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what it is
VICI owns casino and entertainment real estate, then collects long-term rent from operators who do the gambling work.
how it gets paid
Last year Vici Properties made $4.0B in revenue. regional gaming properties was the main engine at $1.60B, or 40% of sales.
why it's growing
Revenue grew 4.1% last year. Funds from operations totaled $0.71 per share, essentially unchanged vs. prior year, as the modest top-line growth was largely offset by higher interest expense and.
what just happened
VICI's last reported quarter missed expectations, with EPS at $0.57 versus the $0.71 consensus estimate.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
50/100 earnings predictability — expect surprises
10.4x trailing p/e — the market's not buying it — or you found a deal
6.4% dividend yield — cash in your pocket every quarter
6.5% return on capital — nothing to write home about
xvary composite: 57/100 — below average
What they do
VICI owns casino and entertainment real estate, then collects long-term rent from operators who do the gambling work.
VICI owns 54 gaming properties and 39 other experiential properties, or 93 cash-register locations tenants cannot casually pick up and move. Built-in escalators (contractual rent bumps → automatic annual rent increases → your rent check can rise without new deals) helped lift third-quarter 2025 revenue 4.4% to roughly $1.0 billion. You are betting on landlords with scarce assets, not on who gets lucky at blackjack.
How they make money
$4.0B
annual revenue · their business grew +4.1% last year
regional gaming properties
$1.60B
las vegas assets
$1.10B
other experiential properties
$0.90B
golf and resort assets
$0.40B
The products that matter
owns and leases casino real estate
Gaming & Hospitality Real Estate
$4.0B revenue · +4.1% growth
it is the entire $4.0B business. VICI owns the land and buildings, collects rent, and bakes annual escalators into the leases.
entire business
Key numbers
94.0%
operating margin
Operating margin → how much revenue is left after running the business → so what: VICI keeps an absurd share of every rent dollar.
6.4%
dividend yield
Dividend yield → annual cash payout as a percent of stock price → so what: you are paid to wait while the real estate does landlord things.
$4.0B
annual revenue
That is the rent stream supporting the dividend, debt service, and future deals.
10.4x
trailing p/e
P/E → price divided by earnings → so what: the market prices VICI more like a slow bond proxy than a premium growth stock.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 95 / 100
- net profit margin 74.1% — keeps 74 cents of every dollar in revenue
- return on equity 10% — $0.10 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in VICI 3 years ago → it's now worth $9,890.
The index would have given you $13,920.
source: institutional data · total return
What just happened
missed estimates
VICI's last reported quarter missed expectations, with EPS at $0.57 versus the $0.71 consensus estimate.
The miss matters because VICI is sold as a steady landlord. The business still posted roughly $1.0 billion of third-quarter 2025 revenue, up 4.4% vs. prior year, helped by built-in rent escalators.
$1.0B
revenue
$0.57
eps
19.7%
vs estimate
the number that mattered
The key number was the -19.72% EPS miss, because a stock priced for dependable rent checks gets judged hardest when dependability slips.
-
vici properties posted a steady 2025 third quarter.
-
total revenue rose 4.4% from a year ago, to roughly $1.0 billion, driven by built-in escalators across the portfolio.funds from operations (ffo) totaled $0.71 per share, essentially unchanged vs. prior year, as the modest top-line growth was largely offset by higher interest expense and a higher share count. subsequent to the quarter’s end, vici announced the addition of its 14th tenant, clairvest, through a new long-term lease on mgm northfield park, which should improve tenant diversification.
-
the reit also raised its quarterly dividend to $0.45 per share, extending its streak of annual increases to eight years.
-
near-term prospects appear solid.management lifted its full-year outlook, implying mid-single-digit growth in ffo, despite limited reliance on external acquisitions.
-
roughly 90% of the rent roll carries escalation over time, linked to the consumer price index (cpi) and subject to caps, providing inflation protection.the northfield park lease is expected to close in the first half of 2026, which should help extend average lease duration and reinforce cash-flow visibility.
source: company earnings report, 2026
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What could go wrong
the #1 risk is financial stress at caesars or mgm.
med
tenant concentration
you own the real estate, but the rent still has to come from casino operators. if caesars or mgm stumble, the problem reaches your income stream fast.
VICI generated $4.0B in revenue last year. all of it ultimately depends on tenants continuing to pay.
med
dividend expectations outrunning growth
a 6.4% yield attracts income investors, but it also raises the bar. if rent growth stays around 4% and acquisitions slow, the dividend story can start to look fully priced.
the quarterly dividend is now $0.45 per share. if that stops growing, part of the thesis stops growing with it.
med
deal timing matters more than it seems
the northfield park lease is expected to close in the first half of 2026. when external growth is part of the playbook, delays leave you with just the escalators.
roughly 90% of the rent roll has escalators. that gives you a floor on growth, not a ceiling-breaker.
a tenant issue or deal slowdown would hit a business that produced $4.0B in rent last year and supports a 6.4% dividend yield.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next quarter's rent growth
VICI grew revenue 4.4% last quarter and 4.1% for the full year. if that slips while leases still have escalators, the market will notice.
metric
dividend coverage versus per-share results
the dividend is now $0.45 quarterly. you want per-share cash flow to keep moving with it, not falling behind it.
risk
tenant health at caesars and mgm
this is the quiet part loud. the casinos are diversified, but your rent checks still run through a concentrated tenant list.
catalyst
northfield park closing timeline
management expects the lease to close in the first half of 2026. if it lands on time, external growth stays on script.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think the stock may lag while it keeps behaving like a yield vehicle.
risk profile
above average
stability score 2 — safer than roughly 80% of stocks. not risk-free, just steadier than most.
chart momentum
average
technical score 3 — the stock is moving with the broader market, and the chart is not screaming anything dramatic.
earnings predictability
50 / 100
middle-of-the-pack predictability. stable rent helps, but deal timing and per-share growth can still surprise you.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 528 buyers vs. 330 sellers in 3q2025. total institutional holdings: 1.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$26
$50
$29
current price
$38
target midpoint · +33% from current · 3-5yr high: $45 (+55% · 16% ann'l return)
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