Vici Properties (VICI) Research

Forward Estimates

EPS Estimates

Current Qtr

$0.71

$0.71$0.71

vs $0.83-14.0%

2 analysts

Next Qtr

$0.71

$0.71$0.71

vs $0.71-0.5%

2 analysts

Current Yr

$2.90

$2.85$2.94

vs $2.62+10.5%

2 analysts

Next Yr

$2.94

$2.93$2.94

vs $2.90+1.4%

2 analysts

Revenue Estimates

Current Qtr

$1.04B

$1.03B$1.06B

vs $1.00B+4.2%

8 analysts

Next Qtr

$1.05B

$1.04B$1.07B

vs $1.01B+4.5%

8 analysts

Current Yr

$4.18B

$4.16B$4.22B

vs $4.01B+4.4%

10 analysts

Next Yr

$4.35B

$4.28B$4.43B

vs $4.18B+4.0%

10 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for VICI on EDGAR.

VICI filing events and research context
Filed	Item	Context
Apr 29, 2026	mda_quarterly	VICI Properties maintains a robust portfolio of 93 experiential assets, including 54 gaming properties and 39 other leisure facilities across North America, featuring iconic Las Vegas assets like Caesars Palace and the Venetian Resort. As of March 31, 2026, the portfolio is 100% leased with a weighted average lease term of 39.5 years. The company’s triple-net lease structure shields it from rising operational expenses, though it remains sensitive to tenant financial health and macroeconomic volatility. Key growth activities include the pending acquisition of the Gamehost Portfolio in Alberta, Canada, and the imminent closing of the $1.16 billion Golden Entertainment transaction, which adds assets like The STRAT to its Las Vegas footprint. VICI is also expanding its real estate debt portfolio, notably providing a $1.5 billion mezzanine loan for the One Beverly Hills luxury development. Financially, VICI reported strong performance, with AFFO attributable to common stockholders rising to $650.9 million for the first quarter of 2026. Liquidity remains solid at approximately $3.1 billion, supported by cash, revolving credit capacity, and forward sale agreements. While the company faces upcoming debt maturities in 2026 and 2027, it maintains compliance with all debt covenants and continues to prioritize REIT-compliant distributions to stockholders.
Feb 25, 2026	business	VICI operates as a REIT utilizing a triple-net lease structure, with significant exposure to the gaming and entertainment markets through key relationships with Caesars and MGM. Revenue is driven by annual rent escalations, though caps on these increases—such as the 3.0% cap in the MGM Master Lease—create a risk that rental income may lag behind inflation. The portfolio includes leasehold interests in properties like MGM National Harbor and Chelsea Piers New York, exposing the company to ground lease expiration and rent adjustments. Asset liquidity is further constrained by tax protection agreements, specifically the MGM Tax Protection Agreement, which imposes indemnification liabilities upon certain property dispositions. Financially, VICI carries approximately $17.1 billion in long-term indebtedness and faces headwinds from a high-interest-rate environment, evidenced by recent refinancings of senior notes into higher-coupon instruments. Material operational risks include climate-driven water stress in the Las Vegas region and the necessity of maintaining strict REIT qualification to avoid corporate-level taxation. The company also manages systemic risks related to cybersecurity, AI-driven threats, and reliance on third-party trademarks. Failure to maintain these operational and regulatory standards, or a downturn in tenant cash flows, could impair VICI's ability to service debt and sustain stockholder distributions.
Feb 25, 2026	mda	VICI reported 2025 total revenues of $4.0 billion, a 4.1% year-over-year increase, with AFFO rising 6.6% to $2.5 billion. Growth was primarily driven by annual rent escalators and capital investments in the Venetian Resort. Key strategic expansions include a $1.16 billion agreement to acquire seven Golden casino properties and $966 million in real estate debt investments, specifically targeting One Beverly Hills and the North Fork Mono Casino & Resort. The company also optimized its portfolio through the PENN Master Lease combination and a new severance lease for Northfield Park. Capital markets activity included issuing $1.3 billion in senior unsecured notes for refinancing and securing a $2.5 billion revolving credit facility. Total liquidity stands at $3.2 billion against $17.1 billion in outstanding debt. A critical operational risk is the declining profitability of certain properties under the Caesars Regional Master Lease, which VICI is monitoring closely. Additionally, the company faces headwinds from intensifying competition in internet gaming and sports betting, alongside macroeconomic volatility regarding interest rates and inflation. These factors may influence the cost of capital and the long-term financial health of tenants and borrowers across its 93 experiential assets in the U.S. and Canada.

Filed

Item

Context

Apr 29, 2026

mda_quarterly

VICI Properties maintains a robust portfolio of 93 experiential assets, including 54 gaming properties and 39 other leisure facilities across North America, featuring iconic Las Vegas assets like Caesars Palace and the Venetian Resort. As of March 31, 2026, the portfolio is 100% leased with a weighted average lease term of 39.5 years. The company’s triple-net lease structure shields it from rising operational expenses, though it remains sensitive to tenant financial health and macroeconomic volatility. Key growth activities include the pending acquisition of the Gamehost Portfolio in Alberta, Canada, and the imminent closing of the $1.16 billion Golden Entertainment transaction, which adds assets like The STRAT to its Las Vegas footprint. VICI is also expanding its real estate debt portfolio, notably providing a $1.5 billion mezzanine loan for the One Beverly Hills luxury development. Financially, VICI reported strong performance, with AFFO attributable to common stockholders rising to $650.9 million for the first quarter of 2026. Liquidity remains solid at approximately $3.1 billion, supported by cash, revolving credit capacity, and forward sale agreements. While the company faces upcoming debt maturities in 2026 and 2027, it maintains compliance with all debt covenants and continues to prioritize REIT-compliant distributions to stockholders.

Feb 25, 2026

business

VICI operates as a REIT utilizing a triple-net lease structure, with significant exposure to the gaming and entertainment markets through key relationships with Caesars and MGM. Revenue is driven by annual rent escalations, though caps on these increases—such as the 3.0% cap in the MGM Master Lease—create a risk that rental income may lag behind inflation. The portfolio includes leasehold interests in properties like MGM National Harbor and Chelsea Piers New York, exposing the company to ground lease expiration and rent adjustments. Asset liquidity is further constrained by tax protection agreements, specifically the MGM Tax Protection Agreement, which imposes indemnification liabilities upon certain property dispositions. Financially, VICI carries approximately $17.1 billion in long-term indebtedness and faces headwinds from a high-interest-rate environment, evidenced by recent refinancings of senior notes into higher-coupon instruments. Material operational risks include climate-driven water stress in the Las Vegas region and the necessity of maintaining strict REIT qualification to avoid corporate-level taxation. The company also manages systemic risks related to cybersecurity, AI-driven threats, and reliance on third-party trademarks. Failure to maintain these operational and regulatory standards, or a downturn in tenant cash flows, could impair VICI's ability to service debt and sustain stockholder distributions.

Feb 25, 2026

mda

VICI reported 2025 total revenues of $4.0 billion, a 4.1% year-over-year increase, with AFFO rising 6.6% to $2.5 billion. Growth was primarily driven by annual rent escalators and capital investments in the Venetian Resort. Key strategic expansions include a $1.16 billion agreement to acquire seven Golden casino properties and $966 million in real estate debt investments, specifically targeting One Beverly Hills and the North Fork Mono Casino & Resort. The company also optimized its portfolio through the PENN Master Lease combination and a new severance lease for Northfield Park. Capital markets activity included issuing $1.3 billion in senior unsecured notes for refinancing and securing a $2.5 billion revolving credit facility. Total liquidity stands at $3.2 billion against $17.1 billion in outstanding debt. A critical operational risk is the declining profitability of certain properties under the Caesars Regional Master Lease, which VICI is monitoring closely. Additionally, the company faces headwinds from intensifying competition in internet gaming and sports betting, alongside macroeconomic volatility regarding interest rates and inflation. These factors may influence the cost of capital and the long-term financial health of tenants and borrowers across its 93 experiential assets in the U.S. and Canada.

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VICI filing events and research context

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