VICI Properties Reports $1.001 Billion Revenue in Q2 2025, Up 4.6% Year-Over-Year

VICI Properties Inc. reported a total revenue of $1.001 billion for the second quarter of 2025, marking a 4.6% increase from $957 million in the same period of 2024. For the first half of 2025, revenues reached $1.986 billion, up from $1.908 billion year-over-year. The growth was primarily driven by increased income from sales-type leases and lease financing receivables, which rose to $530 million and $440 million, respectively, compared to $512 million and $414 million in the prior year. Net income attributable to common stockholders for the second quarter was $865 million, or $0.82 per share, compared to $741 million, or $0.71 per share, in the same quarter of 2024.

The company’s financial position showed significant improvements, with total assets increasing to $46.054 billion as of June 30, 2025, from $45.369 billion at the end of 2024. Notably, retained earnings rose to $2.362 billion, up from $1.867 billion, reflecting strong operational performance. VICI's total liabilities also increased slightly to $18.610 billion, up from $18.417 billion, primarily due to a rise in debt, which reached $16.922 billion, compared to $16.733 billion at the end of the previous fiscal year.

Strategically, VICI Properties has been active in expanding its portfolio through significant real estate debt investments. In February and June 2025, the company invested a total of $450 million in a mezzanine loan for the development of One Beverly Hills, a luxury lifestyle hub. Additionally, VICI committed up to $510 million for a delayed draw term loan facility to support the North Fork Casino project in California. These investments are part of VICI's strategy to enhance its portfolio and generate future income.

Operationally, VICI Properties maintained a robust portfolio 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 a weighted average lease term of approximately 40.2 years. The company’s cash and cash equivalents stood at $233 million, down from $525 million at the end of 2024, reflecting increased investment activity. VICI's ability to generate consistent cash flow is supported by its long-term triple-net leases, which place operational responsibilities on tenants.

Looking ahead, VICI Properties expressed confidence in its ability to navigate macroeconomic challenges, including interest rate volatility and inflation. The company plans to continue leveraging its strong liquidity position, which includes $2.176 billion in available capacity under its revolving credit facility, to fund future growth and maintain its distribution policy. VICI aims to sustain its dividend payments, having declared $0.4325 per share for the second quarter of 2025, consistent with its commitment to return value to shareholders while pursuing strategic investments.