At a glance
VICI Properties Inc is worth $27.53B, about 10 times its fiscal 2025 earnings. Revenue grew 4.1% to $4.01B in fiscal 2025, with 69.3% kept as profit; over 5 years it has grown 26.7% a year. It pays a 7.24% dividend yield, raised every year for at least 7 years, and returned $7.17B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −10.8% over the past year with dividends reinvested and +2.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 60.2% in the 2020 crash (S&P 500: 33.7%) and 16.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 23 months after the lows.
The business in plain English
VICI Properties is a real estate investment trust (REIT). A REIT is a company that owns property and largely avoids federal income tax by paying out its taxable income as dividends. VICI owns casinos and other entertainment venues and rents them to the operators that run them. As of December 31, 2025, it owned 93 properties in the US and Canada. Of those, 54 were gaming properties, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort.
Most of its revenue is rent from triple-net leases, which means the tenant pays the property taxes, insurance and upkeep. Initial lease terms generally run 15 to 32 years. As of December 31, 2025, the weighted average term was about 39.6 years, including extension options. Every lease has yearly rent increases, and 90% of long-term rent is linked to inflation, subject to caps. Revenue topped $4.0 billion in 2025.
VICI does not report revenue by segment or region, but its income is concentrated. Caesars and MGM supplied about 74% of leasing revenue in 2025, and a large share of revenue comes from the Las Vegas Strip. Outside gaming, VICI owns 38 Lucky Strike bowling centers and Chelsea Piers in New York. It also has real estate and lending partnerships with operators such as Great Wolf Resorts and Canyon Ranch, and lending carries different risks than owning property.
Price history
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VICI -10.8% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.07B, up 5.8% from a year earlier, and net income was $342.5M (-55.1%).
- For fiscal 2025, revenue was $4.01B (+4.1% year over year; +26.7% a year from FY2020 to FY2025) with a 69.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +26.7% good |
|---|---|
| Free cash flow margin | 62.6% good |
| Return on equity (FY2025) | 10% watch |
| Return on assets (FY2025) | 5.9% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.23B | $891.7M | $880.9M |
| FY2021 | $1.51B | $1.01B | $893.8M |
| FY2022 | $2.60B | $1.12B | $1.94B |
| FY2023 | $3.61B | $2.51B | $2.18B |
| FY2024 | $3.85B | $2.68B | $2.37B |
| FY2025 | $4.01B | $2.78B | $2.51B |
Valuation snapshot
| Market value | $27.53B |
|---|---|
| P/E ratio | 9.6 |
| Dividend yield | 7.24% |
Rank among 1514 US companies
Market value at each year end
VICI Properties’s market value went from $7.57B at the end of 2017 to $27.53B on Nov 2, 2026, about 3.6 times as much; since the end of 2025 it is down 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $27.53B | -8.4% |
| 2025 | $30.05B | -2.4% |
| 2024 | $30.79B | -6.6% |
| 2023 | $32.98B | +5.7% |
| 2022 | $31.20B | +64.8% |
| 2021 | $18.94B | +38.4% |
| 2020 | $13.69B | +16.2% |
| 2019 | $11.78B | +69.4% |
| 2018 | $6.95B | -8.2% |
| 2017 | $7.57B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VICI price data to Nov 2, 2026 | -6.4% | -10.8% | +1.5% | +2.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -6.4% |
| 2025 | +1.8% |
| 2024 | -3.1% |
| 2023 | +3.7% |
| 2022 | +13.1% |
| 2021 | +23.8% |
| 2020 | +6.0% |
| 2019 | +43.3% |
| 2018 | -3.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 57.3% over that stretch · deepest drop along the way 60.2%, back to its old high 10.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 6% over that stretch · deepest drop along the way 16.3%, back to its old high 22.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 7.86% | Mar 31, 2026 |
| Vanguard Capital Management | 6.91% | Mar 31, 2026 |
| Capital Research Global Investors | 4.8% | Sep 30, 2025 |
| Capital International Investors | 1.8% | Sep 30, 2025 |
ETFs with the most weight in VICI
| NETL NETLease Corporate Real Estate ETF | 8.2% |
| GENZ VanEck Digital Native Economy ETF | 7.48% |
| GQRE FlexShares Global Quality Real Estate Index Fund | 4.83% |
| REIT ALPS Active REIT ETF | 4.7% |
| BYRE Principal Real Estate Active Opportunities ETF | 4.44% |
| ICF iShares Cohen & Steers REIT ETF | 3.86% |
| DIVP Cullen Enhanced Equity Income ETF | 3.85% |
| UDI USCF Dividend Income Fund | 3.55% |
What could go wrong
- Two tenants pay most of the rent. Caesars and MGM provided about 74% of leasing revenue in 2025. If either hit serious financial trouble or bankruptcy, rent could be cut, delayed or renegotiated, hurting VICI's income and dividend.
- Concentrated on the Las Vegas Strip. Caesars Palace, MGM Grand and the Venetian Resort are among its many Strip properties, which produce a concentrated share of revenue. A Las Vegas tourism slump could hurt VICI more than a more widely spread landlord.
- Heavy dependence on the casino industry. Gaming properties make up 54 of VICI's 93 properties and produce most of its rent. Tougher competition, new gaming rules, shifting consumer habits or a recession could squeeze tenants' profits and their ability to pay.
- Built-in rent increases cut both ways. Rent rises every year under long leases, whatever the properties earn, which can squeeze tenants in a downturn. Caps on inflation-linked increases also mean rent may fall behind high inflation or market rates.
- Lending adds construction and development risk. VICI also lends to developers, including construction loans on unfinished properties. These loans can face cost overruns, delays or weak results. Those risks differ from simply owning and leasing finished buildings.
- Large debt and interest rate exposure. Total debt was about $16.9 billion as of September 30, 2026. Higher interest rates or shaky credit markets could raise borrowing costs, weigh on the share price and make new deals harder to fund.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
VICI has increased its dividend at least seven years in a row, through fiscal 2025. Dividends per share grew from $1.255 in 2020 to $1.765 in 2025, about 7.1% a year. In 2025, dividends used about 67% of earnings and 74% of free cash flow (cash left after operating costs and capital spending). The dividend yield was 7.7% as of October 28, 2026. VICI bought back no shares in 2021–2025. Its share count rose 47.1% from February 2022 to October 2026, spreading profits across more shares.
In the 2020 COVID crash the stock fell 60.2% in under a month and took about 10.5 months to recover. During the 2022 bear market, when the broad market slumped, it gained 6%. Even so, a 16.3% drop in August and September 2022 took about 22.7 months to recover. The share price fell 17.1% in the 12 months to October 28, 2026. Any single stock carries more risk than a diversified fund.
Questions investors ask
How does VICI Properties make money?
VICI makes money mainly by collecting rent. As of December 31, 2025, it owned 93 properties, including 54 gaming properties. It leases them to operators such as Caesars, MGM, PENN Entertainment and Hard Rock. Its triple-net leases also make tenants pay property taxes, insurance and upkeep. Rent rises every year, often linked to inflation. VICI also earns interest on real estate loans tied to leisure and entertainment properties. Revenue was just over $4.0 billion in 2025.
Does VICI raise its dividend every year?
Yes, so far. VICI's dividend per share has risen at least seven years in a row through fiscal 2025, from $1.255 in 2020 to $1.765 in 2025. That is about 7.1% a year. Past increases do not guarantee future ones. In its annual report, VICI warns that it may not have enough cash to pay dividends at expected levels, and that it may use borrowed money to pay them.
Is VICI's dividend safe?
No dividend is guaranteed, but VICI's 2025 payout was covered: dividends used about 67% of earnings and 74% of free cash flow. The yield was 7.7% as of October 28, 2026. A falling price lifts a stock's yield, and VICI's price fell 17.1% over the prior 12 months. A key risk is tenant trouble, since Caesars and MGM provided about 74% of 2025 leasing revenue. Net income for the quarter ended September 30, 2026 also fell 55.1% from a year earlier, even as revenue rose 5.8%.
Who are VICI Properties' biggest tenants?
Caesars Entertainment and MGM are the two biggest. Together they provided about 74% of VICI's leasing revenue in 2025. Their leases call for roughly $1.3 billion and $1.1 billion, respectively, in estimated rent for 2026. Caesars leases Caesars Palace plus many Harrah's and Horseshoe casinos. MGM leases MGM Grand, Mandalay Bay and Borgata, among others. Funds managed by Apollo lease the Venetian Resort. Other tenants include PENN Entertainment, Hard Rock, Century Casinos and Lucky Strike Entertainment.
How has VICI stock performed over the past five years?
On price alone, the stock has changed little over five years. As of October 28, 2026, the share price was up about 4% in total over five years, or 0.7% a year. It was down 17.1% over one year. Those figures leave out dividends, which made up most of what shareholders earned. The yield was 7.7% on that date. The stock's deepest fall in its trading history was 60.2%, in the 2020 COVID crash.