VICI Properties Inc.
- Open
- 25.80
- Day high
- 25.91
- Day low
- 25.54
- Prev close
- 25.61
- Volume
- 471K
- Mkt cap
- $27.2B
- P/E (TTM)
- 9.9
- EPS (TTM)
- $2.58
- P/B
- 0.9
- P/S
- 6.6
- Yield
- 3.51%
- Per share
- $0.90
VICI Properties Inc. (VICI) is a Real Estate company listed on NYSE. The stock is down 23% over the past year. Drillr has 1 published research article covering VICI.
VICI Properties Inc. (VICI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VICI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.72 | $0.48 | -33.1% | $1.1B | +1.9% |
| Apr 30, 2026 | $0.61 | $0.82 | +34.9% | $1.0B | +0.4% |
| Feb 26, 2026 | $0.60 | $0.57 | -4.8% | $1.0B | +0.0% |
| Oct 30, 2025 | $0.59 | $0.71 | +19.7% | $1.0B | +0.3% |
| Jul 30, 2025 | $0.60 | $0.82 | +36.2% | $1.0B | +0.7% |
| Apr 30, 2025 | $0.58 | $0.51 | -12.1% | $984M | +0.5% |
| Feb 20, 2025 | $0.67 | $0.58 | -13.8% | $976M | +0.4% |
| Oct 31, 2024 | $0.67 | $0.70 | +4.6% | $965M | -1.0% |
| Jul 31, 2024 | $0.68 | $0.71 | +3.8% | $957M | -0.2% |
| May 1, 2024 | $0.66 | $0.57 | -13.8% | $951M | +0.1% |
| Feb 22, 2024 | $0.66 | $0.72 | +9.8% | $932M | -0.3% |
| Oct 25, 2023 | $0.63 | $0.55 | -12.7% | $904M | +0.6% |
VICI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | MACNAB CRAIGdirector | Grant | 500 | — |
| Jul 1, 2026 | ABRAHAMSON JAMES Rdirector | Grant | 933 | — |
| Jul 1, 2026 | Holland Elizabeth Idirector | Grant | 252 | — |
| Jul 1, 2026 | Douglas Monica Howarddirector | Grant | 154 | — |
| Jul 1, 2026 | Cantor Diana Fdirector | Grant | 490 | — |
| Jul 1, 2026 | Rumbolz Michael Ddirector | Grant | 327 | — |
| Apr 28, 2026 | MACNAB CRAIGdirector | Grant | 7,546 | — |
| Apr 28, 2026 | ABRAHAMSON JAMES Rdirector | Grant | 7,546 | — |
| Apr 28, 2026 | Cantor Diana Fdirector | Grant | 7,546 | — |
| Apr 28, 2026 | Douglas Monica Howarddirector | Grant | 7,546 | — |
| Apr 28, 2026 | Holland Elizabeth Idirector | Grant | 7,546 | — |
| Apr 28, 2026 | Rumbolz Michael Ddirector | Grant | 7,546 | — |
| Apr 2, 2026 | Douglas Monica Howarddirector | Grant | 151 | — |
| Apr 2, 2026 | ABRAHAMSON JAMES Rdirector | Grant | 914 | — |
| Apr 2, 2026 | Holland Elizabeth Idirector | Grant | 247 | — |
Source: VICI SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full VICI insider & 13F page →VICI Properties Inc. company profile
Overview
VICI Properties Inc. (NYSE:VICI) is a real estate investment trust (REIT) that was spun off from Caesars Entertainment in 2018. The company specializes in owning and leasing experiential real estate properties, with a particular focus on gaming, hospitality, and entertainment destinations. VICI has rapidly grown to become one of the largest owners of casino and entertainment real estate in North America, with a portfolio that includes iconic properties such as Caesars Palace in Las Vegas. The company operates under a triple-net lease model, collecting rent from established gaming and hospitality operators while maintaining an asset-light business structure.
Business
VICI Properties operates in the specialized sector of experiential real estate, which encompasses properties designed for entertainment, hospitality, and leisure activities. The company's core business involves owning and leasing gaming facilities, hotels, restaurants, entertainment venues, and related amenities to established operators in the gaming and hospitality industry. The company's portfolio consists of 29 gaming facilities spanning over 48 million square feet across the United States and Canada. These properties feature approximately 19,200 hotel rooms and more than 200 restaurants, bars, and nightclubs. Beyond traditional casino properties, VICI also owns four championship golf courses and holds 34 acres of undeveloped land adjacent to the Las Vegas Strip, providing future development opportunities. VICI's business model centers on triple-net leases, where tenants are responsible for property taxes, insurance, and maintenance costs while paying rent to VICI. This structure provides predictable cash flows while transferring operational responsibilities to experienced gaming and hospitality operators. The company's tenant base includes industry leaders such as Caesars Entertainment, Century Casinos, Hard Rock International, JACK Entertainment, and Penn National Gaming. Approximately 98% of VICI's rental income comes from gaming assets, with about 45% derived from Las Vegas Strip properties. The company has been strategically diversifying beyond traditional gaming through investments in family recreation facilities, youth sports venues, wellness destinations like Canyon Ranch, and golf properties. This diversification strategy aims to reduce concentration risk while expanding into adjacent experiential real estate sectors.
Revenue model
VICI Properties generates revenue primarily through rental income from its triple-net lease agreements with gaming and hospitality operators. Under these long-term lease structures, tenants pay fixed base rent plus additional charges for property taxes, insurance, and maintenance, providing VICI with predictable cash flows that typically include annual rent escalations. The company's paying customers are established gaming and hospitality operators who lease VICI's properties to conduct their businesses. These operators benefit from VICI's ownership model as it allows them to focus capital on operations and growth rather than real estate ownership, while VICI provides the underlying real estate infrastructure. Beyond rental income, VICI generates additional revenue through its credit solutions business, which provides loans and financing to gaming and hospitality operators. This credit book, representing approximately 4-5% of total assets, serves both as a revenue source and a relationship-building tool that can lead to future real estate investment opportunities. Several factors influence VICI's profitability margins. Positive factors include the company's focus on high-quality, irreplaceable assets in prime locations, particularly Las Vegas Strip properties that benefit from tourism growth and limited new supply. The triple-net lease structure provides inflation protection through rent escalations and shifts operating cost risk to tenants. VICI's investment-grade credit rating and strong balance sheet enable access to low-cost capital for growth. Negative factors that could pressure margins include rising interest rates that increase borrowing costs for acquisitions, economic downturns that could stress tenant operators and potentially impact rent payments, and increased competition for quality real estate assets that could compress investment yields. Regional gaming markets face particular challenges from online gaming expansion and changing consumer preferences, which could affect tenant performance in those markets.
Competitive moat
VICI Properties possesses a moderate to strong economic moat built primarily around its ownership of irreplaceable, high-quality experiential real estate assets. The company's strongest competitive advantages stem from its portfolio of iconic properties in prime locations, particularly its Las Vegas Strip assets including Caesars Palace, which benefit from significant barriers to new supply due to land scarcity and regulatory constraints. The triple-net lease structure creates switching costs for tenants, as relocating gaming operations involves substantial capital investment, regulatory approvals, and potential loss of established customer bases. Gaming licenses and regulatory approvals create additional barriers that protect VICI's tenant relationships. The company's scale and investment-grade credit rating provide advantages in accessing capital markets and competing for large transactions. VICI's relationship-based investment approach with established operators creates a network effect, where successful partnerships lead to additional investment opportunities and referrals. The company's expertise in gaming real estate and regulatory environments creates specialized knowledge that is difficult for competitors to replicate quickly. However, the moat faces several potential challenges. Competition comes from other REITs, private equity firms, and gaming companies that may choose to own rather than lease their real estate. The shift toward online gaming and sports betting could potentially reduce the value of physical gaming assets over time, though VICI's focus on experiential destinations helps mitigate this risk. Regulatory changes in gaming laws or tax structures could impact property values or tenant profitability. Economic downturns can stress tenant operators, potentially leading to rent negotiations or defaults. The company's geographic concentration in certain markets, while providing expertise, also creates exposure to regional economic conditions.
Risks & safety
VICI Properties demonstrates a moderate margin of safety with strong liquidity but elevated leverage typical of REITs. • **Liquidity and Solvency**: Strong position with $3.2 billion in total liquidity, minimal cash burn risk due to stable rental income, and current ratio of 31.8x indicating excellent short-term financial flexibility • **Debt Management**: Net debt-to-EBITDA of 5.3x is elevated but manageable for a REIT, total debt of $17.1 billion with weighted average maturity of 6.7 years and 4.47% interest rate, investment-grade credit rating from all three major agencies • **Valuation Metrics**: P/E ratio of 15.8x appears reasonable for a quality REIT, EV/EBITDA of 17.1x reflects premium valuation, price-to-book of 1.29x suggests modest premium to book value • **Cash Generation**: Strong free cash flow of $587 million in Q1 2025, AFFO per share growth of 4.3% year-over-year, 98% rent collection rate from gaming assets provides stability • **Other Considerations**: Geographic concentration in Las Vegas creates both opportunity and risk, tenant concentration with major operators provides stability but creates counterparty risk, triple-net lease structure provides inflation protection and shifts operating risks to tenants
Recent development
Over the past few years, VICI Properties has executed several strategic initiatives to diversify its portfolio and strengthen its market position. The company has significantly expanded beyond its original gaming-focused portfolio through strategic partnerships and new investment categories. A major development has been VICI's entry into non-gaming experiential real estate, including investments in family recreation facilities, youth sports venues, and wellness destinations. The company has formed partnerships with operators like Great Wolf Resorts for indoor water parks, Canyon Ranch for wellness facilities, and Chelsea Piers for sports and recreation complexes. These investments represent VICI's strategy to reduce concentration risk while maintaining focus on experiential properties. The company has also pursued international expansion, completing its first international investment with the acquisition of four casino properties in Alberta, Canada. Management continues to explore opportunities in markets including Australia, New Zealand, and Europe, viewing international expansion as a key growth driver. VICI has strengthened its capital markets position by achieving investment-grade credit ratings from all three major agencies, providing access to lower-cost capital. The company has also expanded its credit solutions business, maintaining a $2.2 billion credit book that serves both as a revenue source and relationship-building tool with potential future real estate partners. Recent strategic developments include the formation of a new partnership with Cain International and Eldridge Industries, beginning with a $300 million investment in the One Beverly Hills development project. This partnership represents VICI's expansion into luxury hospitality and mixed-use developments beyond traditional gaming properties. The company has also been active in development and redevelopment projects, working with existing tenants on property improvements and expansions. VICI has committed to financing various tenant improvement projects, including partnerships with Red Rock Resorts for tribal casino development, demonstrating its willingness to support tenant growth initiatives.
VICI company profile · for informational purposes only — not investment advice.
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