VICI Properties Inc.
VICI Properties is a leading experiential real estate investment trust (REIT) specializing in the ownership and acquisition of premier gaming, hospitality, and entertainment destinations. The company utilizes a long-term triple-net lease model to provide stable income and growth, partnering with top-tier operators to manage iconic assets across North America.
Financials
Based on Q1 2026 filing
Revenue
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Real Property
primaryThe primary business segment focused on owning and leasing large-scale gaming and experiential properties under long-term triple-net lease agreements.
Caesars Palace Las Vegas, MGM Grand, The Venetian Resort Las Vegas, Triple-Net Lease Agreements
Gaming Operators, Hospitality Brands, Entertainment Groups
Financing and Strategic Investments
moderateProvision of real estate debt investments and financing solutions to experiential sector operators, often with pathways to future real estate ownership.
Real Estate Debt Investments, Strategic Financing Partnerships
Experiential Sector Developers, Resort Operators
Golf Operations
minorOwnership and operation of championship golf courses, typically located in proximity to the company's major gaming and resort assets.
Championship Golf Courses
Leisure Travelers, Resort Guests, Local Golfers
Business Overview
Competitive Position
VICI is a dominant owner of iconic Las Vegas Strip assets and one of the largest triple-net lease REITs focused on the experiential sector.
Geographies
United States, Canada
Customer Segments
Enterprise Hospitality Operators, Gaming Corporations, Wellness and Leisure Brands
Upstream Dependencies
Capital Markets, Commercial Real Estate Developers, Construction and Maintenance Services
Downstream Customers
Gaming and Casino Operators, Hotel and Resort Management Companies, Entertainment and Wellness Brands
Competitors & Partners
Competitors
Realty Income
O
Broad-based triple-net lease REIT competitor.
W.P. Carey Inc.
WPC
Competitor in large-scale net-lease and sale-leaseback transactions.
Host Hotels & Resorts
HST
Competitor in the hospitality and resort real estate ownership space.
Gaming and Leisure Properties
GLPI
Direct competitor in the gaming-focused triple-net lease REIT space.
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Prologis
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Granite Point Mortgage Trust
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Welltower
WELL
Kimco Realty
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CBRE Group
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Ladder Capital
LADR
ACRES Commercial Realty
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Blackstone Mortgage Trust
BXMT
Apollo Commercial Real Estate Finance
ARI
NexPoint Real Estate Finance
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TPG RE Finance Trust, Inc.
TRTX
Ares Commercial Real Estate
ACRE
Partners
Caesars Entertainment, Inc.
CZR
Major tenant and lessee of the Las Vegas Strip land and gaming properties.
MGM Resorts International
MGM
Major tenant and operator of iconic gaming assets like MGM Grand.
Apollo Global Management
APO
Operator of The Venetian Resort Las Vegas.
Cabot
Financing and real estate partner in the experiential sector.
Canyon Ranch
Wellness sector financing and real estate partner.
Chelsea Piers
Sports and entertainment sector partner.
Great Wolf Resorts
Family entertainment and hospitality partner.
Kalahari Resorts
Experiential hospitality and waterpark partner.
Lucky Strike Entertainment
Entertainment and leisure sector partner.
Subsidiaries
VICI Properties L.P.
The operating partnership (VICI OP) through which the company conducts its real property business.
VICI Golf LLC
Taxable REIT subsidiary that owns and operates the company's golf course business.
VICI Properties Inc. FAQ
Common questions about VICI Properties Inc.
VICI Properties is a leading experiential real estate investment trust (REIT) specializing in the ownership and acquisition of premier gaming, hospitality, and entertainment destinations. The company utilizes a long-term triple-net lease model to provide stable income and growth, partnering with top-tier operators to manage iconic assets across North America.
VICI Properties Inc. (VICI) has a market capitalization of $30.4B and trades on NYSE.
VICI Properties Inc. generated $4.0B in trailing twelve-month revenue with net income of $3.1B, representing a net margin of 76.8%. Gross margin stands at 99.3%, with free cash flow of $2.5B. These figures are based on the Q1 2026 filing.
VICI Properties Inc.'s key competitors include Realty Income Corporation, W.P. Carey Inc. (REIT), Host Hotels & Resorts, Inc., and others. These companies compete in similar markets and product categories.
VICI Properties Inc. has approximately 28 employees.