VICI
Real EstateVici Properties
Price Chart
Market Data
Financials
XBRL · SEC EDGAR2017–2025(9yr)| Metric | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025Latest | YoY |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $187.6M | $898.0M | $894.8M | $1.2B | $1.5B | $2.6B | $3.6B | $3.8B | $4.0B | +4.1% |
| Net Income | $44.5M | $523.6M | $546.0M | $891.7M | $1.0B | $1.1B | $2.5B | $2.7B | $2.8B | +3.6% |
| Operating Income | $144.2M | $758.0M | $842.5M | $321.0M | — | — | — | — | — | — |
| Operating Margin | 76.9% | 84.4% | 94.2% | 26.2% | — | — | — | — | — | — |
| Net Margin | 23.7% | 58.3% | 61.0% | 72.8% | 67.2% | 43.0% | 69.6% | 69.6% | 69.3% | -0.3pp |
| EPS (Diluted) | $0.15 | $1.43 | $1.24 | $1.75 | $1.76 | $1.27 | $2.47 | $2.56 | $2.61 | +2.0% |
1. THE BIG PICTURE
Vici Properties has effectively commoditized the high-barrier-to-entry real estate of the gaming industry, transforming complex casino assets into a predictable stream of triple-net lease income. While its 100% rent collection history suggests a bond-like stability, Vici Properties is less a diversified REIT and more a concentrated bet on the continued solvency of the Las Vegas Strip and its two dominant operators.
2. WHERE THE RISKS HIT HARDEST
The "scale and stability" cited by management is directly threatened by tenant concentration, as Vici Properties relies on Caesars and MGM for 74% of its leasing revenue (10-K Item 1). If either tenant fails to meet their estimated 2026 lease payments—totaling $1.3 billion and $1.1 billion respectively—Vici Properties’s investment-grade balance sheet would likely face immediate pressure (RISKS). Furthermore, the "high barriers to entry" created by the specialized nature of gaming real estate are vulnerable to industry sensitivity; the rise of internet gaming and prediction markets could permanently impair the operating performance of physical casinos, making it harder for tenants to cover their fixed rent obligations (RISKS).
3. WHAT THE NUMBERS SAY TOGETHER
The financial data reveals a business that is growing through acquisition rather than organic rent appreciation. While total revenues rose 3.8% in the most recent quarter to $1.0 billion, net income attributable to stockholders fell slightly to $0.57 per share (8-K). This divergence was driven by a $58.7 million change in credit loss allowances, suggesting that despite a perfect collection record, Vici Properties is accounting for increased counterparty risk (8-K). Vici Properties’s revenue growth of 4.1% (TTMTTMTrailing Twelve Months — the most recent full year of financial data, updated on a rolling basis each quarter) lags significantly behind peers like Welltower (+35.6%) and Ventas (+18.5%), indicating that its "embedded growth pipeline" of CPI-linked escalators is currently providing a steady floor rather than a high ceiling (XBRL). Short interest remains low at 2.7% of the float, suggesting that market participants are not currently betting against this slow-but-steady trajectory (Yahoo Finance).
4. IS IT WORTH IT AT THIS PRICE?
Vici Properties trades at a forward P/EP/EPrice-to-Earnings ratio — share price divided by annual earnings per share; how much investors pay per dollar of profit. Higher P/E = higher growth expectations of 10.0x, representing a significant discount to the peer group where Welltower trades at 63.0x and Realty Income at 37.0x (Yahoo Finance). While GAAPGAAPGenerally Accepted Accounting Principles — the standard U.S. accounting rules all public companies must follow P/EP/EPrice-to-Earnings ratio — share price divided by annual earnings per share; how much investors pay per dollar of profit. Higher P/E = higher growth expectations can be distorted by depreciation in the REIT sector, Vici Properties’s 6.0% dividend yield—the highest among its primary peers—confirms that the market requires a higher risk premium to hold this stock. This valuation discount is justified by Vici Properties’s geographic profile; with 49% of revenue derived from the Las Vegas Strip, Vici Properties lacks the diversification of peers like Realty Income or Simon Property Group (RISKS). For the current price to be considered "fair," an investor must believe that the $1.16 billion Golden Entertainment acquisition and other new partnerships will successfully dilute the Caesars/MGM concentration without sacrificing the 100% rent collection record (8-K).
5. WHAT WOULD CHANGE THIS VIEW?
- Cautious if Caesars or MGM report a significant decline in their rent coverage ratios or if Vici Properties’s 2026 lease payments are restructured.
- Constructive if Vici Properties successfully executes its "Partner Property Growth Fund" to increase "same-store" rent through redevelopment, proving it can grow without relying solely on expensive large-scale acquisitions (10-K Item 1).
6. BOTTOM LINE
Structural Advantage: A dominant position in "mission-critical" experiential real estate protected by specialized gaming regulations and high replacement costs. Bottom Line: Vici Properties is an attractive high-yield play for those who believe the Las Vegas gaming duopoly is indestructible, but it lacks the diversification of a traditional blue-chip REIT.
1. Top 5 Material Risks
- Tenant Concentration: Vici Properties is highly dependent on Caesars and MGM, which together represent approximately 74% of total leasing revenues for the year ended December 31, 2025. Vici Properties is exposed to the risk that these tenants may be unable to satisfy their estimated annual lease payments of $1.3 billion and $1.1 billion, respectively, for 2026.
- Geographic Concentration: Approximately 49% of total revenues for the year ended December 31, 2025, were generated from properties on the Las Vegas Strip, making Vici Properties disproportionately vulnerable to regional economic conditions, labor unrest, and natural disasters in that specific market.
- Indebtedness and Interest Rates: With $17.1 billion in long-term indebtedness as of December 31, 2025, Vici Properties faces risks related to rising interest rates and the potential inability to refinance maturing debt on favorable terms, which could increase interest expenses and limit cash available for distributions.
- Gaming Industry Sensitivity: As a landlord to gaming facilities, Vici Properties is susceptible to industry-specific downturns, including increased competition from internet gaming and prediction markets, which could impair the operating performance of tenants and their ability to pay rent.
- REIT Qualification and Tax Compliance: Failure to maintain REIT status would subject Vici Properties to corporate-level income taxes, significantly reducing cash available for distribution and potentially triggering tax liabilities related to built-in gains from the MGP Transactions.
2. Company-Specific Risks
- Development and Construction Loan Exposure: Vici Properties’s lending activities include development and construction loans that carry risks of cost overruns, completion delays, and operational underperformance, which could lead to borrower defaults and the need for Vici Properties to fund additional capital or foreclose on assets.
- Triple-Net Lease Limitations: While triple-net leases provide for rent escalations, these are often capped (e.g., the MGM Master Lease has a 3.0% cap on CPI-based escalators), creating a risk that rental income may fail to keep pace with sustained high inflation.
- Cybersecurity and IT Disruptions: Vici Properties relies on internal and third-party IT systems; a significant cybersecurity incident could lead to misstated financial reports, regulatory penalties, and damage to Vici Properties’s reputation among investors and tenants.
- Key Personnel Dependency: Vici Properties lacks key man insurance for its executive management team, and the loss of these individuals could negatively impact business operations and potentially trigger regulatory suitability reviews in gaming jurisdictions.
3. Regulatory/Legal Risks
- Gaming Licensing Suitability: Vici Properties and its stockholders are subject to extensive gaming regulations; if Vici Properties or its officers are found unsuitable by gaming authorities, it could lead to the loss of gaming licenses, which would trigger defaults under debt agreements.
- Environmental Liability: As an owner of real property, Vici Properties may be held liable for environmental contamination or non-compliance with building performance standards (such as energy emissions regulations), even if the tenant is primarily responsible under the lease.
- Tax Protection Agreements: Vici Properties is party to tax protection agreements, including the MGM Tax Protection Agreement effective through mid-2029, which restrict the ability to sell or dispose of certain properties without incurring significant indemnity obligations for tax liabilities.
4. Financial Impact Map
Tenant Concentration → Total Leasing Revenues → 74% of total leasing revenues are derived from Caesars and MGM. Geographic Concentration → Total Revenues → 49% of total revenues are generated from properties on the Las Vegas Strip. Indebtedness → Interest Expense → $17.1 billion in long-term debt as of December 31, 2025, creates ongoing interest payment obligations. REIT Status → Distributions to Stockholders → Failure to qualify as a REIT would require Vici Properties to pay corporate-level income taxes, reducing cash available for dividends. Development Loans → Cash Flows/Liquidity → Future funding obligations for construction loans may require Vici Properties to raise capital on unfavorable terms if funds are not available.
Recent Filings
| Form | Filed | Period |
|---|---|---|
| 8-K | Feb 2026 | — |
| 10-K | Feb 2026 | Dec 2025 |
| 10-Q | Oct 2025 | Sep 2025 |
| 14A | Mar 2025 | — |
AI-extracted key facts from press releases and SEC filings. Significance 1–10.
Mizuho downgrades VICI Properties to Neutral, sets $30 price target
- ▸Mizuho downgraded VICI to Neutral with $30 price target
- ▸Caesars Entertainment accounts for 39% of VICI's total rent
- ▸Potential acquisition of Caesars by Tilman Fertitta cited as credit risk
- ▸Q4 revenue $1.01B, slightly exceeding $1B consensus estimate
- ▸Management confirms no current lease modification requirements regarding potential M&A