VICI PROPERTIES INC.

Overview

VICI Properties Inc. is a real estate investment trust that owns and acquires gaming, hospitality, wellness, entertainment and leisure properties. It leases them to operators, primarily through long-term triple-net leases under which tenants manage the properties and pay operating costs. VICI describes its purpose as investing in and stewarding experiential real estate of enduring value.[1]+2

At the end of 2025, VICI owned 93 properties across the United States and Canada, including 54 gaming properties and 39 other experiential properties. It reported approximately $4.0 billion in 2025 revenue and employed 28 people, reflecting a business centered on property ownership rather than venue operation.[1]+2 [1]+5

Products & services

VICI Properties’ principal offering is long-term access to experiential real estate. Its portfolio includes casino resorts such as Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, as well as other entertainment and leisure properties, including bowling centers leased to Lucky Strike Entertainment. At year-end 2025, it owned 54 gaming properties and 39 other experiential properties across the United States and Canada.[1]+2

Its leases are generally triple-net: tenants pay operating and maintenance costs, property taxes, utilities and insurance. Leases typically have long initial terms, renewal options and annual rent increases. VICI also provides real-estate financing and funds improvements to tenant properties in exchange for additional rent. Separately, it owns four championship golf courses operated by a third-party manager, with preferred access for Caesars guests.[8]+3

In 2024, income from sales-type leases accounted for approximately 54% of revenue, while income from lease-financing receivables, loans and securities accounted for approximately 43%. Golf revenue contributed approximately 1%; other income made up the balance.[11] [1]+10

Geographic presence

VICI Properties’ portfolio spans the United States and Canada. At December 31, 2025, it comprised 93 experiential assets: 54 gaming properties and 39 other experiential properties. Its listed Canadian gaming properties are in Alberta, while its U.S. assets include gaming properties, bowling centers in various cities, and Chelsea Piers in New York City. VICI also owns golf courses in Nevada, Indiana and Mississippi.[12]+3

The Las Vegas Strip is a significant revenue concentration: properties there generated approximately 49% of VICI’s total revenue in 2025. VICI’s principal executive offices are in New York City; its 28 full-time employees at year-end 2025 were primarily based there.[15]+2 [12]+6

Business segments

VICI Properties reports **one operating segment and one reportable segment**, comprising its real estate investment activities; it does not report its real-property and golf-course businesses as separate segments. Its real-property business accounts for the substantial majority of assets and focuses on experiential properties in gaming, hospitality, wellness, entertainment and leisure, alongside real-estate debt investments. Leased properties generally operate under long-term triple-net leases.[17]+3

The smaller golf-course business owns four courses and earns revenue from course operations and access arrangements. In 2025, golf revenue was $39.8 million, or approximately **1%** of VICI’s $4.01 billion in total revenue. The remaining approximately **99%** is a calculated non-golf share, not revenue from a separately reported real-property segment.[10]+3 [17]+8

Company history

VICI Properties was formed on October 6, 2017, as part of Caesars Entertainment Operating Company’s emergence from bankruptcy. The reorganization transferred real estate and golf-course assets to VICI, separating property ownership from casino operations. Edward Pitoniak became its chief executive officer, and VICI completed a $1.4 billion initial public offering in February 2018.[22]+2

VICI expanded its casino real estate portfolio through acquisitions in 2019, including the properties associated with Greektown Hotel Casino and JACK Cincinnati.[25][26] Its largest subsequent expansion came in 2022: it acquired the Venetian Resort’s real estate in February and completed its merger with MGM Growth Properties in April, adding 15 casino-resort properties.[27][28] VICI also began investing beyond gaming properties through a Great Wolf Lodge financing commitment in 2021 and later acquisitions of bowling centers in 2023.[29][30] [22]+8

Sources

• VICI PROPERTIES INC. — Full financial report (2025 Y)
  18 citations

  [1][2][4][5][6][7][9][10][12][13][14][15][16][17][18][19][20][21]
• investors.viciproperties.com[3]
• VICI PROPERTIES INC. — Full financial report (2024 Y)[8][11]
• VICI PROPERTIES INC. — Full financial report (2017 Y)[22][23]
• VICI PROPERTIES INC. — Press release (2018 Y)[24]
• VICI PROPERTIES INC. — Press release (2019 Q 2)[25]
• VICI PROPERTIES INC. — Press release (2019 Q 3)[26]
• VICI PROPERTIES INC. — Full financial report (2022 Y)
  3 citations

  [27][28][30]
• VICI PROPERTIES INC. — Full financial report (2021 Y)[29]