VICI PROPERTIES INC.

Overview

VICI Properties Inc. is an experiential real estate investment trust (REIT) focused on owning gaming, hospitality, wellness, entertainment and leisure destinations. Its core business is to lease real estate to operators under long-term triple-net leases, alongside real estate and financing partnerships.[1]

At year-end 2025, VICI’s portfolio comprised 93 properties—54 gaming and 39 other experiential assets—across the United States and Canada, with about 127 million square feet and 60,300 hotel rooms.[1] The company states its goal is to build a high-quality, productive experiential real estate portfolio through partnerships with operators and experiential place makers.[1][2] VICI reported approximately $4.0 billion in total revenue for fiscal 2025.[3] [1]+2

Products & services

VICI Properties’ principal offering is real-estate ownership and capital provided through property leases and financing arrangements. Its portfolio includes gaming and other experiential properties, spanning hospitality, wellness, entertainment and leisure. Named assets include The Venetian, MGM Grand/Mandalay Bay, Hollywood Casino at Greektown, Margaritaville Resort Casino and Canyon Ranch wellness resorts.[4][5]

VICI also owns four championship golf courses—Serket, Cascata, Chariot Run and Grand Bear. Caesars has preferred guest access and tee times under a use agreement; minimum contractual fees under that and related golf agreements were $17.6 million annually as of December 31, 2025.[6]

The core service is leasing real estate to operators, with rent escalators and, in some arrangements, variable-rent adjustments. One described Canyon Ranch Austin arrangement provides for a 25-year initial triple-net lease and eight five-year renewal options; other Canyon Ranch facilities are subject to financing or rights-of-first-offer arrangements.[7]+4

The FY2025 filing does not report revenue or NOI percentages by property or product type. It does report tenant concentration: MGM leases represented 38% of lease revenues and 36% of contractual rent in 2025, while Caesars represented 36% and 37%, respectively; these figures describe tenant concentration, not product mix.[12] [4]+8

Geographic presence

VICI Properties’ portfolio spans the United States and Canada. Its Q2 2026 materials reported 103 experiential properties: 63 gaming assets and 40 other experiential assets. The listed footprint includes U.S. locations, Alberta, Canada, and St. Croix in the U.S. Virgin Islands; examples include Caesars Palace in Nevada, Harrah’s North Kansas City in Missouri, Chelsea Piers in New York, Century Edmonton in Alberta, and Club Med St. Croix.[13]+2

VICI’s portfolio includes major Las Vegas Strip properties, including Caesars Palace, MGM Grand, and The Venetian Resort, as well as approximately 33 acres of adjacent undeveloped or underdeveloped Strip land. The company lists its headquarters at 535 Madison Avenue, New York, NY 10022. The reviewed materials do not provide a regional revenue or rent breakdown, or employee distribution by location.[16]+2 [13]+5

Business segments

VICI Properties reports one operating and reportable segment: real-estate investment activities. It reviews results on a consolidated basis and does not disclose revenue or asset contributions for separate business segments.[18][19]

Its portfolio includes gaming properties and other experiential properties focused on hospitality, wellness, entertainment and leisure. As of June 30, 2026, VICI reported 63 gaming properties and 40 other experiential properties, or approximately 61% and 39% of properties by count, respectively. This is a property-count mix, not a reported segment revenue or asset-value split.[20] [18]+2

Company history

VICI Properties was formed on October 6, 2017, as part of Caesars Entertainment Operating Company’s emergence from bankruptcy. The spin-off established VICI as a stand-alone owner of Caesars-related real estate, and it acquired Harrah’s Las Vegas that December.[21][22] Its shares began trading on the New York Stock Exchange in February 2018 following its initial public offering.[23][24]

VICI expanded beyond its initial assets with the 2018 acquisition of Harrah’s Philadelphia and the 2019 acquisition of the real estate associated with JACK Cincinnati, leased to Hard Rock International.[25][26] In 2022, it acquired the Venetian Resort’s real estate and completed its acquisition of MGM Growth Properties, substantially expanding its portfolio of gaming and hospitality properties.[27][28]

In 2023, VICI added four Canadian gaming properties and acquired 38 Bowlero bowling centers, extending its investments into other leisure and entertainment venues.[29][30] In April 2026, it completed the acquisition of seven Nevada casino properties from Golden Entertainment, following an agreement announced in 2025.[31] [21]+10

Sources

• VICI PROPERTIES INC. — Presentation (2025 Y)
  3 citations

  [1][8][9]
• viciproperties.com[2]
• investors.viciproperties.com[3]
• VICI PROPERTIES INC. — Full financial report (2025 Y)
  7 citations

  [4][5][6][7][10][11][12]
• VICI PROPERTIES INC. — Presentation (2026 Q 2)
  3 citations

  [13][14][16]
• viciproperties.com[15]
• viciproperties.com[17]
• VICI PROPERTIES INC. — Full financial report (2026 Q 2)[18][20]
• www.sec.gov[19]
• VICI PROPERTIES INC. — Full financial report (2017 Y)
  3 citations

  [21][22][23]
• investors.viciproperties.com[24]
• www.businesswire.com[25]
• www.nasdaq.com[26]
• VICI PROPERTIES INC. — Full financial report (2022 Y)[27][29]
• www.businesswire.com[28]
• www.businesswire.com[30]
• investors.viciproperties.com[31]