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Investor Relations14 Oct 2025
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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.Investor Presentation summary4 Sep, 2025
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.
VICI's long-term CPI-linked rent roll target?
VICI's framework for new experiential sectors?
Identify key gaming embedded growth opportunities.
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Next VICI Properties earnings date
Q3 202531 Oct, 2025
Next VICI Properties earnings date
Q3 202531 Oct, 2025
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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.
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