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VICI Properties (VICI) investor relations material
VICI Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Owns 93 experiential assets, including 54 gaming and 39 other properties, all 100% leased with a weighted average lease term of 40 years as of September 30, 2025.
AFFO per share grew 5.3% year-over-year in Q3 2025, reaching $0.60, reflecting strong earnings growth and operational resilience despite market uncertainty.
Welcomed 14th tenant, Clairvest, through a new lease agreement for MGM Northfield Park, further diversifying the tenant base.
Operates as a REIT, distributing nearly all taxable income to shareholders.
Portfolio spans 26 U.S. states and 1 Canadian province, with major tenants like Caesars, MGM, and Apollo affiliates.
Financial highlights
Total revenues for Q3 2025 were $1.01 billion, up from $964.7 million in Q3 2024; net income attributable to common stockholders was $762.0 million, up from $732.9 million year-over-year.
AFFO per share for Q3 2025 was $0.60, up from $0.57 in Q3 2024; Adjusted EBITDA was $825.6 million, up from $778.0 million.
Dividend increased by 4% to $0.45 per share, marking the eighth consecutive annual increase.
Ended Q3 2025 with $507.5 million in cash and $3.1 billion in total liquidity.
Settled 12.1 million shares under forward sale agreements, raising $376 million and repaying $175 million in credit facility debt.
Outlook and guidance
Updated 2025 AFFO guidance to $2,510–$2,520 million, or $2.36–$2.37 per diluted share, representing 4.6% year-over-year growth at the midpoint.
Guidance excludes impacts from unclosed transactions, future acquisitions, or other non-recurring items.
Management expects continued reliable and predictable long-term revenue streams due to long-term leases and loan agreements.
Sufficient liquidity is maintained to meet all material cash requirements, with $3.1 billion in available liquidity as of September 30, 2025.
Macroeconomic volatility, interest rate changes, and inflation are noted as ongoing risks, but the company believes it is well-positioned to manage these challenges.
CECL allowance impact on GAAP net income guidance?
Northfield Park lease terms vs. existing portfolio?
Capital allocation strategy driving AFFO per share growth?
University sports: VICI's competitive edge?
NYC casino market: VICI's future role?
Capital deployment in uncertain times
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Next VICI Properties earnings date
Q4 202520 Feb, 2026
Next VICI Properties earnings date
Q4 202520 Feb, 2026
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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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