VICI Properties (VICI)
Owns casino resorts and other experiential real estate under long-term triple-net leases.
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Owns gaming resorts and other experiential real estate across the United States and Canada, earning primarily long-term triple-net lease payments. Strategic real estate loans extend the investment pipeline, while Caesars, MGM, and Las Vegas remain major revenue concentrations.
Owns gaming, hospitality, wellness, entertainment, and leisure destinations, with more than 100 properties across the United States and Canada. Gaming real estate remains the core, including Caesars Palace Las Vegas, MGM Grand, and the Venetian Resort; other experiential holdings include bowling centers, Chelsea Piers, and golf courses.
Earns most revenue through long-term triple-net leases that place property taxes, insurance, maintenance, and capital spending with tenants. Master leases bundle multiple properties, while senior and mezzanine loans fund experiential developments and can create paths to future real estate ownership.
Operates as a REIT and depends on tenant and borrower performance, capital-market access, and gaming licenses or suitability findings. Caesars and MGM together generate most lease revenue, while Las Vegas Strip properties produce roughly half.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Evercore ISI | Target | Target: $32 | Target: $30 |
| Sep 15, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $31 | Target: $29 |
| Sep 2, 2026 | Mizuho Securities | Target | Target: $30 | Target: $27 |
| Sep 1, 2026 | Wells Fargo | Reiterate | Rating: —Target: $27 | Target: $26 |
| Aug 13, 2026 | Raymond James | Target | Target: $38 | Target: $29 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $288.1M · Total debt $17.84B · Total assets $48.27B · Shareholders' equity $29.17B
- Revenue
- $1.06B
- Operating income
- $744.7M
- Net income
- $526.5M
HistoryDividendAnnual yield
| Institutions | 97.16% | 1.07B shares | |
|---|---|---|---|
| 971 holders · as of Jun 30, 2026 | |||
| Insiders | 0.28% | 3.12M shares | |
| 12 holders · as of Jul 1, 2026 | |||
| Other | 2.56% | 28.21M shares | |
| remainder | |||
1.10B company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 11.75% | 129.33M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 7.84% | 86.34M | as of Jun 30, 2026 |
State Street CorpInstitution | 6.10% | 67.16M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 5.93% | 65.33M | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 3.65% | 40.21M | as of Jun 30, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
- Gaming and Leisure Properties
Only other pure-play gaming REIT; competes on every casino SLB deal.
- Realty Income
Largest net-lease REIT; entered gaming in 2022 and competes for large SLBs.
- Caesars Entertainment
Foundational tenant retaining several Strip assets VICI holds ROFRs on.
- EPR Properties
Diversified experiential REIT; overlaps on golf, wellness, eat & play deals.
- MGM Resorts International
Largest VICI tenant; Bellagio/CityCenter real estate in rival Blackstone hands.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| VICI Properties | $23.99 | −0.25% | $26.48B | 9.3 | 8.2 | 6.5 | +5.7% |
| Gaming and Leisure Properties | $39.73 | +0.15% | $11.24B | 11.5 | 12.2 | 6.8 | +9.0% |
| Realty Income | $56.72 | +0.12% | $52.83B | 41.4 | 35.1 | 8.9 | +1.1% |
| Caesars Entertainment | $29.70 | +0.15% | $6.04B | — | — | 0.5 | +3.0% |
| EPR Properties | $57.47 | +0.07% | $4.39B | 18.4 | 19.2 | 6.0 | +12.4% |
| MGM Resorts International | $38.97 | +0.62% | $9.74B | 23.5 | 23.7 | 0.5 | +1.1% |
| Median | 20.9 | 21.5 | 6.0 | +3.0% |