VICI Properties
Owns casino resorts and other experiential real estate under long-term triple-net leases.
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Profile
Owns gaming resorts and other experiential real estate across the United States and Canada, earning primarily long-term triple-net lease payments. Strategic real estate loans extend the investment pipeline, while Caesars, MGM, and Las Vegas remain major revenue concentrations.
Owns gaming, hospitality, wellness, entertainment, and leisure destinations, with more than 100 properties across the United States and Canada. Gaming real estate remains the core, including Caesars Palace Las Vegas, MGM Grand, and the Venetian Resort; other experiential holdings include bowling centers, Chelsea Piers, and golf courses.
Earns most revenue through long-term triple-net leases that place property taxes, insurance, maintenance, and capital spending with tenants. Master leases bundle multiple properties, while senior and mezzanine loans fund experiential developments and can create paths to future real estate ownership.
Operates as a REIT and depends on tenant and borrower performance, capital-market access, and gaming licenses or suitability findings. Caesars and MGM together generate most lease revenue, while Las Vegas Strip properties produce roughly half.
Company facts
Key statistics
Year to date −8.1% · Average volume (30d) 8.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 13, 2026 | Raymond James | Target | $38 | $29 | |
| Jul 31, 2026 | Deutsche Bank | Target | $31 | $30 | |
| Jul 30, 2026 | Robert W. Baird | Target | $32 | ||
| Jul 22, 2026 | Barclays | Reiterate | Overweight | $34 | $31 |
| Jul 15, 2026 | Wells Fargo | Reiterate | Equal Weight | $36 | $27 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.71 | $0.48 | −32.7% | $1.04B | $1.06B | +1.9% | −3.02% |
| Apr 29, 2026Q1 FY26 | $0.71 | $0.82 | +16.0% | $1.01B | $1.02B | +0.4% | +2.10% |
| Feb 25, 2026Q4 FY25 | $0.70 | $0.57 | −18.1% | $1.01B | $1.01B | +0.4% | −1.52% |
| Oct 30, 2025Q3 FY25 | $0.59 | $0.71 | +20.3% | $1.01B | $1.02B | +0.3% | +1.59% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $984.2M | $1.00B | $1.01B | $1.01B | $1.02B | $1.06B | |
| Gross profit | $977.9M | $994.7M | $1.00B | $1.01B | $1.01B | $1.05B | |
| Operating income | $755.5M | $1.10B | $984.0M | $813.8M | $1.09B | $744.7M | |
| Net income | $543.6M | $865.1M | $762.0M | $604.8M | $872.4M | $526.5M | |
| Diluted EPS | $0.51 | $0.82 | $0.71 | $0.57 | $0.82 | $0.48 | |
| Gross margin | 99.4% | 99.3% | 99.3% | 99.3% | 99.4% | 99.3% | |
| Operating margin | 76.8% | 110.0% | 97.7% | 80.3% | 107.5% | 70.4% |
Fiscal years (4-quarter sums)FY21 $1.51B · FY22 $2.60B · FY23 $3.61B · FY24 $3.85B · FY25 $4.01B
Balance sheet, Jun 30, 2026Cash & short-term investments $288.1M · Total debt $17.84B · Total assets $48.27B · Shareholders' equity $29.17B
Dividends
Raised for 7 straight years — most recently to $0.45 from $0.4325 in Sep 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 18, 2026 | Jun 18 | Jul 9 | $0.45 | |
| Mar 19, 2026 | Mar 19 | Apr 9 | $0.45 | |
| Dec 17, 2025 | Dec 17 | Jan 8 | $0.45 | |
| Sep 18, 2025 | Sep 18 | Oct 9 | $0.45 | raised from $0.4325 |
| Jun 18, 2025 | Jun 18 | Jul 10 | $0.4325 | |
| Mar 20, 2025 | Mar 20 | Apr 3 | $0.4325 | |
| Dec 17, 2024 | Dec 17 | Jan 9 | $0.4325 | |
| Sep 18, 2024 | Sep 18 | Oct 3 | $0.4325 | raised from $0.415 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 1.10B · Float 1.10B · 99.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 129.33M | 11.75% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 86.34M | 7.84% | 13F | Aug 13, 2026 |
| State Street Corp | 67.16M | 6.10% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 65.33M | 5.93% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 40.21M | 3.65% | 13F | Aug 12, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Gaming and Leisure Properties
Only other pure-play gaming REIT; competes on every casino SLB deal.
- Realty Income
Largest net-lease REIT; entered gaming in 2022 and competes for large SLBs.
- Caesars Entertainment
Foundational tenant retaining several Strip assets VICI holds ROFRs on.
- EPR Properties
Diversified experiential REIT; overlaps on golf, wellness, eat & play deals.
- MGM Resorts International
Largest VICI tenant; Bellagio/CityCenter real estate in rival Blackstone hands.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| VICI Properties | $25.95 | +0.27% | $28.48B | 10.0 | 8.9 | 7.0 | +5.7% |
| Gaming and Leisure Properties | $42.56 | +0.01% | $12.05B | 12.4 | 13.1 | 7.3 | +9.0% |
| Realty Income | $62.13 | +0.22% | $57.80B | 45.2 | 38.4 | 9.7 | +1.1% |
| Caesars Entertainment | $29.74 | +0.02% | $6.06B | — | — | 0.5 | +3.0% |
| EPR Properties | $59.58 | +0.03% | $4.56B | 19.1 | 19.8 | 6.2 | +1.9% |
| MGM Resorts International | $42.20 | −0.13% | $10.64B | 25.6 | 25.7 | 0.6 | +1.1% |
| Median | 22.4 | 22.8 | 6.2 | +1.9% |