VICI Properties Inc. reported a total revenue of $4.0 billion for the fiscal year ending December 31, 2025, marking a 4.1% increase from $3.85 billion in 2024. The company's net income attributable to common stockholders rose by 3.6% to $2.78 billion, with earnings per diluted share increasing to $2.61. Adjusted Funds From Operations (AFFO) also saw a significant increase of 6.6%, reaching $2.5 billion, or $2.38 per diluted share. The growth in revenue was primarily driven by annual rent escalations and increased income from loans, which rose by $83.9 million due to new debt investments.
In terms of strategic developments, VICI announced a $1.16 billion acquisition of seven casino properties from Golden Entertainment, which will be leased back under a new master lease with an initial annual rent of $87 million. The company also combined existing leases with PENN Entertainment into a single master lease, maintaining a total annual rent of $80.7 million. Additionally, VICI made three real estate debt investments totaling $966 million, further diversifying its portfolio. The company’s properties remain fully leased, with a weighted average lease term of approximately 39.6 years.
Operationally, VICI's portfolio consists of 93 experiential assets, including 54 gaming properties and 39 other experiential properties across the U.S. and Canada. The company reported that its properties are 100% leased, with significant contributions from major tenants such as Caesars and MGM, which together account for approximately 74% of total leasing revenues. The company employed 28 full-time staff as of December 31, 2025, reflecting a stable workforce to support its operations.
Looking ahead, VICI's management expressed confidence in its ability to maintain its REIT status and continue making distributions to shareholders, although they acknowledged potential risks from economic conditions, including interest rate fluctuations and tenant performance. The company emphasized its commitment to exploring growth opportunities in the experiential real estate sector while managing its substantial debt load, which stood at approximately $17.1 billion as of year-end. The outlook remains cautiously optimistic, with a focus on strategic acquisitions and maintaining strong tenant relationships to ensure continued revenue growth.
About VICI PROPERTIES INC.
VICI Properties Inc. is a real estate investment trust specializing in owning and leasing gaming, hospitality, entertainment, and leisure properties. Its portfolio includes iconic assets like Las Vegas Strip resorts, leased long-term to leading operators. The company generates stable rental income through triple-net leases, with a focus on strategic partnerships, embedded growth opportunities, and diversified experiential assets across North America.
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