figure of $100 million. At that time, Seeking Alpha cited a report from Research and Markets predicting a compounded annual growth rate of 10.16% between 2017 and 2021 for the global casino market. Increased contribution to taxes and GDP were seen as the main factors driving market growth.