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VICI Properties Inc. is an S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading developers and operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties' goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. VICI Properties Inc. was incorporated in 2016 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.0B | $3.7B | $2.8B | $2.5B | 10.0% | 4.1% | 3.6% |
| 2024 | $3.8B | $3.6B | $2.7B | $2.4B | 10.1% | 6.6% | 6.6% |
| 2023 | $3.6B | $3.4B | $2.5B | $2.2B | 10.0% | 38.9% | 124.9% |
| 2022 | $2.6B | $1.7B | $1.1B | $1.9B | 5.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,600.70 | 3,611.99 | 3,849.20 | 4,006.12 |
| Operating Revenue | - | 2,541.07 | 3,538.66 | 3,771.78 | 3,928.64 |
| Cost Of Revenue | - | 22.60 | 27.09 | 26.90 | 26.73 |
| Gross Profit | - | 2,578.09 | 3,584.90 | 3,822.31 | 3,979.39 |
| Operating Expense | - | 945.64 | 240.05 | 277.38 | 324.08 |
| Selling General And Administration | - | 48.34 | 59.60 | 69.11 | 65.08 |
| Total Expenses | - | 968.25 | 267.14 | 304.27 | 350.82 |
| Operating Income | - | 1,632.45 | 3,344.85 | 3,544.93 | 3,655.30 |
| EBITDA | - | 1,682.28 | 3,370.84 | 3,561.17 | 3,668.23 |
| Normalized EBITDA | - | 1,704.93 | 3,378.85 | 3,565.74 | 3,675.96 |
| EBIT | - | 1,679.10 | 3,366.54 | 3,557.04 | 3,664.59 |
| Interest Income | - | 9.53 | 23.97 | 16.10 | 14.36 |
| Interest Expense | - | 539.95 | 818.06 | 826.10 | 843.61 |
| Net Interest Income | - | -530.42 | -794.09 | -810 | -829.25 |
| Other Non Operating Income Expenses | - | - | 4.46 | 0.58 | 2.66 |
| Other Income Expense | - | 37.12 | -2.28 | -3.99 | -5.07 |
| Interest Income Non Operating | - | 9.53 | 23.97 | 16.10 | 14.36 |
| Interest Expense Non Operating | - | 539.95 | 818.06 | 826.10 | 843.61 |
| Net Non Operating Interest Income Expense | - | -530.42 | -794.09 | -810 | -829.25 |
| Pretax Income | - | 1,139.14 | 2,548.48 | 2,730.95 | 2,820.98 |
| Tax Provision | - | 2.88 | -6.14 | 9.70 | 2.44 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.07 | -1.68 | -0.02 | -0.01 |
| Net Income Continuous Operations | - | 1,136.27 | 2,554.62 | 2,721.24 | 2,818.54 |
| Net Income From Continuing And Discontinued Operation | - | 1,117.64 | 2,513.54 | 2,678.81 | 2,775.49 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,117.64 | 2,513.54 | 2,678.81 | 2,775.49 |
| Net Income | - | 1,117.64 | 2,513.54 | 2,678.81 | 2,775.49 |
| Net Income Common Stockholders | - | 1,117.64 | 2,513.54 | 2,678.81 | 2,775.49 |
| Net Income Including Noncontrolling Interests | - | 1,136.27 | 2,554.62 | 2,721.24 | 2,818.54 |
| Normalized Income | - | 1,140.22 | 2,519.87 | 2,683.36 | 2,783.21 |
| Diluted NI Availto Com Stockholders | - | 1,117.64 | 2,513.54 | 2,678.81 | 2,775.49 |
| Basic Average Shares | - | 877.51 | 1,014.51 | 1,046.74 | 1,062.01 |
| Diluted Average Shares | - | 879.68 | 1,015.78 | 1,047.68 | 1,062.69 |
| Reconciled Depreciation | - | 3.18 | 4.30 | 4.12 | 3.64 |
| Reconciled Cost Of Revenue | - | 22.60 | 27.09 | 26.90 | 26.73 |
| Total Unusual Items | - | -22.65 | -8.02 | -4.57 | -7.73 |
| Total Unusual Items Excluding Goodwill | - | -22.65 | -8.02 | -4.57 | -7.73 |
| Minority Interests | - | -18.63 | -41.08 | -42.43 | -43.05 |
| Special Income Charges | - | -22.65 | -8.02 | -4.57 | -7.73 |
| Other Special Charges | 15.62 | - | - | - | - |
| Restructuring And Mergern Acquisition | - | 22.65 | 8.02 | 4.57 | 7.73 |
| Depreciation Amortization Depletion Income Statement | - | 3.18 | 4.30 | 4.12 | 3.64 |
| Depreciation And Amortization In Income Statement | - | 3.18 | 4.30 | 4.12 | 3.64 |
| General And Administrative Expense | - | 48.34 | 59.60 | 69.11 | 65.08 |
| Other Gand A | - | 48.34 | 59.60 | 69.11 | 65.08 |
| Other Operating Expenses | - | 59.63 | 73.33 | 77.42 | 77.48 |
| Provision For Doubtful Accounts | - | 834.49 | 102.82 | 126.72 | 177.89 |
| Earnings From Equity Interest | - | 59.77 | 1.28 | 0 | 0 |
| Depreciation Income Statement | - | 3.18 | 4.30 | 4.12 | 3.64 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| VICI Properties Inc.this co. | VICI | $29.3B | 10.56↓ discount | 1.05 | 10.0% | 12.66 |
| Iron Mountain Incorporated | IRM | $38.8B | 268.02 | -39.50 | -14.7% | 27.26 |
| Ventas, Inc. | VTR | $38.5B | 152.98 | 3.07 | 2.0% | 22.43 |
| CBRE Group, Inc. | CBRE | $38.3B | 33.14 | 4.32 | 13.0% | 22.97 |
| Extra Space Storage Inc. | EXR | $32.2B |
| - |
| - |
| - |
| - |
| - |
| 33.05 |
| 2.40 |
| 7.3% |
| 19.07 |
| AvalonBay Communities, Inc. | AVB | $26.8B | 25.53 | 2.31 | 9.1% | 16.22 |
| Equity Residential | EQR | $26.2B | 23.42 | 2.38 | 10.2% | 13.85 |
| SBA Communications Corporation | SBAC | $22.0B | 20.92 | -4.54 | -21.7% | 18.45 |
| Essex Property Trust, Inc. | ESS | $19.6B | 29.29 | 3.54 | 12.1% | 16.82 |
| Peer Median | - | 31.17 | 2.39 | 8.2% | 18.76 | |