The companies themselves are not owned by VICI, the land and properties are, and Caesars and MGM (and other casino operators) pay VICI rent.
https://www.macrotrends.net/stocks/charts/VICI/vici-properti...
https://www.macrotrends.net/stocks/charts/VICI/vici-properti...
https://www.macrotrends.net/stocks/charts/VICI/vici-properti...
Wonder if VICI assets are protected from having underfunded pensions of casino employee unions.