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Introduction & Market Context
VICI Properties Inc (NYSE:VICI), an S&P 500 experiential real estate investment trust, presented its first quarter 2024 financial and operational results, highlighting continued revenue growth and strategic diversification beyond gaming properties. The company, which owns 93 experiential assets across the United States and Canada, maintained its 100% occupancy rate while expanding its portfolio of gaming and other experiential properties.
With a current stock price of $32.61 (as of September 30, 2025) and trading near its 52-week high of $34.03, VICI has demonstrated resilience and growth since its Q1 2024 presentation. The company’s focus on long-term triple-net lease agreements with industry-leading operators continues to provide stable cash flows and growth opportunities.
As shown in the following overview of VICI’s portfolio and financial highlights:
Quarterly Performance Highlights
For Q1 2024, VICI Properties reported net income per share of $0.57, compared to $0.72 in Q4 2023. While this represents a quarter-over-quarter decrease, the company’s Adjusted Funds From Operations (AFFO) per share improved to $0.56 from $0.55 in the previous quarter, demonstrating underlying operational strength.
Total revenues reached $951.5 million for Q1 2024, a significant increase from $877.6 million in Q1 2023. This 8.4% year-over-year growth was driven by both existing properties and new acquisitions. Adjusted EBITDA attributable to common stockholders rose to $765.3 million, up from $719.3 million in the same quarter of the previous year.
The company maintained its annualized dividend of $1.66 per share, representing a 5.6% yield as of the end of Q1 2024. This dividend yield has slightly decreased to 5.32% by Q2 2025, according to recent data, reflecting the appreciation in VICI’s stock price.
Looking ahead, VICI provided guidance for full-year 2024 AFFO, projecting between $2.22 and $2.25 per diluted share, as shown in the following guidance slide:
Subsequent earnings reports have shown that VICI has continued to perform well, with Q2 2025 EPS reaching $0.82, significantly exceeding forecasts by 18.84%. The company’s AFFO per share increased to $0.60 in Q2 2024, continuing the upward trend from the $0.56 reported in Q1 2024.
Portfolio Overview and Tenant Diversification
VICI’s portfolio as of Q1 2024 consisted of 54 gaming properties and 39 other experiential properties spread across 26 states and one Canadian province. The company’s assets include approximately 60,300 hotel rooms, over 500 restaurants, bars, nightclubs, and sportsbooks, spanning 127 million square feet.
The company’s tenant base is well-diversified across 13 operators, with 80% of rent coming from publicly traded tenants. As illustrated in the following pie chart of annualized contractual rent distribution, Caesars Entertainment and MGM Resorts International remain the largest tenants, contributing 39% and 35% of annualized rent, respectively:
VICI’s geographic diversification strategy is evident in its property distribution across North America. Gaming properties are located in 15 states and one Canadian province, with 47% of gaming revenue coming from Las Vegas and 52% from regional properties. The following map illustrates this geographic spread:
A key strength of VICI’s business model is its weighted average lease term of 41.5 years, providing long-term visibility and stability to cash flows. All leases are structured as triple-net agreements, where tenants are responsible for property taxes, insurance, and maintenance costs.
Balance Sheet and Capitalization
As of March 31, 2024, VICI reported total assets of $44.16 billion and total debt of $17.12 billion. The company maintained a strong liquidity position with $514.9 million in cash, cash equivalents, and short-term investments.
VICI’s credit profile continues to strengthen, with investment-grade ratings from S&P (BBB-/Stable) and Fitch (BBB-/Stable), while Moody’s maintains a Ba1 rating with a positive outlook. The company’s LQA net leverage ratio stood at 5.4x as of Q1 2024, which has since improved to 5.1x by Q2 2025.
The following slide details VICI’s capitalization and key credit metrics:
During Q1 2024, VICI remained active in capital markets, selling over 9.6 million shares through its ATM program for a gross offering value of $305.5 million. The company also managed its debt profile by redeeming $1.05 billion in senior unsecured notes due in 2024 and issuing new notes due in 2034 and 2054.
Growth Strategy and Future Outlook
VICI’s growth strategy focuses on both expanding its gaming portfolio and diversifying into other experiential real estate sectors. The company has established an impressive embedded growth pipeline through put/call agreements and rights of first refusal with existing partners.
In the gaming sector, VICI has strategic agreements with Caesars Entertainment for potential acquisitions including Harrah’s Hoosier Park, Horseshoe Indianapolis, and the Caesars Forum Convention Center. The company also holds rights of first refusal for several Las Vegas Strip assets and other properties.
The following slide outlines VICI’s gaming embedded growth pipeline:
Beyond gaming, VICI is actively diversifying into other experiential sectors. The company has established call right agreements for properties including Canyon Ranch Austin, Cabot Highlands, Homefield KC, and Margaritaville Resort. Additionally, VICI has formed longer-term financing partnerships with operators like Bowlero, Cabot Citrus Farms, Canyon Ranch, and Homefield.
As illustrated in the following slide, these agreements provide VICI with multiple avenues for future growth in the experiential real estate sector:
VICI’s recent investment activity demonstrates its commitment to portfolio diversification and growth. The company has completed transactions across various experiential sectors, including gaming, entertainment, and recreation. These investments are expected to contribute to VICI’s future revenue growth and portfolio diversification.
The following slide summarizes VICI’s recent investment activity:
Looking ahead, VICI appears well-positioned for continued growth. The company has since raised its 2025 AFFO guidance to $2.50-2.52 billion, reflecting confidence in sustained performance. Future investments are expected to focus on expanding into youth and professional sports sectors, further enhancing VICI’s diversified portfolio beyond its traditional gaming base.
With its long-term lease structure, diversified tenant base, and robust growth pipeline, VICI Properties continues to demonstrate resilience and growth potential in the experiential real estate sector.
Full presentation:
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