VICI Properties Inc. Announces Second Quarter 2026 Results

- Announced Partnership with Club Med on the Acquisition and Redevelopment of Carambola Beach Resort in St. Croix -

- Added Clairvest, Golden Entertainment, and Club Med to Diversified Tenant Roster -

- Updates Guidance for Full Year 2026 -

NEW YORK--(BUSINESS WIRE)--$VICI--VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Company”), an experiential real estate investment trust, today reported results for the quarter ended June 30, 2026. All per share amounts included herein are on a per diluted common share basis unless otherwise stated.

Second Quarter 2026 Financial and Operating Highlights

• Total revenues increased 5.7% year-over-year to $1.1 billion
• Net income attributable to common stockholders decreased 39.1% year-over-year to $526.5 million and, on a per share basis, decreased 41.0% year-over-year to $0.48 due to the impact of the change in the CECL allowance for the quarter ended June 30, 2026
• AFFO attributable to common stockholders increased 7.8% year-over-year to $679.6 million and, on a per share basis, increased 4.6% year-over-year to $0.62
• Entered into a lease 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
• Closed the previously announced $1.16 billion acquisition of seven Nevada casino properties from Golden Entertainment and entered into a master lease with an entity owned and controlled by Blake L. Sartini, adding VICI’s 15th tenant
• Announced a build-to-suit transaction with Club Med whereby VICI acquired the Carambola Beach Resort in St. Croix for $20.3 million and leased it back to Club Med pursuant to a triple-net lease, adding VICI’s 16th tenant. As part of the transaction, VICI will fund approximately $55.2 million for redevelopment of the property
• Completed the acquisition of two gaming assets and two adjacent limited-service hotels in Alberta, Canada, for C$200.6 million (approximately US$141.0 million), in connection with the closing of Pure Casino Entertainment’s take-private acquisition of Gamehost Inc.
• Ended the quarter with $288.1 million in cash and cash equivalents
• Updated AFFO guidance for full year 2026 to between $2,675 million and $2,695 million, or between $2.45 and $2.47 per diluted share

CEO Comments

Edward Pitoniak, Chief Executive Officer of VICI Properties, said, “The second quarter of 2026 was emblematic of VICI’s enduring strategic focus on developing and expanding relationships. With the commencement of our lease with Clairvest at Northfield Park, the closing of our acquisition of the Golden Entertainment casino portfolio, and the acquisition and planned redevelopment of Carambola Beach Resort (St. Croix, US Virgin Islands) with Club Med, we welcomed our 14th, 15th and 16th tenants, respectively. Each one of these new tenants is an experienced operator that broadens and strengthens the diversity of VICI’s rent roll. In the case of Club Med, we are expanding our investment practice categorically and geographically, with a global hospitality brand committed to global growth. We believe that our investment in Club Med St. Croix is an ideal start to our long-term partnership. Furthermore, in the second quarter, we grew our quarterly revenue by 5.7% and our AFFO per share by 4.6% year-over-year, and we remain confident that VICI’s partner-driven model will continue to generate attractive, durable growth for our shareholders.”

Second Quarter 2026 Financial Results

Total Revenues

Total revenues were $1.1 billion for the quarter, an increase of 5.7% compared to $1.0 billion for the quarter ended June 30, 2025. Total revenues for the quarter included $139.1 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 $526.5 million for the quarter, or $0.48 per share, compared to $865.1 million, or $0.82 per share, for the quarter ended June 30, 2025. The year-over-year decrease in net income was driven, on an absolute basis, by the $413.1 million aggregate change in the CECL allowance for the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025.

Funds from Operations (“FFO”)

FFO attributable to common stockholders was $526.5 million for the quarter, or $0.48 per share, compared to $865.1 million, or $0.82 per share, for the quarter ended June 30, 2025. The year-over-year decrease in FFO was driven, on an absolute basis, by the $413.1 million aggregate change in the CECL allowance for the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025.

Adjusted Funds from Operations (“AFFO”)

AFFO attributable to common stockholders was $679.6 million for the quarter, an increase of 7.8% compared to $630.2 million for the quarter ended June 30, 2025. AFFO per share was $0.62 for the quarter, an increase of 4.6% compared to $0.60 for the quarter ended June 30, 2025.

Second Quarter 2026 Investment Activity

Investment Activity

On April 21, 2026, VICI entered into a new triple-net lease agreement (the “Northfield Park Lease”) with an affiliate of funds managed by Clairvest Group Inc. (“Clairvest”) with respect to the real property of MGM Northfield Park, located in Northfield, Ohio (“Northfield Park”), in connection with MGM Resorts International’s (NYSE: MGM) (“MGM”) previously announced agreement to sell the operations of Northfield Park to an affiliate of Clairvest. In connection with closing, VICI entered into an amendment to the existing MGM Master Lease in order to account for MGM’s divestiture of the operations of Northfield Park and to reduce the annual base rent under the MGM Master Lease by the initial base rent under the Northfield Park Lease. The Northfield Park Lease had an initial annual base rent of $53.0 million at closing (which increased to $54.0 million following a 2.0% escalation on May 1, 2026) and a 25-year lease term with three 10-year tenant renewal options, with other economic terms substantially similar to the MGM Master Lease, including escalation of 2.0% per annum on May 1st each year (with escalation equal to the greater of 2.0% and the change in CPI (capped at 3.0%) beginning at the same time as the MGM Master Lease in 2032). The Northfield Park Lease is guaranteed by an affiliate of funds managed by Clairvest that owns the operations of Northfield Park, with additional credit support provided by financial covenants within the lease.

On April 30, 2026, VICI closed 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”). VICI entered into a triple-net master lease (the “Golden Entertainment Master Lease”) with a newly formed entity owned and controlled by Blake L. Sartini, former chairman and chief executive officer of Golden Entertainment, which concurrently acquired the operating business of Golden Entertainment (“Golden OpCo”). The Golden Entertainment Master Lease has 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 are guaranteed by a holding company owned and controlled by Mr. Sartini which owns all of the gaming and operating assets of Golden Entertainment, with additional credit support provided by financial covenants within the lease. Upon the closing of this transaction, prior Golden Entertainment shareholders received approximately 24.3 million shares of newly issued VICI common stock in exchange for the outstanding shares of Golden Entertainment stock, which represented 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 was payable by an affiliate of the Golden OpCo. In connection with the closing of the transaction, VICI assumed and immediately retired Golden Entertainment’s outstanding $426.0 million of debt using a combination of cash on hand and net proceeds from the settlement of outstanding forward sale agreements.

On June 15, 2026, VICI and Club Med Group (“Club Med”) announced a partnership to acquire the Carambola Beach Resort in St. Croix, U.S. Virgin Islands (the “Carambola Resort”). VICI has acquired the Carambola Resort for $20.3 million and leased it to Club Med under a triple-net lease and will fund Club Med's planned $55.2 million redevelopment of the Carambola Resort through a build-to-suit structure. Construction is expected to commence in the summer of 2026 with a targeted reopening in the fourth quarter of 2027. Upon completion, the Carambola Resort will join Club Med's Exclusive Collection, the brand's portfolio of premium all-inclusive resorts.

On June 24, 2026, VICI completed the previously announced C$200.6 million (US$141.0 million based on the exchange rate at the time of the transaction closing) acquisition of 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 “Gamehost Portfolio”) located in Alberta, Canada, in connection with the closing of Pure Casino Entertainment Limited Partnership’s (“PURE”) take-private acquisition of Gamehost Inc.(“Gamehost”). VICI funded the acquisition with a combination of cash on hand and through a Canadian dollar-denominated draw on its multicurrency revolving credit facility. Simultaneous with the closing of the acquisition, the Gamehost Portfolio was added to the existing triple-net master lease agreement between VICI and PURE (the “PURE Master Lease”) and annual rent increased by C$16.1 million (US$11.3 million based on the exchange rate at the time of the transaction closing). The Gamehost Portfolio rent will escalate at 1.0% on February 1, 2028, and subsequent 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-years remaining in the 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.

Second Quarter 2026 Capital Markets Activity

On April 29, 2026, VICI 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.

On June 23, 2026, VICI drew C$185.0 million on its revolving credit facility to fund a portion of the purchase price of the Gamehost Portfolio acquisition.

During the three months ended June 30, 2026, VICI entered into forward-starting interest rate swap agreements with an aggregate notional amount of $150.0 million. As of quarter end, VICI has entered into a total of $600.0 million of forward-starting interest rate swap agreements, intended to reduce the variability in future cash flows for a forecasted issuance of long-term debt.

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

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:

Balance Sheet and Liquidity

As of June 30, 2026, the Company had approximately $17.2 billion in total debt and approximately $2.5 billion in liquidity, comprised of $288.1 million in cash and cash equivalents and approximately $2.2 billion of availability under its revolving credit facility.

The Company’s outstanding indebtedness as of June 30, 2026 was as follows:

Dividends

On June 4, 2026, the Company declared a regular quarterly cash dividend of $0.45 per share. The Q2 2026 dividend was paid on July 9, 2026 to stockholders of record as of the close of business on June 18, 2026 and totaled in aggregate approximately $495.3 million.

2026 Guidance

The Company is updating 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 $2,675 million and $2,695 million, or between $2.45 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:

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, July 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/BI0d4c1813f7fa4085ae557ba8cb179bad). 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 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 approximately 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 “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.

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