VICI Properties Inc. (NYSE: VICI) is a real estate investment trust that owns gaming, hospitality, and entertainment properties. It makes money by leasing those properties to casino and hospitality operators under long-term triple-net lease agreements, collecting rent regardless of property-level operating costs. The filing excerpts from the 10-K filed 2026-02-25 confirm VICI's structure as a REIT with two registered entities, VICI Properties Inc. and VICI Properties L.P., both listed as well-known seasoned issuers. Beyond those structural details, the provided excerpts do not supply segment revenue figures, property counts, tenant names, geographic breakdowns, founding year, or leadership information sufficient to support additional specific claims.

Revenue model

Triple-net lease rental income from gaming, hospitality, and entertainment property tenants, as supported by VICI's REIT structure disclosed in the 10-K filed 2026-02-25. Specific revenue figures and lease terms are not supported by the provided excerpts.

Products and services

Ownership and net-lease of gaming, hospitality, and entertainment real estate. Specific property names, brands, or portfolio counts are not supported by the provided filing excerpts.

Customers and end markets

Casino and hospitality operators as tenants. Specific tenant names, customer concentration data, or end-market detail are not supported by the provided excerpts.

Value-chain role

Property owner and lessor in the gaming and hospitality real estate sector, sitting between capital markets and casino operators.

Geographic exposure

Not supported by the provided filing excerpts.

Source: SEC 10-K, filed 2026-02-25

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