Ed Pitoniak, CEO of VICI Properties Inc. (NYSE: VICI), sat down for a video interview during Nareit’s REITworld: 2024 Annual Conference in Las Vegas on Nov. 18-21.
Pitoniak reflected on the past year’s unexpected strengths and upcoming challenges. He praised the resilience of the American consumer, particularly in their appetite for experiences.
“Las Vegas has been a great symbol, a great representation of how resilient the American consumer is, especially when it comes to seeking experiences,” Pitoniak said.
Pitoniak attributed this resilience to the public's continued enthusiasm for entertainment, citing notable Las Vegas events such as Adele’s performances and NFL games featuring the Raiders. Despite broader economic concerns, he found the consumer-driven demand for experiences surprisingly robust.
Looking ahead to 2025, Pitoniak emphasized the necessity of agility, given the uncertainty in REIT markets. He acknowledged fluctuating interest rates and unpredictable credit conditions, saying, “The volatility...has really created an amount of uncertainty that just won’t go away.”
While Pitoniak expressed hope for market stabilization, he underscored the importance of staying adaptable and patient amid shifting financial landscapes. His perspective reflected both caution and confidence as VICI Properties prepares for 2025.