VICI Properties Inc
viciproperties.comWhat Do They Do?
Owns and acquires gaming, hospitality and other experiential properties, leasing them to operators.
10-K for FY2025, filed Feb 25, 2026
How Do They Make Money?
Operators pay rent to lease the properties under long-term triple-net agreements, which provide for annual base-rent increases.
10-K for FY2025, filed Feb 25, 2026We derive a substantial majority of our revenues from rental revenue from the lease agreements for our properties, each of which are…View ↗
$4B
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10-K for FY2025, filed Feb 25, 2026
$4B ↗
Who Are Their Customers?
Gaming, hospitality and other experiential operators lease VICI’s properties; VICI also has real estate and financing partnerships with developers and operators in other sectors.
10-K for FY2025, filed Feb 25, 2026
Do Revenues Turn Into Profits?
Yes. It kept 69 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 25, 2026
10-K for FY2025, filed Feb 25, 2026
$2.8BView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Jul 29, 2026
$526.5MView ↗
- ▼ −39%
- vs $865.1M in Q2 FY2025
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Jul 29, 2026
Closed Golden casino-property acquisition and updated full-year AFFO guidance
The quarter also included a Carambola Beach Resort acquisition and redevelopment deal with Club Med; full-year 2026 AFFO guidance was updated to between $2,675 million and $2,695 million.
Sources
8-K, filed Jul 29, 2026
Total revenues increased 5.7% year-over-year to $1.1 billion Net income attributable to common stockholders decreased 39.1% year-over-year…View ↗
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Apr 29, 2026
Raised full-year 2026 AFFO guidance
The new range was between $2,665 million and $2,695 million, or between $2.44 and $2.47 per diluted share.
Sources
8-K, filed Apr 29, 2026
Total revenues increased 3.5% year-over-year to $1.0 billion Net income attributable to common stockholders increased 60.5% year-over-year…View ↗
Growing. Revenue grew 2.7x in 4 years, from $1.5B in FY2021 to $4B in FY2025, about 28% a year.
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