VICI Properties reported higher adjusted funds from operations for 2025 and outlined several capital commitments, while executives addressed Las Vegas visitation trends, lease restructuring, and capital allocation during the company’s fourth-quarter earnings call.
For the year ended December 31, 2025, total revenues increased 4.1% to $4.0 billion. Net income attributable to common stockholders rose 3.6% to $2.8 billion, or $2.61 per diluted share, compared with $2.7 billion a year earlier.
Adjusted funds from operations attributable to common stockholders reached $2.5 billion, up 6.6% from $2.4 billion, with AFFO per share rising 5.1% to $2.38.
Fourth-quarter total revenues were $1.0 billion, up 3.8% from the prior-year period. AFFO increased 6.8% to $642.5 million, with per-share AFFO rising to $0.60 from $0.57. Weighted average shares outstanding increased 1.2% year over year.
Chief Financial Officer David Kieske said the company generated a 69% profit margin and described “sustainable per-share returns,” adding that debt was approximately five times cash flow. VICI ended the year with $563.5 million in cash and cash equivalents, $44.5 million in short-term investments, and $243.3 million in estimated available forward sale equity proceeds.
The company increased its annualized cash dividend by 4.0% in the third quarter, marking its eighth consecutive annual increase since its 2018 IPO.
In 2025, VICI announced approximately $2.1 billion in capital commitments at a weighted average initial yield of 8.9%. Those included a $450.0 million mezzanine loan investment related to the One Beverly Hills development project, up to $510.0 million in delayed draw term loans for the North Fork Mono Casino & Resort in California, and a $1.16 billion sale-leaseback of seven casino properties in Nevada from Golden Entertainment.
On November 6, the company agreed to acquire the land and real property of seven Golden properties for $1.16 billion and to enter into a triple-net master lease with a newly formed entity controlled by Chairman and Chief Executive Officer Blake L. Sartini. The lease will carry an initial annual rent of $87.0 million, reflecting a 7.5% acquisition cap rate, with a 30-year initial term and four five-year renewal options.
VICI discusses Las Vegas
In the company’s call with investors, President John Payne addressed Las Vegas trends, stating: “We view 2025 as more of a normalization than a pullback.”
He acknowledged “a dip in Canadian visitation” but noted that Harry Reid International Airport recorded its third-best passenger tally in 2025 and cited a strong convention calendar in early 2026.
“The operating process of our tenants is important,” Payne also said, pointing to Station Casinos’ “thoughtful and creative operating model.”
VICI combined the leases for Hollywood Casino at Greektown in Detroit and Margaritaville Resort Casino in Bossier City into a single master lease with PENN Entertainment, with total annual rent of $80.7 million and no change in aggregate rent. “We simplified the escalation structure,” Kieske said, calling it “a much cleaner, simpler structure.”
Asked about share repurchases, Chief Executive Officer Edward Pitoniak said General Counsel Samantha Gallagher “would justifiably smack me if I said we would never do share buybacks.”
He added that the company has a “track record of improving returns” and declined to prioritize buybacks over other uses of capital. On investment guidance, he said, “I, as a risk manager, am a little bit hesitant around investment guidance,” adding that it “can be a road to trouble.”
