Vici Properties (VICI)
Real Estate · Gaming and entertainment real estate investment trust (REIT)
A diversified gaming and experiential real estate REIT owning 93 properties across gaming, hospitality, wellness, and entertainment destinations leased to leading brands on long-term triple-net leases.
What Vici Properties does
VICI Properties is a Maryland-incorporated REIT that owns and acquires gaming, hospitality, wellness, entertainment and leisure destination real estate assets, leasing them to leading hospitality operators under long-term triple-net leases. As of December 31, 2025, the company owns 93 experiential assets across approximately 127 million square feet in twenty-six states and Canada, including iconic Las Vegas Strip properties such as Caesars Palace, MGM Grand, and the Venetian Resort, which are 100% leased with a weighted average lease term of approximately 39.6 years including extension options. Beyond gaming properties, VICI has expanding partnerships in other experiential sectors including golf courses, resorts, entertainment venues, and real estate debt investments in complementary asset classes.
Themes: ["Gaming and casinos","Experiential real estate","Triple-net lease model","Las Vegas Strip assets","Hospitality and resorts","Income generation and dividends","CPI-linked rent escalation","REIT structure","Entertainment destinations"]
Fundamentals
- Price$26.09 as of 2026-07-08 close
- Market cap$29.3B as of 2026-07-09
- 1-year return-21.0% as of 2026-07-08 close
- P/E9.43 as of 2026-07-09
- Net margin+76.8% as of 2026-07-09
- Gross margin+99.3% as of 2026-07-09
- ROE+11.2% as of 2026-07-09
- Debt / equity0.63 as of 2026-07-09
- Revenue growth (YoY)+4.1% as of 2026-07-09
- Revenue CAGR (3y)+15.5% SEC XBRL
- Beta0.70 as of 2026-07-09
Dividend: yield +6.2%; 5-year non-decreasing per-share dividend streak (SEC XBRL).
Key risks (from latest filing)
["Concentration risk in gaming and hospitality sectors which are sensitive to macroeconomic conditions, consumer spending patterns, and global events such as pandemics or recessions","Tenant credit risk and operational dependency; the company relies on leading operators' ability to meet lease obligations and maintain competitive properties, with 79% of rent from SEC-reporting operators but exposure to potential defaults","Regulatory and licensing risk in gaming properties across multiple jurisdictions, including Nevada, with potential changes in gaming laws, regulations, or license revocations affecting asset values and operations"]
Competitors & peers
- STORE Capital (STOR)
- Realty Income (O)
- Spirit Realty Capital (SRC)
- Four Corners Property Trust (FCPT)
- Agree Realty (ADC)
- Essential Properties Realty Trust (EPRT)
- Getty Realty (GTY)
Fundamentals: Finnhub, as of 2026-07-09. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-08.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.