2022
VICI Properties Inc.
Explore VICI Properties
Core profile pages, annual revenue records, and related research hubs for this company.
VICI Properties Inc.
Explore VICI Properties
Core profile pages, annual revenue records, and related research hubs for this company.
Acquisitions
3
Total Acquisitions
2022
2022
2017
VICI grows by sale-leasebacks, property acquisitions, loan investments, built-in lease escalators, and diversification into non-gaming experiential real estate. The company uses its public REIT balance sheet to give operators capital while retaining long-term ownership of mission-critical properties. The key is discipline: overpaying for assets in a higher-rate environment would hurt AFFO growth even if headline portfolio size rises.
VICI makes money from rent and financing income tied to gaming, hospitality, leisure, wellness, and entertainment real estate. Most properties are leased under long-term triple-net agreements, meaning tenants are generally responsible for taxes, insurance, maintenance, and property-level operating costs. This structure gives VICI predictable contractual cash flow and shifts many operating expenses to tenants. The company also makes loans and real estate investments that can support future acquisition rights or deepen relationships with operators.