When the real estate investment trust (REIT) business turned its sights on gaming, things happened quickly. Three REITs were quickly spun off from existing companies—GLPI from Penn Entertainment, MGM Growth Properties from MGM Resorts and VICI from Caesars Entertainment. Last year, VICI swallowed MGM Growth and now is the largest landowner on the Las Vegas Strip. VICI President John Payne previously worked as an executive with Caesars, and knows casino operations like the back of his hand. He explains how VICI approaches its REIT deals with casino operators, which now includes most MGM and Caesars properties, as well as the Venetian and Palazzo. He spoke with GGB Publisher Roger Gros from his office in August.