Vici Properties (VICI) FY2025 results: revenue $4.0 billion, up 4.1% on the year

VICI Properties owns and acquires gaming, hospitality, wellness, entertainment and leisure destinations and leases them out under long-term triple net leases. Under those leases the tenant has complete control over management at the property, with sole responsibility for all operations and related expenses including property taxes, insurance, maintenance, repair, improvement and other capital expenditure. It is a Maryland corporation and has been a REIT since its formation in October 2017.

The portfolio

At the end of 2025 VICI owned 93 experiential assets across the United States and Canada: 54 gaming properties and 39 other experiential properties. Among them are Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas. The properties cover approximately 127 million square feet across urban, destination and drive-to markets in twenty-six states and Canada, contain approximately 60,300 hotel rooms, and feature over 500 restaurants, bars, nightclubs and sportsbooks.

The whole portfolio was 100 percent leased at the end of 2025, with a weighted average lease term, including extension options, of approximately 39.6 years.

Beyond the buildings, VICI owns approximately 33 acres of undeveloped or underdeveloped land on and next to the Las Vegas Strip, leased to Caesars Entertainment, which it says it may look to monetise as appropriate, and four championship golf courses near certain of its properties, two of them close to the Strip.

How the leases work

Rental revenue is substantially all of what VICI earns. Initial lease terms run from 15 to 32 years, generally with several tenant renewal options extending the term by a further 5 to 30 years. The tenant bears responsibility for all property costs and expenses of ongoing maintenance and operation, including utilities, property tax and insurance, and under the lease terms is required to invest in the properties.

Every lease provides for annual base rent increases, which may be fixed or variable. Of the 17 leases, 15 are subject to a CPI-linked increase for some period over the life of the lease, subject to caps. The escalation provisions range from a flat annual increase of 1 to 2 percent, up to an annual increase of 1 percent in the early years and the greater of 2 percent or CPI in the later years. At the end of 2025, 42 percent of full-year 2025 rent and 90 percent of rent over the long term carried a CPI-linked increase, subject to caps.

Partnerships outside gaming

VICI has real estate and financing partnerships with developers and operators in other experiential sectors: Cabot, Cain, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. Some of those are real estate debt investments originated for strategic reasons, which the company names as three: the potential to convert the investment into ownership of the underlying real estate; the chance to build relationships with owners and operators that may lead to further investments in experiential asset classes fitting its investment policies; and the ability to invest in experiential asset classes outside gaming, with the goal of increasing activity in them over time.

Structure and scale

The real property business runs through VICI OP, and the golf course business through a taxable REIT subsidiary, VICI Golf, because a REIT cannot operate that directly. VICI generally pays no US federal income tax on taxable income to the extent it annually distributes all of its net taxable income and keeps its REIT qualification. Since its formation in October 2017 it has announced approximately $39.1 billion of domestic and international investments across gaming and other experiential assets.

From VICI Properties' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.