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Net-lease REIT that owns casino and entertainment real estate, leasing it back to operators like Caesars and MGM.
Net-lease REIT that owns casino and entertainment real estate, leasing it back to operators like Caesars and MGM.
Owns the buildings and land of casinos and leases them under long triple-net leases, where the tenant also pays property taxes, insurance and upkeep, with annual rent increases; the operator runs the gaming. It was created in 2017 from the Caesars bankruptcy and bought MGM Growth Properties in 2022, adding MGM Grand and Mandalay Bay.
Moat: narrow (scale, switching costs, regulatory licence). Casino properties are highly specialized, hard to relocate, and licensing hurdles limit new tenant/operator competition.
Headquarters: New York, New York, United States · Founded: 2017 · Employees: 28
Size Vici Properties (VICI) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $27.3B, the 395th largest of 3,117 United States companies the cockpit tracks. Shares closed at $24.79 on 6 Nov 2026.
Performance Over six months the shares fell 12.6%, against -1.0% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 4.7% over the last twelve months (peer median +4.8%); the operating margin is 77.3% (peer median 30.6%).
Valuation It trades at 0.94× book value against a peer median of 2.28× (cheapest of 18).
Price implies The share price implies a return on equity of about 7.9%; Vici Properties delivers 8.3%, so the price asks less than the business earns today.
Credit Vici Properties has 13 bonds outstanding ($11.1B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 122 bp.
Short interest Short interest is 2.9% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.16B | $4.01B | $3.85B | $3.61B | $2.60B |
| Revenue growth | — | +4% | +7% | +39% | — |
| Gross profit | $4.12B | $3.98B | $3.82B | $3.58B | $2.57B |
| EBITDA | $3.22B | $3.65B | $3.54B | $3.34B | $1.61B |
| Net income | $2.35B | $2.78B | $2.68B | $2.51B | $1.12B |
| Free cash flow | $2.70B | $2.51B | $2.37B | $2.18B | $1.94B |
| Capital expenditure | $3.80M | $1.33M | $7.53M | $4.04M | $1.88M |
| Total debt | $17.8B | $17.7B | $17.7B | $17.6B | $14.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Vici Properties VICI | $27.3B | -13% | +5% | 8% | 0.94× | 7.9% |
| Gaming and Leisure Properties GLPI | $11.3B | -19% | +7% | 20% | 2.28× | 14.8% |
| EPR Properties EPR | $4.56B | +2% | +7% | 13% | 1.95× | 16.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VICI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.8% | +8.1% | 10th highest of 21 |
| 6-month return | -12.6% | -1.0% | 4th lowest of 20 |
| Return on equity | 8.3% | 7.4% | 5th highest of 18 |
| Price / book | 0.94× | 2.28× | cheapest of 18 |
| Trailing P/E | 11.4× | 28.5× | cheapest of 20 |
| ROE the price implies | 7.9% | 15.3% | 2nd least demanding of 18 |
| ROE delivered | 8.3% | 7.4% | 5th highest of 18 |
| Bond spread | 122 bp | 96 bp | 3rd widest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Vici Properties VICI | United States | $27.3B | -13% | +5% | 8% | 0.94× | 7.9% | 8.3% |
| Iron Mountain IRM | United States | $31.7B | -17% | +17% | n/a | n/a | n/a | n/a |
| Extra Space Storage EXR | United States | $33.2B | +12% | +4% | 8% | 2.59× | 21.8% | 7.8% |
| SBA Communications SBAC | United States | $19.8B | -13% | +2% | n/a | n/a | n/a | n/a |
| Crown Castle CCI | United States | $37.7B | -1% | -16% | n/a | n/a | n/a | n/a |
| Goodman GMG.AX | Australia | $39.6B | -11% | +17% | 12% | 2.28× | 26.9% | 11.5% |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% | 6.4% |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% | 7.2% |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 16% | 2.64× | 22.6% | 15.8% |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% | 2.5% |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 59% | 16.13× | 134.1% | 58.9% |
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 7% | 1.79× | 13.6% | 7.4% |
| Ventas VTR | United States | $47.9B | +2% | +22% | 2% | 2.97× | 20.2% | 1.9% |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 5% | 1.61× | 13.6% | 4.8% |
| W. P. Carey WPC | United States | $15.0B | -12% | +9% | 8% | 1.71× | 12.9% | 7.7% |
| Annaly Capital Management NLY | United States | $14.8B | -17% | +23% | 7% | 1.05× | 11.8% | 7.3% |
| Equity Residential VMRK | United States | $50.7B | n/a | +4% | 8% | 2.34× | 16.0% | 8.1% |
| CapitaLand Integrated Commercial Trust C38U.SI | Singapore | $14.6B | +2% | +5% | 8% | 1.09× | 6.1% | 7.6% |
| Omega Healthcare Investors OHI | United States | $14.6B | +2% | +14% | 14% | 2.66× | 15.3% | 14.2% |
| Sun Communities SUI | United States | $14.4B | -4% | -19% | 5% | 2.76× | 18.4% | 5.3% |
| Healthpeak Properties DOC | United States | $14.3B | +4% | +9% | 5% | 1.78× | 15.1% | 4.9% |
Vici Properties has 13 bonds outstanding with $11.1B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 5.90%, a spread of 122 bp over government bonds.