Headquartered in New York, NY Fiscal year ends December NYSE: VICI viciproperties.com
VICI Properties Inc. is an S&P 500 experiential real estate investment trust. It owns gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas on the Las Vegas Strip.
The portfolio includes:
- 103 experiential assets: 63 gaming properties and 40 other experiential properties across 26 U.S. states, one U.S. territory and one Canadian province.
- About 130 million square feet, roughly 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sportsbooks.
- Four championship golf courses and about 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip.
VICI earns revenue primarily from long-term triple-net leases with gaming and hospitality operators. As of September 30, 2026, it had 100% occupancy and a 39.4-year weighted average lease term including renewal options. Caesars accounts for 38% of annualized rent and MGM for 32%. Other tenants include the Venetian Las Vegas tenant (an Apollo affiliate), Hard Rock, Golden Entertainment, PENN Entertainment, JACK Entertainment, Century Casinos, Clairvest, Cherokee Nation Entertainment, EBCI, Lucky Strike Entertainment, an affiliate of Indigenous Gaming Partners (PURE), Foundation Gaming and Chelsea Piers. A pending lease with Highfield Investment Group covers two Alberta racetracks.
VICI also runs a lending business of about $3.2 billion in principal across senior secured loans, mezzanine loans and preferred equity. This includes construction financing for Cain's One Beverly Hills. It holds financing and real estate partnerships with Cabot, Canyon Ranch, Club Med, Great Wolf Resorts, Homefield and Kalahari Resorts.
Its embedded growth pipeline includes:
- Put/call rights on Caesars Forum Convention Center
- ROFR agreements on Caesars Las Vegas Strip and regional assets
- A ROFO with Indigenous Gaming Partners
- Call rights on Canyon Ranch and Homefield properties
The company holds investment-grade ratings from Moody's, S&P and Fitch. Updated
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VICI Properties Inc. is an S&P 500 experiential real estate investment trust. It owns gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas on the Las Vegas Strip.
The Wall Street consensus 12-month price target for VICI is $31.12.
