Vici Properties Inc (VICI)

VICI Properties Inc. Announces Release Date for Second Quarter 2026 ResultsJune 25, 2026 4:15 PM
Business Wire VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) announced today that it will release its second quarter 2026 financial results on Wednesday July 29, 2026 after the close of trading on the New York Stock Exchange. The Company will host a conference call and audio webcast on Thursday, July 30, 2026 at 10:00 a.m. Eastern Time (ET). Conference Call and Webcast Please visit the VICI Properties website to listen to the earnings call via a live webcast. Listeners who wish to participate in the question and answer session may do so via telephone by pre-registering on the Company’s earnings call registration webpage. All registrants will receive dial-in information and a PIN allowing them to access the live call. An on-demand replay of the earnings call will be available on the Company’s website immediately following the conclusion of the live call for a period of one year. About VICI Properties 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 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features over 66,000 hotel rooms and over 700 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 operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, 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. For additional information, please visit www.viciproperties.com. Press Release Category: Financial Results View source version on businesswire.com: https://www.businesswire.com/news/home/20260625575811/en/ Investor Contacts:
Investors @Leo51 Or David Kieske
EVP, Chief Financial Officer
DKieske@viciproperties.com Moira McCloskey
SVP, Capital Markets
MMcCloskey@viciproperties.com LinkedIn:
www.linkedin.com/company/vici-properties-inc Original: VICI Properties Inc. Announces Release Date for Second Quarter 2026 Results

VICI Properties Inc. Completes Sale-Leaseback of Canadian Portfolio in Connection With Pure Casino Entertainment’s Acquisition of GamehostJune 24, 2026 4:15 PM
Business Wire VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, today announced the completion of the previously announced transaction to acquire the real estate assets of Deerfoot Inn & Casino, Great Northern Casino and two limited-service hotels that are adjacent to the Great Northern Casino (collectively, the “Portfolio”) located in Alberta, Canada, for CAD$200.6 million / USD$144.4 million (the “Real Estate Transaction”), in connection with the closing of Pure Casino Entertainment Limited Partnership’s (“PURE”) take-private acquisition of Gamehost Inc. (GH.TO) (“Gamehost”). The Company funded the Real Estate Transaction through a Canadian dollar-denominated draw on its multicurrency revolving credit facility. Simultaneous with the closing of the Real Estate Transaction, the Portfolio was added to the existing triple-net master lease agreement between VICI Properties and PURE (the “PURE Master Lease”) and annual rent increased by CAD$16.1 million (USD$11.6 million). The Portfolio rent will escalate at 1.0% on February 1, 2028, and escalation will conform to the PURE Master Lease thereafter at the greater of 1.5% or the change in Canadian CPI (capped at 2.5%). Additionally, the term of the PURE Master Lease was extended such that the PURE Master Lease has a full 25-year initial base lease term, with four 5-year tenant renewal options. The tenants’ obligations under the PURE Master Lease continue to be guaranteed by Indigenous Gaming Partners, Inc. About VICI Properties 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 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features over 66,000 hotel rooms and over 700 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 operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, 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. For additional information, please visit www.viciproperties.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, achievements, or ability to achieve the benefits contemplated by the transaction. Important risk factors that may affect the Company’s business, results of operations and financial position are detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Press Release Category: Transactions View source version on businesswire.com: https://www.businesswire.com/news/home/20260624595990/en/ Investors:
Investors @Leo51 Or David Kieske
EVP, Chief Financial Officer
DKieske@viciproperties.com Moira McCloskey
SVP, Capital Markets
MMcCloskey@viciproperties.com LinkedIn:
www.linkedin.com/company/vici-properties-inc Original: VICI Properties Inc. Completes Sale-Leaseback of Canadian Portfolio in Connection With Pure Casino Entertainment’s Acquisition of Gamehost

CLUB MED ADVANCES STRATEGIC NORTH AMERICAN EXPANSION WITH THE REDEVELOPMENT OF CARAMBOLA BEACH RESORT IN ST. CROIX IN PARTNERSHIP WITH VICI PROPERTIESJune 15, 2026 8:15 AM
PR Newswire (US) Developed in partnership with VICI Properties, the resort will mark Club Med's return to U.S. shores, bringing Club Med's signature all-inclusive experience to the cultural heart of the Virgin IslandsST. CROIX, U.S. Virgin Islands, June 15, 2026 /PRNewswire/ -- Club Med, the pioneer of the all-inclusive concept with nearly 60 resorts in some of the world's most desired vacation destinations, and VICI Properties Inc. (NYSE: VICI), an S&P 500 experiential real estate investment trust, announced today the acquisition and planned redevelopment of the iconic Carambola Beach Resort, located in the U.S. Virgin Islands, marking the return of Club Med to U.S. shores. The future Club Med St. Croix will reinforce the hospitality brand's leadership in the premium all-inclusive category, while bringing a renewed spirit to the destination's most historic beachfront property. The project is a result of a partnership between Club Med and VICI. Following VICI's acquisition of the Carambola Beach Resort, VICI has entered into a long-term triple-net lease with Club Med, and will fund the resort's redevelopment, elevating the property to Club Med's Exclusive Collection standards. Club Med will run the future operations of the historic 150-key resort, transforming it into a model for sustainable, culturally rich and all-inclusive hospitality in the region."The U.S. Virgin Islands represent an exciting new chapter for Club Med," said Carolyne Doyon, President and CEO of Club Med North America and the Caribbean. "For more than seven decades, we've welcomed North American travelers to our destinations around the world, and now we're bringing that experience back home. With St. Croix's natural beauty, strong community spirit, and deep cultural roots, together with the longstanding legacy of this hotel, this project reflects our vision for thoughtful growth, and meaningful connection across the Americas."John Payne, President and COO of VICI, said, "We are very excited to begin our partnership with Club Med, a true pioneer of the premium all-inclusive resort experience and the brand leader in the category. Club Med's approach to growth aligns directly with how VICI partners with best-in-class experiential operators, and Carambola Beach Resort is an ideal asset to launch our relationship. We have tremendous respect for what the Club Med team has built, and we look forward to opportunities to support their continued growth across North America for years to come."An Iconic Setting Reimagined
Originally built in 1986 by philanthropist and conservation pioneer Laurance Rockefeller, Carambola Beach Resort reflects his enduring vision for the U.S. Virgin Islands, where hospitality and preservation exist in balance. Club Med's redevelopment plans envision a comprehensive renovation that preserves the property's natural beauty and historic roots.The resort, nestled between a crescent beach and tropical rainforest, will be part of Club Med's Exclusive Collection, the brand's most refined portfolio of premium all-inclusive resorts, distinguished by elevated design, personalized service, and exceptional experiences in extraordinary settings.A Flagship Destination and a U.S. Homecoming
Club Med St. Croix will mark the brand's reentry onto U.S. soil and aims to attract travelers from the U.S., Canada, and around the world seeking a high quality, all-inclusive experience in a unique island setting. Beyond its touristic appeal, the resort will act as a key economic driver for St. Croix and the broader Virgin Islands, fueling job creation, local partnerships, and sustainable growth across the territory.Empowering Local Opportunity: Economic Impact
Discussions with senior government officials have highlighted shared ambitions around local employment, education and training, business development, and responsible tourism.Aligned with Club Med's Happy to Care sustainability commitments, the project will target BREEAM and Green Globe certifications—benchmarks of environmental design and operational responsibility. Together, these efforts underscore Club Med's longstanding focus on environmental performance and community stewardship."The arrival of the Club Med brand to the U.S. Virgin Islands marks another significant milestone in the continued economic growth and revitalization of our islands — particularly St. Croix — where tourism remains a key driver of opportunity and investment," said Governor Albert Bryan Jr. "We are proud to welcome the Club Med team to the territory and look forward to growing this partnership as we continue elevating the U.S. Virgin Islands, celebrating our people and culture, and welcoming new and returning visitors to our beautiful shores."Once complete, the redevelopment is projected to generate approximately 200 direct jobs along with at least as many indirect opportunities. The resort is expected to further stimulate the local economy through collaborations with excursion operators, service providers, and local farmers and artisans, reinforcing the connection between tourism and the island's broader community. Club Med plans to continue to engage with the local community in the upcoming months to share further details of the project.Construction is expected to begin in summer 2026, followed by a targeted reopening in Q4 2027.To learn more about Club Med's existing footprint in North America, click here and to partner with Club Med on other potential developments, visit clubmeddevelopment.com.ABOUT CLUB MEDClub Med, founded in 1950 by Gérard Blitz, is the pioneer of the all-inclusive concept, operating nearly 60 premium resorts in stunning locations around the world including North and South America, Caribbean, Asia, Africa, Europe and the Mediterranean. Each Club Med resort features authentic local style and comfortably upscale accommodations, superior sports programming and activities, enriching children's programs, gourmet dining, and warm and friendly service by its world-renowned staff with legendary hospitality skills, an all-encompassing energy and diverse backgrounds. Club Med operates in 40 countries spanning across 5 continents and continues to maintain its authentic Club Med spirit with an international staff of more than 23,000 employees from more than 110 different nationalities. Led by its pioneering spirit, Club Med continues to grow and adapt to each market with three to five new resort openings or renovations per year, including a new mountain resort annually. For more information, visit www.clubmed.us, call 1-800-Club-Med (1-800-258-2633), or contact a preferred travel professional. For an inside look at Club Med, follow Club Med on Facebook, Instagram, and YouTube. About VICI Properties Inc.
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 101 experiential assets across a geographically diverse portfolio consisting of 61 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features over 66,000 hotel rooms and over 700 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 operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, 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. For additional information, please visit www.viciproperties.com.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words "assumes," "believes," "estimates," "expects," "guidance," "intends," "plans," "projects," "will," and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond VICI's control and could materially affect VICI's actual results, performance, achievements, or VICI's ability to achieve the benefits contemplated by the transaction. Other important risk factors that may affect VICI's business, results of operations and financial position (including risks relating to VICI's pending transactions) are detailed from time to time in VICI's filings with the Securities and Exchange Commission. VICI does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.Club Med Media Contacts:
Malaika Hollis
Alliance Connection
Malaika@allianceconnection.comVICI Investor Contacts:
Investors @Leo51OrDavid Kieske
EVP, Chief Financial Officer
DKieske@viciproperties.comMoira McCloskey
SVP, Capital Markets
MMcCloskey@viciproperties.com View original content to download multimedia:https://www.prnewswire.com/news-releases/club-med-advances-strategic-north-american-expansion-with-the-redevelopment-of-carambola-beach-resort-in-st-croix-in-partnership-with-vici-properties-302799408.htmlSOURCE Club Med Original: CLUB MED ADVANCES STRATEGIC NORTH AMERICAN EXPANSION WITH THE REDEVELOPMENT OF CARAMBOLA BEACH RESORT IN ST. CROIX IN PARTNERSHIP WITH VICI PROPERTIES

VICI Properties and Club Med Announce Acquisition and Redevelopment of Carambola Beach Resort in St. CroixJune 15, 2026 8:15 AM
Business Wire Developed in partnership with Club Med, the project will bring the global hospitality brand’s signature all-inclusive experience back to U.S. shores while expanding VICI's experiential real estate portfolio. Club Med, the pioneer of the all-inclusive concept with nearly 60 resorts in some of the world’s most desired vacation destinations, and VICI Properties Inc. (NYSE: VICI), an S&P 500 experiential real estate investment trust, announced today the acquisition and planned redevelopment of the iconic Carambola Beach Resort, located in the U.S. Virgin Islands, marking the return of Club Med to U.S. shores. The future Club Med St. Croix will reinforce the hospitality brand’s leadership in the premium all-inclusive category, while bringing a renewed spirit to the destination’s most historic beachfront property. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260611056444/en/The future site of Club Med St. Croix The project is a result of a partnership between Club Med and VICI. Following VICI’s acquisition of the Carambola Beach Resort, VICI has entered into a long-term triple-net lease with Club Med, and will fund the resort’s redevelopment, elevating the property to Club Med’s Exclusive Collection standards. Club Med will run the future operations of the historic 150-key resort, transforming it into a model for sustainable, culturally rich and all-inclusive hospitality in the region. “The U.S. Virgin Islands represent an exciting new chapter for Club Med,” said Carolyne Doyon, President and CEO of Club Med North America and the Caribbean. “For more than seven decades, we’ve welcomed North American travelers to our destinations around the world, and now we’re bringing that experience back home. With St. Croix’s natural beauty, strong community spirit, and deep cultural roots, together with the longstanding legacy of this hotel, this project reflects our vision for thoughtful growth, and meaningful connection across the Americas.” John Payne, President and COO of VICI, said, "We are very excited to begin our partnership with Club Med, a true pioneer of the premium all-inclusive resort experience and the brand leader in the category. Club Med's approach to growth aligns directly with how VICI partners with best-in-class experiential operators, and Carambola Beach Resort is an ideal asset to launch our relationship. We have tremendous respect for what the Club Med team has built, and we look forward to opportunities to support their continued growth across North America for years to come.” An Iconic Setting Reimagined Originally built in 1986 by philanthropist and conservation pioneer Laurance Rockefeller, Carambola Beach Resort reflects his enduring vision for the U.S. Virgin Islands, where hospitality and preservation exist in balance. Club Med’s redevelopment plans envision a comprehensive renovation that preserves the property’s natural beauty and historic roots. The resort, nestled between a crescent beach and tropical rainforest, will be part of Club Med’s Exclusive Collection, the brand’s most refined portfolio of premium all-inclusive resorts, distinguished by elevated design, personalized service, and exceptional experiences in extraordinary settings. A Flagship Destination and a U.S. Homecoming Club Med St. Croix will mark the brand’s reentry onto U.S. soil and aims to attract travelers from the U.S., Canada, and around the world seeking a high quality, all-inclusive experience in a unique island setting. Beyond its touristic appeal, the resort will act as a key economic driver for St. Croix and the broader Virgin Islands, fueling job creation, local partnerships, and sustainable growth across the territory. Empowering Local Opportunity: Economic Impact Discussions with senior government officials have highlighted shared ambitions around local employment, education and training, business development, and responsible tourism. Aligned with Club Med’s Happy to Care sustainability commitments, the project will target BREEAM and Green Globe certifications—benchmarks of environmental design and operational responsibility. Together, these efforts underscore Club Med’s longstanding focus on environmental performance and community stewardship. “The arrival of the Club Med brand to the U.S. Virgin Islands marks another significant milestone in the continued economic growth and revitalization of our islands — particularly St. Croix — where tourism remains a key driver of opportunity and investment,” said Governor Albert Bryan Jr. “We are proud to welcome the Club Med team to the territory and look forward to growing this partnership as we continue elevating the U.S. Virgin Islands, celebrating our people and culture, and welcoming new and returning visitors to our beautiful shores.” Once complete, the redevelopment is projected to generate approximately 200 direct jobs along with at least as many indirect opportunities. The resort is expected to further stimulate the local economy through collaborations with excursion operators, service providers, and local farmers and artisans, reinforcing the connection between tourism and the island’s broader community. Club Med plans to continue to engage with the local community in the upcoming months to share further details of the project. Construction is expected to begin in summer 2026, followed by a targeted reopening in Q4 2027. To learn more about Club Med’s existing footprint in North America, click here. About Club Med Club Med, founded in 1950 by Gérard Blitz, is the pioneer of the all-inclusive concept, operating nearly 60 premium resorts in stunning locations around the world including North and South America, Caribbean, Asia, Africa, Europe and the Mediterranean. Each Club Med resort features authentic local style and comfortably upscale accommodations, superior sports programming and activities, enriching children's programs, gourmet dining, and warm and friendly service by its world-renowned staff with legendary hospitality skills, an all-encompassing energy and diverse backgrounds. Club Med operates in 40 countries spanning across 5 continents and continues to maintain its authentic Club Med spirit with an international staff of more than 23,000 employees from more than 110 different nationalities. Led by its pioneering spirit, Club Med continues to grow and adapt to each market with three to five new resort openings or renovations per year, including a new mountain resort annually. For more information, visit www.clubmed.us, call 1-800-Club-Med (1-800-258-2633), or contact a preferred travel professional. For an inside look at Club Med, follow Club Med on Facebook, Instagram, and YouTube. About VICI Properties Inc. 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 101 experiential assets across a geographically diverse portfolio consisting of 61 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features over 66,000 hotel rooms and over 700 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 operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, 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. For additional information, please visit www.viciproperties.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond VICI’s control and could materially affect VICI’s actual results, performance, achievements, or VICI’s ability to achieve the benefits contemplated by the transaction. Other important risk factors that may affect VICI’s business, results of operations and financial position (including risks relating to VICI’s pending transactions) are detailed from time to time in VICI’s filings with the Securities and Exchange Commission. VICI does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Press Release Category: Transactions View source version on businesswire.com: https://www.businesswire.com/news/home/20260611056444/en/ Club Med Media Contacts:
Malaika Hollis
Alliance Connection
Malaika@allianceconnection.com VICI Investor Contacts:
Investors @Leo51 Or David Kieske
EVP, Chief Financial Officer
DKieske@viciproperties.com Moira McCloskey
SVP, Capital Markets
MMcCloskey@viciproperties.com LinkedIn:
www.linkedin.com/company/vici-properties-inc Original: VICI Properties and Club Med Announce Acquisition and Redevelopment of Carambola Beach Resort in St. Croix

VICI Properties Inc. Declares Regular Quarterly DividendJune 4, 2026 4:15 PM
Business Wire VICI Properties Inc. (NYSE: VICI) (“VICI Properties”) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.45 per share of common stock for the period from April 1, 2026 to June 30, 2026. The dividend will be payable on July 9, 2026 to stockholders of record as of the close of business on June 18, 2026. About VICI Properties 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 100 experiential assets across a geographically diverse portfolio consisting of 61 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features over 66,000 hotel rooms and over 700 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 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. For additional information, please visit www.viciproperties.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond VICI’s control and could materially affect actual results, performance, or achievements. Important risk factors that may affect VICI’s business, results of operations and financial position are detailed from time to time in VICI’s filings with the Securities and Exchange Commission. VICI does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Press Release Category: Dividends View source version on businesswire.com: https://www.businesswire.com/news/home/20260604218143/en/ Investor Contacts:
Investors @Leo51 Or David Kieske
EVP, Chief Financial Officer
DKieske@viciproperties.com Moira McCloskey
SVP, Capital Markets
MMcCloskey@viciproperties.com LinkedIn:
www.linkedin.com/company/vici-properties-inc Original: VICI Properties Inc. Declares Regular Quarterly Dividend

Greenberg Traurig Represents Blake L. Sartini In Acquisition of Golden Entertainment and Its Transition to Private, Family-Owned OperationMay 4, 2026 5:15 PM
PR Newswire (US) LAS VEGAS, May 4, 2026 /PRNewswire/ -- Global law firm Greenberg Traurig, LLP represented Blake L. Sartini in the successful completion of Mr. Sartini's transition of Golden Entertainment to a private, family-owned operation following the close of a transaction involving Golden Entertainment and VICI Properties Inc. (NYSE: VICI). The transaction closed April 30 with Golden Entertainment shareholders receiving a $2.75 cash dividend and 0.902 shares of VICI stock per share of Golden stock. In connection with the transaction, VICI Properties acquired the real estate assets associated with seven of Golden Entertainment's casino resorts and entered into a triple-net master lease with entities controlled by Mr. Sartini. Golden Entertainment will continue to operate its full casino and tavern portfolio going forward."We were honored to represent Blake L. Sartini in returning Golden Entertainment to private family ownership. We congratulate Blake and the entire Golden Entertainment team!" said Greenberg Traurig Las Vegas Co-Managing Shareholder Michael J. Bonner.In addition to Bonner, the Greenberg Traurig deal team was led by Tampa Corporate Shareholder Dmitriy A. Tartakovskiy and Real Estate Practice member and Las Vegas office Co-Managing Shareholder Jim Mace.The team also included Washington, D.C., Corporate Shareholder James Doyle, Fort Lauderdale Corporate Shareholder Laurie L. Green, Las Vegas Corporate and Hospitality Shareholder Brandon Roos, Denver Tax Shareholder Robert D. Simon, and New York Tax Shareholder Carl J. Riley; Las Vegas Corporate Of Counsel Gregory H. Cooper; and Fort Lauderdale Corporate Associate R. Joel Todd, Washington, D.C., Corporate Associate Jason Hak Hyun Kim, Chicago Gaming Associate Brenden P. Dunleavy, and Las Vegas Corporate Associate Serena Ruedas.About Greenberg Traurig: Greenberg Traurig, LLP has approximately 3,100 lawyers across 51 locations in the United States, Europe, the Middle East, Latin America, and Asia. The firm's broad geographic and practice range enables the delivery of innovative and strategic legal services across borders and industries. Recognized as a 2025 BTI "Best of the Best Recommended Law Firm" by general counsel for trust and relationship management, Greenberg Traurig is consistently ranked among the top firms on the Am Law Global 100, NLJ 500, and Law360 400. Greenberg Traurig is also known for its philanthropic giving, culture, innovation, and pro bono work. Web: www.gtlaw.com. View original content to download multimedia:https://www.prnewswire.com/news-releases/greenberg-traurig-represents-blake-l-sartini-in-acquisition-of-golden-entertainment-and-its-transition-to-private-family-owned-operation-302761755.htmlSOURCE Greenberg Traurig, LLP Original: Greenberg Traurig Represents Blake L. Sartini In Acquisition of Golden Entertainment and Its Transition to Private, Family-Owned Operation

VICI Properties Inc. Announces First Quarter 2026 ResultsApril 29, 2026 4:15 PM
Business Wire
- Announced Expanded $1.5 Billion Investment with Cain and Eldridge Industries -


- Announced Sale-Leaseback of Canadian Casino Portfolio with PURE -


- Raises Guidance for Full Year 2026 -


VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, "VICI" or the “Company”), an experiential real estate investment trust, today reported results for the quarter ended March 31, 2026. All per share amounts included herein are on a per diluted common share basis unless otherwise stated.


First Quarter 2026 Financial and Operating Highlights



Total revenues increased 3.5% year-over-year to $1.0 billion



Net income attributable to common stockholders increased 60.5% year-over-year to $872.4 million and, on a per share basis, increased 58.7% year-over-year to $0.82 due to the impact of the change in the CECL allowance for the quarter ended March 31, 2026



AFFO attributable to common stockholders increased 5.7% year-over-year to $650.9 million and, on a per share basis, increased 4.5% year-over-year to $0.61



Announced expansion of strategic relationship with Cain and Eldridge Industries by providing a $1.5 billion mezzanine loan as part of the construction financing for the One Beverly Hills development



Announced the pending acquisition of two casino assets and two adjacent limited-service hotels, all located in Alberta, Canada, for CAD$200.6 million / USD$144.4 million in connection with Pure Casino Entertainment's pending take-private acquisition of Gamehost Inc. (GH.TO)



Ended the quarter with $480.2 million in cash and cash equivalents and $241.6 million of estimated forward sale equity proceeds



Raised AFFO guidance for full year 2026 to between $2,665 million and $2,695 million, or between $2.44 and $2.47 per diluted share



Subsequent to quarter-end:


Entered into a lease agreement with an affiliate of funds managed by Clairvest in connection with its acquisition of the operations of MGM Northfield Park in Northfield, Ohio, adding VICI's 14th tenant on April 21, 2026



Announced that all gaming regulatory and shareholder approvals had been met for the previously announced $1.16 billion acquisition of 100% of the land, real property and improvements of seven casino properties from Golden Entertainment, with closing expected on or around April 30, 2026, subject to the satisfaction of remaining customary closing conditions






CEO Comments


Edward Pitoniak, Chief Executive Officer of VICI Properties, said, "In the first quarter of 2026, we grew our quarterly revenue by 3.5% and our AFFO per share by approximately 4.5% year-over-year, reflecting the continued compounding of our business model. This quarter demonstrated what we believe to be one of VICI's most durable competitive advantages: the ability to grow through deepening relationships with our existing partners. Our expansion of the One Beverly Hills mezzanine loan to $1.5 billion alongside Cain and Eldridge and our pending acquisition of casino real estate in Alberta in connection with PURE's acquisition of Gamehost each represent second and third chapters in partnerships that began with a single investment. As we look ahead to the expected closings of our Golden Entertainment and Gamehost transactions, we remain confident that VICI's partner-driven model will continue to generate attractive, sustained growth for our shareholders."


First Quarter 2026 Financial Results


Total Revenues


Total revenues were $1.0 billion for the quarter, an increase of 3.5% compared to $984.2 million for the quarter ended March 31, 2025. Total revenues for the quarter included $130.0 million of non-cash leasing and financing adjustments and $18.9 million of other income.


Net Income Attributable to Common Stockholders


Net income attributable to common stockholders was $872.4 million for the quarter, or $0.82 per share, compared to $543.6 million, or $0.51 per share, for the quarter ended March 31, 2025. The year-over-year increase in net income was driven, on an absolute basis, by the $305.7 million aggregate change in the CECL allowance for the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025.


Funds from Operations (“FFO”)


FFO attributable to common stockholders was $872.4 million for the quarter, or $0.82 per share, compared to $543.6 million, or $0.51 per share, for the quarter ended March 31, 2025. The year-over-year increase in FFO was driven, on an absolute basis, by the $305.7 million aggregate change in the CECL allowance for the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025.


Adjusted Funds from Operations (“AFFO”)


AFFO attributable to common stockholders was $650.9 million for the quarter, an increase of 5.7% compared to $616.0 million for the quarter ended March 31, 2025. AFFO per share was $0.61 for the quarter, an increase of 4.5% compared to $0.58 for the quarter ended March 31, 2025.


First Quarter 2026 and Subsequent Investment Activity


Investment Activity


On March 23, 2026, VICI announced that it expanded its long-term strategic relationship with Cain and Eldridge Industries by providing a $1.5 billion mezzanine loan (the “OBH Mezzanine Loan”) behind a $2.8 billion senior loan commitment led by J.P. Morgan as part of the construction financing for One Beverly Hills. The OBH Mezzanine Loan represents a $1.05 billion incremental commitment beyond VICI’s existing $450.0 million investment in the project and is the culmination of the first expression of VICI’s previously announced long-term strategic relationship with Cain and Eldridge Industries. Construction on the One Beverly Hills development commenced in 2024, with vertical works beginning in the fall of 2025 and phased delivery scheduled to commence in 2028. The OBH Mezzanine Loan has an initial term of 4 years with one 12-month extension option, subject to certain conditions, and will be deployed over the course of the initial term. Upon the closing of the transaction, VICI deployed an initial funding of $650.0 million. VICI has funded and intends to continue to fund the investment with cash on hand.


In connection with this increase in VICI’s participation in the financing of the One Beverly Hills development, Cain, Eldridge Industries, and VICI have agreed in principle pursuant to a non-binding letter of intent to further their strategic relationship that was first announced in February 2025. The letter of intent expresses Cain, Eldridge Industries, and VICI’s shared intention to expand their strategic relationship into an Experiential Cross-Capital Venture whereby the three companies will, when suitable, work together to identify, pursue, and potentially participate in the funding of each other’s experiential investment activities in various structures. Accordingly, it is the intention of Cain, Eldridge Industries, and VICI that, upon maturity of the OBH Mezzanine Loan, the companies will seek opportunities to deploy VICI’s returned capital into new experiential investments that meet each company’s investment criteria. Additionally, VICI may from time to time and at its sole election present to Cain and Eldridge Industries experiential investment opportunities in which Cain and/or Eldridge Industries may participate.


On March 30, 2026, VICI announced the CAD$200.6 million / USD$144.4 million (based on the exchange rate at the time of announcement) pending acquisition (the “Gamehost Real Estate Transaction”) of the real estate assets of Deerfoot Inn & Casino, Great Northern Casino and two limited-service hotels that are adjacent to Great Northern Casino (collectively, the “Gamehost Portfolio”) located in Alberta, Canada, in connection with Pure Casino Entertainment Limited Partnership’s (“PURE”) pending take-private acquisition of Gamehost Inc. (GH.TO) (“Gamehost”). Simultaneous with the closing of the Gamehost Real Estate Transaction, the Gamehost Portfolio will be added to the existing triple-net master lease agreement between VICI Properties and PURE (the “PURE Master Lease”) and annual rent will increase by CAD$16.1 million / USD$11.6 million (based on the exchange rate at the time of announcement) representing an acquisition capitalization rate of 8.0%. The Gamehost Portfolio rent will escalate at 1.0% on February 1 following the first full 12 months post-closing (in line with the timing of the PURE Master Lease escalation), and escalation will conform to the PURE Master Lease thereafter at the greater of 1.5% or the change in Canadian CPI (capped at 2.5%). Additionally, the term of the PURE Master Lease will be extended such that, upon closing of the Gamehost Real Estate Transaction, the PURE Master Lease will have a full 25-years remaining in the initial lease term, with four 5-year tenant renewal options. The tenants’ obligations under the PURE Master Lease will continue to be guaranteed by Indigenous Gaming Partners, Inc.


Subsequent to quarter-end, on April 21, 2026, VICI announced that, in connection with the closing of MGM Resorts International's (NYSE: MGM) ("MGM Resorts") sale of the operations of MGM Northfield Park ("Northfield Park") located in Northfield, OH, to an affiliate of funds managed by Clairvest Group Inc. (TSX: CVG) ("Clairvest"), VICI has entered into a new separate triple-net lease with an affiliate of Clairvest with respect to the real property of Northfield Park and also entered into an amendment to the master lease between VICI Properties and MGM Resorts to reflect such sale.


Subsequent to quarter-end, on April 23, 2026, VICI announced that all gaming regulatory and shareholder approvals had been met for the previously announced $1.16 billion acquisition of 100% of the land, real property and improvements of seven casino properties from Golden Entertainment, Inc. (NASDAQ: GDEN) ("Golden Entertainment"), and the parties expect to close the transaction on or around April 30, 2026, subject to the satisfaction of remaining customary closing conditions. Upon closing, VICI will enter into a triple-net master lease (the "Golden Entertainment Master Lease") with a newly formed entity that is owned and controlled by Blake L. Sartini, chairman and chief executive officer of Golden Entertainment, which entity will have acquired the operating business of Golden Entertainment ("Golden OpCo"). The Golden Entertainment Master Lease will have an initial total annual rent of $87.0 million, representing an acquisition cap rate of 7.5%, and an initial term of 30 years, with four 5-year tenant renewal options. Rent under the Golden Entertainment Master Lease will escalate annually at 2.0% beginning in Lease Year 3. The obligations of Golden OpCo under the Golden Entertainment Master Lease will be guaranteed by a holding company that is owned and controlled by Mr. Sartini and owns all of the gaming and operating assets of Golden Entertainment, with additional credit support provided by financial covenants within the lease.


Pursuant to the Golden Entertainment master transaction agreement, upon closing, Golden Entertainment shareholders will receive approximately 24.3 million shares of newly issued VICI stock in exchange for the outstanding shares of Golden Entertainment stock, which represents an agreed-upon exchange ratio of 0.902 per share of Golden Entertainment’s common stock based on VICI’s 10-day volume weighted average price as of November 5, 2025, as well as cash consideration that is payable by an affiliate of the Golden OpCo. In connection with the closing of the transaction, VICI will assume and immediately retire Golden Entertainment’s outstanding $426 million of debt using a combination of cash on hand and net proceeds from the settlement of outstanding forward sale agreements.


First Quarter 2026 and Subsequent Capital Markets Activity


During the three months ended March 31, 2026, the Company entered into forward-starting interest rate swap agreements with an aggregate notional amount of $450.0 million, and subsequent to quarter-end, the Company entered into forward-starting interest rate swap agreements with an aggregate notional amount of $50.0 million, intended to reduce the variability in future cash flows for a forecasted issuance of long-term debt.


Subsequent to quarter end, on April 29, 2026, the Company physically settled the remaining 7,750,000 shares under its outstanding forward sale agreement in exchange for total net settlement proceeds of approximately $242.1 million.


The following table details the issuance of outstanding shares of common stock, including restricted common stock:




 






 






Three Months Ended March 31,








Common Stock Outstanding






 






2026






 






2025








Beginning Balance January 1,






 






1,068,811,371






 






1,056,366,685








Issuance of common stock upon physical settlement of forward sale agreements






 






—






 






—








Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures






 






177,628






 






301,369








Ending Balance March 31,






 






1,068,988,999






 






1,056,668,054







The following table reconciles the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share:




 






Three Months Ended March 31,








(In thousands)






2026






 






2025








Determination of shares:






 






 






 








Weighted-average shares of common stock outstanding






1,068,399






 






1,056,012








Assumed conversion of restricted stock






128






 






392








Assumed settlement of forward sale agreements






—






 






28








Diluted weighted-average shares of common stock outstanding






1,068,528






 






1,056,433







Balance Sheet and Liquidity


As of March 31, 2026, the Company had approximately $17.1 billion in total debt and approximately $3.1 billion in liquidity, comprised of $480.2 million in cash and cash equivalents, $241.6 million of estimated net proceeds available upon physical settlement of 7,750,000 shares outstanding under its forward sale agreement, and approximately $2.4 billion of availability under its revolving credit facility. The Company's revolving credit facility includes the option to (i) increase the revolving loan commitments by up to $1.0 billion, and (ii) add one or more tranches of term loans of up to $2.0 billion in the aggregate, in each case, to the extent that any one or more lenders (from the syndicate or otherwise) agree to provide such additional credit extensions.


As noted above, subsequent to quarter-end, on April 29, 2026, the Company physically settled the remaining 7,750,000 shares under its outstanding forward sale agreements in exchange for aggregate net proceeds of approximately $242.1 million.


The Company’s outstanding indebtedness as of March 31, 2026 was as follows:





($ in millions USD)






March 31, 2026










Revolving Credit Facility






 










USD Borrowings






$






—










CAD Borrowings (1)






 






118.6










GBP Borrowings (1)






 






21.8










4.500% Notes Due 2026






 






500.0










4.250% Notes Due 2026






 






1,250.0










5.750% Notes Due 2027






 






750.0










3.750% Notes Due 2027






 






750.0










4.500% Notes Due 2028






 






350.0










4.750% Notes Due 2028






 






1,250.0










4.750% Notes Due 2028






 






400.0










3.875% Notes Due 2029






 






750.0










4.625% Notes Due 2029






 






1,000.0










4.950% Notes Due 2030






 






1,000.0










4.125% Notes Due 2030






 






1,000.0










5.125% Notes Due 2031






 






750.0










5.125% Notes Due 2032






 






1,500.0










5.750% Notes Due 2034






 






550.0










5.625% Notes Due 2035






 






900.0










5.625% Notes Due 2052






 






750.0










6.125% Notes Due 2054






 






500.0










Total Unsecured Debt Outstanding






$






14,090.4










CMBS Debt Due 2032






$






3,000.0










Total Debt Outstanding






$






17,090.4










Cash and Cash Equivalents






$






480.2










Net Debt






$






16,610.2









___________________




(1) Based on applicable exchange rates as of March 31, 2026.







Dividends


On March 5, 2026, the Company declared a regular quarterly cash dividend of $0.45 per share. The Q1 2026 dividend was paid on April 9, 2026 to stockholders of record as of the close of business on March 19, 2026 and totaled in aggregate approximately $480.8 million.


2026 Guidance


The Company is raising its AFFO guidance for the full year 2026. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the most comparable generally accepted accounting principles in the United States (“GAAP”) financial measure. In reliance on the exception provided by applicable rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2026 AFFO to GAAP net income because we are unable to predict with reasonable certainty the amount of the change in non-cash allowance for credit losses under ASU No. 2016-13 - Financial Instruments—Credit Losses (Topic 326) (“ASC 326”) for a future period. The non-cash change in allowance for credit losses under ASC 326 with respect to a future period is dependent upon future events that are entirely outside of the Company’s control and may not be reliably predicted, including its tenants’ respective financial performance, fluctuations in the trading price of their common stock, credit ratings and outlook (each to the extent applicable), as well as broader macroeconomic performance. Based on past results and, as disclosed in our historical financial results, the impact of these adjustments could be material, individually or in the aggregate, to the Company’s reported GAAP results. For more information, see “Non-GAAP Financial Measures.”


The Company estimates AFFO for the year ending December 31, 2026 will be between $2,665 million and $2,695 million, or between $2.44 and $2.47 per diluted common share. Guidance does not include the impact on operating results from any pending acquisitions without announced expected closing dates, possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions.


The following is a summary of the Company’s updated full-year 2026 guidance:




 






 






Updated Guidance






 






Prior Guidance








For the Year Ending December 31, 2026:






 






Low






 






High






 






Low






 






High








Estimated Adjusted Funds From Operations (AFFO) (in millions)






 






$2,665






 






$2,695






 






$2,590






 






$2,625








Estimated Adjusted Funds From Operations (AFFO) per diluted share






 






$2.44






 






$2.47






 






$2.42






 






$2.45








Estimated Weighted Average Share Count for the Year (in millions)






 






1,090.7






 






1,090.7






 






1069.9






 






1069.9







VICI partnership units held by third parties are reflected as non-controlling interests and the income allocable to them is deducted from net income to arrive at net income attributable to common stockholders and AFFO; accordingly, guidance represents AFFO per share attributable to common stockholders based solely on outstanding shares of VICI common stock.


The estimates set forth above reflect management’s view of current and future market conditions, including assumptions with respect to the earnings impact of the events referenced in this release. The estimates set forth above may be subject to fluctuations as a result of several factors and there can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.


Supplemental Information


In addition to this release, the Company has furnished Supplemental Financial Information, which is available on our website in the “Investors” section, under the menu heading “Financials”. This additional information is being provided as a supplement to the information in this release and our other filings with the SEC. The Company has no obligation to update any of the information provided to conform to actual results or changes in the Company’s portfolio, capital structure or future expectations, except as may be required by applicable law.


Conference Call and Webcast


The Company will host a conference call and audio webcast on Thursday, April 30, 2026 at 10:00 a.m. Eastern Time (ET). Please visit the VICI Properties website (https://investors.viciproperties.com/news-events/events) to listen to the earnings call via a live webcast. Listeners who wish to participate in the question and answer session may do so via telephone by pre-registering on the Company’s earnings call registration webpage (https://register-conf.media-server.com/register/BIaf99f602b8f1435c9467b1ceff3225b7). All registrants will receive dial-in information and a PIN allowing them to access the live call. An on-demand replay of the earnings call will be available on the Company’s website (https://investors.viciproperties.com/news-events/events) immediately following the conclusion of the live call for a period of one year.


About VICI Properties


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. For additional information, please visit www.viciproperties.com.


Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements, which could differ materially from those set forth in the forward-looking statements and may be affected by a variety of risks. Among those risks, uncertainties and other factors are: the impact of changes in general economic conditions and market developments, including inflation, interest rate changes and volatility, tariffs and trade barriers, supply chain disruptions, changes in consumer spending, consumer confidence levels, unemployment levels, governmental action (including significant layoffs or reductions in force among federal government employees or a prolonged U.S. federal government shutdown), and depressed real estate prices resulting from the severity and duration of any downturn or recession in the U.S. or global economy; our ability to successfully pursue and consummate transactions, including investments in, and acquisitions of, real estate and to obtain debt financing for such investments at attractive interest rates, or at all; risks associated with our pending and completed transactions, including our ability or failure to realize the anticipated benefits thereof; our dependence on our tenants at our properties and their affiliates that serve as guarantors of the lease payments, and the negative consequences any material adverse effect on their respective businesses could have on us; the possibility that any pending or future transactions may not be consummated on the terms or timeframes contemplated, or at all, including our ability to obtain the financing necessary to complete any acquisitions on the terms we expect in a timely manner, or at all, the ability of the parties to satisfy the conditions set forth in the definitive transaction documents, including the receipt of, or delays in obtaining, governmental and regulatory approvals and consents required to consummate such transactions, or other delays or impediments to completing the transactions; the anticipated benefits of certain arrangements with certain tenants in connection with our funding of “same store” capital improvements in exchange for increased rent pursuant to the terms of our agreements with such tenants, which we refer to as the Partner Property Growth Fund strategy; our decision and ability to exercise our purchase rights under our put-call agreements, call agreements, right of first refusal agreements and right of first offer agreements; the credit risk of our tenants and borrowers in connection with the rental and other obligations owed to us under applicable leases, related guarantees, or loan agreements, including risks distinct to our lending activities with respect to development and construction loans for non-stabilized properties; our dependence on the gaming industry, which is characterized by, among other things, a high degree of competition, extensive regulation, and sensitivity to changes in consumer behavior and discretionary spending; our ability to pursue our business and growth strategies may be limited by the requirement that we distribute 90% of our REIT taxable income in order to qualify for taxation as a REIT and that we distribute 100% of our REIT taxable income in order to avoid current entity-level U.S. federal income taxes; the impact of extensive regulation from gaming and other regulatory authorities, including developments relating to the regulation of emerging alternative platforms; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties, or the imposition of conditions to such regulatory approvals; the possibility that our tenants may choose not to renew their respective lease agreements following the initial or subsequent terms of the leases; restrictions on our ability to sell our properties subject to the lease agreements; our tenants and any guarantors’ historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness and ability to service, refinance (at attractive interest rates, or at all), and otherwise fulfill our obligations under such indebtedness; our historical financial information may not be reliable indicators of our future results of operations, financial condition and cash flows; the possibility that we identify significant environmental, tax, legal or other issues, including additional costs or liabilities, that materially and adversely impact the value of assets acquired or secured as collateral (or other benefits we expect to receive) in any of our pending and completed transactions; the impact of changes to tax laws and regulations, including U.S. federal income tax laws, state tax laws or global tax laws; the impact of changes in governmental or regulatory actions and initiatives; the possibility of adverse tax consequences as a result of our pending and completed transactions, including pursuant to tax protection agreements to which we are a party; increased volatility in our stock price, including as a result of our pending and completed transactions; our inability to maintain our qualification for taxation as a REIT; the impact of climate change, natural disasters or other severe weather events, war or conflict, geopolitical uncertainty, tariffs and trade barriers, public health conditions, uncertainty or civil unrest, violence or terrorist activities or threats on our properties, or in areas where our properties are located, or globally, and changes in economic conditions or heightened travel security, and any measures instituted in response to these events; the impact of reduced travel demand or increased costs of travel affecting visitation and operating performance at the properties operated by our tenants, particularly in destination markets such as Las Vegas; the loss of the services of key personnel; the inability to attract, retain and motivate employees; the costs and liabilities associated with environmental compliance; failure to establish and maintain an effective system of integrated internal controls; the risks related to us or our tenants not having adequate insurance to cover potential losses; the potential impact on the amount of our cash distributions if we determine to sell or divest any of our properties in the future or are unable to redeploy capital returned from investments at attractive rates, or at all; our ability to continue to make distributions to holders of our common stock or maintain anticipated levels of distributions over time, including our reliance on distributions received from our subsidiaries, including VICI OP, to make such distributions to our stockholders; and competition for transaction opportunities, including from other REITs, investment companies, private equity firms and hedge funds, sovereign funds, lenders, gaming companies and other investors that may have greater resources and access to capital and a lower cost of capital or different investment parameters than us.


Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Additional important factors that may affect the Company’s business, results of operations and financial position are described from time to time in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q and the Company’s other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.


Non-GAAP Financial Measures


This press release presents Funds From Operations (“FFO”), FFO per share, Adjusted Funds From Operations (“AFFO”), AFFO per share and Adjusted EBITDA, which are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). These are non-GAAP financial measures and should not be construed as alternatives to net income or as an indicator of operating performance (as determined in accordance with GAAP). We believe FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our business.


FFO is a non-GAAP financial measure that is considered a supplemental measure for the real estate industry and a supplement to GAAP measures. Consistent with the definition used by the National Association of Real Estate Investment Trusts (Nareit), we define FFO as our net income (or loss) attributable to common stockholders (computed in accordance with GAAP) excluding (i) gains (or losses) from sales of certain real estate assets, (ii) depreciation and amortization related to real estate, (iii) gains and losses from change in control and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.


AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate our performance. We calculate AFFO by adding or subtracting from FFO non-cash leasing and financing adjustments, non-cash change in allowance for credit losses, non-cash stock-based compensation expense, transaction costs incurred in connection with the acquisition of real estate investments, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), capital expenditures (which are comprised of additions to property, plant and equipment related to our golf course operations), impairment charges related to non-depreciable real estate, gains (or losses) on debt extinguishment and interest rate swap settlements, other gains (or losses), deferred income tax expenses and benefits, other non-recurring non-cash transactions and non-cash adjustments attributable to non-controlling interest with respect to certain of the foregoing.


We calculate Adjusted EBITDA by adding or subtracting from AFFO contractual interest expense (including the impact of the forward-starting interest rate swaps and treasury locks) and interest income (collectively, interest expense, net), current income tax expense and adjustments attributable to non-controlling interests.


These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as measures of liquidity, nor do they measure our ability to fund all of our cash needs, including our ability to make cash distributions to our stockholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.


Reconciliations of net income to FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA are included in this release.




VICI Properties Inc.








Consolidated Balance Sheets








(In thousands)










 



 






March 31, 2026






 






December 31, 2025








Assets






 






 






 








Real estate portfolio:






 






 






 








Investments in leases - sales-type, net






$






23,897,827






 






$






23,706,563








Investments in leases - financing receivables, net






 






18,806,242






 






 






18,697,133








Investments in loans and securities, net






 






2,710,021






 






 






2,525,457








Land






 






148,002






 






 






148,002








Cash and cash equivalents






 






480,206






 






 






563,479








Short-term investments






 






—






 






 






44,484








Other assets






 






1,047,376






 






 






1,039,050








Total assets






$






47,089,674






 






$






46,724,168








 






 






 






 








Liabilities






 






 






 








Debt, net






$






16,787,100






 






$






16,773,241








Accrued expenses and deferred revenue






 






173,509






 






 






238,715








Dividends and distributions payable






 






486,316






 






 






486,259








Other liabilities






 






1,023,887






 






 






1,003,366








Total liabilities






 






18,470,812






 






 






18,501,581








 






 






 






 








Stockholders’ equity






 






 






 








Common stock






 






10,690






 






 






10,688








Preferred stock






 






—






 






 






—








Additional paid-in capital






 






24,900,713






 






 






24,898,868








Accumulated other comprehensive income






 






118,852






 






 






121,031








Retained earnings






 






3,158,398






 






 






2,767,053








Total VICI stockholders’ equity






 






28,188,653






 






 






27,797,640








Non-controlling interests






 






430,209






 






 






424,947








Total stockholders’ equity






 






28,618,862






 






 






28,222,587








Total liabilities and stockholders’ equity






$






47,089,674






 






$






46,724,168








_______________________________________________________




Note: As of March 31, 2026 and December 31, 2025, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities and Other assets (sales-type sub-leases) are net of allowance for credit losses of $787.1 million, $726.8 million, $93.3 million and $20.4 million, respectively, and $919.2 million, $769.9 million, $56.4 million and $23.9 million, respectively.









VICI Properties Inc.








Consolidated Statement of Operations








(In thousands, except share and per share data)








 



 






Three Months Ended March 31,








 






 






2026






 






 






 






2025






 








Revenues






 






 






 








Income from sales-type leases






$






536,717






 






 






$






528,604






 








Income from lease financing receivables, loans and securities






 






451,953






 






 






 






426,480






 








Other income






 






18,899






 






 






 






19,513






 








Golf revenues






 






10,952






 






 






 






9,607






 








Total revenues






 






1,018,521






 






 






 






984,204






 








 






 






 






 








Expenses






 






 






 








General and administrative






 






15,976






 






 






 






14,860






 








Depreciation






 






967






 






 






 






996






 








Other expenses






 






18,899






 






 






 






19,513






 








Golf expenses






 






6,469






 






 






 






6,352






 








Change in allowance for credit losses






 






(118,775






)






 






 






186,957






 








Transaction and acquisition expenses






 






167






 






 






 






45






 








Total expenses






 






(76,297






)






 






 






228,723






 








 






 






 






 








Interest expense






 






(209,362






)






 






 






(209,251






)








Interest income






 






4,493






 






 






 






3,697






 








Other losses






 






(21






)






 






 






(118






)








Income before income taxes






 






889,928






 






 






 






549,809






 








(Provision for) benefit from income taxes






 






(3,974






)






 






 






2,456






 








Net income






 






885,954






 






 






 






552,265






 








Less: Net income attributable to non-controlling interests






 






(13,564






)






 






 






(8,658






)








Net income attributable to common stockholders






$






872,390






 






 






$






543,607






 








 






 






 






 








Net income per common share






 






 






 








Basic






$






0.82






 






 






$






0.51






 








Diluted






$






0.82






 






 






$






0.51






 








 






 






 






 








Weighted average number of shares of common stock outstanding








Basic






 






1,068,399,427






 






 






 






1,056,012,414






 








Diluted






 






1,068,527,584






 






 






 






1,056,432,790






 









VICI Properties Inc.








Reconciliation of Net Income to FFO, FFO per Share, AFFO, AFFO per Share and Adjusted EBITDA








(In thousands, except share and per share data)








 



 






Three Months Ended March 31,








 






 






2026






 






 






 






2025






 








Net income attributable to common stockholders






$






872,390






 






 






$






543,607






 








Real estate depreciation






 






—






 






 






 






—






 








FFO attributable to common stockholders






 






872,390






 






 






 






543,607






 








Non-cash leasing and financing adjustments






 






(130,032






)






 






 






(132,047






)








Non-cash change in allowance for credit losses






 






(118,775






)






 






 






186,957






 








Non-cash stock-based compensation






 






4,125






 






 






 






2,904






 








Transaction and acquisition expenses






 






167






 






 






 






45






 








Amortization of debt issuance costs and original issue discount






 






17,283






 






 






 






18,771






 








Other depreciation






 






836






 






 






 






867






 








Capital expenditures






 






(629






)






 






 






(132






)








Other losses (1)






 






21






 






 






 






118






 








Deferred income tax provision (benefit)






 






2,106






 






 






 






(3,976






)








Non-cash adjustments attributable to non-controlling interests






 






3,415






 






 






 






(1,132






)








AFFO attributable to common stockholders






 






650,907






 






 






 






615,982






 








Interest expense, net






 






187,586






 






 






 






186,783






 








Current income tax expense






 






1,868






 






 






 






1,520






 








Adjustments attributable to non-controlling interests






 






(2,135






)






 






 






(2,149






)








Adjusted EBITDA attributable to common stockholders






$






838,226






 






 






$






802,136






 








 






 






 






 








Net income per common share






 






 






 








Basic






$






0.82






 






 






$






0.51






 








Diluted






$






0.82






 






 






$






0.51






 








FFO per common share






 






 






 








Basic






$






0.82






 






 






$






0.51






 








Diluted






$






0.82






 






 






$






0.51






 








AFFO per common share






 






 






 








Basic






$






0.61






 






 






$






0.58






 








Diluted






$






0.61






 






 






$






0.58






 








Weighted average number of shares of common stock outstanding








Basic






 






1,068,399,427






 






 






 






1,056,012,414






 








Diluted






 






1,068,527,584






 






 






 






1,056,432,790






 








____________________




(1) Represents non-cash foreign currency remeasurement adjustments..









VICI Properties Inc.








Revenue Breakdown








(In thousands)








 



 






Three Months Ended March 31,








 






 






2026






 






 






 






2025






 








Contractual income from sales-type leases






 






 






 








Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease






$






140,534






 






 






$






137,689






 








Caesars Las Vegas Master Lease






 






126,419






 






 






 






123,855






 








MGM Grand/Mandalay Bay Lease






 






81,135






 






 






 






79,544






 








The Venetian Resort Las Vegas Lease






 






76,089






 






 






 






74,219






 








PENN Master Lease (1)






 






20,177






 






 






 






19,913






 








Century Master Lease (excluding Century Canadian Portfolio)






 






12,677






 






 






 






12,321






 








Hard Rock Cincinnati Lease






 






12,192






 






 






 






11,864






 








EBCI Southern Indiana Lease






 






8,624






 






 






 






8,496






 








Income from sales-type leases non-cash adjustment (2)






 






58,870






 






 






 






60,703






 








Income from sales-type leases






 






536,717






 






 






 






528,604






 








 






 






 






 








Contractual income from lease financing receivables






 






 






 








MGM Master Lease






 






193,670






 






 






 






189,873






 








Harrah's NOLA, AC, and Laughlin (3)






 






44,603






 






 






 






43,683






 








Hard Rock Mirage Lease






 






23,877






 






 






 






23,409






 








JACK Entertainment Master Lease






 






18,340






 






 






 






17,950






 








CNE Gold Strike Lease






 






10,612






 






 






 






10,404






 








Lucky Strike Master Lease






 






8,300






 






 






 






8,098






 








Foundation Master Lease






 






6,354






 






 






 






6,184






 








Chelsea Piers Lease






 






6,075






 






 






 






6,000






 








PURE Master Lease






 






4,126






 






 






 






3,870






 








Century Canadian Portfolio (4)






 






3,282






 






 






 






3,069






 








Income from lease financing receivables non-cash adjustment (2)






 






71,201






 






 






 






71,398






 








Income from lease financing receivables






 






390,440






 






 






 






383,938






 








 






 






 






 








Contractual interest income






 






 






 








Senior secured notes






 






2,371






 






 






 






2,409






 








Senior secured loans






 






23,742






 






 






 






14,857






 








Mezzanine loans & preferred equity






 






35,590






 






 






 






25,330






 








Income from loans non-cash adjustment (2)






 






(190






)






 






 






(54






)








Income from loans and securities






 






61,513






 






 






 






42,542






 








Income from lease financing receivables, loans and securities






 






451,953






 






 






 






426,480






 








 






 






 






 








Other income






 






18,899






 






 






 






19,513






 








Golf revenues






 






10,952






 






 






 






9,607






 








Total revenues






$






1,018,521






 






 






$






984,204






 








____________________




(1) On December 4, 2025, VICI combined the individual leases with PENN Entertainment (the PENN Greektown Lease and the PENN Margaritaville Lease) into one master lease for both properties (the “PENN Master Lease”). There was no change to the aggregate amount of rent collected by VICI. (2) Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. (3) Assets are part of the Caesars Regional Master Lease. (4) Assets are part of the Century Master Lease.







Press Release Category: Financial Results

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429336019/en/
Investor Contacts:

Investors@viciproperties.com

(646) 949-4631


Or


David Kieske

EVP, Chief Financial Officer

DKieske@viciproperties.com


Moira McCloskey

SVP, Capital Markets

MMcCloskey@viciproperties.com


LinkedIn:

www.linkedin.com/company/vici-properties-inc


Original: VICI Properties Inc. Announces First Quarter 2026 Results