stockrowWhat it does
VICI Properties is a real estate investment trust, or REIT, that owns and acquires properties used for gaming, hospitality, wellness, entertainment and leisure. Rather than running most of the businesses at its properties, VICI leases the real estate to operators that serve visitors and pay VICI rent. Edward B. Pitoniak is chief executive officer.
Its properties include Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas. The portfolio also includes regional casinos and other experiential properties, such as bowling entertainment centers and Chelsea Piers. VICI owns four golf courses, which are run by a third-party operator, and land on and near the Las Vegas Strip leased to Caesars.
As of December 31, 2025, VICI owned 93 experiential assets: 54 gaming properties and 39 other experiential properties across the United States and Canada. All its properties were leased at that date. The leases had a weighted average term, including extension options, of approximately 39.6 years.
VICI also makes real estate loans and other financing investments. Some are intended to create opportunities to acquire the underlying property or develop relationships with operators that could lead to future investments. It conducts its real property business through VICI OP and its golf business through a taxable REIT subsidiary.
How it makes money
Revenue was $4.0 billion in 2025; revenue grew 5.8% in Q3 2026.
VICI derives a substantial majority of its revenue from rent on its properties. Its leases are generally long-term triple-net agreements: the tenant operates the property and pays expenses such as utilities, property taxes, insurance and maintenance. Initial lease terms generally range from 15 to 32 years, with tenant renewal options that can extend them further.
All of VICI’s leases provide for annual base-rent increases. Some increases are fixed, while others vary with the consumer price index, or CPI, and may be capped. As of December 31, 2025, 42% of full-year 2025 rent and 90% of rent over the long term featured CPI-linked escalation, subject to applicable caps. The leases can also require tenants to invest in the properties.
VICI earns income from real estate debt investments, including secured loans, mezzanine loans and preferred equity. Some financing arrangements give it a potential route to eventual property ownership. Separately, VICI can fund improvements at tenant properties through its Partner Property Growth Fund in exchange for increased rent under the applicable lease. Those opportunities depend on tenant decisions and the terms of each agreement.
The company’s four golf courses are operated by a third party, and Caesars has preferred access and tee times for its guests under a use agreement. VICI conducts its operations as a REIT for U.S. federal income tax purposes. It generally will not be subject to federal income tax on its taxable income if it distributes all of its net taxable income annually and maintains REIT qualification.
Customers and how it sells
VICI’s customers are primarily property operators rather than the visitors who use their casinos, hotels and other facilities. Tenants and guarantors named in its portfolio include Caesars, MGM, Century Casinos, PENN Entertainment and Lucky Strike Entertainment. VICI also lends to real estate developers and operators.
Customer concentration is significant. In FY2025, MGM Resorts International accounted for 38.0% of revenue and Caesars Entertainment Corporation accounted for 36.0%. These are revenue shares, not the same measure as annualized rent. It was reported on 29 October 2026 that Caesars and MGM represented 38% and 32%, respectively, of annualized rent.
At December 31, 2025, the experiential portfolio extended across twenty-six states and Canada, including urban, destination and drive-to markets. The Las Vegas Strip properties include Caesars Palace Las Vegas, MGM Grand and the Venetian Resort, while regional properties include casinos in places such as Atlantic City, Detroit and Edmonton.
VICI agreed in September to a separate triple-net master lease with Highfield Investment Group in connection with the proposed sale of operations at Century Mile and Century Downs in Alberta. VICI expects Highfield to become its 17th tenant upon closing; the new lease’s initial rent will be offset by a corresponding reduction under the Century master lease.
Suppliers and costs
VICI’s principal operating arrangement places property-level costs with tenants rather than with VICI. Under its triple-net leases, tenants control operations and are responsible for property taxes, insurance, maintenance, repairs, improvements and other capital expenditures. VICI also has lease provisions that let it fund certain tenant property improvements in exchange for higher rent.
The company employed 28 full-time people as of December 31, 2025, primarily at its New York corporate headquarters. Its golf courses are operated by Cabot-Managed Properties under a management agreement. Some properties are subject to ground leases, with the tenant paying the ground rent directly to the primary landlord.
VICI uses debt and equity, alongside cash from leases and other sources, to fund its business and investments. It refinanced its 2026 maturities through a $1.75 billion public bond offering in August. Total debt was $17.2 billion, and the weighted average interest rate, adjusted for hedge activity, was 4.57%.
- Revenue$4.0B
- Selling, general and administrative−$65.1M
- Other operating costs−$293.5M
- Operating income$3.6B
Competitive position
VICI competes to acquire real estate with other REITs, gaming companies, investment firms, private equity firms, lenders and other investors. Some competitors have more financial resources or lower costs of capital. Competition can make it harder for VICI to find and complete acquisitions that meet its investment objectives.
It was reported on 27 October 2026 that Gaming and Leisure Properties competes directly with VICI in gaming real estate, while EPR competes in certain non-gaming experiential investment categories. VICI also depends on its tenants’ ability to compete for customers. Gaming operators face alternatives that include other casinos, internet gaming, sports betting and emerging platforms such as prediction markets.
VICI identifies its complex properties, replacement costs and gaming regulation as barriers to entry. Its leases also have long terms, annual rent escalations and, in some cases, parent-company guarantees. It has negotiated acquisition rights with several operators and can make loans that may lead to property ownership.
Our reading: The property complexity and regulatory requirements provide a meaningful barrier to replicating parts of the portfolio, although they do not eliminate competition for acquisitions. Our reading: Long leases and operator relationships support recurring rent and access to potential deals, but the value of those protections depends on tenants’ ability to pay and on transactions meeting their conditions.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| Gaming and Leisure Properties | Gaming real estate investments | High |
| EPR | Certain non-gaming experiential real estate investments | Medium |
Growth opportunities
VICI can grow rent through contractual annual escalations and by acquiring properties to lease to operators. Its agreements also give it rights to pursue future transactions with partners. These include a call right on Caesars Forum Convention Center and rights involving Canyon Ranch wellness resorts and Homefield properties. The transactions remain subject to the applicable agreement terms and conditions.
The company also seeks to invest beyond gaming through real estate loans, financing partnerships and acquisitions in other experiential sectors. Some loans may be converted into property ownership. Through the Partner Property Growth Fund, VICI can fund redevelopment, construction and other improvements at existing properties in exchange for increased rent, although projects depend on tenants’ decisions.
It was reported on 13 October 2026 that VICI closed its $1.16 billion Golden Entertainment casino acquisition in the second quarter of 2026. VICI also provided a $1.5 billion mezzanine loan for construction financing at One Beverly Hills in 2026.
In Q3 2026, VICI deployed $221 million into previously announced investing activities. The company expects 2026 AFFO, a measure it uses to assess operating performance, to be between $2.695 billion and $2.705 billion, or between $2.47 and $2.48 per diluted common share. VICI is also discussing a potential arena on land it owns with Caesars, but has not made an investment in the sports stadium and entertainment development sector.
- $1.5BFY2021
- $2.6BFY2022
- $3.6BFY2023
- $3.8BFY2024
- $4.0BFY2025
Structural risks
- Tenant concentration: VICI depends on tenants for substantially all its revenue, and financial trouble at a significant tenant could materially affect it. It was reported on 29 October 2026 that VICI recorded a $458 million increase in expected credit losses, largely related to its Caesars lease. VICI is evaluating whether to retain or sell that regional lease and its associated properties.
- Tenant and borrower performance: Extended deterioration in operators’ finances could affect rent payments. VICI’s loan investments are also exposed to borrower performance; changes in loan credit losses in Q3 2026 included a loan on non-accrual and an increase related to One Beverly Hills.
- Debt and financing: VICI has substantial indebtedness. It may need cash for principal and interest and may be unable to borrow or refinance on favorable terms, potentially constraining investments or distributions.
- Gaming competition and regulation: Tenants compete with other forms of gaming and entertainment. VICI and its tenants must also comply with gaming rules; violations or lost licenses could affect leases or trigger debt defaults.
- REIT qualification: Failure to maintain REIT status could result in adverse tax consequences. VICI generally must distribute its net taxable income annually to obtain the associated federal tax treatment.
Bottom line
Our reading
VICI is a landlord and lender to gaming and other leisure businesses, with long leases and contractual rent increases at the center of its model. Our reading: Those agreements put many property costs on operators and support recurring income, but they leave VICI exposed to a small number of major tenants. Future investment also depends on access to capital and opportunities that meet its terms.