)

VICI Properties (VICI) investor relations material
VICI Properties Investor Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Investment highlights and growth
Owns a large, high-quality portfolio of gaming, hospitality, wellness, entertainment, and leisure properties, with ~$38B invested since 2017 and $3.2B in annualized cash rent as of September 2025.
Maintains 100% rent collection and occupancy, with 42% of 2025 rent roll and 90% long-term rent roll linked to CPI escalation.
Added to the S&P 500 in June 2022, achieving the fastest REIT inclusion from IPO.
Holds investment-grade ratings from Fitch, Moody’s, and S&P, supporting strong access to capital.
79% of rent roll comes from SEC-reporting tenants, providing transparency into tenant performance.
Portfolio and tenant diversification
Portfolio includes 54 gaming and 39 other experiential properties across 26 states and 1 Canadian province.
Major tenants include MGM, Caesars, and The Venetian, with 90% of rent roll having parent guarantees and 80% under master lease protection.
Largest owner of hotel room real estate and privately-owned meeting, convention, and event space in the U.S.
Tenants continue to invest in properties, with recent large-scale renovations and new developments funded through the Partner Property Growth Fund.
Financial performance and efficiency
Achieved 377% adjusted EBITDA growth since 2017, reaching $3,289M annualized in Q2 2025.
Maintains one of the highest net income margins in the S&P 500 at 70%, driven by an efficient triple net lease model.
100% cash dividend raised every year since IPO, with a 6.6% seven-year CAGR and a 2025 annualized dividend of $1.80 per share.
Long-term net leverage target of 5.0–5.5x, with 98% fixed-rate and 83% unsecured debt.
Next VICI Properties earnings date

Next VICI Properties earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Investing in Experiences
VICI Properties is an American real estate investment trust with a distinct focus on the gaming and entertainment industry. VICI Properties owns some of the most prestigious casino properties in the country and leases these to casino and entertainment businesses. The company was founded in 2017 as a spin-off from Caesars Entertainment Corporation and has its headquarters in NYC.
Spin-Off From Caesar’s
Created as the result of a spin-off of Caesars Entertainment during bankruptcy proceedings, VICI Properties owns an impressive portfolio of high-profile properties. These assets, scattered primarily across Las Vegas and Atlantic City, form the backbone of America's gaming industry. Beyond just casinos, VICI's property portfolio extends to include several golf courses and land leases related to other entertainment venues.
The Business Model
While they own these properties, they're leased back to industry giants, ensuring a steady revenue stream while allowing operators to manage and maintain the on-ground activities. This usually works in the following way: VICI purchases an entertainment property for an up-front payment. The company then leases this property back to the operator, and in many cases, the business VICI purchased the property from in the first place.
Operating as a REIT
A Real Estate Investment Trust (REIT) is an entity that owns, manages, or invests in revenue-generating properties across various real estate sectors. Structured to deliver consistent income flows, potential capital growth, and tax advantages to investors, REITs publicly issue shares that can be bought and sold on leading stock exchanges. Legally, they are obligated to allocate a minimum of 90% of their taxable earnings to shareholders as dividends. REITs are a common sight on public exchanges, with some examples being American Tower and Prologis.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage