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olivLaw · US equity research

VICI VICI

Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)

24.46USD−0.24% · 1 dayClose 30 Oct 2026

VICI Properties Inc. is a REIT focused on experiential real estate, mainly casinos and hospitality destinations leased under long-term triple net contracts. At 31 December 2025 the company owned 93 assets, including 54 gaming properties, and revenues in 2025 exceeded 4.0 billion USD. In the second quarter of 2026 revenues rose 5.7% year-over-year, and the company updated its full-year 2026 AFFO guidance.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 30 Oct 2026, VICI (VICI) stock was 24.46 USD (−0.24% on the day), with market capitalisation 26.9 bn USD, P/E 11.2 on diluted EPS of 2.18 USD over the last 12 months, dividend yield 7.40%, beta 0.25, 52-week range 22.53–30.63 USD. Latest reported quarter (Q3 2026): revenue of 1.1 bn USD (+5.8% YoY), net income of 342.5 m USD (−55.1% YoY), diluted EPS 0.31 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
26.9 bn USD
shares as of 27 Oct 2026
P/E (TTM)
11.2
Diluted EPS TTM 2.18 · TTM to 30 Sept 2026
E/P (TTM)
8.90%
TTM to 30 Sept 2026
Dividend yield
7.40%
DPS 12m 1.81
Beta (2y)
0.25
Volatility (1y) 19%
52-week range
22.5330.63

Price history

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Technical reading

RSI (14)
59.4
strong (55–70)
Bollinger (20, 2)
22.21 – 24.50
in the upper half of the band · %B 0.98 · band width 9.8%
SMA 50 / 200
24.15 / 26.96
mixed trend
MACD (12, 26, 9)
0.07 / -0.13
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+6.5%−0.9%+7.4 pp—
3 months−7.2%+1.2%−8.4 pp—
6 months−14.4%+4.8%−19.3 pp—
Year to date−13.0%+10.7%−23.7 pp—
1 year−17.1%+11.1%−28.2 pp+9.6%
3 years−12.3%+80.7%−93.1 pp+36.4%
5 years−16.7%+64.6%−81.3 pp—
Max drawdown (1y)
−26.4%
11 Nov 2025 → 05 Oct 2026
Max drawdown (5y)
−36.6%
15 Aug 2022 → 05 Oct 2026
Compound annual growth (5y)
−3.6%
S&P 500 +10.5%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
1.1 bn USD
+5.8% YoY
Net income
342.5 m USD
−55.1% YoY
Diluted EPS
0.31
−56.3% YoY
net / operating
32.1% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue976.1 m984.2 m1.0 bn1.0 bn1.0 bn1.0 bn1.1 bn1.1 bn
Cost of revenue6.7 m6.4 m6.6 m6.8 m7.0 m6.5 m7.4 m6.9 m
Interest expense208.1 m209.3 m213.8 m210.3 m210.2 m209.4 m209.9 m215.0 m
Pre-tax income626.7 m549.8 m883.9 m777.5 m609.7 m889.9 m534.9 m349.4 m
Income tax2.4 m-2.5 m5.6 m3.9 m-4.6 m4.0 m-461.0 k2.6 m
Net income614.6 m543.6 m865.1 m762.0 m604.8 m872.4 m526.5 m342.5 m
Diluted EPS0.58 ≈0.510.820.710.57 ≈0.820.480.31
Operating cash flow644.1 m591.9 m639.9 m ≈586.3 m ≈691.9 m631.9 m728.2 m ≈655.2 m ≈
Dividends paid452.7 m459.0 m456.9 m ≈456.8 m ≈480.7 m481.4 m480.9 m ≈495.2 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 15 percentile of its own 33-quarter history (min 9.4, median 14.4, max 29.4; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue898.0 m894.8 m1.2 bn1.5 bn2.6 bn3.6 bn3.8 bn4.0 bn
Revenue YoY+378.6%−0.4%+37.0%+23.2%+72.3%+38.9%+6.6%+4.1%
Net income523.6 m546.0 m891.7 m1.0 bn1.1 bn2.5 bn2.7 bn2.8 bn
Net income YoY+1,075.7%+4.3%+63.3%+13.7%+10.2%+124.9%+6.6%+3.6%
Diluted EPS1.431.241.751.761.272.472.562.61
Diluted EPS YoYunavailable−13.3%+41.1%+0.6%−27.8%+94.5%+3.6%+2.0%
net %58.3%61.0%72.8%67.2%43.0%69.6%69.6%69.3%
Free cash flow503.2 m679.4 munavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
563.5 m USD
Financial debt
16.8 bn USD
Net debt
16.2 bn USD
Equity
28.2 bn USD
Total assets
46.7 bn USD
Debt / equity
0.59x
Current ratio
unavailable
ROE
10.1%
ROA
6.0%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
3.6 bn
2024
3.8 bn
2025
4.0 bn

SEC (XBRL)· 25 Feb 2026verified

Cost of revenue
2023
27.1 m
2024
26.9 m
2025
26.7 m

SEC (XBRL)· 25 Feb 2026verified

Gross profit
2023
3.6 bn ≈
2024
3.8 bn ≈
2025
4.0 bn ≈

SEC (XBRL)· 25 Feb 2026derived

Operating income
2023
—
2024
—
2025
—

SEC (XBRL)· 18 Feb 2021verified

Interest expense
2023
818.1 m
2024
826.1 m
2025
843.6 m

SEC (XBRL)· 25 Feb 2026verified

Pre-tax income
2023
2.5 bn
2024
2.7 bn
2025
2.8 bn

SEC (XBRL)· 25 Feb 2026verified

Income tax
2023
-6.1 m
2024
9.7 m
2025
2.4 m

SEC (XBRL)· 25 Feb 2026verified

Net income
2023
2.5 bn
2024
2.7 bn
2025
2.8 bn

SEC (XBRL)· 25 Feb 2026verified

Diluted EPS
2023
2.47
2024
2.56
2025
2.61

SEC (XBRL)· 25 Feb 2026verified

Weighted average diluted shares
2023
1.0 bn
2024
1.0 bn
2025
1.1 bn

SEC (XBRL)· 25 Feb 2026verified

Dividend per share
2023
1.61
2024
1.70
2025
1.77

SEC (XBRL)· 25 Feb 2026verified

Balance sheet · USD

Cash
2023
522.6 m
2024
524.6 m
2025
563.5 m

SEC (XBRL)· 25 Feb 2026verified

Property, plant & equipment, net
2023
66.9 m
2024
70.3 m
2025
68.0 m

SEC (XBRL)· 25 Feb 2026verified

Total assets
2023
44.1 bn
2024
45.4 bn
2025
46.7 bn

SEC (XBRL)· 25 Feb 2026verified

Long-term debt
2023
16.7 bn
2024
16.7 bn
2025
16.8 bn

SEC (XBRL)· 25 Feb 2026verified

Total liabilities
2023
18.4 bn
2024
18.4 bn
2025
18.5 bn

SEC (XBRL)· 25 Feb 2026verified

Equity
2023
25.7 bn
2024
27.0 bn
2025
28.2 bn

SEC (XBRL)· 25 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
2.2 bn
2024
2.4 bn
2025
2.5 bn

SEC (XBRL)· 25 Feb 2026verified

Investing cash flow
2023
-2.9 bn
2024
-922.8 m
2025
-904.8 m

SEC (XBRL)· 25 Feb 2026verified

Financing cash flow
2023
1.0 bn
2024
-1.5 bn
2025
-1.6 bn

SEC (XBRL)· 25 Feb 2026verified

Dividends paid
2023
1.6 bn
2024
1.8 bn
2025
1.9 bn

SEC (XBRL)· 25 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
4.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
15.5%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
26.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
3.6%
computed by olivLawFY 2025
Net income CAGR 3Y
35.4%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
25.5%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
2.0%
computed by olivLawFY 2025
EPS CAGR 3Y
27.1%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
8.3%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
99.3%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
56.5%
computed by olivLawTTM to 30 Sept 2026
FCF margin
unavailable
input data missing

Returns

ROE
8.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
5.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
83.2%
computed by olivLawTTM to 30 Sept 2026
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
16.6 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.6x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
2.7 bn USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
Cash conversion
unavailable
input data missing

Market and valuation

Market capitalisation
26.9 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
43.6 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
11.5x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
11.2x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
8.9%
computed by olivLawTTM to 30 Sept 2026
P/B
0.9x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
6.5x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
10.5x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
7.4%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
7.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

9 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 94 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

24.46 USD

30 Oct 2026Source: olivLaw, closing series

Market cap: 26.9 bn USD

Key indicators

Market capitalisation
26.9 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
11.2x
computed by olivLawTTM to 30 Sept 2026
P/B
0.9x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
8.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
56.5%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
4.1%
computed by olivLawFY 2025
Dividend yield
7.4%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

21/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 27 Oct 2026
Source: SEC (XBRL)published 28 Oct 2026
verified 1093derived 79

Score by group

  • Quality69
  • Growth100
  • Valuation100
  • Returns89

Estimated value range

Low
40.83
USD per share
Mid
49.05
USD per share
High
55.29
USD per share
Price: 24.46 USD
The price is below the range
Potential to the central value: 100.5% (value / price − 1)
Margin of safety: 50.1% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 23.19 – 79.39 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Net asset value (NAV)unavailable · input data missing
  • Dividend discount (DDM)23.19 – 31.19 (Mid 26.60)
  • Peers: P/B58.46 – 79.39 (Mid 71.50)
    11 companies used · median multiple 2.7x · quartiles 2.2x – 3.0x
    DLR, ESS, EXR, HST, KIM, O, PLD, PSA, VMRK, VTR, WELL
Multiple comparisons use the SIC vertical: Real Estate Investment Trusts (SIC 6798)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 94/100

FactorValueScoreWeight used
ROE · Quality8.3%69 (vs peers)10%
EBITDA margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth15.5%100 (on a fixed band)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
P/B · Valuation0.9x100 (vs peers)31%
P/E (TTM) · Valuation11.2x100 (vs peers)14%
Dividend yield · Returns7.4%100 (vs peers)24%
Payout ratio (EPS) · Returns83.2%53 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/2 factors with a value
  • Growth100/100 · 1/1 factors with a value
  • Quality· partial69/100 · 1/2 factors with a value
  • Returns89/100 · 2/2 factors with a value
  • Valuation100/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

VICI Properties Inc. (VICI). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 4.0 bn USD in 2025; YoY growth 4.1%; net margin 56.5%; ROE 8.3%.

The estimated value range is 40.83–55.29 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 49.05 USD, the price of 24.46 USD leaves a potential of 100.5% (value / price − 1) and a margin of safety of 50.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 94/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 15.5%
  • P/B: 0.9x
  • P/E (TTM): 11.2x
  • Dividend yield: 7.4%
  • The price is below the estimated value range

What contradicts it

  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage.

Versus the vertical median

Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 16 companies

Only companies with a capitalisation between 3.3 bn and 211.6 bn (within 8× of the company's); 139 of the vertical were left out.

Multiples and returns vs the median

P/E
11.2x
vertical median 36.8x
below median (−69.5%)
EV/EBITDA
—
vertical median 19.1x
P/S
6.5x
vertical median 8.9x
below median (−27.2%)
P/B
0.9x
vertical median 2.7x
below median (−65.8%)
ROE
8.3%
vertical median 7.9%
above median (+5.4%)
Net margin
56.5%
vertical median 21.7%
above median (+159.8%)
EBIT margin
—
vertical median 36.0%
Revenue YoY
4.1%
vertical median 5.9%
below median (−30.5%)
Net debt/EBITDA
—
vertical median 4.6x
Dividend yield
7.4%
vertical median 3.7%
above median (+99.7%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
WELLWelltower Inc.172.1 bn100.44.0%12.7%+35.6%+30% / +181%
PLDPrologis, Inc.119.3 bn32.27.1%42.5%+7.2%+3% / +27%
EQIXEquinix Inc100.3 bn60.911.5%16.4%+5.4%+20% / +39%
AMTAmerican Tower Corporation87.1 bn26.490.6%30.7%+5.1%+5% / +5%
DLRDigital Realty Trust, Inc.63.5 bn47.26.2%21.7%+10.0%+6% / +45%
PSAPublic Storage60.7 bn33.016.0%37.8%+2.7%+17% / +36%
ORealty Income Corporation53.9 bn41.53.3%21.5%+9.1%−2% / +20%
VTRVentas, Inc.44.8 bn159.51.9%4.0%+18.5%+15% / +100%
CCICrown Castle Inc.37.7 bn45.1—20.7%−4.4%−2% / −5%
IRMIron Mountain Inc34.7 bn82.5—5.7%+12.2%+13% / +97%
EXRExtra Space Storage Inc.31.6 bn30.87.9%29.9%+3.7%+13% / +46%
VICIVICI Properties Inc.26.9 bn11.28.3%56.5%+4.1%−17% / −12%
VMRKVivmark Residential23.2 bn27.18.1%—+4.8%+4% / +12%
SBACSba Communications Corporation19.9 bn20.2—34.5%+5.1%−2% / −10%
HSTHost Hotels & Resorts, Inc.17.3 bn16.915.8%16.5%+7.6%+58% / +63%
ESSEssex Property Trust, Inc.17.0 bn40.68.0%22.7%+6.4%+5% / +23%
KIMKimco Realty Corporation16.4 bn27.15.8%27.8%+5.1%+19% / +37%

1- and 3-year price returns: for VICI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
15.65
Total return -30% · Per year -30%
27.55
Total return 21% · Per year 21%
41.32
Total return 79% · Per year 79%
3 years
18.57
Total return -3% · Per year -1%
36.43
Total return 78% · Per year 21%
59.50
Total return 180% · Per year 41%
5 years
22.02
Total return 28% · Per year 5%
48.18
Total return 153% · Per year 20%
85.68
Total return 325% · Per year 34%
What moves the 3-year price the most
  • Exit P/E± 9.11
  • Net margin± 6.37
  • Annual revenue growth± 4.75
  • Annual dilution± 0.54

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).

In brief

VICI Properties Inc. is a REIT focused on experiential real estate, mainly casinos and hospitality destinations leased under long-term triple net contracts. At 31 December 2025 the company owned 93 assets, including 54 gaming properties, and revenues in 2025 exceeded 4.0 billion USD 1. In the second quarter of 2026 revenues rose 5.7% year-over-year, and the company updated its full-year 2026 AFFO guidance 3.

SWOT

Strengths

  • Long-term contracts and the triple net structure provide predictable revenue and shift operating costs to tenants.
  • The portfolio is fully leased and many rents carry inflation-linked escalators.
  • The company holds investment grade ratings from all three major agencies, supporting its cost of capital.

Weaknesses

  • Reliance on a small number of large tenants creates significant counterparty concentration.
  • Debt and financing obligations are substantial, and refinancing may become costlier when rates are high.
  • Revenues depend on the gaming industry, which is sensitive to the economic cycle.

Opportunities

  • If pipeline transactions close, the company could add new tenants and diversified assets.
  • Partnerships with wellness and hospitality operators could open access to sectors with steadier demand.
  • Real estate debt investments could lead to later acquisitions of the underlying land or buildings.

Threats

  • Online betting and prediction markets could reduce the share of licensed operators and weigh on rents.
  • Financial difficulty at tenants or guarantors could lead to lease defaults or renegotiation.
  • Changes in gaming regulation or tax policy could directly affect tenants.

Risks

  • Tenant concentrationhigh

    Two large tenants generate most revenue, so financial difficulty at either one could significantly affect payments.

  • Credit riskhigh

    Tenants and borrowers may struggle to pay, and enforcing guarantees can be slow or incomplete.

  • CECL adjustmentsmedium

    Changes in the CECL allowance can strongly affect reported net income, as happened in the second quarter of 2026.

  • Gaming competitionmedium

    Growth in online betting and prediction markets could reduce the appeal of physical casinos.

  • Refinancing and interest ratesmedium

    Refinancing debt at higher rates could reduce cash flow available for distributions.

Investment thesis

What would need to be true (bull case)

  • If inflation-linked rents and new acquisitions hold up, revenues and AFFO could keep growing steadily.
  • Diversification with new tenants such as Clairvest, Golden Entertainment and Club Med could reduce dependence on Caesars and MGM.
  • Investment grade ratings and long-dated contracts could support access to capital at moderate cost.

What would break the thesis

  • If a large tenant runs into difficulty, payments to the company could fall significantly.
  • Growth in online betting and prediction markets could hurt operator revenues and, in turn, rents.
  • Provision adjustments and refinancing costs could reduce profit and financial flexibility.

What to watch

  • Completion of the Carambola Beach Resort transaction and start of redevelopment2027
  • Evolution of full-year 2026 AFFO guidanceQ3 2026
  • Debt refinancing calendar and average cost of debt2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).

The business

In 2026 the portfolio expanded through the acquisition of seven Nevada casinos from Golden Entertainment, with initial annual rent of 87.0 million USD 3, and through the Carambola Beach Resort partnership with Club Med in St. Croix 3.

Segments

Gaming portfolio

The gaming segment comprised 54 properties at the end of 2025 and 63 by 30 June 2026, including the Las Vegas Strip assets leased mainly to Caesars and MGM 12.

Real estate debt investments

The debt portfolio had a principal balance of about 2.6 billion USD at the end of 2025, with unfunded commitments above 620 million USD 1.

Market context

The reference market is US and Canadian entertainment and gaming real estate, where demand depends on discretionary spending and the economic cycle. VICI is one of the largest triple net REITs in this field, and the 74% share of leasing revenue from Caesars and MGM in 2025 shows high concentration 1.

Over the longer term, revenue growth depends on tenants' cash flows and on expanding the portfolio through acquisitions, the company having announced about 39.1 billion USD of investments since 2017 1.

Trends

  • Inflation-linked rent escalatorstailwind

    Most leases include escalators tied to inflation, which could support revenues if inflation stays moderate, though caps limit the adjustments.

  • Competition from online betting and prediction marketsheadwind

    Growth in online sports betting and prediction markets could reduce the share of licensed operators and weigh on rents.

  • Diversification beyond gamingtailwind

    Acquisitions in wellness and hospitality, such as Club Med, diversify the rent roll and reduce reliance on a single sector.

  • Sensitivity to the economic cyclemixed

    Recessions and weaker consumer confidence could reduce entertainment spending and affect tenants, although contractual rents provide some protection.

Competitive position

VICI competes with other REITs and investors buying gaming and entertainment properties, where acquisition pricing and access to deals are decisive. The company argues that barriers to entry from complexity and regulation protect its position.

Rivals include other REITs specialising in gaming properties that may share the same operators as tenants. VICI differentiates itself through triple net contracts and partnerships with operators and developers.

  • Gaming and Leisure PropertiesGLPI

    REIT with a portfolio of gaming properties leased to operators, active in the same triple net niche.

  • Caesars EntertainmentCZR

    Operator and major tenant of VICI, also a casino owner with its own portfolio.

  • MGM Resorts InternationalMGM

    Casino operator and major tenant, competing for the same Las Vegas locations and investors.

  • Golden EntertainmentGDEN

    Nevada casino operator whose portfolio VICI acquired in 2026.

News & filings

In the press

The latest news item in our archive is from 14 Sept 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

  • Quarterly report28 Oct 2026
  • Current report28 Oct 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Departure or appointment of officers
  • Current report08 Sept 2026
    Departure or appointment of officers · Financial statements and exhibits
  • Current report14 Aug 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Current report06 Aug 2026
    Material agreement · Other events · Financial statements and exhibits
  • Quarterly report29 Jul 2026
  • Current report29 Jul 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report29 Apr 2026
  • Current report29 Apr 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / VICI · 25 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / VICI · 29 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / VICI · 29 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

VICI (VICI): stock, results, valuation and forecast · olivLaw