VICI Properties is a REIT that owns the real estate beneath much of the Las Vegas Strip, including Caesars Palace, the Venetian and MGM Grand, plus dozens of regional casinos. Operators lease these properties on very long triple-net terms, paying rent plus taxes, insurance and upkeep, with escalators built in. Casinos rarely relocate, so occupancy is effectively permanent. Created in 2017 from the Caesars restructuring, VICI has expanded into other experiential real estate such as golf and wellness resorts, funding growth with steadily raised dividends.