VICI Properties (VICI)
Owns casino resorts and other experiential real estate under long-term triple-net leases.
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VICI is a landlord to the entertainment business. It owns casinos, resorts and bowling halls — Caesars Palace among them — and rents them to the companies that run what happens inside, on leases lasting decades. Tenants pay the taxes, insurance and repairs, so rent arrives almost untouched. Two casino companies still send most of it, and loosening that grip is the long project.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 15 more below
Caesars Lease Agreements
Rent from Caesars Palace, its Strip neighbours and a string of regional casinos — roughly $1.4 billion a year. With MGM's rent it makes up about two-thirds of what VICI collects. Caesars is being taken private; the regional lease is the open question.
Competes with PENN master leases (Gaming and Leisure Properties) · Encore Boston Harbor lease (Realty Income)
In plain English
VICI owns the buildings; Caesars runs everything that happens inside them. The rent is written into the contract, and the tenant — not the landlord — pays the property taxes, the insurance and the roof repairs, so almost every dollar collected drops straight through.
Caesars Palace and other Las Vegas properties sit under one long contract that runs to 2035, the out-of-town casinos under a second, with Harrah's Joliet on its own paper. Rent is nudged up each year in step with the cost of living. VICI began life as Caesars' landlord and nothing else, which is why this one tenant still towers over the rest.
MGM Lease Agreements
Two contracts covering MGM's Las Vegas and regional properties, worth roughly $1.2 billion of rent a year and running as far out as 2050. MGM pays for its own renovations; one property left the lease in 2026.
Competes with Bellagio ownership stake (Blackstone) · Casino master leases (Gaming and Leisure Properties)
In plain English
These arrived in a single stroke: in 2022 VICI bought the company that already owned MGM's real estate, and inherited its leases.
One contract covers a group of MGM resorts and began at $860 million of annual rent, stepping up 2% a year for a decade and tracking the cost of living after that. A second covers the MGM Grand and Mandalay Bay and runs to 2050. The comfortable part for VICI: when MGM spends $300 million freshening up the MGM Grand, MGM pays, the building VICI owns gets newer, and the rent arrives either way.
Regional and Canadian Casino Master Leases
Roughly ten smaller casino operators across US states and Canada, from PENN and Century to tribal-affiliated ones. Three signings in 2026 — Golden, Clairvest and Gamehost — added about $150 million of yearly rent. This is where the two-tenant dependence gets diluted.
Competes with Bally's Twin River Lincoln casino (Gaming and Leisure Properties) · Gaming property leases (Realty Income)
In plain English
Outside Las Vegas sit the smaller casinos that serve the towns around them. Their operators usually want cash more than they want to own the buildings, so they sell the property to VICI and sign a long lease to stay put — same casino, same staff, new landlord.
Each deal is modest, tens of millions of rent a year. Stacked up, they are the slow cure for leaning on two big tenants, and takeovers among operators keep supplying more: Gamehost's Alberta casinos came to VICI in 2026 because another operator bought the company.
Investments in Loans and Securities
About $2.9 billion lent against water parks, golf resorts and wellness retreats at roughly 9.5% — paid better than rent, and often a way in to owning the property later. One golf loan has stopped paying.
Competes with Net-lease credit loans (Blue Owl (Oak Street)) · Real-estate debt funds (Blackstone) · Casino development funding (Gaming and Leisure Properties)
In plain English
Not every owner wants to sell. Some just need money to build, and building money is expensive for borrowers without a top credit rating. VICI writes the cheque instead, as a loan.
The borrower pays interest — lately around 9.5%, against the roughly 4.4% VICI itself pays to borrow — and the gap is the profit. The quieter motive is the introduction: a developer who borrows today may sell VICI the finished property tomorrow, which is how the Club Med deal arrived. Lending has its own weather, though. One loan against a golf development stopped paying in late 2025.
Venetian Resort Lease
The Venetian and its attached exhibition halls, bought from Las Vegas Sands for $4.0 billion and leased until 2052. Rent started at $250 million and climbs with the cost of living; trade shows matter more here than slot machines.
Competes with Encore Boston Harbor lease (Realty Income) · Las Vegas property holdings (Gaming and Leisure Properties)
In plain English
One property, one very large cheque. In 2022 VICI paid $4.0 billion for the Venetian Resort and the exhibition halls beside it, while investment funds run by Apollo — a big private-investment firm — bought the business that operates them and became the tenant.
What fills this place is conventions: companies book the halls, delegates fill the rooms, and the operator's ability to pay rent follows the trade-show calendar more than the gaming floor. The lease runs to 2052 with yearly increases tied to living costs, and VICI has separately offered to pay for upgrades in exchange for more rent.
Partner Property Growth Fund
VICI's way of putting money into buildings it already owns: it funds a tenant's renovation and the rent steps up. The biggest standing offer is up to $700 million at the Venetian; privately held operators take it up most readily.
Competes with Cordish development funding (Gaming and Leisure Properties) · Self-funded casino upgrades (MGM Resorts)
In plain English
Think of a landlord who offers to pay for the new kitchen, on the understanding that the rent goes up afterwards. That is the whole idea here.
A tenant wants to redo convention space, restaurants, hotel rooms or a gaming floor. VICI supplies the cash and the lease rent rises by an agreed slice of what was spent — no new building, no new tenant to check out, just more rent on property VICI already holds. The Venetian carries the largest offer at up to $700 million; a smaller one put $52 million into Century's Caruthersville casino. Draws are unpredictable, so VICI leaves them out of its forecasts.
Lucky Strike Master Lease and Chelsea Piers Lease
Thirty-eight bowling entertainment centres across 17 states plus a New York sports complex — about $56 million of rent between them. Small on purpose: the template for owning places people go that have nothing to do with gambling.
Competes with Eat-and-play property portfolio (EPR Properties) · Fitness and entertainment leases (Realty Income)
In plain English
The non-casino corner of the portfolio, and the smallest one: thirty-eight bowling entertainment centres spread across 17 states, plus a waterfront sports-and-entertainment complex in New York.
The money works the same way as the casinos. VICI bought the property, the operator signed a long lease and carries on running the business. The bowling centres cost $432.9 million and pay $31.6 million a year; Chelsea Piers cost $342.9 million and pays $24 million, on paper that runs to 2055. Whether that rent stays comfortable depends on how freely people spend on a night out.
Club Med St. Croix (Carambola Beach Resort)
A $75 million Caribbean resort VICI is paying to build and then rent to Club Med, the all-inclusive holiday operator — its first ground-up project and its 16th tenant. Tiny money; the point is that it is a new kind of deal.
Competes with Resort construction financing (Private credit lenders) · Owned destination resorts (Ryman Hospitality)
In plain English
Club Med runs all-inclusive holiday resorts, where one price covers the room, the meals and the activities. It needed money for a property on St. Croix and shopped around private lenders first; VICI bought the old Carambola Beach Resort for $20.3 million and agreed to fund roughly $55 million more to rebuild it.
When it reopens, targeted for late 2027, Club Med operates and VICI collects rent — the usual arrangement, only built from scratch rather than bought from an operator. Management has said it would like to help Club Med grow beyond this one resort. That is a hope, not a signed plan.
Caesars Lease AgreementsRent from Caesars Palace, its Strip neighbours and a string of regional casinos — roughly $1.4 billion a year. With MGM's rent it makes up about two-thirds of what VICI collects. Caesars is being taken private; the regional lease is the open question.Rent from Caesars Palace, its Strip neighbours and a string of regional casinos — roughly $1.4 billion a year. With MGM's rent it makes up about two-thirds of what VICI collects. Caesars is being taken private; the regional lease is the open question.
In plain English
VICI owns the buildings; Caesars runs everything that happens inside them. The rent is written into the contract, and the tenant — not the landlord — pays the property taxes, the insurance and the roof repairs, so almost every dollar collected drops straight through.
Caesars Palace and other Las Vegas properties sit under one long contract that runs to 2035, the out-of-town casinos under a second, with Harrah's Joliet on its own paper. Rent is nudged up each year in step with the cost of living. VICI began life as Caesars' landlord and nothing else, which is why this one tenant still towers over the rest.
Competes with PENN master leases (Gaming and Leisure Properties) · Encore Boston Harbor lease (Realty Income)
MGM Lease AgreementsTwo contracts covering MGM's Las Vegas and regional properties, worth roughly $1.2 billion of rent a year and running as far out as 2050. MGM pays for its own renovations; one property left the lease in 2026.Two contracts covering MGM's Las Vegas and regional properties, worth roughly $1.2 billion of rent a year and running as far out as 2050. MGM pays for its own renovations; one property left the lease in 2026.
In plain English
These arrived in a single stroke: in 2022 VICI bought the company that already owned MGM's real estate, and inherited its leases.
One contract covers a group of MGM resorts and began at $860 million of annual rent, stepping up 2% a year for a decade and tracking the cost of living after that. A second covers the MGM Grand and Mandalay Bay and runs to 2050. The comfortable part for VICI: when MGM spends $300 million freshening up the MGM Grand, MGM pays, the building VICI owns gets newer, and the rent arrives either way.
Competes with Bellagio ownership stake (Blackstone) · Casino master leases (Gaming and Leisure Properties)
Regional and Canadian Casino Master LeasesRoughly ten smaller casino operators across US states and Canada, from PENN and Century to tribal-affiliated ones. Three signings in 2026 — Golden, Clairvest and Gamehost — added about $150 million of yearly rent. This is where the two-tenant dependence gets diluted.Roughly ten smaller casino operators across US states and Canada, from PENN and Century to tribal-affiliated ones. Three signings in 2026 — Golden, Clairvest and Gamehost — added about $150 million of yearly rent. This is where the two-tenant dependence gets diluted.
In plain English
Outside Las Vegas sit the smaller casinos that serve the towns around them. Their operators usually want cash more than they want to own the buildings, so they sell the property to VICI and sign a long lease to stay put — same casino, same staff, new landlord.
Each deal is modest, tens of millions of rent a year. Stacked up, they are the slow cure for leaning on two big tenants, and takeovers among operators keep supplying more: Gamehost's Alberta casinos came to VICI in 2026 because another operator bought the company.
Competes with Bally's Twin River Lincoln casino (Gaming and Leisure Properties) · Gaming property leases (Realty Income)
Investments in Loans and SecuritiesAbout $2.9 billion lent against water parks, golf resorts and wellness retreats at roughly 9.5% — paid better than rent, and often a way in to owning the property later. One golf loan has stopped paying.About $2.9 billion lent against water parks, golf resorts and wellness retreats at roughly 9.5% — paid better than rent, and often a way in to owning the property later. One golf loan has stopped paying.
In plain English
Not every owner wants to sell. Some just need money to build, and building money is expensive for borrowers without a top credit rating. VICI writes the cheque instead, as a loan.
The borrower pays interest — lately around 9.5%, against the roughly 4.4% VICI itself pays to borrow — and the gap is the profit. The quieter motive is the introduction: a developer who borrows today may sell VICI the finished property tomorrow, which is how the Club Med deal arrived. Lending has its own weather, though. One loan against a golf development stopped paying in late 2025.
Competes with Net-lease credit loans (Blue Owl (Oak Street)) · Real-estate debt funds (Blackstone) · Casino development funding (Gaming and Leisure Properties)
Venetian Resort LeaseThe Venetian and its attached exhibition halls, bought from Las Vegas Sands for $4.0 billion and leased until 2052. Rent started at $250 million and climbs with the cost of living; trade shows matter more here than slot machines.The Venetian and its attached exhibition halls, bought from Las Vegas Sands for $4.0 billion and leased until 2052. Rent started at $250 million and climbs with the cost of living; trade shows matter more here than slot machines.
In plain English
One property, one very large cheque. In 2022 VICI paid $4.0 billion for the Venetian Resort and the exhibition halls beside it, while investment funds run by Apollo — a big private-investment firm — bought the business that operates them and became the tenant.
What fills this place is conventions: companies book the halls, delegates fill the rooms, and the operator's ability to pay rent follows the trade-show calendar more than the gaming floor. The lease runs to 2052 with yearly increases tied to living costs, and VICI has separately offered to pay for upgrades in exchange for more rent.
Competes with Encore Boston Harbor lease (Realty Income) · Las Vegas property holdings (Gaming and Leisure Properties)
Partner Property Growth FundVICI's way of putting money into buildings it already owns: it funds a tenant's renovation and the rent steps up. The biggest standing offer is up to $700 million at the Venetian; privately held operators take it up most readily.VICI's way of putting money into buildings it already owns: it funds a tenant's renovation and the rent steps up. The biggest standing offer is up to $700 million at the Venetian; privately held operators take it up most readily.
In plain English
Think of a landlord who offers to pay for the new kitchen, on the understanding that the rent goes up afterwards. That is the whole idea here.
A tenant wants to redo convention space, restaurants, hotel rooms or a gaming floor. VICI supplies the cash and the lease rent rises by an agreed slice of what was spent — no new building, no new tenant to check out, just more rent on property VICI already holds. The Venetian carries the largest offer at up to $700 million; a smaller one put $52 million into Century's Caruthersville casino. Draws are unpredictable, so VICI leaves them out of its forecasts.
Competes with Cordish development funding (Gaming and Leisure Properties) · Self-funded casino upgrades (MGM Resorts)
Lucky Strike Master Lease and Chelsea Piers LeaseThirty-eight bowling entertainment centres across 17 states plus a New York sports complex — about $56 million of rent between them. Small on purpose: the template for owning places people go that have nothing to do with gambling.Thirty-eight bowling entertainment centres across 17 states plus a New York sports complex — about $56 million of rent between them. Small on purpose: the template for owning places people go that have nothing to do with gambling.
In plain English
The non-casino corner of the portfolio, and the smallest one: thirty-eight bowling entertainment centres spread across 17 states, plus a waterfront sports-and-entertainment complex in New York.
The money works the same way as the casinos. VICI bought the property, the operator signed a long lease and carries on running the business. The bowling centres cost $432.9 million and pay $31.6 million a year; Chelsea Piers cost $342.9 million and pays $24 million, on paper that runs to 2055. Whether that rent stays comfortable depends on how freely people spend on a night out.
Competes with Eat-and-play property portfolio (EPR Properties) · Fitness and entertainment leases (Realty Income)
Club Med St. Croix (Carambola Beach Resort)A $75 million Caribbean resort VICI is paying to build and then rent to Club Med, the all-inclusive holiday operator — its first ground-up project and its 16th tenant. Tiny money; the point is that it is a new kind of deal.A $75 million Caribbean resort VICI is paying to build and then rent to Club Med, the all-inclusive holiday operator — its first ground-up project and its 16th tenant. Tiny money; the point is that it is a new kind of deal.
In plain English
Club Med runs all-inclusive holiday resorts, where one price covers the room, the meals and the activities. It needed money for a property on St. Croix and shopped around private lenders first; VICI bought the old Carambola Beach Resort for $20.3 million and agreed to fund roughly $55 million more to rebuild it.
When it reopens, targeted for late 2027, Club Med operates and VICI collects rent — the usual arrangement, only built from scratch rather than bought from an operator. Management has said it would like to help Club Med grow beyond this one resort. That is a hope, not a signed plan.
Competes with Resort construction financing (Private credit lenders) · Owned destination resorts (Ryman Hospitality)
Named in filings, launches and programs
- Golden Entertainment Master LeaseCustomer programSeven Nevada casinos bought for $1.16 billion and leased back in 2026 at $87.0 million of rent — VICI's 15th tenant.
- Northfield Park Lease (Clairvest)Customer programCarved out of the MGM lease in 2026 and handed to new operator Clairvest on a 25-year deal at $53.0 million of yearly rent.
- PURE Master Lease (Indigenous Gaming Partners)Customer programAlberta casinos leased to Indigenous Gaming Partners; the Gamehost properties were folded in during June 2026 for CAD$200.6 million, adding about $11 million of rent.
- Century Master LeaseCustomer programCentury Casinos pays $63.4 million a year as of July 2026, rising with Canadian living costs up to a 2.5% ceiling.
- PENN leases (Margaritaville, Greektown)Customer programTwo casinos leased to PENN Entertainment, combined into a single amended lease in late 2025.
- JACK Ohio leaseCustomer programOhio casinos leased to the JACK Ohio group — one of the steady regional names on the rent roll.
- Hard Rock / Mirage leaseCustomer programThe former Mirage on the Las Vegas Strip, leased to Hard Rock, which is building its Guitar Tower on the site.
- EBCI and Cherokee Nation Businesses leasesCustomer programCasinos leased to two tribal-affiliated operators, the Eastern Band of Cherokee Indians and Cherokee Nation Businesses.
- Foundation Gaming leaseCustomer programA Mississippi operator's casinos — one of the smaller regional relationships in the portfolio.
- VICI GolfServiceFour golf courses run by an outside manager — roughly $12 million of revenue a quarter, and the only part of VICI with real running costs.
- One Beverly Hills loanCustomer program$450 million lent in early 2025 to Cain and Eldridge against their One Beverly Hills development.
- North Fork loanCustomer program$510 million committed to Red Rock Resorts in 2025, drawn as the North Fork project needs it — VICI's first gaming investment on tribal land.
- Great Wolf Resorts loansCustomer programYears of lending to the water-park resort company; money comes back when a property refinances elsewhere and can be lent out again.
- Bear Valley Hills loanCustomer programA loan written in mid-2026 at a rate far above what VICI pays to borrow — the credit book's usual spread.
- Tenant reimbursementsServiceAbout $19 million a quarter that tenants repay for taxes and similar costs; a matching expense sits beneath it, so it nets to nothing.
Golden Entertainment Master LeaseCustomer program
Seven Nevada casinos bought for $1.16 billion and leased back in 2026 at $87.0 million of rent — VICI's 15th tenant.
Northfield Park Lease (Clairvest)Customer program
Carved out of the MGM lease in 2026 and handed to new operator Clairvest on a 25-year deal at $53.0 million of yearly rent.
PURE Master Lease (Indigenous Gaming Partners)Customer program
Alberta casinos leased to Indigenous Gaming Partners; the Gamehost properties were folded in during June 2026 for CAD$200.6 million, adding about $11 million of rent.
Century Master LeaseCustomer program
Century Casinos pays $63.4 million a year as of July 2026, rising with Canadian living costs up to a 2.5% ceiling.
PENN leases (Margaritaville, Greektown)Customer program
Two casinos leased to PENN Entertainment, combined into a single amended lease in late 2025.
JACK Ohio leaseCustomer program
Ohio casinos leased to the JACK Ohio group — one of the steady regional names on the rent roll.
Hard Rock / Mirage leaseCustomer program
The former Mirage on the Las Vegas Strip, leased to Hard Rock, which is building its Guitar Tower on the site.
EBCI and Cherokee Nation Businesses leasesCustomer program
Casinos leased to two tribal-affiliated operators, the Eastern Band of Cherokee Indians and Cherokee Nation Businesses.
Foundation Gaming leaseCustomer program
A Mississippi operator's casinos — one of the smaller regional relationships in the portfolio.
VICI GolfService
Four golf courses run by an outside manager — roughly $12 million of revenue a quarter, and the only part of VICI with real running costs.
One Beverly Hills loanCustomer program
$450 million lent in early 2025 to Cain and Eldridge against their One Beverly Hills development.
North Fork loanCustomer program
$510 million committed to Red Rock Resorts in 2025, drawn as the North Fork project needs it — VICI's first gaming investment on tribal land.
Great Wolf Resorts loansCustomer program
Years of lending to the water-park resort company; money comes back when a property refinances elsewhere and can be lent out again.
Bear Valley Hills loanCustomer program
A loan written in mid-2026 at a rate far above what VICI pays to borrow — the credit book's usual spread.
Tenant reimbursementsService
About $19 million a quarter that tenants repay for taxes and similar costs; a matching expense sits beneath it, so it nets to nothing.