VICI Properties

What VICI Properties does

VICI Properties Inc. is an S&P 500 experiential real estate investment trust (REIT) formed in 2017 as a spinoff from Caesars Entertainment and listed on the NYSE under ticker VICI. The company owns 101 experiential assets — 63 gaming facilities and 40 non-gaming experiential properties — across 26 U.S. states and one Canadian province, comprising roughly 130 million square feet, approximately 66,000 hotel rooms, and 700+ restaurants, bars, nightclubs, and sportsbooks. The portfolio includes trophy Las Vegas Strip assets such as Caesars Palace Las Vegas, MGM Grand, and The Venetian Resort Las Vegas.

VICI generates revenue primarily through long-term triple-net master leases with major gaming, hospitality, and entertainment operators; tenants assume responsibility for taxes, insurance, maintenance, and utilities, while VICI receives contractual rent with annual escalators of approximately 2% or CPI-linked adjustments. The company operates with a lean staff of approximately 28 employees based at its New York City headquarters (535 Madison Avenue). It supplements rental income with the VICI Experiential Credit Solutions (V.E.C.S.) platform, which provides mezzanine debt capital to experiential asset owners and developers (including a $1.5 billion One Beverly Hills commitment). Growth is driven by sale-leaseback acquisitions, formation of new master leases, and opportunistic expansion into adjacent verticals such as golf (via the Cabot-managed VICI Golf portfolio), wellness, sports complexes (Chelsea Piers), and Caribbean hospitality (Club Med at Carambola Beach).

The business model is structurally defensive: VICI maintains 100% rent collection, reports a 69% net profit margin, has raised its dividend for eight consecutive years since IPO, and ended FY2025 with $4.0 billion in revenue (4.1% YoY) and $2.5 billion in AFFO (6.6% YoY). Concentration in two anchor tenants — Caesars Entertainment and MGM Resorts, which together account for roughly 70% of the rent roll — is the principal risk factor, partially offset by lease durations of 15–30 years, investment-grade counterparties, and ongoing counterparty diversification through deals with Hard Rock, PENN Entertainment, Club Med, Pure Casino, Clairvest, and others.

Name

VICI Properties

Legal name

VICI Properties Inc.

Website

https://viciproperties.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

VICI Properties is an S&P 500 experiential REIT that owns 101 gaming, hospitality, entertainment, and leisure properties (~130M sq ft) across 26 U.S. states and Canada, leasing them to operators such as Caesars, MGM Resorts, Hard Rock, and Club Med under long-term triple-net leases.

Ownership category

akta.pro rank

Product category

Experiential Real Estate REIT

NAICS

Lessors of Real Estate (5311), Lessors of Other Real Estate Property (531190), Rental and Leasing Services (532)

SIC

Real Estate Dealers (For Their Own Account) (6532), Finance Lessors (6172)

akta.pro primary industry

Luxury Casino Hotels (THAGAJAI)

akta.pro secondary industry

Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO) (FSAHAIAB)

Keywords

• Experiential real estate
• Triple-net lease REIT
• Gaming property leasing
• Sale-leaseback financing
• Hospitality real estate

Headquarters

HQ city

Las Vegas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others

Revenue model

1. Triple-Net Lease Rent: VICI Properties generates revenue through long-term triple-net lease agreements with casino and experiential operators. Tenants pay contractual rent that typically includes annual escalators (often 2% or CPI-linked). The company maintains 100% occupancy across its portfolio. Revenue for full year 2025 was $4.0 billion, up 4.1% year-over-year, with AFFO of $2.5 billion representing 6.6% growth.
2. VICI Experiential Credit Solutions (V.E.C.S.) - Mezzanine Loans: The company provides debt capital including mezzanine loans to experiential asset owners and operators. Notable transaction includes $1.5 billion mezzanine loan for One Beverly Hills development with Cain and Eldridge Industries, generating interest income.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

VICI Properties owns and leases experiential real estate — primarily gaming, hospitality, entertainment, and leisure destinations — through long-term triple-net master lease agreements with major casino and hospitality operators. The company generates recurring rental income from a portfolio of 101 experiential assets (63 gaming facilities and 40 non-gaming experiential properties) plus four championship golf courses, and supplements this with mezzanine loan financing through VICI Experiential Credit Solutions (V.E.C.S.).

Product overview

VICI Properties is an S&P 500 experiential real estate investment trust (REIT) operating a single unified platform focused on owning and leasing market-leading gaming, hospitality, entertainment, and leisure destinations. The company's portfolio comprises three core components: a Gaming Properties Portfolio of 63 gaming facilities, a Non-Gaming Experiential Properties Portfolio of 40 properties, and VICI Golf (4 championship golf courses). VICI generates revenue through triple-net master lease arrangements with institutional operators, providing contractual rent with CPI-linked escalators. The portfolio includes iconic Las Vegas Strip assets like Caesars Palace, MGM Grand, and The Venetian, as well as regional gaming and entertainment destinations across the US and Canada.

Differentiator

Problem solved

Functional benefit

Products and services

• Gaming Properties Portfolio A core portfolio of 63 gaming facilities across the United States and Canada leased to enterprise casino and gaming operators (Caesars Entertainment, MGM Resorts, Hard Rock, Century Casinos, PENN Entertainment, and others) under long-term triple-net master leases. Includes iconic Las Vegas Strip assets such as Caesars Palace Las Vegas, MGM Grand, and The Venetian Resort Las Vegas.
• Non-Gaming Experiential Properties Portfolio A portfolio of 40 non-gaming experiential properties including entertainment venues, sports complexes (e.g., Chelsea Piers New York), wellness destinations, hospitality resorts, and leisure assets leased to operators under triple-net master lease arrangements.
• VICI Golf Four championship golf courses operated by Cabot Collection through the Cabot-Managed Properties affiliate — Cascata and Serket in Las Vegas (NV), Chariot Run in Indiana, and Grand Bear in Mississippi — located near VICI's gaming properties.
• Triple-Net Master Lease Platform Long-term triple-net master lease arrangements (typically 15–30 years) with contractual annual rent escalators (2% or CPI-linked) where tenants assume responsibility for taxes, insurance, maintenance, and utilities, providing VICI with stable, recurring rental income.
• VICI Experiential Credit Solutions (V.E.C.S.) A debt capital strategy providing mezzanine loans and other financing to developers and operators of experiential real estate assets. Generates interest income for VICI in addition to rental income, with notable transactions including a $1.5 billion mezzanine loan for the One Beverly Hills development with Cain and Eldridge Industries.

Quantifiable outcome

• 8 consecutive years of dividend increases since 2018 IPO
• +4 more outcomes

Named customers10 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered core.

• Pure Casino EntertainmentcoreStrategic or Co-development Partner · 24 June 2026VICI Properties completed acquisition of real estate assets including Deerfoot Inn & Casino, Great Northern Casino, and two adjacent hotels in Alberta, Canada for CAD$200.6 million (USD$144.4 million), in connection with Pure Casino Entertainment's take-private acquisition of Gamehost Inc. The portfolio was added to the existing PURE Master Lease, increasing annual rent by CAD$16.1 million. Lease term extended to full 25-year initial base term with four 5-year tenant renewal options and CPI escalators.
• Club MedcoreStrategic or Co-development Partner · 15 June 2026VICI Properties and Club Med announced acquisition and planned redevelopment of Carambola Beach Resort in St. Croix, U.S. Virgin Islands. VICI acquired the property and entered into a long-term triple-net lease with Club Med, which will operate the 150-key resort under its Exclusive Collection brand following renovation beginning summer 2026 with targeted reopening Q4 2027. Projected to generate approximately 200 direct jobs and targeting BREEAM and Green Globe environmental certifications.
• Golden Entertainment (Golden OpCo)coreStrategic or Co-development Partner · 30 April 2026VICI Properties completed $1.16 billion acquisition of seven Nevada casino properties from Golden Entertainment, with closing on April 30, 2026. VICI acquired the real estate assets and entered into a 30-year triple-net master lease with a newly formed entity controlled by Blake L. Sartini, who acquired the operating business. Initial annual rent of $87 million (7.5% acquisition cap rate) with 2% annual escalation. VICI also assumed and retired $426 million of Golden Entertainment's outstanding debt.
• Clairvest Group Inc.coreStrategic or Co-development Partner · 21 April 2026VICI Properties entered into a new triple-net lease agreement with an affiliate of Clairvest Group Inc. for the real property of MGM Northfield Park casino in Northfield, Ohio, following MGM Resorts' sale of the casino's operations to Clairvest for $546 million. The Northfield Park Lease carries initial annual base rent of $53.0 million over a 25-year term with three 10-year renewal options and 2% annual escalation. As part of the transaction, VICI amended its master lease with MGM Resorts, reducing annual rent by $53.0 million while aggregate rent collected remains unchanged.
• Cain and Eldridge IndustriescoreStrategic or Co-development Partner · 23 March 2026VICI Properties expanded its involvement in the One Beverly Hills development through a $1.5 billion mezzanine loan, bringing its total investment to $1.95 billion. The project is a luxury mixed-use development in Beverly Hills, California with phased delivery from 2028. The financing includes a $2.8 billion senior loan led by J.P. Morgan and $1.5 billion mezzanine loan from VICI. The transaction marks the first major initiative under a strategic alliance for experiential investment collaborations.
• Cabot-Managed Properties (The Cabot Collection)coreImplementation/ SI/ Consulting PartnerVICI Properties' four championship golf courses (Cascata and Serket in Las Vegas, Chariot Run in Indiana, Grand Bear in Mississippi) are operated and managed by Cabot-Managed Properties, an affiliate of Cabot, a developer, owner, and operator of world-class destination golf resorts and communities. Cabot is committed to sustainable golf course management and pursuing innovation in environmental sustainability.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• W. P. Carey: W. P. Carey (WPC) is a diversified net-lease REIT with a global industrial and retail portfolio. Comparable for its long-dated triple-net lease structure, dividend track record, and S&P membership, though its tenant base is industrial-heavy rather than experiential.
• National Retail Properties: National Retail Properties (NNN) is a long-established net-lease REIT focused on single-tenant retail. Comparable for the S&P-listed net-lease structure, dividend track record, and similar lease escalator mechanics, though the asset class (retail) differs.
• Agree Realty Corporation: Agree Realty (ADC) is a high-growth net-lease REIT focused on retail and industrial tenants. Comparable for the net-lease structure, dividend growth, and capital markets access, though it operates in a different tenant vertical.
• Realty Income Corporation: Realty Income (O) is a large S&P 500 net-lease REIT with a diversified tenant base across retail, industrial, and gaming. While not experiential-focused, it shares the net-lease infrastructure, S&P 500 status, and dividend-growth profile that defines VICI's model.

Direct peers

• Gaming and Leisure Properties: Gaming and Leisure Properties (GLPI) is the closest direct peer—the only other U.S. public REIT primarily focused on owning and triple-net leasing real estate to casino operators (e.g., Penn Entertainment, Caesars, Boyd). Operates the same business model targeting the same tenant base and asset class.
• EPR Properties: EPR Properties (EPR) is a net-lease REIT focused on experiential properties including golf, entertainment, eat-and-play, and education assets. Directly comparable for the "experiential real estate" thesis and tenant base overlap in leisure and entertainment.

Emerging players

• Four Corners Property Trust: Four Corners Property Trust (FCPT) is a smaller net-lease REIT focused on restaurant properties. Comparable for the triple-net lease and rent-escalator model, though it is much smaller and focused on a narrower asset class.
• Broadstone Net Lease: Broadstone Net Lease (BNL) is a diversified net-lease REIT spanning industrial, restaurant, office, and retail. Comparable for the long-dated lease model and dividend discipline, though lacking VICI's gaming/experiential focus.

Others

• MGM Resorts International: MGM Resorts is VICI's second-largest tenant and a strategic partner. Not a peer in a real estate sense, but its operating performance and lease structure with VICI (master lease) are foundational to VICI's revenue and valuation thesis.
• Caesars Entertainment: Caesars Entertainment is VICI's largest tenant and the company from which VICI was spun off. Not a peer in a competitive sense, but a key counterparty whose operating health directly drives VICI's rent and a useful comparison for the gaming/hospitality economics that underlie VICI's portfolio.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/vici-properties-inc
• Xx.com/ViciProp

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds12 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VICI Properties